67729 195th St

Bartlett, IA 51561

$120,000C+

2 bd · 1.0 ba · 1,438 sqft · Built 1910 · SingleFamily · Active · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,220/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$266
• HOA: −$0
• Vac / Maint / Mgmt: −$256
• Net cashflow: $68/mo
• Annual: $821/yr
• Cap rate: 7.64%
• Cash-on-cash: 4.82%
• DSCR: 1.21
• 1% rule: 1.02%
• Cash to close: $33,600

Investor read

• This is a 2-bed/1.0-bath single-family listed at $120k.
• At list price, monthly cash flow is $68 ($821/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• It's been on market 51 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.
• In year one you build about $957 of equity ($830 loan paydown + $127 appreciation (0.1% local appreciation)).
• Location reads 37/100 on livability (#999 in IA) — a limited-amenity area; tenant pool skews transient or value-seeking. Strengths: cost of living A+, crime A; Watch: schools F, amenities F, commute F.
• Fremont-Mills Community School District (rural): math 73% / reading 71% proficiency, ranked #92 of 289 in IA (top 32%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Watch-outs: flood insurance adds $66/mo; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 4 active listings in the ZIP; 39 units permitted in Mills County in 2024 (0 in 5+ unit buildings).
• Mills County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 24y 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 $88k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (0.1% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.