211 N 19th St

Denison, IA 51442

$117,000D+

3 bd · 1.0 ba · 1,020 sqft · Built 1900 · SingleFamily · Pending · 34 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,023/mo
• Mortgage (P&I): −$614
• Tax + insurance: −$205
• HOA: −$0
• Vac / Maint / Mgmt: −$215
• Net cashflow: $-11/mo
• Annual: $-128/yr
• Cap rate: 6.75%
• Cash-on-cash: 1.64%
• DSCR: 1.07
• 1% rule: 0.87%
• Cash to close: $32,760

Investor read

• This is a 3-bed/1.0-bath single-family listed at $117k.
• At list price, monthly cash flow is $-11 ($-128/yr) — negative.
• To cash-flow at today's rent, offer at most $115k (1.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $102k (12.5% below list).
• It's been on market 34 days — a 3% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $102k (12.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $809 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#103 in IA, #2,053 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Denison Community School District (town): math 61% / reading 64% proficiency, ranked #224 of 289 in IA (top 78%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 51 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.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.8% vs local median 3.4% in Denison — 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 34 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.