17368 214th St

Eldridge, IA 52807

$85,000C-

2 bd · 1.0 ba · 728 sqft · Built 1962 · SingleFamily · Pending · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $896/mo
• Mortgage (P&I): −$446
• Tax + insurance: −$178
• HOA: −$0
• Vac / Maint / Mgmt: −$188
• Net cashflow: $83/mo
• Annual: $1,002/yr
• Cap rate: 7.47%
• Cash-on-cash: 4.21%
• DSCR: 1.19
• 1% rule: 1.05%
• Cash to close: $23,800

Investor read

• This is a 2-bed/1.0-bath single-family listed at $85k.
• At list price, monthly cash flow is $83 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($896 rent vs $85k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#254 in IA, #4,919 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• North Scott Community School District (other): math 76% / reading 80% proficiency, ranked #34 of 289 in IA (top 12%) — strong family-tenant draw, lease renewals of 3-5y typical; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Alan Shepard Elementary School (math 84% / reading 79%, grade A+, #60 of 616 statewide, top 10%, 451 students, 15% FRL); North Scott Junior High School (math 75% / reading 81%, grade A+, #49 of 246 statewide, top 20%, 541 students, 24% FRL); North Scott High School (math 76% / reading 86%, grade A, #28 of 336 statewide, top 8%, 1,059 students, 21% FRL) — zoned schools at 20% FRL track the district average.
• Market conditions: Rents rising (+2.8%/yr); 114 active listings in the ZIP; 805 units permitted in Scott County in 2024 (479 in 5+ unit buildings).
• Scott County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 11y ago; this cycle's ask is 5212% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $55k; list at $85k implies a 55% gain — meaningful room to come down on a strong offer.
• Cap rate 7.5% vs local median 0.9% in Eldridge — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• This rent is only 15% of the median local income ($73k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• Built in 1962 — 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 A-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.