109 Center St

Manning, IA 51455

$289,900D

6 bd · 5.0 ba · 1,590 sqft · Built 2025 · MultiFamily · Active · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,805/mo
• Mortgage (P&I): −$1,520
• Tax + insurance: −$483
• HOA: −$0
• Vac / Maint / Mgmt: −$379
• Net cashflow: $-577/mo
• Annual: $-6,930/yr
• Cap rate: 3.90%
• Cash-on-cash: -8.54%
• DSCR: 0.62
• 1% rule: 0.62%
• Cash to close: $81,172

Investor read

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $290k.
• At list price, monthly cash flow is $-577 ($-7k/yr) — negative. Per door: $-289/mo.
• To cash-flow at today's rent, offer at most $206k (28.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $180k (37.7% below list).
• It's been on market 25 days — a 2% lower offer ($286k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $180k (37.7% below list) — sets the bar for 1% rule.
• In year one you build about $31k of equity ($2k loan paydown + $29k appreciation (10.0% local appreciation)).
• Location reads 79/100 on livability (#107 in IA, #2,085 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute 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: Irwin Elementary School (math 84% / reading 64%, grade A, #131 of 616 statewide, top 27%, 230 students, 39% FRL); 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).
• Market conditions: 36 active listings in the ZIP; 32 units permitted in Carroll County in 2024 (0 in 5+ unit buildings).
• Carroll County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$50k 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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.