230 E Market St

Lisbon, IA 52253

$169,950D-

3 bd · 1.5 ba · 4,747 sqft · Built 1906 · SingleFamily · Active · 119 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,287/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$283
• HOA: −$0
• Vac / Maint / Mgmt: −$270
• Net cashflow: $-158/mo
• Annual: $-1,891/yr
• Cap rate: 5.18%
• Cash-on-cash: -3.97%
• DSCR: 0.82
• 1% rule: 0.76%
• Cash to close: $47,586

Investor read

• This is a 3-bed/1.5-bath single-family listed at $170k.
• At list price, monthly cash flow is $-158 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $147k (13.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $129k (24.3% below list).
• It's been on market 119 days — a 9% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $129k (24.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#53 in IA, #1,268 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F.
• Lisbon Community School District (town): math 74% / reading 74% proficiency, ranked #75 of 289 in IA (top 26%) — strong family-tenant draw, lease renewals of 3-5y typical; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Lisbon Elementary School (math 72% / reading 67%, grade A-, #224 of 616 statewide, top 42%, 415 students, 18% FRL); Lisbon Middle School (math 72% / reading 72%); Lisbon Secondary (math 77% / reading 82%, grade A-, #34 of 336 statewide, top 14%, 304 students, 21% FRL) — zoned schools at 20% FRL track the district average.
• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 16 active listings in the ZIP; 1,023 units permitted in Linn County in 2024 (456 in 5+ unit buildings).
• Linn County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 9y 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 $88k; list at $170k implies a 93% gain — meaningful room to come down on a strong offer.

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 119 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
• Built in 1906 — 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 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?
• 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.