210 NE 3rd St

Panora, IA 50216

$29,900A-

2 bd · 1.0 ba · 1,566 sqft · Built 1900 · SingleFamily · Pending · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,044/mo
• Mortgage (P&I): −$157
• Tax + insurance: −$76
• HOA: −$0
• Vac / Maint / Mgmt: −$219
• Net cashflow: $591/mo
• Annual: $7,093/yr
• Cap rate: 30.02%
• Cash-on-cash: 84.73%
• DSCR: 4.77
• 1% rule: 3.49%
• Cash to close: $8,372

Investor read

• This is a 2-bed/1.0-bath single-family listed at $30k.
• At list price, monthly cash flow is $591 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $30k).
• It's been on market 40 days — a 3% lower offer ($29k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $29k (3.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($207 loan paydown + $2k appreciation (6.4% local appreciation)).
• Location reads 76/100 on livability (#195 in IA, #3,572 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• Panorama Community School District (rural): math 70% / reading 69% proficiency, ranked #146 of 289 in IA (top 50%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Panorama Elementary (math 62% / reading 62%, grade B, #363 of 616 statewide, top 62%, 317 students, 41% FRL); Panorama Middle School (math 82% / reading 72%, grade A, #52 of 246 statewide, top 22%, 161 students, 39% FRL); Panorama High School (math 67% / reading 72%, grade B, #152 of 336 statewide, top 52%, 213 students, 35% FRL).
• Watch-outs: property tax is 2.6% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 81 active listings in the ZIP; 21 units permitted in Guthrie County in 2024 (0 in 5+ unit buildings).
• Guthrie County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.4% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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 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.