1529 Carlin Ave

Sioux City, IA 51105

$55,000B+

1 bd · 1.0 ba · 476 sqft · Built 1930 · SingleFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $917/mo
• Mortgage (P&I): −$288
• Tax + insurance: −$100
• HOA: −$0
• Vac / Maint / Mgmt: −$193
• Net cashflow: $336/mo
• Annual: $4,034/yr
• Cap rate: 13.63%
• Cash-on-cash: 26.19%
• DSCR: 2.17
• 1% rule: 1.67%
• Cash to close: $15,400

Investor read

• This is a 1-bed/1.0-bath single-family listed at $55k.
• At list price, monthly cash flow is $336 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($917 rent vs $55k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $2k of equity ($380 loan paydown + $2k appreciation (3.8% local appreciation)).
• Location reads 78/100 on livability (#138 in IA, #2,544 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, commute F.
• Sioux City Community School District (urban): math 54% / reading 57% proficiency, ranked #264 of 289 in IA (top 91%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Unity Elementary School (math 50% / reading 52%, grade C-, #510 of 616 statewide, top 83%, 521 students, 74% FRL); East Middle School (math 60% / reading 67%, grade B+, #169 of 246 statewide, top 69%, 1,067 students, 65% FRL); East High School (math 53% / reading 63%, grade C, #275 of 336 statewide, top 83%, 1,495 students, 54% FRL).
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 31 active listings in the ZIP; 170 units permitted in Woodbury County in 2024 (90 in 5+ unit buildings).
• At projected returns (3.8% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 13.6% vs local median 3.7% in Sioux City — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• Built in 1930 — 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.
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.