472 6th Ave

Manilla, IA 51454

$115,000C+

3 bd · 1.5 ba · 2,260 sqft · Built 1890 · SingleFamily · Pending · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,025/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$123
• HOA: −$0
• Vac / Maint / Mgmt: −$215
• Net cashflow: $83/mo
• Annual: $1,002/yr
• Cap rate: 7.16%
• Cash-on-cash: 3.11%
• DSCR: 1.14
• 1% rule: 0.89%
• Cash to close: $32,200

Investor read

• This is a 3-bed/1.5-bath single-family listed at $115k.
• At list price, monthly cash flow is $83 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $102k (10.9% below list).
• It's been on market 42 days — a 3% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $102k (10.9% below list) — sets the bar for 1% rule.
• In year one you build about $9k of equity ($795 loan paydown + $8k appreciation (6.7% local appreciation)).
• Location reads 63/100 on livability (#680 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Ikm-Manning Community School District (rural): math 75% / reading 78% proficiency, ranked #58 of 289 in IA (top 20%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Ikm-Manning Middle School (math 78% / reading 80%, grade A+, #42 of 246 statewide, top 17%, 284 students, 35% FRL); Ikm-Manning High School (math 67% / reading 82%, grade B+, #89 of 336 statewide, top 30%, 196 students, 39% FRL).
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 active listings in the ZIP; 18 units permitted in Crawford County in 2024 (0 in 5+ unit buildings).
• Crawford County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 5 sale attempts; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (6.7% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 42 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
• Built in 1890 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.