212 Park Dr

Worthington, IA 52078

$13,000C

4 bd · 1.0 ba · 1,366 sqft · Built 1887 · SingleFamily · Pending · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,284/mo
• Mortgage (P&I): −$68
• Tax + insurance: −$22
• HOA: −$0
• Vac / Maint / Mgmt: −$270
• Net cashflow: $924/mo
• Annual: $11,091/yr
• Cap rate: 91.61%
• Cash-on-cash: 304.69%
• DSCR: 14.56
• 1% rule: 9.87%
• Cash to close: $3,640

Investor read

• This is a 4-bed/1.0-bath single-family listed at $13k.
• At list price, monthly cash flow is $924 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $13k).
• It's been on market 24 days — a 2% lower offer ($13k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $13k (1.5% below list) — sets the bar for market timing.
• In year one you build about $704 of equity ($90 loan paydown + $614 appreciation (4.7% local appreciation)).
• Location reads 67/100 on livability (#479 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: health & safety C-, amenities F, commute F.
• Western Dubuque Community School District (rural): math 81% / reading 81% proficiency, ranked #22 of 289 in IA (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Western Dubuque High School (math 79% / reading 84%, grade A, #24 of 336 statewide, top 8%, 920 students, 22% FRL) — zoned schools at 22% FRL track the district average.
• Watch-outs: built in 1887 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 10 active listings in the ZIP; 473 units permitted in Dubuque County in 2024 (319 in 5+ unit buildings).
• Dubuque County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (4.7% appreciation + 3.0% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• Built in 1887 — 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.