1666 Bridge St

Albia, IA 52531

$1,000C

3 bd · 1.0 ba · 980 sqft · Built 1900 · Other · Pending · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $952/mo
• Mortgage (P&I): −$5
• Tax + insurance: −$2
• HOA: −$0
• Vac / Maint / Mgmt: −$200
• Net cashflow: $745/mo
• Annual: $8,944/yr
• Cap rate: 900.68%
• Cash-on-cash: 3194.23%
• DSCR: 143.13
• 1% rule: 95.22%
• Cash to close: $280

Investor read

• This is a 3-bed/1.0-bath other listed at $1k.
• At list price, monthly cash flow is $745 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($952 rent vs $1k).
• It's been on market 35 days — a 3% lower offer ($970) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $970 (3.0% below list) — sets the bar for market timing.
• In year one you build about $107 of equity ($7 loan paydown + $100 appreciation (10.0% local appreciation)).
• Location reads 73/100 on livability (#265 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, employment D+, amenities F.
• Albia Community School District (town): math 68% / reading 77% proficiency, ranked #117 of 289 in IA (top 40%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Lincoln Center (math 66% / reading 69%, grade B+, #270 of 616 statewide, top 44%, 293 students, 42% FRL); Albia Middle School (math 72% / reading 82%, grade A, #52 of 246 statewide, top 22%, 164 students, 40% FRL); Albia High School (math 68% / reading 83%, grade A-, #79 of 336 statewide, top 25%, 374 students, 38% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 30 active listings in the ZIP; 13 units permitted in Monroe County in 2024 (0 in 5+ unit buildings).
• 2 sale attempts since 13y 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $280 cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.