103 S Monroe St

Tingley, IA 50863

$155,000D

3 bd · 2.0 ba · 1,450 sqft · Built 1969 · Other · Pending · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,113/mo
• Mortgage (P&I): −$813
• Tax + insurance: −$178
• HOA: −$0
• Vac / Maint / Mgmt: −$234
• Net cashflow: $-112/mo
• Annual: $-1,340/yr
• Cap rate: 5.43%
• Cash-on-cash: -3.09%
• DSCR: 0.86
• 1% rule: 0.72%
• Cash to close: $43,400

Investor read

• This is a 3-bed/2.0-bath other listed at $155k.
• At list price, monthly cash flow is $-112 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $135k (12.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $111k (28.2% below list).
• It's been on market 23 days — a 2% lower offer ($153k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $111k (28.2% below list) — sets the bar for 1% rule.
• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (3.0% local appreciation)).
• Location reads 62/100 on livability (#739 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Mount Ayr Community School District (rural): math 80% / reading 78% proficiency, ranked #41 of 289 in IA (top 14%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Mount Ayr Elementary (math 87% / reading 82%, grade A+, #31 of 616 statewide, top 6%, 339 students, 44% FRL); Mount Ayr High School (math 76% / reading 77%, grade A-, #73 of 336 statewide, top 22%, 294 students, 46% FRL).
• Market conditions: 2 active listings in the ZIP; 3 units permitted in Ringgold County in 2024 (0 in 5+ unit buildings).
• Ringgold County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $58k; list at $155k implies a 167% gain — meaningful room to come down on a strong offer.
• By year 6, 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1969 — 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.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.