212 W Jones St

Wyoming, IA 52362

$129,000C+

3 bd · 1.0 ba · 1,749 sqft · Built 1900 · SingleFamily · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,200/mo
• Mortgage (P&I): −$676
• Tax + insurance: −$201
• HOA: −$0
• Vac / Maint / Mgmt: −$252
• Net cashflow: $70/mo
• Annual: $846/yr
• Cap rate: 6.95%
• Cash-on-cash: 2.34%
• DSCR: 1.10
• 1% rule: 0.93%
• Cash to close: $36,120

Investor read

• This is a 3-bed/1.0-bath single-family listed at $129k.
• At list price, monthly cash flow is $70 ($846/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $120k (7.0% below list).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $120k (7.0% below list) — sets the bar for 1% rule.
• In year one you build about $9k of equity ($892 loan paydown + $8k appreciation (6.0% local appreciation)).
• Location reads 68/100 on livability (#452 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: amenities F, commute F, employment D-.
• Midland Community School District (rural): math 57% / reading 66% proficiency, ranked #231 of 289 in IA (top 80%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Midland Elementary (math 62% / reading 62%, grade B, #363 of 616 statewide, top 62%, 205 students, 51% FRL); Midland Middle/High School (math 56% / reading 67%, grade B-, #255 of 336 statewide, top 76%, 303 students, 52% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 4 active listings in the ZIP; 25 units permitted in Jones County in 2024 (0 in 5+ unit buildings).
• Jones County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 9y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $90k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (6.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1900 — 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.