910 E St

Hamburg, IA 51640

$15,500C

3 bd · 2.0 ba · 2,337 sqft · Built 1900 · SingleFamily · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,026/mo
• Mortgage (P&I): −$81
• Tax + insurance: −$507
• HOA: −$0
• Vac / Maint / Mgmt: −$216
• Net cashflow: $223/mo
• Annual: $2,674/yr
• Cap rate: 59.19%
• Cash-on-cash: 188.91%
• DSCR: 9.41
• 1% rule: 6.62%
• Cash to close: $4,340

Investor read

• This is a 3-bed/2.0-bath single-family listed at $16k.
• At list price, monthly cash flow is $223 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $16k).
• It's been on market 20 days — a 2% lower offer ($15k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $15k (1.5% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($107 loan paydown + $2k appreciation (10.0% local appreciation)).
• Location reads 73/100 on livability (#288 in IA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Hamburg Community School District (rural): math 70% / reading 70% proficiency, ranked #187 of 330 in IA (top 57%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Watch-outs: property tax is 3.1% of price; flood insurance adds $460/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 11 active listings in the ZIP; 7 units permitted in Fremont County in 2024 (0 in 5+ unit buildings).
• Fremont County population projected at -33% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $4k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.