206 N Main St

Numa, IA 52544

$21,390B+

2 bd · 1.0 ba · 924 sqft · Built 1914 · Other · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $877/mo
• Mortgage (P&I): −$112
• Tax + insurance: −$47
• HOA: −$0
• Vac / Maint / Mgmt: −$184
• Net cashflow: $534/mo
• Annual: $6,403/yr
• Cap rate: 36.23%
• Cash-on-cash: 106.91%
• DSCR: 5.76
• 1% rule: 4.10%
• Cash to close: $5,989

Investor read

• This is a 2-bed/1.0-bath other listed at $21k.
• At list price, monthly cash flow is $534 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($877 rent vs $21k).
• It's been on market 20 days — a 2% lower offer ($21k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $21k (1.5% below list) — sets the bar for market timing.
• In year one you build about $379 of equity ($148 loan paydown + $231 appreciation (1.1% local appreciation)).
• Location reads 55/100 on livability (#929 in IA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: crime C-, employment D, schools F.
• Centerville Community School District (town): math 57% / reading 65% proficiency, ranked #251 of 289 in IA (top 87%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 83 active listings in the ZIP; 6 units permitted in Appanoose County in 2024 (0 in 5+ unit buildings).
• Appanoose County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.1% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• Built in 1914 — 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 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.