Lot 6 Falling Rock Rd

Harpers Ferry, IA 54626

$30,000B+

2 bd · 1.0 ba · 660 sqft · Built 1971 · SingleFamily · Active · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $819/mo
• Mortgage (P&I): −$157
• Tax + insurance: −$50
• HOA: −$0
• Vac / Maint / Mgmt: −$172
• Net cashflow: $440/mo
• Annual: $5,280/yr
• Cap rate: 23.89%
• Cash-on-cash: 62.86%
• DSCR: 3.80
• 1% rule: 2.73%
• Cash to close: $8,400

Investor read

• This is a 2-bed/1.0-bath single-family listed at $30k. Condition is rated fair.
• At list price, monthly cash flow is $440 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($819 rent vs $30k).
• It's been on market 29 days — a 2% lower offer ($30k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $30k (1.5% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($207 loan paydown + $2k appreciation (8.1% local appreciation)).
• Location reads 63/100 on livability (#657 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment C-, health & safety D, schools F.
• Seneca Area School District (rural): math 40% / reading 40% proficiency, ranked #254 of 426 in WI (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 40 units permitted in Crawford County in 2024 (0 in 5+ unit buildings).
• Crawford County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (8.1% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~2 years — 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 1971 — 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: Exterior siding — Peeling and in need of repainting.
• Major: Deck and railings — Weathered and could benefit from staining or replacement.
• Major: Interior walls — In need of painting.