403 W Main St

Mingo, IA 50168

$89,900B+

4 bd · 3.0 ba · 1,976 sqft · Built 2000 · SingleFamily · Active · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,300/mo
• Mortgage (P&I): −$471
• Tax + insurance: −$186
• HOA: −$0
• Vac / Maint / Mgmt: −$273
• Net cashflow: $369/mo
• Annual: $4,432/yr
• Cap rate: 11.22%
• Cash-on-cash: 17.61%
• DSCR: 1.78
• 1% rule: 1.45%
• Cash to close: $25,172

Investor read

• This is a 4-bed/3.0-bath single-family listed at $90k.
• At list price, monthly cash flow is $369 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• It's been on market 31 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($622 loan paydown + $4k appreciation (4.5% local appreciation)).
• Location reads 60/100 on livability (#835 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing B+; Watch: employment D, schools D-, amenities F.
• Colfax-Mingo Community School District (rural): math 59% / reading 66% proficiency, ranked #213 of 289 in IA (top 74%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 31 active listings in the ZIP; 16 units permitted in Jasper County in 2024 (0 in 5+ unit buildings).
• Jasper County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (4.5% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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.