509 W Agency Rd #55

West Burlington, IA 52655

$31,500C-

3 bd · 2.0 ba · 1,216 sqft · Built 2013 · Manufactured · Active · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $853/mo
• Mortgage (P&I): −$165
• Tax + insurance: −$52
• HOA: −$450
• Vac / Maint / Mgmt: −$179
• Net cashflow: $6/mo
• Annual: $71/yr
• Cap rate: 6.52%
• Cash-on-cash: 0.80%
• DSCR: 1.04
• 1% rule: 2.71%
• Cash to close: $8,820

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $32k. Condition is rated fair.
• At list price, monthly cash flow is $6 ($71/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($853 rent vs $32k).
• It's been on market 62 days — a 6% lower offer ($30k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $30k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $218 of loan paydown is wiped out by about $945 of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#47 in IA, #1,179 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, crime D-, amenities F.
• West Burlington Ind School District (town): math 66% / reading 77% proficiency, ranked #140 of 289 in IA (top 48%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Watch-outs: HOA is 53% of rent.
• Market conditions: 23 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 53 units permitted in Des Moines County in 2024 (40 in 5+ unit buildings).
• Des Moines County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Questions for listing agent

• It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen cabinets — Worn appearance
• Minor: Bathroom fixtures — Dated appearance
• Minor: Exterior siding — Weathered appearance
• Minor: Interior walls — Faded paint