208 Orange Dr

New Providence, IA 50206

$69,900B+

2 bd · 1.0 ba · 1,160 sqft · Built 1918 · SingleFamily · Active · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $987/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$54
• HOA: −$0
• Vac / Maint / Mgmt: −$207
• Net cashflow: $359/mo
• Annual: $4,314/yr
• Cap rate: 12.46%
• Cash-on-cash: 22.04%
• DSCR: 1.98
• 1% rule: 1.41%
• Cash to close: $19,572

Investor read

• This is a 2-bed/1.0-bath single-family listed at $70k.
• At list price, monthly cash flow is $359 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($987 rent vs $70k).
• It's been on market 30 days — a 2% lower offer ($69k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $69k (1.5% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($483 loan paydown + $548 appreciation (0.8% local appreciation)).
• Location reads 60/100 on livability (#819 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing B+; Watch: amenities F, commute F, health & safety D-.
• Eldora-New Providence Community School District (rural): math 60% / reading 66% proficiency, ranked #217 of 289 in IA (top 75%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: South Hardin High School (math 57% / reading 72%, grade B-, #211 of 336 statewide, top 70%, 242 students, 43% FRL) — zoned schools at 43% FRL track the district average.
• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 3 active listings in the ZIP; 6 units permitted in Hardin County in 2024 (0 in 5+ unit buildings).
• Hardin County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts; this cycle's ask has dropped $10k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (0.8% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1918 — 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 F-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.