510 Jefferson Ave

Harpers Ferry, IA 52146

$199,500D-

3 bd · 2.5 ba · 1,378 sqft · Built 2004 · Manufactured · Pending · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,165/mo
• Mortgage (P&I): −$1,046
• Tax + insurance: −$201
• HOA: −$0
• Vac / Maint / Mgmt: −$245
• Net cashflow: $-327/mo
• Annual: $-3,924/yr
• Cap rate: 4.33%
• Cash-on-cash: -7.02%
• DSCR: 0.69
• 1% rule: 0.58%
• Cash to close: $55,860

Investor read

• This is a 3-bed/2.5-bath manufactured listed at $200k.
• At list price, monthly cash flow is $-327 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $142k (29.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $117k (41.6% below list).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $117k (41.6% below list) — sets the bar for 1% rule.
• In year one you build about $18k of equity ($1k loan paydown + $17k appreciation (8.4% local appreciation)).
• Location reads 63/100 on livability (#657 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment C-, health & safety D, schools F.
• Allamakee Community School District (town): math 71% / reading 75% proficiency, ranked #103 of 289 in IA (top 36%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 23 active listings in the ZIP; 61 units permitted in Allamakee County in 2024 (0 in 5+ unit buildings).
• Allamakee County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $79k; list at $200k implies a 153% gain — meaningful room to come down on a strong offer.
• By year 3, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• 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?
• 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.
• 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.