700 Main St

Akron, IA 51001

$165,000D-

3 bd · 1.0 ba · 1,318 sqft · Built 1900 · SingleFamily · Active · 49 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,137/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$213
• HOA: −$0
• Vac / Maint / Mgmt: −$239
• Net cashflow: $-180/mo
• Annual: $-2,157/yr
• Cap rate: 4.99%
• Cash-on-cash: -4.67%
• DSCR: 0.79
• 1% rule: 0.69%
• Cash to close: $46,200

Investor read

• This is a 3-bed/1.0-bath single-family listed at $165k.
• At list price, monthly cash flow is $-180 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $133k (19.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $114k (31.1% below list).
• It's been on market 49 days — a 3% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $114k (31.1% below list) — sets the bar for 1% rule.
• In year one you build about $12k of equity ($1k loan paydown + $11k appreciation (6.4% local appreciation)).
• Location reads 73/100 on livability (#262 in IA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D, amenities F, commute F.
• Akron Westfield Community School District (rural): math 75% / reading 78% proficiency, ranked #50 of 289 in IA (top 17%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Akron Westfield Elementary School (math 77% / reading 82%, grade A, #71 of 616 statewide, top 15%, 249 students, 40% FRL); Akron Westfield Middle School (math 82% / reading 82%, grade A+, #22 of 246 statewide, top 12%, 139 students, 28% FRL); Akron Westfield Senior High School (math 67% / reading 72%, grade B, #152 of 336 statewide, top 52%, 192 students, 28% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 18 active listings in the ZIP; 147 units permitted in Plymouth County in 2024 (112 in 5+ unit buildings).
• 3 sale attempts since 3y ago; this cycle's ask has dropped $15k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 4, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 49 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
• 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 A-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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.