620 College Street St

Marble Rock, IA 50653

$91,900A-

3 bd · 2.0 ba · 1,386 sqft · Built 1937 · SingleFamily · Active · 92 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,159/mo
• Mortgage (P&I): −$482
• Tax + insurance: −$105
• HOA: −$0
• Vac / Maint / Mgmt: −$243
• Net cashflow: $329/mo
• Annual: $3,948/yr
• Cap rate: 10.59%
• Cash-on-cash: 15.34%
• DSCR: 1.68
• 1% rule: 1.26%
• Cash to close: $25,732

Investor read

• This is a 3-bed/2.0-bath single-family listed at $92k.
• At list price, monthly cash flow is $329 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $92k).
• It's been on market 92 days — a 9% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $84k (9.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($635 loan paydown + $4k appreciation (4.3% local appreciation)).
• Location reads 66/100 on livability (#537 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, employment B; Watch: schools F, amenities F, commute F.
• Rudd-Rockford-Marble Rk Community School District (rural): math 67% / reading 63% proficiency, ranked #193 of 289 in IA (top 67%) — 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: 3 active listings in the ZIP; 38 units permitted in Floyd County in 2024 (0 in 5+ unit buildings).
• Floyd County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts since 4y ago; this cycle's ask has dropped $8k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (4.3% appreciation + 3.0% rent growth), your $26k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 92 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1937 — 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 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.