3409 Parkwild Dr #101

Bettendorf, IA 52722

$132,500D

2 bd · 1.0 ba · 900 sqft · Built 1983 · Condo · Pending · 60 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,353/mo
• Mortgage (P&I): −$695
• Tax + insurance: −$222
• HOA: −$289
• Vac / Maint / Mgmt: −$284
• Net cashflow: $-137/mo
• Annual: $-1,639/yr
• Cap rate: 5.06%
• Cash-on-cash: -4.42%
• DSCR: 0.80
• 1% rule: 1.02%
• Cash to close: $37,100

Investor read

• This is a 2-bed/1.0-bath condo listed at $132k.
• At list price, monthly cash flow is $-137 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $108k (18.2% below list).
• Meets the 1% rule at list price ($1k rent vs $132k).
• It's been on market 60 days — a 3% lower offer ($129k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $108k (18.2% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $916 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#73 in IA, #1,579 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F.
• Pleasant Valley Community School District (suburban): math 87% / reading 85% proficiency, ranked #5 of 289 in IA (top 2%) — strong family-tenant draw, lease renewals of 3-5y typical; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: Riverdale Heights Elem School (math 85% / reading 80%, grade A+, #43 of 616 statewide, top 7%, 629 students, 23% FRL); Pleasant Valley Junior High School (math 86% / reading 84%, grade A+, #9 of 246 statewide, top 3%, 856 students, 12% FRL); Pleasant Valley High School (math 83% / reading 87%, grade A, #12 of 336 statewide, top 4%, 1,658 students, 11% FRL).
• Watch-outs: HOA is 21% of rent.
• Market conditions: Rents rising (+2.9%/yr); 432 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 805 units permitted in Scott County in 2024 (479 in 5+ unit buildings).
• Scott County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $12k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $115k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 5.1% vs local median 3.0% in Bettendorf — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• This rent is only 16% of the median local income ($102k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• 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?
• It's been on market 60 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.