402 Fulton Street St SE

Hopkinton, IA 52237

$75,000A-

3 bd · 1.0 ba · 1,513 sqft · Built 1900 · SingleFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,124/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$160
• HOA: −$0
• Vac / Maint / Mgmt: −$236
• Net cashflow: $334/mo
• Annual: $4,010/yr
• Cap rate: 11.64%
• Cash-on-cash: 19.10%
• DSCR: 1.85
• 1% rule: 1.50%
• Cash to close: $21,000

Investor read

• This is a 3-bed/1.0-bath single-family listed at $75k.
• At list price, monthly cash flow is $334 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $4k of equity ($519 loan paydown + $3k appreciation (4.7% local appreciation)).
• Location reads 71/100 on livability (#334 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Maquoketa Valley Community School District (rural): math 79% / reading 83% proficiency, ranked #27 of 289 in IA (top 9%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Delhi Elementary School (math 82% / reading 77%, grade A, #71 of 616 statewide, top 15%, 148 students, 29% FRL) — zoned schools at 29% FRL track the district average.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 8 active listings in the ZIP; 48 units permitted in Delaware County in 2024 (24 in 5+ unit buildings).
• Delaware County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.7% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1900 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.