105 S Rumsey St

Everly, IA 51338

$165,000F

3 bd · 2.5 ba · 1,999 sqft · Built 2004 · SingleFamily · Pending · 66 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,152/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$184
• HOA: −$0
• Vac / Maint / Mgmt: −$242
• Net cashflow: $-139/mo
• Annual: $-1,667/yr
• Cap rate: 5.28%
• Cash-on-cash: -3.61%
• DSCR: 0.84
• 1% rule: 0.70%
• Cash to close: $46,200

Investor read

• This is a 3-bed/2.5-bath single-family listed at $165k.
• At list price, monthly cash flow is $-139 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $140k (14.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $115k (30.2% below list).
• It's been on market 66 days — a 6% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $115k (30.2% below list) — sets the bar for 1% rule.
• In year one you build about $5k of equity ($1k loan paydown + $4k appreciation (2.5% local appreciation)).
• Location reads 66/100 on livability (#517 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety D, amenities F, commute F.
• Clay Central-Everly Community School District (rural): math 65% / reading 70% proficiency, ranked #202 of 330 in IA (top 61%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Clay Central-Everly Elementary (math 54% / reading 54%, grade C, #462 of 616 statewide, top 79%, 72 students, 68% FRL) — zoned schools average 68% FRL vs 32% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 54% at this address vs 68% district-wide (-13 pts) — the specific schools serving this property underperform the Clay Central-Everly Community School District average; the district grade overstates school quality for this exact location.
• Market conditions: 5 active listings in the ZIP; 11 units permitted in Clay County in 2024 (0 in 5+ unit buildings).
• Clay County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $82k; list at $165k implies a 101% gain — meaningful room to come down on a strong offer.
• By year 7, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 66 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
• 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 B-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.
• 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.