22107 Spruce St · Bernard, IA 52303

$125,000

2 bd · 1.0 ba · 560 sqft · SingleFamily · 20 Days on market

Built 1971 Good condition Est $101k · 24% over $49/mo HOA · 5% of rent

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Why this score? — see what drove the D- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +9.4/30.0
• Schools +7.0/10.0
• Appreciation +5.0/10.0
• Condition / age +3.8/5.0
• Livability +3.4/5.0
• 1% rule +3.3/10.0
• DSCR +2.6/10.0
• Rent growth +2.5/5.0
• ARV discount +0.0/15.0

Listing remarks

Accepted offer. Please continue to show for back ups. Escape to tranquility with this charming cabin nestled on a quiet, serene lot overlooking the calm waters of Leisure Lake. Enjoy the breathtaking views and the soothing sounds of nature from your very own screened in porch. This property comes fully equipped for effortless relaxation, featuring 2 murphy beds for plenty of sleeping room, 2 storage sheds, security cameras, a golf cart for easy cruising around the area, and kayaks to make the most of lake days. Perfect for a cozy weekend escape or a home away from home. This cabin offers an easy, carefree lifestyle where everyday feels like a vacation.

Key facts

• Screened in porch
• Security cameras
• Golf cart

Tags

• SCREENED IN PORCH
• STORAGE SHEDS
• SECURITY CAMERAS
• GOLF CART
• KAYAKS

Property features AI

Finance

• HOA & community: Homeowners association with an annual fee of $590

Exterior

• Parking: Off-street parking
• Security: Security system
• Utilities: Shared well water
• Home design: Single-family residence
• Construction: Frame construction with wood siding; Slab foundation
• Exterior features: Waterfront lot; Shed(s)

Interior

• Kitchen: Microwave; Range; Refrigerator
• Bedrooms: 2 total rooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Window/wall air conditioning
• Interior features: Eat-in kitchen; Security system
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $125k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-90 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $112k (10.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $104k (16.7% below list).
• Recommended offer: $104k (16.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 67/100 on livability (#489 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Western Dubuque Community School District (rural): math 81% / reading 81% proficiency, ranked #22 of 289 in IA (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Cascade Elementary School (math 92% / reading 82%, grade A+, #16 of 616 statewide, top 3%, 282 students, 28% FRL); Drexler Middle School (math 76% / reading 81%, grade A+, #44 of 246 statewide, top 19%, 655 students, 27% FRL); Western Dubuque High School (math 79% / reading 84%, grade A, #24 of 336 statewide, top 8%, 920 students, 22% FRL) — zoned schools at 26% FRL track the district average.
• Market conditions: 9 active listings in the ZIP; 20 units permitted in Jackson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($864 loan paydown + $4k appreciation (3.0% local appreciation)).
• Jackson County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 8, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.

Recommended offer $104,147 (16.7% below list)

Questions for the listing agent

1. 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?
2. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 0.83% ✗
• Cap rate: 5.43%
• Cash-on-cash: -3.09%
• DSCR: 0.86
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $100,800
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23100 Leisure Lake Dr	0.33mi	2/1.0	616 (+10%)	12mo	$83,000	$135	58
10705 Bob St	0.54mi	1/1.0 (-1)	640 (+14%)	12mo	$115,000	$180	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 4.7%
• Equity multiple: 1.27×
• Total profit: $9,366
• Equity at exit: $56,205

10-year hold

• IRR: 7.8%
• Equity multiple: 2.18×
• Total profit: $41,467
• Equity at exit: $86,619

Cash invested: $35,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Iowa: 83 Strongly Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; mostly landlord-friendly statewide.

Methodology + full state rankings →

ZIP-level market 52303

• Active inventory: 9
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,041 medium
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• HOA: −$49
• Vacancy / Maint / Mgmt: −$219
• Net cashflow: $-90

Break-even live

Break-even rent $1,156

Max offer price $111,964

Occupancy floor —

Sensitivity live

Price	-10% $-4	-5% $-47	+0% $-90	+5% $-133	+10% $-176
Rent	-10% $-172	-5% $-131	+0% $-90	+5% $-49	+10% $-8
Rate	-1.0pp $-27	-0.5pp $-58	base $-90	+0.5pp $-122	+1.0pp $-155

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $49 · $588/yr
• Likely covers: watersecurity

Listing history 5 events

1. 2026-06-01
   status $125,000 Pending 20 DOM
2. 2026-06-01
   days on market $125,000 Active 20 DOM
3. 2026-05-31
   days on market $125,000 Active 19 DOM
4. 2026-05-31
   days on market $125,000 Active 18 DOM
5. 2026-05-12
   listed $125,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,498
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$625
• − Repairs & maintenance: −$1,000
• − Management: −$1,000
• − HOA: −$588
• − Depreciation: −$3,636
• Taxable loss: −$3,228
• Est. tax savings @ 24.0%: +$775
• After-tax cash flow: $-306/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

This charming cabin is in good condition with a good condition score of 75. It has a good roof, exterior, and foundation. The interior needs some updates to the kitchen and bathroom flooring. The property has a good curb appeal and is located on a serene lot with a lake view. The property is move-in ready and has a good resale and rental value.

Repairs flagged

• Minor kitchen flooring — linoleum appears worn
• Minor bathroom flooring — linoleum appears worn

Value-add opportunities

• Both paint exterior — enhances curb appeal and resale value
• Both replace linoleum flooring — improves comfort and resale value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen flooring · linoleum appears worn	Minor	$500–3,000
bathroom flooring · linoleum appears worn	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both paint exterior — enhances curb appeal and resale value ↑
• Both replace linoleum flooring — improves comfort and resale value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Western Dubuque Community School District
• NCES district ID: 1931350
• Math proficiency: 81% ▼ -2.00%
• Reading proficiency: 81% ▲ 3.00%
• Median HH income: $61,246
• Composite: 69.57/100
• National rank: #299
• State rank: #22 of 289 in IA

Livability — Bernard

• Score: 67/100
• State rank: #489
• US rank: #10858

Category grades

Amenities F Commute F Cost of living A+ Crime B- Employment C Housing A+ Health & safety C- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

No demographic data for this ZIP.

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.48%
• F500 in state: 4

Industry mix (Fortune 500 HQ in IA)

Industry	F500 HQs	Revenue
▸Financial Services	1	$16B
▸Retail / Convenience	1	$15B

Price history

1 event — show timeline

• 2026-05-12 Listed $125,000 CRAAR, CDRMLS