205 Ash St

Pisgah, IA 51564

$59,000B+

2 bd · 1.0 ba · 812 sqft · Built 1900 · SingleFamily · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $861/mo
• Mortgage (P&I): −$309
• Tax + insurance: −$199
• HOA: −$0
• Vac / Maint / Mgmt: −$181
• Net cashflow: $172/mo
• Annual: $2,069/yr
• Cap rate: 12.35%
• Cash-on-cash: 21.62%
• DSCR: 1.96
• 1% rule: 1.46%
• Cash to close: $16,520

Investor read

• This is a 2-bed/1.0-bath single-family listed at $59k.
• At list price, monthly cash flow is $172 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($861 rent vs $59k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $3k of equity ($408 loan paydown + $3k appreciation (4.8% local appreciation)).
• Location reads 59/100 on livability (#876 in IA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• West Harrison Community School District (rural): math 55% / reading 65% proficiency, ranked #281 of 330 in IA (top 85%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: West Harrison Elementary (math 54% / reading 54%, grade C, #462 of 616 statewide, top 79%, 161 students, 55% FRL); West Harrison Middle School/High School (math 57% / reading 62%, grade C+, #263 of 336 statewide, top 81%, 148 students, 43% FRL) — zoned schools average 49% FRL vs 32% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $125/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 5 active listings in the ZIP; 41 units permitted in Harrison County in 2024 (0 in 5+ unit buildings).
• Harrison County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.8% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.