290 240th Ave #267 · Arnolds Park, IA 51331

$419,900

3 bd · 2.0 ba · 1,385 sqft · SingleFamily · 128 Days on market

Built 2014 5,899 sqft lot $303/sqft · 12% below area Est $479k · 12% under $520/mo HOA · 45% 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).

• ARV discount +13.0/15.0
• Appreciation +10.0/10.0
• Schools +6.7/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +0.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Look! NO STAIRS in this single level cabin with vaulted ceilings at Bridges Bay Resort. You will love the openness of almost 1400 sq feet that hosts 3 bedrooms, one being a Primary en suite with attached private bathroom. The garage is finished, which is super nice if you plan to rent it out. You will get 6 daily passes to the indoor and outdoor water parks, as well as access to the fitness center and docks. Though cabins are NOT guaranteed hoist spaces, there may be a very good chance you can get one, but make sure to inquire first. Bridges Bay has historically been a fun resort to invest in, but you can also make this cabin all yours! Just in time for summer fun!

Key facts

• Access to docks
• Finished garage
• Vaulted ceilings

Tags

• SINGLE LEVEL CABIN
• VAULTED CEILINGS
• FINISHED GARAGE
• ACCESS TO FITNESS CENTER
• ACCESS TO DOCKS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $420k.

Deal economics

• At list price, monthly cash flow is $-2k ($-30k/yr) — negative.
• To cash-flow at today's rent, offer at most $58k (86.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $117k (72.2% below list).
• Recommended offer: $58k (86.1% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 78/100 on livability (#140 in IA, #2,548 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, schools A; Watch: amenities F, commute F.
• Okoboji Community School District (town): math 78% / reading 80% proficiency, ranked #40 of 289 in IA (top 14%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 80 active listings in the ZIP; 295 units permitted in Dickinson County in 2024 (16 in 5+ unit buildings).

Forward outlook

• In year one you build about $45k of equity ($3k loan paydown + $42k appreciation (10.0% local appreciation)).
• Dickinson County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$72k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 128 days — a 12% lower offer ($370k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 45% of rent.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $58,232 (86.1% 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 128 days. Have you received any prior offers? Is the seller open to a 86% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: -0.85%
• Cash-on-cash: -25.51%
• DSCR: -0.14
• GRM: 30.0

CMA / ARV

• ARV (median comp): $478,944
• List price: $419,900
• Delta: -12.33%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
290 240th Ave #158	0.15mi	3/2.0	1,385 (0%)	2mo	$420,000	$303	91
290 240th Ave #127	0.16mi	3/2.5	1,465 (+6%)	4mo	$445,000	$304	78
290 240th Ave #46	0.15mi	3/2.0	1,516 (+10%)	1mo	$431,000	$284	76
290 240th Ave #277	0.15mi	3/2.0	1,448 (+4%)	14mo	$400,000	$276	73
290 240th Ave #152	0.15mi	3/2.5	1,465 (+6%)	13mo	$445,000	$304	70
290 240th Ave #13	0.15mi	2/2.0 (-1)	1,251 (-10%)	19mo	$430,000	$344	56

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

Projected returns pro-forma

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

5-year hold

• IRR: 7.0%
• Equity multiple: 1.59×
• Total profit: $69,837
• Equity at exit: $378,279

10-year hold

• IRR: 9.3%
• Equity multiple: 3.82×
• Total profit: $331,515
• Equity at exit: $815,773

Cash invested: $117,572 (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 51331

• Home prices YoY: 10.3%
• Active inventory: 80
• Price-to-rent: 30.0×

Monthly cashflow live

• Estimated rent: $1,168 medium
• Mortgage (P&I): −$2,202
• Tax est. 1.5%: −$525 /mo · $6,298/yr
• Insurance: −$175
• HOA: −$520
• Vacancy / Maint / Mgmt: −$245
• Net cashflow: $-2,499

Break-even live

Break-even rent $4,331

Max offer price $58,232

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: $104,975
• Closing costs: $12,597
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $520 · $6,240/yr
• Likely covers: watergym

Listing history 16 events

1. 2026-06-18
   days on market $419,900 Active 128 DOM
2. 2026-06-17
   days on market $419,900 Active 127 DOM
3. 2026-06-16
   days on market $419,900 Active 126 DOM
4. 2026-06-15
   days on market $419,900 Active 125 DOM
5. 2026-06-13
   days on market $419,900 Active 123 DOM
6. 2026-06-12
   days on market $419,900 Active 122 DOM
7. 2026-06-09
   days on market $419,900 Active 119 DOM
8. 2026-06-08
   days on market $419,900 Active 118 DOM
9. 2026-06-07
   days on market $419,900 Active 117 DOM
10. 2026-06-07
    days on market $419,900 Active 116 DOM
11. 2026-06-04
    days on market $419,900 Active 113 DOM
12. 2026-06-02
    days on market $419,900 Active 112 DOM
13. 2026-06-01
    days on market $419,900 Active 111 DOM
14. 2026-05-31
    days on market $419,900 Active 110 DOM
15. 2026-05-31
    days on market $419,900 Active 109 DOM
16. 2026-02-11
    listed $419,900 Active 674-char remark

    Show marketing remark (674 chars)

    Look! NO STAIRS in this single level cabin with vaulted ceilings at Bridges Bay Resort. You will love the openness of almost 1400 sq feet that hosts 3 bedrooms, one being a Primary en suite with attached private bathroom. The garage is finished, which is super nice if you plan to rent it out. You will get 6 daily passes to the indoor and outdoor water parks, as well as access to the fitness center and docks. Though cabins are NOT guaranteed hoist spaces, there may be a very good chance you can get one, but make sure to inquire first. Bridges Bay has historically been a fun resort to invest in, but you can also make this cabin all yours! Just in time for summer fun!

ⓘ 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 5/10 Major
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,012
• − Mortgage interest: −$23,521
• − Property taxes: −$6,298
• − Insurance: −$2,100
• − Repairs & maintenance: −$1,121
• − Management: −$1,121
• − HOA: −$6,240
• − Depreciation: −$12,215
• Taxable loss: −$38,604
• Est. tax savings @ 24.0%: +$9,265
• After-tax cash flow: $-20,728/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: Okoboji Community School District
• NCES district ID: 1900021
• Math proficiency: 78% ▲ 8.00%
• Reading proficiency: 80% ▲ 6.00%
• Median HH income: $50,522
• Composite: 66.88/100
• National rank: #403
• State rank: #40 of 289 in IA

Livability — Arnolds Park

• Score: 78/100
• State rank: #140
• US rank: #2548

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Arnolds Park, IA
• City population: 920
• Population (ZIP): 920

Population outlook (Dickinson County) Hauer SSP2

• Today (2025): 18,133 people
• By 2030: 18,610 · +2.6%
• By 2040: 19,456 · +7.3%
• By 2050: 20,307 · +12.0%
• By 2075: 23,155 · +27.7%
• By 2100: 24,449 · +34.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 1%
• Common ancestry: Portuguese 8% Slovak 3% Iranian 3%
• Foreign-born: 1%
• Languages at home: 99% English-only · Other Indo-European 1%

Political lean MEDSL · Dickinson

• 2024 margin: Solid R (+40.0) · D 29.5% · R 69.5% · Other 1.1%
• 2008→2024 swing: -34.6pp toward R · 2008: -5.4pp · 2024: -40.0pp
• All cycles: 2024: R+40.0 2020: R+33.6 2016: R+36.0 2012: R+18.0 2008: R+5.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 19.42%
• Current HPI: 207.79
• 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

• 2026-02-11 Listed $419,900 Iowa Great Lakes BOR