119 S Garnavillo St

Anamosa, IA 52205

$110,500C+

4 bd · 3.5 ba · 3,270 sqft · Built 1902 · SingleFamily · Active · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,498/mo
• Mortgage (P&I): −$579
• Tax + insurance: −$369
• HOA: −$0
• Vac / Maint / Mgmt: −$315
• Net cashflow: $235/mo
• Annual: $2,818/yr
• Cap rate: 8.84%
• Cash-on-cash: 9.11%
• DSCR: 1.41
• 1% rule: 1.36%
• Cash to close: $30,940

Investor read

• This is a 4-bed/3.5-bath single-family listed at $110k.
• At list price, monthly cash flow is $235 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• It's been on market 36 days — a 3% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $107k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $764 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#240 in IA, #4,682 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Anamosa Community School District (town): math 62% / reading 65% proficiency, ranked #210 of 289 in IA (top 73%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Strawberry Hill (math 62% / reading 57%, grade B-, #390 of 616 statewide, top 69%, 442 students, 46% FRL); Anamosa Middle School (math 64% / reading 63%, grade B+, #169 of 246 statewide, top 69%, 344 students, 40% FRL); Anamosa High School (math 58% / reading 72%, grade B, #208 of 336 statewide, top 62%, 397 students, 39% FRL).
• Watch-outs: property tax is 3.5% of price; built in 1902 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 47 active listings in the ZIP; 25 units permitted in Jones County in 2024 (0 in 5+ unit buildings).
• Jones County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts since 11y ago; this cycle's ask has dropped $20k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 8.8% vs local median 3.3% in Anamosa — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1902 — 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.