308 N Polk St

Pleasantville, IA 50225

$59,900C+

3 bd · 2.0 ba · 832 sqft · Built 1961 · SingleFamily · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $772/mo
• Mortgage (P&I): −$314
• Tax + insurance: −$198
• HOA: −$0
• Vac / Maint / Mgmt: −$162
• Net cashflow: $97/mo
• Annual: $1,168/yr
• Cap rate: 8.24%
• Cash-on-cash: 6.96%
• DSCR: 1.31
• 1% rule: 1.29%
• Cash to close: $16,772

Investor read

• This is a 3-bed/2.0-bath single-family listed at $60k.
• At list price, monthly cash flow is $97 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($772 rent vs $60k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $414 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#318 in IA) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Pleasantville Community School District (rural): math 67% / reading 68% proficiency, ranked #169 of 289 in IA (top 58%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: property tax is 3.5% of price.
• Market conditions: 20 active listings in the ZIP; 122 units permitted in Marion County in 2024 (0 in 5+ unit buildings).
• Marion County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Questions for listing agent

• Built in 1961 — 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 A-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.