621 Harrison St

Remsen, IA 51050

$150,000C+

4 bd · 1.0 ba · 1,651 sqft · Built 1920 · SingleFamily · Pending · 83 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,274/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$181
• HOA: −$0
• Vac / Maint / Mgmt: −$268
• Net cashflow: $39/mo
• Annual: $473/yr
• Cap rate: 6.61%
• Cash-on-cash: 1.13%
• DSCR: 1.05
• 1% rule: 0.85%
• Cash to close: $42,000

Investor read

• This is a 4-bed/1.0-bath single-family listed at $150k.
• At list price, monthly cash flow is $39 ($473/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $127k (15.0% below list).
• It's been on market 83 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $127k (15.0% below list) — sets the bar for 1% rule.
• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (10.0% local appreciation)).
• Location reads 80/100 on livability (#78 in IA, #1,646 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, cost of living A+; Watch: amenities F, commute F.
• Remsen-Union Community School District (rural): math 72% / reading 79% proficiency, ranked #59 of 289 in IA (top 20%) — strong family-tenant draw, lease renewals of 3-5y typical; only 20% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 active listings in the ZIP; 147 units permitted in Plymouth County in 2024 (112 in 5+ unit buildings).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 83 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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.