594 N Kimberlite St

Tiffin, IA 52340

$269,990D-

3 bd · 2.5 ba · 1,511 sqft · Built 2026 · Other · Pending · 41 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,385/mo
• Mortgage (P&I): −$1,416
• Tax + insurance: −$450
• HOA: −$200
• Vac / Maint / Mgmt: −$501
• Net cashflow: $-181/mo
• Annual: $-2,176/yr
• Cap rate: 5.49%
• Cash-on-cash: -2.88%
• DSCR: 0.87
• 1% rule: 0.88%
• Cash to close: $75,597

Investor read

• This is a 3-bed/2.5-bath other listed at $270k.
• At list price, monthly cash flow is $-181 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $244k (9.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $239k (11.6% below list).
• It's been on market 41 days — a 3% lower offer ($262k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $239k (11.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#220 in IA, #4,085 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: health & safety D, amenities F, commute F.
• Clear Creek Amana Community School District (rural): math 73% / reading 75% proficiency, ranked #72 of 289 in IA (top 25%) — strong family-tenant draw, lease renewals of 3-5y typical; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Clear Creek Amana Middle School (math 76% / reading 76%, grade A, #59 of 246 statewide, top 26%, 640 students, 29% FRL); Clear Creek Amana High School (math 71% / reading 85%, grade A-, #53 of 336 statewide, top 16%, 728 students, 23% FRL).
• Market conditions: 216 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 714 units permitted in Johnson County in 2024 (158 in 5+ unit buildings).
• Johnson County population projected at +60% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 5.5% vs local median 4.2% in Tiffin — 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

• 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 41 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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 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.