202 W Poplar St

Bloomfield, IA 52537

$107,500B-

3 bd · 2.0 ba · 2,032 sqft · Built 1900 · MultiFamily · Pending · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,253/mo
• Mortgage (P&I): −$564
• Tax + insurance: −$193
• HOA: −$0
• Vac / Maint / Mgmt: −$263
• Net cashflow: $233/mo
• Annual: $2,796/yr
• Cap rate: 8.89%
• Cash-on-cash: 9.29%
• DSCR: 1.41
• 1% rule: 1.17%
• Cash to close: $30,100

Investor read

• This is a 3-bed/2.0-bath multifamily listed at $108k.
• At list price, monthly cash flow is $233 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $108k).
• It's been on market 36 days — a 3% lower offer ($104k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $104k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $743 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#159 in IA, #2,887 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Davis County Community School District (rural): math 59% / reading 63% proficiency, ranked #236 of 289 in IA (top 82%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Davis County Elementary (math 62% / reading 57%, grade B-, #390 of 616 statewide, top 69%, 480 students, 48% FRL); Davis County Middle School (math 63% / reading 64%, grade B+, #169 of 246 statewide, top 69%, 356 students, 46% FRL); Davis County Community High School (math 51% / reading 65%, grade C, #275 of 336 statewide, top 83%, 408 students, 38% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 44 active listings in the ZIP; 2 units permitted in Davis County in 2024 (0 in 5+ unit buildings).
• Davis County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 6y 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.
• Current owner paid $70k; list at $108k implies a 54% gain — meaningful room to come down on a strong offer.
• Cap rate 8.9% vs local median 2.9% in Bloomfield — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 36 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 B-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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.