102 NW 9th Ave

Waverly, IA 50677

$237,500F

None bd · None ba · 802 sqft · Built 1895 · Townhouse · Pending · 47 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $886/mo
• Mortgage (P&I): −$1,245
• Tax + insurance: −$396
• HOA: −$0
• Vac / Maint / Mgmt: −$186
• Net cashflow: $-942/mo
• Annual: $-11,301/yr
• Cap rate: 1.53%
• Cash-on-cash: -16.99%
• DSCR: 0.24
• 1% rule: 0.37%
• Cash to close: $66,500

Investor read

• This is a townhouse listed at $238k. Condition is rated fair.
• At list price, monthly cash flow is $-942 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $101k (57.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $89k (62.7% below list).
• It's been on market 47 days — a 3% lower offer ($230k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $89k (62.7% 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 $7k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#12 in IA, #406 nationally) — a professional / high-income tenant draw. Strengths: schools A+, cost of living A+, housing A+; Watch: amenities C-, commute F.
• Waverly-Shell Rock Community School District (town): math 79% / reading 74% proficiency, ranked #46 of 289 in IA (top 16%) — strong family-tenant draw, lease renewals of 3-5y typical; only 17% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 126 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 34 units permitted in Bremer County in 2024 (0 in 5+ unit buildings).
• Bremer County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts 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.
• Cap rate 1.5% vs local median 2.4% in Waverly — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 47 days. Have you received any prior offers? Is the seller open to a 63% 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?
• Built in 1895 — 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.

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Significant wear and tear
• Major: interior walls — Peeling paint