MOUNT PLEASANT, IA REAL ESTATE AUCTION
Begins:
Tuesday, Apr. 28th 2026 at 12:00 AM
Ends:
Tuesday, May. 26th 2026 at 1:00 PM
Mount Pleasant, Iowa
REAL ESTATE AUCTION
(Selling Online Only)
AUCTION ENDS TUESDAY, MAY 26TH, 2026 at 1:00 P.M.
1109 E Monroe, Mount Pleasant, Iowa
Open House/ Inspection: Tuesday, May 12th from 5:30 P.M – 6:30 P.M.
(Please Note, that because the property is tenant occupied, the open house date will be the only time to preview the home)
General Description: Absolute Auction – selling regardless of price. This single-story investment property offers a solid opportunity with a long-term tenant of over 16 years who would like to remain, currently paying $600 per month and responsible for all utilities. The home features 2–3 bedrooms, 1 bath, and 758 sq. ft. of living space on a slab foundation, along with an attached 1-car garage. Situated on a corner lot in a desirable neighborhood, the property includes a roof replaced in 2015, maintenance free vinyl siding, and an energy efficient GFA furnace with central air. A turnkey rental with immediate income potential.
Auctioneer’s Note: Opportunities like this don’t come along often—an affordable, income-producing investment property with a long-term tenant already in place and wanting to stay. Whether you’re looking to expand your rental portfolio or get started in real estate investing, this property offers immediate cash flow with minimal hassle. Bid with confidence and convenience—this auction is being conducted online only, allowing you to participate from anywhere using your phone, tablet, or computer.
Terms: $7,500 earnest money deposit due at the end of the auction with the remainder due on or before June 26, 2026. The seller will provide a current abstract at their expense. Real Estate sells “as is, where is”. Sale is not contingent on Buyer’s financing, an appraisal, inspections or any other contingencies and Buyer accepts any remaining personal property at closing.
Real Estate Taxes: Taxes will be prorated to the date of closing.
Closing: Closing will take place on or before June 26, 2026. The balance of the purchase price will be payable at closing by guaranteed check or wire transfer.
Possession: At closing upon payment in full, subject to tenant’s rights.
Lease Agreement: Current tenant has occupied the property since 2010. There is no lease agreement in place and has been on a month-to-month basis for multiple years. Rent payment is due at the beginning of each month and tenants pays all utilities. Additionally, there is no lease deposit.
NO REAL ESTATE BUYER’S PREMIUM!
Registration: Visit www.fraiseauction.com to register and bid today!
MARY E. RUSCHILL ESTATE – SELLER
Seleta Bainter of Bainter & Thomas Law Office – Attorney for Seller
Auction Conducted By:
Fraise Auction & Real Estate
319-372-9121
www.fraiseauction.com
OPEN HOUSE: TUESDAY, MAY 12TH FROM 5:30-6:30 PM
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COREY FRAISE 319-470-0115