504 Main St

Coin, IA 51636

$199,000B+

20 bd · 16.0 ba · 2,729 sqft · Built 1977 · MultiFamily · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,199/mo
• Mortgage (P&I): −$1,044
• Tax + insurance: −$182
• HOA: −$0
• Vac / Maint / Mgmt: −$672
• Net cashflow: $1,302/mo
• Annual: $15,619/yr
• Cap rate: 14.14%
• Cash-on-cash: 28.03%
• DSCR: 2.25
• 1% rule: 1.61%
• Cash to close: $55,720

Investor read

• This is a 3×1bd/1ba + 1×2bd/1ba units multifamily listed at $199k.
• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $325/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $199k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $9k of equity ($1k loan paydown + $8k appreciation (3.8% local appreciation)).
• Location reads 58/100 on livability (#888 in IA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime D+, amenities F, commute F.
• South Page Community School District (rural): math 55% / reading 55% proficiency, ranked #310 of 330 in IA (top 94%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: South Page Elementary School (math 70% / reading 70%, grade A-, #224 of 616 statewide, top 42%, 57 students, 70% FRL); South Page Senior High School (math 54% / reading 64%, grade C+, #263 of 336 statewide, top 81%, 56 students, 71% FRL) — zoned schools average 71% FRL vs 51% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 1 active listings in the ZIP; 25 units permitted in Page County in 2024 (0 in 5+ unit buildings).
• Page County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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 $58k; list at $199k implies a 243% gain — meaningful room to come down on a strong offer.
• At projected returns (3.8% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1977 — 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.