103 S Akir St

Latimer, IA 50452

$91,900A-

3 bd · 1.0 ba · 1,342 sqft · Built 1900 · SingleFamily · Active · 101 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,207/mo
• Mortgage (P&I): −$482
• Tax + insurance: −$101
• HOA: −$0
• Vac / Maint / Mgmt: −$253
• Net cashflow: $371/mo
• Annual: $4,450/yr
• Cap rate: 11.14%
• Cash-on-cash: 17.29%
• DSCR: 1.77
• 1% rule: 1.31%
• Cash to close: $25,732

Investor read

• This is a 3-bed/1.0-bath single-family listed at $92k.
• At list price, monthly cash flow is $371 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $92k).
• It's been on market 101 days — a 9% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $84k (9.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($635 loan paydown + $4k appreciation (4.5% local appreciation)).
• Location reads 69/100 on livability (#397 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: crime C-, amenities F, commute F.
• Cal Community School District (rural): math 60% / reading 70% proficiency, ranked #238 of 330 in IA (top 72%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 4 active listings in the ZIP; 2 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).
• Franklin County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 4y 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 $70k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (4.5% appreciation + 3.0% rent growth), your $26k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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.
• 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.