14 N 1st St #14

Harpers Ferry, IA 52146

$69,000C+

2 bd · 1.0 ba · 728 sqft · Built 1988 · SingleFamily · Pending · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $828/mo
• Mortgage (P&I): −$362
• Tax + insurance: −$115
• HOA: −$138
• Vac / Maint / Mgmt: −$174
• Net cashflow: $39/mo
• Annual: $468/yr
• Cap rate: 6.97%
• Cash-on-cash: 2.42%
• DSCR: 1.11
• 1% rule: 1.20%
• Cash to close: $19,320

Investor read

• This is a 2-bed/1.0-bath single-family listed at $69k. Condition is rated good.
• At list price, monthly cash flow is $39 ($468/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($828 rent vs $69k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $6k of equity ($477 loan paydown + $6k appreciation (8.4% local appreciation)).
• Location reads 63/100 on livability (#657 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment C-, health & safety D, schools F.
• Allamakee Community School District (town): math 71% / reading 75% proficiency, ranked #103 of 289 in IA (top 36%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 23 active listings in the ZIP; 61 units permitted in Allamakee County in 2024 (0 in 5+ unit buildings).
• Allamakee County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (8.4% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-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.