0 Cass

Blakesburg, IA 52536

$55,000B+

2 bd · 1.5 ba · 3,280 sqft · Built 1980 · SingleFamily · Pending · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,080/mo
• Mortgage (P&I): −$288
• Tax + insurance: −$92
• HOA: −$0
• Vac / Maint / Mgmt: −$227
• Net cashflow: $473/mo
• Annual: $5,679/yr
• Cap rate: 16.62%
• Cash-on-cash: 36.88%
• DSCR: 2.64
• 1% rule: 1.96%
• Cash to close: $15,400

Investor read

• This is a 2-bed/1.5-bath single-family listed at $55k. Condition is rated fair.
• At list price, monthly cash flow is $473 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $1k of equity ($380 loan paydown + $1k appreciation (2.0% local appreciation)).
• Location reads 61/100 on livability (#766 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Eddyville-Blakesburg- Fremont CSD (rural): math 58% / reading 57% proficiency, ranked #253 of 289 in IA (top 88%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 4 active listings in the ZIP; 44 units permitted in Wapello County in 2024 (0 in 5+ unit buildings).
• Wapello County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (2.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — The independent satellite image shows visible wear and tear on the roof, indicating potential leaks or damage.
• Major: exterior siding — The independent satellite image shows weathered siding, indicating the need for repainting or replacement.
• Major: HVAC units — The independent satellite image shows old HVAC units, which may need replacement or maintenance.