204 N Main St

Wheatland, IA 52777

$179,900D

3 bd · 1.0 ba · 1,784 sqft · Built 1950 · SingleFamily · Pending · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,132/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$199
• HOA: −$0
• Vac / Maint / Mgmt: −$238
• Net cashflow: $-248/mo
• Annual: $-2,982/yr
• Cap rate: 4.64%
• Cash-on-cash: -5.92%
• DSCR: 0.74
• 1% rule: 0.63%
• Cash to close: $50,372

Investor read

• This is a 3-bed/1.0-bath single-family listed at $180k.
• At list price, monthly cash flow is $-248 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $136k (24.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $113k (37.1% below list).
• It's been on market 19 days — a 2% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $113k (37.1% below list) — sets the bar for 1% rule.
• In year one you build about $18k of equity ($1k loan paydown + $16k appreciation (9.2% local appreciation)).
• Location reads 60/100 on livability (#826 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+; Watch: crime C-, amenities F, commute F.
• Calamus-Wheatland Community School District (rural): math 71% / reading 67% proficiency, ranked #150 of 289 in IA (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Calamus-Wheatland Elem Attendance Center (math 72% / reading 62%, grade B+, #273 of 616 statewide, top 51%, 218 students, 38% FRL); Calamus-Wheatland Sec Attendance Center (math 72% / reading 72%, grade B+, #117 of 336 statewide, top 39%, 196 students, 32% FRL).
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 6 active listings in the ZIP; 116 units permitted in Clinton County in 2024 (50 in 5+ unit buildings).
• Clinton County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 9y ago; this cycle's ask is 126% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• By year 3, paydown + projected appreciation supports a ~$45k 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 1950 — 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 A-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.