208 Dover St

Kingsley, IA 51028

$119,950C

2 bd · 2.0 ba · 1,349 sqft · Built 1976 · Other · Active · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,104/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$166
• HOA: −$0
• Vac / Maint / Mgmt: −$232
• Net cashflow: $77/mo
• Annual: $918/yr
• Cap rate: 7.06%
• Cash-on-cash: 2.73%
• DSCR: 1.12
• 1% rule: 0.92%
• Cash to close: $33,586

Investor read

• This is a 2-bed/2.0-bath other listed at $120k.
• At list price, monthly cash flow is $77 ($918/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $110k (8.0% below list).
• It's been on market 40 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $110k (8.0% below list) — sets the bar for 1% rule.
• In year one you build about $5k of equity ($830 loan paydown + $4k appreciation (3.5% local appreciation)).
• Location reads 79/100 on livability (#119 in IA, #2,219 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Kingsley-Pierson Community School District (rural): math 68% / reading 73% proficiency, ranked #125 of 289 in IA (top 43%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Kingsley Elementary School (math 67% / reading 67%, grade B+, #273 of 616 statewide, top 51%, 169 students, 35% FRL); Pierson Middle School (math 62% / reading 72%, grade A-, #140 of 246 statewide, top 60%, 139 students, 45% FRL); Kingsley-Pierson High School (math 82% / reading 87%, grade A, #14 of 336 statewide, top 4%, 145 students, 31% FRL) — zoned schools average 37% FRL vs 21% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 9 active listings in the ZIP; 147 units permitted in Plymouth County in 2024 (112 in 5+ unit buildings).
• At projected returns (3.5% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 40 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
• Built in 1976 — 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.