206 Winter St St

Calamus, IA 52729

$119,000C

3 bd · 1.0 ba · 1,132 sqft · Built 1955 · SingleFamily · Pending · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,049/mo
• Mortgage (P&I): −$624
• Tax + insurance: −$153
• HOA: −$0
• Vac / Maint / Mgmt: −$220
• Net cashflow: $52/mo
• Annual: $629/yr
• Cap rate: 6.82%
• Cash-on-cash: 1.89%
• DSCR: 1.08
• 1% rule: 0.88%
• Cash to close: $33,320

Investor read

• This is a 3-bed/1.0-bath single-family listed at $119k.
• At list price, monthly cash flow is $52 ($629/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 $105k (11.8% below list).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $105k (11.8% below list) — sets the bar for 1% rule.
• In year one you build about $5k of equity ($823 loan paydown + $5k appreciation (3.9% local appreciation)).
• Location reads 65/100 on livability (#555 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A, employment B; Watch: amenities F, commute F, health & safety F.
• Calamus-Wheatland Community School District (rural): math 71% / reading 67% proficiency, ranked #150 of 289 in IA (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Calamus-Wheatland Elem Attendance Center (math 72% / reading 62%, grade B+, #273 of 616 statewide, top 51%, 218 students, 38% FRL); Calamus-Wheatland Sec Attendance Center (math 72% / reading 72%, grade B+, #117 of 336 statewide, top 39%, 196 students, 32% FRL).
• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 14 active listings in the ZIP; 116 units permitted in Clinton County in 2024 (50 in 5+ unit buildings).
• Clinton County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.9% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~5 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 1955 — 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.