2098 60th Street Drive Dr

Vinton, IA 52349

$119,000D

4 bd · 1.5 ba · 3,999 sqft · Built 1900 · SingleFamily · Active · 68 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,058/mo
• Mortgage (P&I): −$624
• Tax + insurance: −$198
• HOA: −$0
• Vac / Maint / Mgmt: −$222
• Net cashflow: $14/mo
• Annual: $164/yr
• Cap rate: 6.43%
• Cash-on-cash: 0.49%
• DSCR: 1.02
• 1% rule: 0.89%
• Cash to close: $33,320

Investor read

• This is a 4-bed/1.5-bath single-family listed at $119k. Condition is rated poor.
• At list price, monthly cash flow is $14 ($164/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $106k (11.1% below list).
• It's been on market 68 days — a 6% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $106k (11.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $823 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#88 in IA, #1,848 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, cost of living A+; Watch: employment C-, amenities F, commute F.
• Vinton-Shellsburg Community School District (rural): math 79% / reading 77% proficiency, ranked #43 of 289 in IA (top 15%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 61 active listings in the ZIP; 34 units permitted in Benton County in 2024 (0 in 5+ unit buildings).
• Benton County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts 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.
• Cap rate 6.4% vs local median 1.9% in Vinton — 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

• It's been on market 68 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — 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 A-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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Structural damage or missing roof
• Major: exterior siding — Overgrown vegetation and possible structural issues
• Major: interior walls — No visible interior
• Major: flooring — No visible interior
• Major: HVAC/mechanicals — No visible interior