201 Park St

Dunlap, IA 51529

$9,900C-

2 bd · 1.5 ba · 1,332 sqft · Built 1900 · SingleFamily · Active · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,104/mo
• Mortgage (P&I): −$52
• Tax + insurance: −$23
• HOA: −$0
• Vac / Maint / Mgmt: −$232
• Net cashflow: $797/mo
• Annual: $9,564/yr
• Cap rate: 102.90%
• Cash-on-cash: 345.01%
• DSCR: 16.35
• 1% rule: 11.15%
• Cash to close: $2,772

Investor read

• This is a 2-bed/1.5-bath single-family listed at $10k.
• At list price, monthly cash flow is $797 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $10k).
• It's been on market 26 days — a 2% lower offer ($10k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $10k (1.5% below list) — sets the bar for market timing.
• In year one you build about $599 of equity ($68 loan paydown + $531 appreciation (5.4% local appreciation)).
• Location reads 74/100 on livability (#246 in IA, #4,732 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Boyer Valley Community School District (rural): math 67% / reading 62% proficiency, ranked #205 of 289 in IA (top 71%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 6 active listings in the ZIP; 41 units permitted in Harrison County in 2024 (0 in 5+ unit buildings).
• Harrison County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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 $8k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (5.4% appreciation + 3.0% rent growth), your $3k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• Built in 1900 — 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?
• 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.