137 Horseshoe Dr Dr · Montezuma, IA 50171

$320,000

2 bd · 2.5 ba · 952 sqft · Manufactured public records · 35 Days on market

Built 2000 0.32 ac lot $336/sqft · 13% below area Est $369k · 13% under

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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).

• ARV discount +13.4/15.0
• Appreciation +10.0/10.0
• Schools +6.5/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +1.4/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks

Experience lake living at beautiful Lake Ponderosa with stunning unobstructed water views that feel just like true lakefront property. This turnkey getaway features an open-concept single-wide Manufactured home designed for comfortable lake life and easy entertaining. Enjoy your morning coffee or evening sunsets from the spacious covered front deck overlooking the lake. The home offers 2 bedrooms, 2 bathrooms, a dedicated laundry room, and comes completely furnished — making it ready for immediate enjoyment. A large double garage provides excellent storage for your vehicle, side-by-side, golf cart, and all your lake toys. An RV hookup at the rear of the property adds even more conveni

Key facts

• Open-concept home
• Turnkey getaway
• Completely furnished

Tags

• UNOBSTRUCTED WATER VIEWS
• TURNKEY GETAWAY
• OPEN-CONCEPT HOME
• SPACIOUS COVERED FRONT DECK
• DEDICATED LAUNDRY ROOM
• COMPLETELY FURNISHED

Property features AI

Finance

• Other: Listed by Realty87

Exterior

• Parking: Detached garage; 2 garage spaces; Garage door opener; Guest parking available
• Utilities: Public water; Septic tank sewer
• Home design: Single-family residence; Residential property
• Construction: Metal siding; See remarks for additional construction details; 952 above-grade finished area
• Exterior features: Deck; Waterfront lot; Pets allowed

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator; Electric water heater
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Includes dishwasher, microwave, range, refrigerator, electric water heater
• Laundry & utility: Washer and dryer included

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath manufactured listed at $320k.

Deal economics

• At list price, monthly cash flow is $-1k ($-15k/yr) — negative.
• To cash-flow at today's rent, offer at most $97k (69.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $89k (72.2% below list).
• Recommended offer: $89k (72.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 75/100 on livability (#228 in IA, #4,319 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Montezuma Community School District (rural): math 73% / reading 79% proficiency, ranked #55 of 289 in IA (top 19%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Montezuma Elementary School (math 92% / reading 77%, grade A+, #31 of 616 statewide, top 6%, 229 students, 34% FRL); Montezuma Junior High School (math 62% / reading 72%, grade A-, #140 of 246 statewide, top 60%, 112 students, 39% FRL); Montezuma High School (math 67% / reading 87%, grade A-, #60 of 336 statewide, top 21%, 148 students, 28% FRL).
• Market conditions: 66 active listings in the ZIP; 27 units permitted in Poweshiek County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $34k of equity ($2k loan paydown + $32k appreciation (10.0% local appreciation)).
• Poweshiek County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 2, paydown + projected appreciation supports a ~$55k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($310k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $70k; list at $320k implies a 357% gain — meaningful room to come down on a strong offer.

Recommended offer $88,928 (72.2% 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. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 72% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-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?
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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
7. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
8. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
9. 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.
10. 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.
11. 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: 0.28% ✗
• Cap rate: 1.56%
• Cash-on-cash: -16.92%
• DSCR: 0.25
• GRM: 30.0

CMA / ARV

• ARV (median comp): $368,737
• List price: $320,000
• Delta: -13.22%
• Verdict: UNDERPRICED
• Comps: 14 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.6%
• Equity multiple: 2.05×
• Total profit: $93,696
• Equity at exit: $288,281

10-year hold

• IRR: 13.0%
• Equity multiple: 4.78×
• Total profit: $338,909
• Equity at exit: $621,690

Cash invested: $89,600 (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 50171

• Home prices YoY: 9.3%
• Active inventory: 66
• Price-to-rent: 30.0×

Monthly cashflow live

• Estimated rent: $889 medium
• Mortgage (P&I): −$1,678
• Tax from tax record: −$154 /mo · $1,850/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$187
• Net cashflow: $-1,263

Break-even live

Break-even rent $2,488

Max offer price $96,871

Occupancy floor —

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: $80,000
• Closing costs: $9,600
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $320,000 Active 35 DOM
2. 2026-06-17
   days on market $320,000 Active 34 DOM
3. 2026-06-16
   days on market $320,000 Active 33 DOM
4. 2026-06-15
   days on market $320,000 Active 32 DOM
5. 2026-06-13
   days on market $320,000 Active 30 DOM
6. 2026-06-12
   days on market $320,000 Active 29 DOM
7. 2026-06-09
   days on market $320,000 Active 26 DOM
8. 2026-06-08
   days on market $320,000 Active 25 DOM
9. 2026-06-07
   days on market $320,000 Active 24 DOM
10. 2026-06-05
    days on market $320,000 Active 22 DOM
11. 2026-06-04
    days on market $320,000 Active 20 DOM
12. 2026-06-02
    days on market $320,000 Active 19 DOM
13. 2026-06-01
    days on market $320,000 Active 18 DOM
14. 2026-05-31
    days on market $320,000 Active 17 DOM
15. 2026-05-31
    days on market $320,000 Active 16 DOM
16. 2026-05-14
    listed $320,000 Active 1103-char remark
17. 2008-06-16
    soldstatus $70,000

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

Tax reassessment forecast IA · Partial reset (capped growth)

• Current annual tax: $1,850 · $154/mo
• Projected year-2 tax: $3,437 · $286/mo
• Expected delta: +$1,587/yr (+$132/mo · 85.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,671
• − Mortgage interest: −$17,925
• − Property taxes: −$1,850
• − Insurance: −$1,600
• − Repairs & maintenance: −$854
• − Management: −$854
• − Depreciation: −$9,309
• Taxable loss: −$21,720
• Est. tax savings @ 24.0%: +$5,213
• After-tax cash flow: $-9,944/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.

Schools (NCES district)

• District: Montezuma Community School District
• NCES district ID: 1919590
• Math proficiency: 73% ▼ -6.00%
• Reading proficiency: 79% ▲ 3.00%
• Median HH income: $57,449
• Composite: 65.04/100
• National rank: #503
• State rank: #55 of 289 in IA

Livability — Montezuma

• Score: 75/100
• State rank: #228
• US rank: #4319

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 2,445
• Population (ZIP): 2,445

Population outlook (Poweshiek County) Hauer SSP2

• Today (2025): 18,601 people
• By 2030: 18,342 · -1.4%
• By 2040: 17,944 · -3.5%
• By 2050: 18,029 · -3.1%
• By 2075: 19,945 · +7.2%
• By 2100: 22,637 · +21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Iranian 5% Portuguese 5% Lithuanian 3%
• Foreign-born: 1% · Canada, Jamaica
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Poweshiek

• 2024 margin: R (+17.0) · D 40.8% · R 57.8% · Other 1.5%
• 2008→2024 swing: -28.7pp toward R · 2008: 11.8pp · 2024: -17.0pp
• All cycles: 2024: R+17.0 2020: R+13.3 2016: R+6.8 2012: D+9.1 2008: D+11.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 30.91%
• Current HPI: 364.6554
• 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

+357.1% since first listed

2 events — show timeline

• 2026-05-14 Listed $320,000 CRAAR, CDRMLS
• 2008-06-16 Sold (Public Records) $70,000 Public Records

Property tax history

+6.0%/yr

Latest (2025): $1,850 · -3.5% YoY. Source: county tax records.