204 N 8th St, Oskaloosa, IA 52577 | Offered at $89,900
Value-Add Investment Opportunity Near William Penn University
204 N 8th St, Oskaloosa, IA 52577 | Offered at $89,900
Calling all investors and landlords—opportunities like this don’t come around often in college-driven rental markets. Located just one mile from William Penn University, 204 N 8th St in Oskaloosa, Iowa presents a rare chance to acquire a spacious, income-producing property at an affordable price point with significant upside potential.
This 4-bedroom, 2.5-bath home offers more than 2,300 square feet of living space, making it ideally suited for student housing, shared rentals, or a long-term buy-and-hold strategy.
Currently tenant-occupied by college students through the end of May, the property provides immediate rental income with a smooth transition timeline for new ownership, renovations, or rent repositioning.
Strong Rental Fundamentals in a College Market
One of the most compelling aspects of this property is its proximity to William Penn University, a consistent demand driver for student housing in Oskaloosa. At just one mile from campus, the home is well-positioned to attract student renters year after year, reducing vacancy risk and ensuring steady leasing demand.
The property is currently rented for $1,200 per month, generating reliable income through the end of the academic lease term. However, market rents in the area are averaging $1,500 per month or higher, indicating clear upside potential.
With thoughtful updates and modernized finishes, an investor could reasonably reposition the property to capture stronger rents and improve overall cash flow.
Ideal Timing for Investors
The home is tenant-occupied through the end of May, making June 1 an ideal closing date. This timing aligns perfectly with the academic calendar and provides flexibility for incoming owners. Investors can choose to:
Perform renovations during the summer months
Re-lease the property for the upcoming school year
Adjust the rental strategy to maximize returns
This built-in transition window significantly reduces the friction that often comes with acquiring occupied properties and allows for a smooth handoff between ownership and tenant cycles.
Spacious Layout with Income Potential
With four generously sized bedrooms and three bathrooms (including two full baths and one half bath), the home is well-equipped to accommodate multiple tenants comfortably. This layout is particularly attractive for student housing, where the ability to rent by the room or to a group of students can significantly enhance income potential.
The expansive interior offers flexibility for reconfiguration or modernization. Whether you’re looking to refresh flooring, update kitchens and bathrooms, or enhance communal living areas, the square footage provides ample room to add value without structural limitations.
Value-Add Opportunity Through Updates
While the property is livable in its current condition, it would benefit from updates throughout to reach its full potential. This creates an ideal value-add scenario for investors who understand how strategic renovations can drive rental growth and appreciation.
Potential improvements may include:
Updated flooring and paint for a modern aesthetic
Kitchen and bathroom refreshes to attract higher-paying tenants
Lighting and fixture upgrades
Minor exterior enhancements to boost curb appeal
These improvements could significantly increase rental appeal while still maintaining a budget-conscious renovation strategy—especially important in a market where purchase prices remain affordable.
Parking and Practical Features
Parking is often a key consideration for student renters, and this property delivers. The home features a rear driveway with garage parking, offering one garage space and off-street convenience. This is a valuable amenity in a shared housing environment and can further differentiate the property from competing rentals in the area.
Additionally, all appliances will remain, reducing upfront costs for the new owner and allowing for a quicker transition to re-leasing or continued occupancy.
Affordable Entry Point with Long-Term Upside
At an asking price of $89,900, this property represents an accessible entry point for both new and seasoned investors. The combination of low acquisition cost, existing rental income, and strong upside through rent increases and renovations makes this an attractive option for those seeking to build or expand a rental portfolio.
In a market supported by a local university, demand for well-maintained rental housing remains steady. Investors who are willing to renovate and reposition properties like this one can benefit from improved cash flow, increased property value, and long-term appreciation.
Ideal for Multiple Investment Strategies
This property is versatile and can support a range of investment approaches, including:
Student housing rental
Long-term buy-and-hold
BRRRR strategy (Buy, Rehab, Rent, Refinance, Repeat)
House hacking for owner-occupants with rental income
The combination of size, location, and pricing allows investors to tailor their strategy based on budget, experience, and long-term goals.
Final Thoughts
204 N 8th St, Oskaloosa, IA 52577 is a prime example of a value-add investment opportunity in a college-driven rental market. With strong fundamentals, a spacious layout, existing income, and clear paths to increased rent, this property offers both immediate returns and long-term upside.
For investors looking to renovate, reposition, and maximize rental income near William Penn University, this property deserves serious consideration. Opportunities at this price point—especially with this level of square footage and rental potential—are increasingly hard to find.
If you’re ready to take advantage of a well-located investment with built-in demand and room to grow, this Oskaloosa property may be the right fit for your portfolio.
FROM ZILLOW
