205 Main St

Ryan, IA 52330

$25,000C-

4 bd · 5.0 ba · 4,396 sqft · Built 1900 · Other · Active · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,345/mo
• Mortgage (P&I): −$131
• Tax + insurance: −$42
• HOA: −$0
• Vac / Maint / Mgmt: −$282
• Net cashflow: $890/mo
• Annual: $10,677/yr
• Cap rate: 49.00%
• Cash-on-cash: 152.53%
• DSCR: 7.79
• 1% rule: 5.38%
• Cash to close: $7,000

Investor read

• This is a 4-bed/5.0-bath other listed at $25k. Condition is rated poor.
• At list price, monthly cash flow is $890 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $25k).
• It's been on market 15 days — a 2% lower offer ($25k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $25k (1.5% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($173 loan paydown + $1k appreciation (4.8% local appreciation)).
• Location reads 64/100 on livability (#636 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: schools F, amenities F, commute F.
• West Delaware County Community School District (town): math 73% / reading 81% proficiency, ranked #49 of 289 in IA (top 17%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 4 active listings in the ZIP; 48 units permitted in Delaware County in 2024 (24 in 5+ unit buildings).
• Delaware County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.8% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — 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.

Repairs flagged (vision-AI assessment)

• Major: roof — No visible roof in the satellite image.
• Major: exterior — No visible exterior in the satellite image.
• Major: flooring — No visible interior or exterior flooring in the satellite image.
• Major: interior walls/paint — No visible interior walls or paint in the satellite image.
• Major: HVAC/mechanicals — No visible HVAC or mechanical systems in the satellite image.
• Major: landscaping/curb appeal — No visible landscaping or curb appeal in the satellite image.