310 N Dearborn St

Maquoketa, IA 52060

$108,000D

1 bd · 1.0 ba · 951 sqft · Built 1910 · SingleFamily · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $864/mo
• Mortgage (P&I): −$566
• Tax + insurance: −$76
• HOA: −$0
• Vac / Maint / Mgmt: −$182
• Net cashflow: $41/mo
• Annual: $490/yr
• Cap rate: 6.75%
• Cash-on-cash: 1.62%
• DSCR: 1.07
• 1% rule: 0.80%
• Cash to close: $30,240

Investor read

• This is a 1-bed/1.0-bath single-family listed at $108k.
• At list price, monthly cash flow is $41 ($490/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $86k (20.0% below list).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $86k (20.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $747 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#362 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment D-.
• Maquoketa Community School District (town): math 52% / reading 57% proficiency, ranked #270 of 289 in IA (top 93%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Cardinal Elementary School (271 students, 58% FRL); Maquoketa Middle School (math 46% / reading 55%, grade C, #214 of 246 statewide, top 87%, 315 students, 53% FRL); Maquoketa Community High School (math 63% / reading 68%, grade B, #204 of 336 statewide, top 61%, 498 students, 48% FRL) — zoned schools at 53% FRL track the district average.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 35 active listings in the ZIP; 20 units permitted in Jackson County in 2024 (0 in 5+ unit buildings).
• Jackson County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 24y 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.

Questions for listing agent

• Built in 1910 — 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.