100 N Main St

Albion, IA 50005

$79,900A-

3 bd · 1.0 ba · 1,402 sqft · Built 1935 · SingleFamily · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,160/mo
• Mortgage (P&I): −$419
• Tax + insurance: −$117
• HOA: −$0
• Vac / Maint / Mgmt: −$244
• Net cashflow: $380/mo
• Annual: $4,566/yr
• Cap rate: 12.01%
• Cash-on-cash: 20.41%
• DSCR: 1.91
• 1% rule: 1.45%
• Cash to close: $22,372

Investor read

• This is a 3-bed/1.0-bath single-family listed at $80k.
• At list price, monthly cash flow is $380 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $1k of equity ($552 loan paydown + $733 appreciation (0.9% local appreciation)).
• Location reads 65/100 on livability (#582 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Marshalltown Community School District (town): math 50% / reading 52% proficiency, ranked #278 of 289 in IA (top 96%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 8 active listings in the ZIP; 35 units permitted in Marshall County in 2024 (0 in 5+ unit buildings).
• Marshall County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 10y 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.
• Current owner paid $68k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (0.9% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1935 — 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.