202 Coover Ave

Baxter, IA 50028

$439,900F

3 bd · 3.0 ba · 4,270 sqft · Built 1997 · SingleFamily · Active · 52 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,336/mo
• Mortgage (P&I): −$2,307
• Tax + insurance: −$738
• HOA: −$0
• Vac / Maint / Mgmt: −$281
• Net cashflow: $-1,990/mo
• Annual: $-23,879/yr
• Cap rate: 0.86%
• Cash-on-cash: -19.39%
• DSCR: 0.14
• 1% rule: 0.30%
• Cash to close: $123,172

Investor read

• This is a 3-bed/3.0-bath single-family listed at $440k.
• At list price, monthly cash flow is $-2k ($-24k/yr) — negative.
• To cash-flow at today's rent, offer at most $133k (69.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $134k (69.6% below list).
• It's been on market 52 days — a 3% lower offer ($427k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $133k (69.7% below list) — sets the bar for cash-flow.
• In year one you build about $47k of equity ($3k loan paydown + $44k appreciation (10.0% local appreciation)).
• Location reads 78/100 on livability (#136 in IA, #2,488 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Baxter Community School District (rural): math 71% / reading 73% proficiency, ranked #99 of 289 in IA (top 34%) — strong family-tenant draw, lease renewals of 3-5y typical; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Baxter Elementary School (math 82% / reading 67%, grade A, #131 of 616 statewide, top 27%, 230 students, 27% FRL); Baxter High School (math 67% / reading 77%, grade B+, #117 of 336 statewide, top 39%, 256 students, 30% FRL).
• Market conditions: 21 active listings in the ZIP; 16 units permitted in Jasper County in 2024 (0 in 5+ unit buildings).
• Jasper County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 2, paydown + projected appreciation supports a ~$76k 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?
• It's been on market 52 days. Have you received any prior offers? Is the seller open to a 70% concession, seller financing, or rate buy-down credit?
• 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.
• 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.