13109 Clearview Ct

Moravia, IA 52571

$349,000D-

3 bd · 1.0 ba · 1,296 sqft · Built 2019 · Other · Active · 185 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,061/mo
• Mortgage (P&I): −$1,830
• Tax + insurance: −$374
• HOA: −$0
• Vac / Maint / Mgmt: −$223
• Net cashflow: $-1,367/mo
• Annual: $-16,399/yr
• Cap rate: 1.59%
• Cash-on-cash: -16.78%
• DSCR: 0.25
• 1% rule: 0.30%
• Cash to close: $97,720

Investor read

• This is a 3-bed/1.0-bath other listed at $349k.
• At list price, monthly cash flow is $-1k ($-16k/yr) — negative.
• To cash-flow at today's rent, offer at most $108k (69.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $106k (69.6% below list).
• It's been on market 185 days — a 12% lower offer ($307k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $106k (69.6% below list) — sets the bar for 1% rule.
• In year one you build about $30k of equity ($2k loan paydown + $28k appreciation (8.0% local appreciation)).
• Location reads 68/100 on livability (#454 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools B; Watch: amenities F, commute F, employment F.
• Moravia Community School District (rural): math 49% / reading 59% proficiency, ranked #269 of 289 in IA (top 93%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 33 active listings in the ZIP; 6 units permitted in Appanoose County in 2024 (0 in 5+ unit buildings).
• Appanoose County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $115k; list at $349k implies a 203% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$48k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 185 days. Have you received any prior offers? Is the seller open to a 70% concession, seller financing, or rate buy-down credit?
• 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.
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.