472 Iris Ct

Tiffin, IA 52340

$270,000D-

3 bd · 5.0 ba · 1,634 sqft · Built 2021 · Condo · Pending · 77 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,376/mo
• Mortgage (P&I): −$1,416
• Tax + insurance: −$476
• HOA: −$185
• Vac / Maint / Mgmt: −$499
• Net cashflow: $-200/mo
• Annual: $-2,397/yr
• Cap rate: 5.41%
• Cash-on-cash: -3.17%
• DSCR: 0.86
• 1% rule: 0.88%
• Cash to close: $75,600

Investor read

• This is a 3-bed/5.0-bath condo listed at $270k.
• At list price, monthly cash flow is $-200 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $235k (13.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $238k (12.0% below list).
• It's been on market 77 days — a 6% lower offer ($254k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $235k (13.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#220 in IA, #4,085 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: health & safety D, amenities F, commute F.
• Clear Creek Amana Community School District (rural): math 73% / reading 75% proficiency, ranked #72 of 289 in IA (top 25%) — strong family-tenant draw, lease renewals of 3-5y typical; only 17% free/reduced lunch — higher-income household profile.
• Market conditions: 216 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 714 units permitted in Johnson County in 2024 (158 in 5+ unit buildings).
• Johnson County population projected at +60% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 5y ago 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.
• Cap rate 5.4% vs local median 4.2% in Tiffin — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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?
• It's been on market 77 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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?