96 South St

Akron, IA 51001

$70,364A-

4 bd · 2.0 ba · 1,595 sqft · Built 1940 · SingleFamily · Pending · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,249/mo
• Mortgage (P&I): −$369
• Tax + insurance: −$170
• HOA: −$0
• Vac / Maint / Mgmt: −$262
• Net cashflow: $447/mo
• Annual: $5,366/yr
• Cap rate: 13.92%
• Cash-on-cash: 27.23%
• DSCR: 2.21
• 1% rule: 1.77%
• Cash to close: $19,702

Investor read

• This is a 4-bed/2.0-bath single-family listed at $70k.
• At list price, monthly cash flow is $447 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $5k of equity ($486 loan paydown + $5k appreciation (6.4% local appreciation)).
• Location reads 73/100 on livability (#262 in IA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D, amenities F, commute F.
• Akron Westfield Community School District (rural): math 75% / reading 78% proficiency, ranked #50 of 289 in IA (top 17%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Akron Westfield Elementary School (math 77% / reading 82%, grade A, #71 of 616 statewide, top 15%, 249 students, 40% FRL); Akron Westfield Middle School (math 82% / reading 82%, grade A+, #22 of 246 statewide, top 12%, 139 students, 28% FRL); Akron Westfield Senior High School (math 67% / reading 72%, grade B, #152 of 336 statewide, top 52%, 192 students, 28% FRL).
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 18 active listings in the ZIP; 147 units permitted in Plymouth County in 2024 (112 in 5+ unit buildings).
• 2 sale attempts since 4y 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.
• At projected returns (6.4% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1940 — 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.