322 E 8th St

Logan, IA 51546

$139,000D+

2 bd · 1.0 ba · 1,384 sqft · Built 1958 · SingleFamily · Active · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,111/mo
• Mortgage (P&I): −$729
• Tax + insurance: −$192
• HOA: −$0
• Vac / Maint / Mgmt: −$233
• Net cashflow: $-44/mo
• Annual: $-525/yr
• Cap rate: 5.92%
• Cash-on-cash: -1.35%
• DSCR: 0.94
• 1% rule: 0.80%
• Cash to close: $38,920

Investor read

• This is a 2-bed/1.0-bath single-family listed at $139k.
• At list price, monthly cash flow is $-44 ($-525/yr) — negative.
• To cash-flow at today's rent, offer at most $131k (5.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $111k (20.1% below list).
• It's been on market 25 days — a 2% lower offer ($137k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $111k (20.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $961 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#52 in IA, #1,259 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Logan-Magnolia Community School District (rural): math 71% / reading 81% proficiency, ranked #51 of 289 in IA (top 18%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Logan-Magnolia Elementary School (math 67% / reading 77%, grade A-, #181 of 616 statewide, top 34%, 418 students, 33% FRL); Logan-Magnolia Jr-Sr High School (math 76% / reading 83%, grade A-, #34 of 336 statewide, top 14%, 307 students, 27% FRL).
• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 24 active listings in the ZIP; 41 units permitted in Harrison County in 2024 (0 in 5+ unit buildings).
• Harrison County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

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?
• Built in 1958 — 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 A-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.
• 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.