209 E Veterans Rd

Laurens, IA 50554

$22,287A-

2 bd · 1.0 ba · 828 sqft · Built 1922 · SingleFamily · Pending · 55 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $700/mo
• Mortgage (P&I): −$117
• Tax + insurance: −$20
• HOA: −$0
• Vac / Maint / Mgmt: −$147
• Net cashflow: $416/mo
• Annual: $4,994/yr
• Cap rate: 28.70%
• Cash-on-cash: 80.03%
• DSCR: 4.56
• 1% rule: 3.14%
• Cash to close: $6,240

Investor read

• This is a 2-bed/1.0-bath single-family listed at $22k.
• At list price, monthly cash flow is $416 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($700 rent vs $22k).
• It's been on market 55 days — a 3% lower offer ($22k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $22k (3.0% below list) — sets the bar for market timing.
• In year one you build about $29 of equity ($154 loan paydown + $-125 appreciation (-0.6% local appreciation)).
• Location reads 74/100 on livability (#248 in IA, #4,769 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Laurens-Marathon Community School District (rural): math 55% / reading 55% proficiency, ranked #311 of 330 in IA (top 94%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 13 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1 units permitted in Pocahontas County in 2024 (0 in 5+ unit buildings).
• 2 sale attempts; this cycle's ask has dropped $1k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-0.6% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1922 — 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 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.