455 Pleasant St

Pleasanton, IA 50065

$62,900B+

3 bd · 1.0 ba · 825 sqft · Built 1910 · Other · Pending · 230 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,141/mo
• Mortgage (P&I): −$330
• Tax + insurance: −$52
• HOA: −$0
• Vac / Maint / Mgmt: −$240
• Net cashflow: $519/mo
• Annual: $6,227/yr
• Cap rate: 16.19%
• Cash-on-cash: 35.36%
• DSCR: 2.57
• 1% rule: 1.81%
• Cash to close: $17,612

Investor read

• This is a 3-bed/1.0-bath other listed at $63k.
• At list price, monthly cash flow is $519 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $63k).
• It's been on market 230 days — a 12% lower offer ($55k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $55k (12.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($435 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 56/100 on livability (#920 in IA) — a working-class tenant base; expect higher turnover. Strengths: employment A+, cost of living A+, crime A; Watch: schools F, amenities F, commute F.
• Central Decatur Community School District (rural): math 62% / reading 70% proficiency, ranked #200 of 289 in IA (top 69%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 9 active listings in the ZIP.
• Decatur County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $5k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 230 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.