302 E Greene St

Postville, IA 52162

$84,900B+

3 bd · 1.5 ba · 1,590 sqft · Built 1888 · SingleFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,049/mo
• Mortgage (P&I): −$445
• Tax + insurance: −$134
• HOA: −$0
• Vac / Maint / Mgmt: −$220
• Net cashflow: $250/mo
• Annual: $3,004/yr
• Cap rate: 9.83%
• Cash-on-cash: 12.63%
• DSCR: 1.56
• 1% rule: 1.24%
• Cash to close: $23,772

Investor read

• This is a 3-bed/1.5-bath single-family listed at $85k.
• At list price, monthly cash flow is $250 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $5k of equity ($587 loan paydown + $5k appreciation (5.6% local appreciation)).
• Location reads 72/100 on livability (#301 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, amenities F, commute F.
• Postville Community School District (rural): math 43% / reading 53% proficiency, ranked #284 of 289 in IA (top 98%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Postville Early Childhood Preschool/Ogden St (14 students, 29% FRL) — zoned schools average 29% FRL vs 68% district-wide (40 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1888 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 10 active listings in the ZIP; 61 units permitted in Allamakee County in 2024 (0 in 5+ unit buildings).
• Allamakee County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.6% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1888 — 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 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.