208 North St

Marquette, IA 52158

$175,000D

2 bd · 3.0 ba · 2,010 sqft · Built 1997 · Other · Pending · 145 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $992/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$245
• HOA: −$0
• Vac / Maint / Mgmt: −$208
• Net cashflow: $-379/mo
• Annual: $-4,549/yr
• Cap rate: 3.69%
• Cash-on-cash: -9.28%
• DSCR: 0.59
• 1% rule: 0.57%
• Cash to close: $49,000

Investor read

• This is a 2-bed/3.0-bath other listed at $175k.
• At list price, monthly cash flow is $-379 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $108k (38.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $99k (43.3% below list).
• It's been on market 145 days — a 12% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $99k (43.3% below list) — sets the bar for 1% rule.
• In year one you build about $2k of equity ($1k loan paydown + $520 appreciation (0.3% local appreciation)).
• Location reads 69/100 on livability (#408 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: employment D, amenities F, commute F.
• Mfl Marmac Community School District (rural): math 62% / reading 68% proficiency, ranked #198 of 289 in IA (top 68%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Mfl Marmac Elementary School (math 74% / reading 54%, grade B, #317 of 616 statewide, top 58%, 339 students, 30% FRL); Mfl Marmac Middle School (math 59% / reading 62%, grade B+, #183 of 246 statewide, top 75%, 187 students, 36% FRL); Mfl Marmac Hs (math 67% / reading 77%, grade B+, #117 of 336 statewide, top 39%, 262 students, 31% FRL) — zoned schools at 32% FRL track the district average.
• Market conditions: 3 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.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

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?
• It's been on market 145 days. Have you received any prior offers? Is the seller open to a 43% concession, seller financing, or rate buy-down credit?
• 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.