211 W 2nd Ave

Quimby, IA 51049

$59,000A-

3 bd · 2.0 ba · 1,144 sqft · Built 1965 · SingleFamily · Pending · 96 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,061/mo
• Mortgage (P&I): −$309
• Tax + insurance: −$133
• HOA: −$0
• Vac / Maint / Mgmt: −$223
• Net cashflow: $396/mo
• Annual: $4,749/yr
• Cap rate: 14.34%
• Cash-on-cash: 28.75%
• DSCR: 2.28
• 1% rule: 1.80%
• Cash to close: $16,520

Investor read

• This is a 3-bed/2.0-bath single-family listed at $59k.
• At list price, monthly cash flow is $396 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $59k).
• It's been on market 96 days — a 9% lower offer ($54k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $54k (9.0% below list) — sets the bar for market timing.
• In year one you build about $788 of equity ($408 loan paydown + $380 appreciation (0.6% local appreciation)).
• Location reads 59/100 on livability (#854 in IA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: crime C-, employment C-, health & safety D.
• River Valley Community School District (rural): math 60% / reading 63% proficiency, ranked #238 of 289 in IA (top 82%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 3 active listings in the ZIP; 10 units permitted in Cherokee County in 2024 (0 in 5+ unit buildings).
• Cherokee County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (0.6% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 96 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1965 — 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 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.