121 E Olive St

Laurens, IA 50554

$29,000B+

3 bd · 1.0 ba · 1,215 sqft · Built 1909 · SingleFamily · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $700/mo
• Mortgage (P&I): −$152
• Tax + insurance: −$87
• HOA: −$0
• Vac / Maint / Mgmt: −$147
• Net cashflow: $314/mo
• Annual: $3,764/yr
• Cap rate: 19.27%
• Cash-on-cash: 46.36%
• DSCR: 3.06
• 1% rule: 2.41%
• Cash to close: $8,120

Investor read

• This is a 3-bed/1.0-bath single-family listed at $29k.
• At list price, monthly cash flow is $314 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($700 rent vs $29k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $37 of equity ($200 loan paydown + $-163 appreciation (-0.6% local appreciation)).
• Location reads 74/100 on livability (#248 in IA, #4,769 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Laurens-Marathon Community School District (rural): math 55% / reading 55% proficiency, ranked #311 of 330 in IA (top 94%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: property tax is 3.1% of price; built in 1909 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 13 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1 units permitted in Pocahontas County in 2024 (0 in 5+ unit buildings).
• 2 sale attempts since 4y 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 $20k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-0.6% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1909 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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 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.