210 Park Ave

Strawberry Point, IA 52076

$125,000B

3 bd · 1.5 ba · 1,336 sqft · Built 1911 · MultiFamily · Active · 191 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,728/mo
• Mortgage (P&I): −$656
• Tax + insurance: −$181
• HOA: −$0
• Vac / Maint / Mgmt: −$363
• Net cashflow: $529/mo
• Annual: $6,346/yr
• Cap rate: 11.37%
• Cash-on-cash: 18.13%
• DSCR: 1.81
• 1% rule: 1.38%
• Cash to close: $35,000

Investor read

• This is a 2 × 3-bed/1-bath units multifamily listed at $125k.
• At list price, monthly cash flow is $529 ($6k/yr) — positive. Per door: $264/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• It's been on market 191 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#300 in IA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, schools F, amenities F.
• Starmont Community School District (rural): math 62% / reading 68% proficiency, ranked #202 of 289 in IA (top 70%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1911 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 15 active listings in the ZIP; 48 units permitted in Clayton County in 2024 (0 in 5+ unit buildings).
• Clayton County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $95k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~7 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 191 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1911 — 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.