513 3rd St

Camanche, IA 52730

$64,900C+

1 bd · 1.0 ba · 472 sqft · Built 1940 · SingleFamily · Active · 137 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $887/mo
• Mortgage (P&I): −$340
• Tax + insurance: −$82
• HOA: −$0
• Vac / Maint / Mgmt: −$186
• Net cashflow: $278/mo
• Annual: $3,338/yr
• Cap rate: 11.44%
• Cash-on-cash: 18.37%
• DSCR: 1.82
• 1% rule: 1.37%
• Cash to close: $18,172

Investor read

• This is a 1-bed/1.0-bath single-family listed at $65k.
• At list price, monthly cash flow is $278 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($887 rent vs $65k).
• It's been on market 137 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#366 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, health & safety F.
• Camanche Community School District (town): math 60% / reading 68% proficiency, ranked #203 of 289 in IA (top 70%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Camanche Elementary (math 72% / reading 62%, grade B+, #273 of 616 statewide, top 51%, 394 students, 39% FRL); Camanche Middle School (math 59% / reading 69%, grade B+, #166 of 246 statewide, top 68%, 282 students, 45% FRL); Camanche High School (math 56% / reading 70%, grade B-, #241 of 336 statewide, top 72%, 319 students, 31% FRL).
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 35 active listings in the ZIP; 116 units permitted in Clinton County in 2024 (50 in 5+ unit buildings).
• Clinton County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 2y ago; this cycle's ask is 226% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $22k; list at $65k implies a 202% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 11.4% vs local median 2.6% in Camanche — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 137 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1940 — 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 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.