513 Union St

Whitten, IA 50269

$95,000A-

4 bd · 1.5 ba · 1,547 sqft · Built 1900 · SingleFamily · Active · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,313/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$93
• HOA: −$0
• Vac / Maint / Mgmt: −$276
• Net cashflow: $446/mo
• Annual: $5,351/yr
• Cap rate: 11.93%
• Cash-on-cash: 20.12%
• DSCR: 1.90
• 1% rule: 1.38%
• Cash to close: $26,600

Investor read

• This is a 4-bed/1.5-bath single-family listed at $95k.
• At list price, monthly cash flow is $446 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• It's been on market 51 days — a 3% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $92k (3.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($657 loan paydown + $3k appreciation (3.0% local appreciation)).
• Location reads 60/100 on livability (#840 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, amenities F, commute F.
• Bcluw Community School District (rural): math 60% / reading 70% proficiency, ranked #192 of 289 in IA (top 66%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Bcluw Elementary School (math 72% / reading 67%, grade A-, #224 of 616 statewide, top 42%, 179 students, 47% FRL); Bcluw Middle School (math 57% / reading 72%, grade A-, #157 of 246 statewide, top 67%, 150 students, 43% FRL); Bcluw High School (math 62% / reading 72%, grade B, #192 of 336 statewide, top 59%, 177 students, 31% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; 6 units permitted in Hardin County in 2024 (0 in 5+ unit buildings).
• Hardin County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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.