203 S Main St

Onslow, IA 52321

$74,900A

3 bd · 2.0 ba · 1,448 sqft · Built 1911 · SingleFamily · Pending · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,165/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$110
• HOA: −$0
• Vac / Maint / Mgmt: −$245
• Net cashflow: $417/mo
• Annual: $5,002/yr
• Cap rate: 12.97%
• Cash-on-cash: 23.85%
• DSCR: 2.06
• 1% rule: 1.55%
• Cash to close: $20,972

Investor read

• This is a 3-bed/2.0-bath single-family listed at $75k.
• At list price, monthly cash flow is $417 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $5k of equity ($518 loan paydown + $5k appreciation (6.1% local appreciation)).
• Location reads 60/100 on livability (#811 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, amenities F, commute F.
• Midland Community School District (rural): math 57% / reading 66% proficiency, ranked #231 of 289 in IA (top 80%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Midland Elementary (math 62% / reading 62%, grade B, #363 of 616 statewide, top 62%, 205 students, 51% FRL); Midland Middle/High School (math 56% / reading 67%, grade B-, #255 of 336 statewide, top 76%, 303 students, 52% FRL).
• Watch-outs: built in 1911 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 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.
• At projected returns (6.1% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1911 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.