105 W Niagara St

Garnavillo, IA 52049

$110,000F

2 bd · 1.0 ba · 864 sqft · Built 1974 · SingleFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $856/mo
• Mortgage (P&I): −$577
• Tax + insurance: −$136
• HOA: −$0
• Vac / Maint / Mgmt: −$180
• Net cashflow: $-36/mo
• Annual: $-438/yr
• Cap rate: 5.89%
• Cash-on-cash: -1.42%
• DSCR: 0.94
• 1% rule: 0.78%
• Cash to close: $30,800

Investor read

• This is a 2-bed/1.0-bath single-family listed at $110k.
• At list price, monthly cash flow is $-36 ($-438/yr) — negative.
• To cash-flow at today's rent, offer at most $104k (5.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $86k (22.2% below list).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $86k (22.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#182 in IA, #3,264 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Clayton Ridge Community School District (rural): math 66% / reading 72% proficiency, ranked #164 of 289 in IA (top 57%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Clayton Ridge Elementary School (math 72% / reading 77%, grade A, #131 of 616 statewide, top 27%, 306 students, 38% FRL); Clayton Ridge Middle School (math 67% / reading 77%, grade A, #95 of 246 statewide, top 42%, 125 students, 40% FRL); Clayton Ridge High School (math 67% / reading 82%, grade B+, #89 of 336 statewide, top 30%, 192 students, 43% FRL).
• Market conditions: 11 active listings in the ZIP; 48 units permitted in Clayton County in 2024 (0 in 5+ unit buildings).
• Clayton County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 4y ago 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 $68k; list at $110k implies a 62% gain — meaningful room to come down on a strong offer.

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 1974 — 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?
• 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.