201 SE 3rd Ave

Tripoli, IA 50676

$69,000A-

1 bd · 1.5 ba · 1,089 sqft · Built 1898 · SingleFamily · Pending · 27 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $930/mo
• Mortgage (P&I): −$362
• Tax + insurance: −$80
• HOA: −$0
• Vac / Maint / Mgmt: −$195
• Net cashflow: $293/mo
• Annual: $3,511/yr
• Cap rate: 11.38%
• Cash-on-cash: 18.17%
• DSCR: 1.81
• 1% rule: 1.35%
• Cash to close: $19,320

Investor read

• This is a 1-bed/1.5-bath single-family listed at $69k.
• At list price, monthly cash flow is $293 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($930 rent vs $69k).
• It's been on market 27 days — a 2% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $68k (1.5% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($477 loan paydown + $673 appreciation (1.0% local appreciation)).
• Location reads 77/100 on livability (#171 in IA, #3,086 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Tripoli Community School District (rural): math 56% / reading 67% proficiency, ranked #226 of 289 in IA (top 78%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Tripoli Elementary School (math 62% / reading 57%, grade B-, #390 of 616 statewide, top 69%, 204 students, 39% FRL); Tripoli Middle/Sr High School (math 52% / reading 72%, grade B-, #242 of 336 statewide, top 76%, 185 students, 43% FRL) — zoned schools average 41% FRL vs 22% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1898 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 10 active listings in the ZIP; 34 units permitted in Bremer County in 2024 (0 in 5+ unit buildings).
• Bremer County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 8y ago 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.
• Current owner paid $25k; list at $69k implies a 176% gain — meaningful room to come down on a strong offer.
• At projected returns (1.0% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1898 — 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.
• 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.