208 N 3rd St St

Wallingford, IA 51365

$43,900B+

4 bd · 1.0 ba · 1,569 sqft · Built 1889 · SingleFamily · Active · 171 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,219/mo
• Mortgage (P&I): −$230
• Tax + insurance: −$83
• HOA: −$0
• Vac / Maint / Mgmt: −$256
• Net cashflow: $650/mo
• Annual: $7,798/yr
• Cap rate: 24.06%
• Cash-on-cash: 63.44%
• DSCR: 3.82
• 1% rule: 2.78%
• Cash to close: $12,292

Investor read

• This is a 4-bed/1.0-bath single-family listed at $44k.
• At list price, monthly cash flow is $650 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $44k).
• It's been on market 171 days — a 12% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $39k (12.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($304 loan paydown + $2k appreciation (5.4% local appreciation)).
• Location reads 66/100 on livability (#536 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Estherville Lincoln Central Community School District (town): math 57% / reading 67% proficiency, ranked #229 of 289 in IA (top 79%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Estherville Lincoln Central Middle School (math 57% / reading 61%, grade B, #193 of 246 statewide, top 78%, 312 students, 53% FRL); Estherville Lincoln Central High School (math 57% / reading 78%, grade B, #186 of 336 statewide, top 57%, 384 students, 47% FRL).
• Watch-outs: built in 1889 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 3 active listings in the ZIP; 11 units permitted in Emmet County in 2024 (0 in 5+ unit buildings).
• Emmet County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.4% appreciation + 3.0% rent growth), your $12k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 171 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1889 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 D-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.