315 W Maple St

Ringsted, IA 50578

$12,500C-

4 bd · 2.0 ba · 1,449 sqft · Built 1909 · SingleFamily · Active · 69 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,188/mo
• Mortgage (P&I): −$66
• Tax + insurance: −$9
• HOA: −$0
• Vac / Maint / Mgmt: −$250
• Net cashflow: $864/mo
• Annual: $10,372/yr
• Cap rate: 89.27%
• Cash-on-cash: 296.35%
• DSCR: 14.19
• 1% rule: 9.51%
• Cash to close: $3,500

Investor read

• This is a 4-bed/2.0-bath single-family listed at $12k.
• At list price, monthly cash flow is $864 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $12k).
• It's been on market 69 days — a 6% lower offer ($12k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $12k (6.0% below list) — sets the bar for market timing.
• In year one you build about $644 of equity ($86 loan paydown + $558 appreciation (4.5% local appreciation)).
• Location reads 61/100 on livability (#782 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+; Watch: crime C-, health & safety C-, schools D+.
• North Union Community School District (rural): math 68% / reading 83% proficiency, ranked #73 of 289 in IA (top 25%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Watch-outs: built in 1909 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; 11 units permitted in Emmet County in 2024 (0 in 5+ unit buildings).
• Emmet County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $8k (40%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (4.5% appreciation + 3.0% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1909 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.