924 Fuller St

Muscatine, IA 52761

$145,000C-

2 bd · 2.0 ba · 1,512 sqft · Built 1969 · SingleFamily · Pending · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,413/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$213
• HOA: −$0
• Vac / Maint / Mgmt: −$297
• Net cashflow: $144/mo
• Annual: $1,723/yr
• Cap rate: 7.48%
• Cash-on-cash: 4.24%
• DSCR: 1.19
• 1% rule: 0.97%
• Cash to close: $40,600

Investor read

• This is a 2-bed/2.0-bath single-family listed at $145k.
• At list price, monthly cash flow is $144 ($2k/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 $141k (2.5% below list).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $141k (2.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#358 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: health & safety D+, amenities F, commute F.
• Muscatine Community School District (town): math 55% / reading 59% proficiency, ranked #257 of 289 in IA (top 89%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Susan Clark Junior High (math 52% / reading 57%, grade B-, #204 of 246 statewide, top 83%, 662 students, 53% FRL); Muscatine High School (math 54% / reading 64%, grade C+, #273 of 336 statewide, top 81%, 1,539 students, 47% FRL) — zoned schools at 50% FRL track the district average.
• Market conditions: 191 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 65 units permitted in Muscatine County in 2024 (45 in 5+ unit buildings).
• Muscatine County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 7y 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 $98k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Questions for listing agent

• Built in 1969 — 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.