280 Parker St

Stanhope, IA 50246

$59,900A-

3 bd · 1.5 ba · 2,440 sqft · Built 1920 · SingleFamily · Active · 73 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,246/mo
• Mortgage (P&I): −$314
• Tax + insurance: −$100
• HOA: −$0
• Vac / Maint / Mgmt: −$262
• Net cashflow: $570/mo
• Annual: $6,844/yr
• Cap rate: 17.72%
• Cash-on-cash: 40.80%
• DSCR: 2.82
• 1% rule: 2.08%
• Cash to close: $16,772

Investor read

• This is a 3-bed/1.5-bath single-family listed at $60k. Condition is rated fair.
• At list price, monthly cash flow is $570 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• It's been on market 73 days — a 6% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $56k (6.0% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($414 loan paydown + $6k appreciation (10.0% local appreciation)).
• Location reads 68/100 on livability (#444 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• South Hamilton Community School District (rural): math 77% / reading 82% proficiency, ranked #30 of 289 in IA (top 10%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: South Hamilton Elem (math 82% / reading 82%, grade A+, #44 of 616 statewide, top 9%, 362 students, 30% FRL); South Hamilton Middle And High School (math 75% / reading 81%, grade A-, #53 of 336 statewide, top 16%, 328 students, 26% FRL) — zoned schools at 28% FRL track the district average.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 4 active listings in the ZIP; 29 units permitted in Hamilton County in 2024 (5 in 5+ unit buildings).
• Hamilton County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $10k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% 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 1920 — 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 D-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.

Repairs flagged (vision-AI assessment)

• Moderate: kitchen cabinets — outdated and in need of replacement
• Major: landscaping — overgrown vegetation needs trimming