300 S Columbus St #108

West Liberty, IA 52776

$70,000B

2 bd · 2.0 ba · 1,280 sqft · Built 2007 · Manufactured · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,059/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$117
• HOA: −$0
• Vac / Maint / Mgmt: −$222
• Net cashflow: $353/mo
• Annual: $4,230/yr
• Cap rate: 12.34%
• Cash-on-cash: 21.58%
• DSCR: 1.96
• 1% rule: 1.51%
• Cash to close: $19,600

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $70k.
• At list price, monthly cash flow is $353 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $484 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#200 in IA, #3,661 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• West Liberty Community School District (town): math 46% / reading 54% proficiency, ranked #279 of 289 in IA (top 96%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 26 active listings in the ZIP; 65 units permitted in Muscatine County in 2024 (45 in 5+ unit buildings).
• Muscatine County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~6 years — after that, you're playing with house money.

Questions for listing agent

• 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.