210 S State St

Terril, IA 51364

$78,000A-

3 bd · 2.0 ba · 1,872 sqft · Built 1937 · SingleFamily · Pending · 33 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,223/mo
• Mortgage (P&I): −$409
• Tax + insurance: −$129
• HOA: −$0
• Vac / Maint / Mgmt: −$257
• Net cashflow: $428/mo
• Annual: $5,133/yr
• Cap rate: 12.87%
• Cash-on-cash: 23.50%
• DSCR: 2.05
• 1% rule: 1.57%
• Cash to close: $21,840

Investor read

• This is a 3-bed/2.0-bath single-family listed at $78k.
• At list price, monthly cash flow is $428 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $78k).
• It's been on market 33 days — a 3% lower offer ($76k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $76k (3.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($539 loan paydown + $2k appreciation (2.2% local appreciation)).
• Location reads 64/100 on livability (#632 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, health & safety D+, amenities F.
• Graettinger-Terril Community School District (rural): math 57% / reading 66% proficiency, ranked #235 of 289 in IA (top 81%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1937 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; 295 units permitted in Dickinson County in 2024 (16 in 5+ unit buildings).
• Dickinson County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $65k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (2.2% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1937 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.