1025 2nd St

Hull, IA 51239

$65,000B

4 bd · 1.0 ba · 1,253 sqft · Built 1905 · SingleFamily · Active · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,302/mo
• Mortgage (P&I): −$341
• Tax + insurance: −$144
• HOA: −$0
• Vac / Maint / Mgmt: −$273
• Net cashflow: $544/mo
• Annual: $6,530/yr
• Cap rate: 16.34%
• Cash-on-cash: 35.88%
• DSCR: 2.60
• 1% rule: 2.00%
• Cash to close: $18,200

Investor read

• This is a 4-bed/1.0-bath single-family listed at $65k.
• At list price, monthly cash flow is $544 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• It's been on market 26 days — a 2% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $64k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#38 in IA, #1,018 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Boyden-Hull Community School District (rural): math 69% / reading 68% proficiency, ranked #150 of 289 in IA (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Boyden-Hull Elementary School (math 72% / reading 62%, grade B+, #273 of 616 statewide, top 51%, 312 students, 38% FRL); Boyden-Hull High School (math 68% / reading 72%, grade B+, #146 of 336 statewide, top 45%, 291 students, 39% FRL) — zoned schools average 38% FRL vs 23% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 8 active listings in the ZIP; 201 units permitted in Sioux County in 2024 (52 in 5+ unit buildings).
• Sioux County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1905 — 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?
• 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.