33845 Oakridge Blvd

Maxwell, IA 50161

$270,000F

3 bd · 3.0 ba · 1,633 sqft · Built 1973 · SingleFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,179/mo
• Mortgage (P&I): −$1,416
• Tax + insurance: −$363
• HOA: −$0
• Vac / Maint / Mgmt: −$248
• Net cashflow: $-847/mo
• Annual: $-10,169/yr
• Cap rate: 2.53%
• Cash-on-cash: -13.45%
• DSCR: 0.40
• 1% rule: 0.44%
• Cash to close: $75,600

Investor read

• This is a 3-bed/3.0-bath single-family listed at $270k.
• At list price, monthly cash flow is $-847 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $120k (55.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $118k (56.3% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $118k (56.3% below list) — sets the bar for 1% rule.
• In year one you build about $29k of equity ($2k loan paydown + $27k appreciation (10.0% local appreciation)).
• Location reads 76/100 on livability (#203 in IA, #3,711 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A; Watch: amenities F, commute F.
• Collins-Maxwell Community School District (rural): math 62% / reading 69% proficiency, ranked #179 of 289 in IA (top 62%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Collins-Maxwell Elementary School (math 72% / reading 62%, grade B+, #273 of 616 statewide, top 51%, 204 students, 43% FRL); Collins-Maxwell Middle/High School (math 57% / reading 72%, grade B-, #211 of 336 statewide, top 70%, 208 students, 36% FRL) — zoned schools average 40% FRL vs 22% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 19 active listings in the ZIP; 196 units permitted in Story County in 2024 (34 in 5+ unit buildings).
• Story County population projected at +54% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 12y 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.
• Current owner paid $226k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 2, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1973 — 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.