800 Hartz Ct #800

Le Claire, IA 52753

$375,000D-

3 bd · 3.0 ba · 1,528 sqft · Built 2012 · Condo · Pending · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,022/mo
• Mortgage (P&I): −$1,967
• Tax + insurance: −$625
• HOA: −$70
• Vac / Maint / Mgmt: −$635
• Net cashflow: $-274/mo
• Annual: $-3,287/yr
• Cap rate: 5.42%
• Cash-on-cash: -3.13%
• DSCR: 0.86
• 1% rule: 0.81%
• Cash to close: $105,000

Investor read

• This is a 3-bed/3.0-bath condo listed at $375k. Condition is rated good.
• At list price, monthly cash flow is $-274 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $335k (10.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $302k (19.4% below list).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $302k (19.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#256 in IA, #4,947 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A; Watch: amenities F, commute F, health & safety F.
• Pleasant Valley Community School District (suburban): math 87% / reading 85% proficiency, ranked #5 of 289 in IA (top 2%) — strong family-tenant draw, lease renewals of 3-5y typical; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: Pleasant Valley Junior High School (math 86% / reading 84%, grade A+, #9 of 246 statewide, top 3%, 856 students, 12% FRL); Pleasant Valley High School (math 83% / reading 87%, grade A, #12 of 336 statewide, top 4%, 1,658 students, 11% FRL) — zoned schools at 12% FRL track the district average.
• Market conditions: 80 active listings in the ZIP; 805 units permitted in Scott County in 2024 (479 in 5+ unit buildings).
• Scott County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.