555 Ripley Ct #27

Harpers Ferry, IA 52146

$49,900B+

2 bd · 1.0 ba · 600 sqft · Built 1968 · SingleFamily · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $802/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$150
• HOA: −$150
• Vac / Maint / Mgmt: −$168
• Net cashflow: $73/mo
• Annual: $870/yr
• Cap rate: 9.64%
• Cash-on-cash: 11.94%
• DSCR: 1.53
• 1% rule: 1.61%
• Cash to close: $13,972

Investor read

• This is a 2-bed/1.0-bath single-family listed at $50k. Condition is rated good.
• At list price, monthly cash flow is $73 ($870/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($802 rent vs $50k).
• It's been on market 17 days — a 2% lower offer ($49k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $49k (1.5% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($345 loan paydown + $4k appreciation (8.4% local appreciation)).
• Location reads 63/100 on livability (#657 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment C-, health & safety D, schools F.
• Allamakee Community School District (town): math 71% / reading 75% proficiency, ranked #103 of 289 in IA (top 36%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 23 active listings in the ZIP; 61 units permitted in Allamakee County in 2024 (0 in 5+ unit buildings).
• Allamakee County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (8.4% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.