1118 N 13th St

Clinton, IA 52732

$145,000C-

4 bd · 2.5 ba · 1,803 sqft · Built 1964 · SingleFamily · Active · 55 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,378/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$264
• HOA: −$0
• Vac / Maint / Mgmt: −$289
• Net cashflow: $64/mo
• Annual: $770/yr
• Cap rate: 6.82%
• Cash-on-cash: 1.90%
• DSCR: 1.08
• 1% rule: 0.95%
• Cash to close: $40,600

Investor read

• This is a 4-bed/2.5-bath single-family listed at $145k.
• At list price, monthly cash flow is $64 ($770/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $138k (5.0% below list).
• It's been on market 55 days — a 3% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $138k (5.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#222 in IA, #4,192 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, crime D, employment D.
• Clinton Community School District (town): math 52% / reading 56% proficiency, ranked #273 of 289 in IA (top 94%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 246 active listings in the ZIP; 116 units permitted in Clinton County in 2024 (50 in 5+ unit buildings).
• Clinton County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 7 sale attempts since 22y 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.

Questions for listing agent

• It's been on market 55 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
• Built in 1964 — 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.
• 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.