326 Park St

Oakland, IA 51560

$169,900D-

4 bd · 1.0 ba · 816 sqft · Built 1920 · SingleFamily · Pending · 163 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,356/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$263
• HOA: −$0
• Vac / Maint / Mgmt: −$285
• Net cashflow: $-83/mo
• Annual: $-993/yr
• Cap rate: 5.71%
• Cash-on-cash: -2.09%
• DSCR: 0.91
• 1% rule: 0.80%
• Cash to close: $47,572

Investor read

• This is a 4-bed/1.0-bath single-family listed at $170k.
• At list price, monthly cash flow is $-83 ($-993/yr) — negative.
• To cash-flow at today's rent, offer at most $155k (8.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $136k (20.2% below list).
• It's been on market 163 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $136k (20.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#257 in IA, #4,965 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Riverside Community School District (rural): math 66% / reading 68% proficiency, ranked #168 of 289 in IA (top 58%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Riverside Elementary (188 students, 46% FRL); Riverside Community Carson Elementary (math 62% / reading 57%, grade B-, #390 of 616 statewide, top 69%, 146 students, 47% FRL); Riverside Community High School (math 69% / reading 73%, grade B+, #139 of 336 statewide, top 41%, 359 students, 36% FRL).
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 27 active listings in the ZIP; 679 units permitted in Pottawattamie County in 2024 (566 in 5+ unit buildings).
• Pottawattamie County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 21y ago; this cycle's ask has dropped $39k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $80k; list at $170k implies a 111% gain — meaningful room to come down on a strong offer.

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 163 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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.