307 Howard St

Rippey, IA 50235

$50,000B+

2 bd · 1.0 ba · 714 sqft · Built 1859 · Other · Active · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $888/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$45
• HOA: −$0
• Vac / Maint / Mgmt: −$187
• Net cashflow: $394/mo
• Annual: $4,729/yr
• Cap rate: 15.75%
• Cash-on-cash: 33.78%
• DSCR: 2.50
• 1% rule: 1.78%
• Cash to close: $14,000

Investor read

• This is a 2-bed/1.0-bath other listed at $50k.
• At list price, monthly cash flow is $394 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($888 rent vs $50k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $3k of equity ($346 loan paydown + $3k appreciation (6.3% local appreciation)).
• Location reads 61/100 on livability (#799 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing B+; Watch: crime D+, schools F, amenities F.
• Greene County Community School District (town): math 58% / reading 67% proficiency, ranked #223 of 289 in IA (top 77%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1859 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 4 active listings in the ZIP; 15 units permitted in Greene County in 2024 (0 in 5+ unit buildings).
• Greene County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 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.
• At projected returns (6.3% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1859 — 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?
• Crime grade is D 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.