363 6th Ave

Manilla, IA 51454

$74,900B+

3 bd · 1.0 ba · 1,200 sqft · Built 1910 · SingleFamily · Pending · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $917/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$113
• HOA: −$0
• Vac / Maint / Mgmt: −$192
• Net cashflow: $218/mo
• Annual: $2,617/yr
• Cap rate: 9.79%
• Cash-on-cash: 12.48%
• DSCR: 1.56
• 1% rule: 1.22%
• Cash to close: $20,972

Investor read

• This is a 3-bed/1.0-bath single-family listed at $75k.
• At list price, monthly cash flow is $218 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($917 rent vs $75k).
• It's been on market 18 days — a 2% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $74k (1.5% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($518 loan paydown + $5k appreciation (6.7% local appreciation)).
• Location reads 63/100 on livability (#680 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools F, 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.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 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.
• Current owner paid $30k; list at $75k implies a 150% gain — meaningful room to come down on a strong offer.
• At projected returns (6.7% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1910 — 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.