202 Y St

Dunlap, IA 51529

$70,000A

4 bd · 1.5 ba · 1,560 sqft · Built 1919 · SingleFamily · Active · 76 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,313/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$154
• HOA: −$0
• Vac / Maint / Mgmt: −$276
• Net cashflow: $516/mo
• Annual: $6,191/yr
• Cap rate: 15.14%
• Cash-on-cash: 31.59%
• DSCR: 2.41
• 1% rule: 1.88%
• Cash to close: $19,600

Investor read

• This is a 4-bed/1.5-bath single-family listed at $70k.
• At list price, monthly cash flow is $516 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• It's been on market 76 days — a 6% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $66k (6.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($484 loan paydown + $4k 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.
• Zoned schools: Boyer Valley Elementary School (math 77% / reading 57%, grade B+, #273 of 616 statewide, top 51%, 200 students, 38% FRL); Boyer Valley Middle/High School (math 62% / reading 62%, grade B-, #242 of 336 statewide, top 76%, 220 students, 40% FRL).
• Watch-outs: built in 1919 — 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.
• 6 sale attempts since 17y 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 $55k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (5.4% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 76 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1919 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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.