102 S L St

Keswick, IA 50136

$102,000B-

3 bd · 2.0 ba · 1,216 sqft · Built 2002 · Manufactured · Active · 52 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,140/mo
• Mortgage (P&I): −$535
• Tax + insurance: −$96
• HOA: −$0
• Vac / Maint / Mgmt: −$239
• Net cashflow: $270/mo
• Annual: $3,238/yr
• Cap rate: 9.47%
• Cash-on-cash: 11.34%
• DSCR: 1.50
• 1% rule: 1.12%
• Cash to close: $28,560

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $102k.
• At list price, monthly cash flow is $270 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $102k).
• It's been on market 52 days — a 3% lower offer ($99k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $99k (3.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($705 loan paydown + $2k appreciation (2.3% local appreciation)).
• Location reads 62/100 on livability (#734 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, health & safety D, schools D-.
• Tri-County Community School District (rural): math 60% / reading 60% proficiency, ranked #289 of 330 in IA (top 88%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 3 active listings in the ZIP; 1 units permitted in Keokuk County in 2024 (0 in 5+ unit buildings).
• Keokuk County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 9y ago; this cycle's ask has dropped $10k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $35k; list at $102k implies a 191% gain — meaningful room to come down on a strong offer.
• At projected returns (2.3% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~5 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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.