90 Main St

Waterville, IA 52170

$99,000A-

3 bd · 3.5 ba · 1,806 sqft · Built 1898 · SingleFamily · Pending · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,262/mo
• Mortgage (P&I): −$519
• Tax + insurance: −$106
• HOA: −$0
• Vac / Maint / Mgmt: −$265
• Net cashflow: $372/mo
• Annual: $4,466/yr
• Cap rate: 10.80%
• Cash-on-cash: 16.11%
• DSCR: 1.72
• 1% rule: 1.27%
• Cash to close: $27,720

Investor read

• This is a 3-bed/3.5-bath single-family listed at $99k.
• At list price, monthly cash flow is $372 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $3k of equity ($684 loan paydown + $2k appreciation (2.3% local appreciation)).
• Location reads 66/100 on livability (#515 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety D, schools F, amenities F.
• Allamakee Community School District (town): math 71% / reading 75% proficiency, ranked #103 of 289 in IA (top 36%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Watch-outs: built in 1898 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; 61 units permitted in Allamakee County in 2024 (0 in 5+ unit buildings).
• Allamakee County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.3% appreciation + 3.0% rent growth), your $28k 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.
• 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?
• 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.