302 E Maple St

Maquoketa, IA 52060

$129,900B

3 bd · 2.5 ba · 1,666 sqft · Built 1870 · MultiFamily · Active · 233 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,746/mo
• Mortgage (P&I): −$681
• Tax + insurance: −$188
• HOA: −$0
• Vac / Maint / Mgmt: −$367
• Net cashflow: $510/mo
• Annual: $6,116/yr
• Cap rate: 11.00%
• Cash-on-cash: 16.82%
• DSCR: 1.75
• 1% rule: 1.34%
• Cash to close: $36,372

Investor read

• This is a 1×1.0bd/1.0ba + 1×3.0bd/1.0ba units multifamily listed at $130k.
• At list price, monthly cash flow is $510 ($6k/yr) — positive. Per door: $255/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• It's been on market 233 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k 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.
• Watch-outs: built in 1870 — 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.
• 4 sale attempts since 23y ago; this cycle's ask has dropped $8k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $53k; list at $130k implies a 146% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~8 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 233 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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.