1671 468th St

Toeterville, IA 50481

$90,000B-

2 bd · 1.0 ba · 1,604 sqft · Built 1909 · SingleFamily · Active · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,062/mo
• Mortgage (P&I): −$472
• Tax + insurance: −$130
• HOA: −$0
• Vac / Maint / Mgmt: −$223
• Net cashflow: $237/mo
• Annual: $2,845/yr
• Cap rate: 9.45%
• Cash-on-cash: 11.29%
• DSCR: 1.50
• 1% rule: 1.18%
• Cash to close: $25,200

Investor read

• This is a 2-bed/1.0-bath single-family listed at $90k.
• At list price, monthly cash flow is $237 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• It's been on market 48 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($622 loan paydown + $3k appreciation (3.0% local appreciation)).
• Location reads 46/100 on livability (#970 in IA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: health & safety C-, amenities F, commute F.
• St Ansgar Community School District (rural): math 84% / reading 82% proficiency, ranked #16 of 289 in IA (top 6%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: St Ansgar Middle School (math 87% / reading 82%, grade A+, #10 of 246 statewide, top 4%, 117 students, 25% FRL); St Ansgar High School (math 82% / reading 87%, grade A, #14 of 336 statewide, top 4%, 171 students, 25% FRL) — zoned schools at 25% FRL track the district average.
• Watch-outs: built in 1909 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 41 units permitted in Mitchell County in 2024 (0 in 5+ unit buildings).
• Mitchell County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts since 11y 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.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1909 — 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.
• 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.