10675 Four Point Ln

Moravia, IA 52571

$81,500B+

3 bd · 2.0 ba · 1,216 sqft · Built 1989 · Manufactured · Active · 64 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,030/mo
• Mortgage (P&I): −$427
• Tax + insurance: −$89
• HOA: −$0
• Vac / Maint / Mgmt: −$216
• Net cashflow: $298/mo
• Annual: $3,573/yr
• Cap rate: 10.68%
• Cash-on-cash: 15.66%
• DSCR: 1.70
• 1% rule: 1.26%
• Cash to close: $22,820

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $82k.
• At list price, monthly cash flow is $298 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $82k).
• It's been on market 64 days — a 6% lower offer ($77k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $77k (6.0% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($563 loan paydown + $6k appreciation (8.0% local appreciation)).
• Location reads 68/100 on livability (#454 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools B; Watch: amenities F, commute F, employment F.
• Moravia Community School District (rural): math 49% / reading 59% proficiency, ranked #269 of 289 in IA (top 93%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 33 active listings in the ZIP; 6 units permitted in Appanoose County in 2024 (0 in 5+ unit buildings).
• Appanoose County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $62k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (8.0% appreciation + 3.0% rent growth), your $23k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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 B-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.