3510 N 9th St #127 · Carter Lake, IA 51510

$42,900

3 bd · 2.0 ba · 1,216 sqft · Manufactured · 11 Days on market

Built 2026 Good condition $35/sqft · 72% below area

---

Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.5/10.0
• Condition / age +4.0/5.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Spacious 3 Bedroom, 2 Bathroom Manufactured Home Available Now in Carter Lake, IA Do not miss this opportunity to own a beautiful manufactured home in Carter Lake, Iowa. This 3 bedroom, 2 bathroom home features an open concept layout that creates a bright and welcoming living space perfect for entertaining or relaxing with friends. The large kitchen offers plenty of cabinet space, generous countertops, and room to gather. Oversized bedrooms provide comfort and flexibility, while the primary suite includes a private bathroom for added convenience. Features Include: 3 spacious bedrooms 2 full bathrooms Open concept living area Large kitchen with abundant storage Generously sized bedrooms Mo

Key facts

• Built 2026
• Listed 11 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $43k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $805 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $43k).

Location & tenants

• Location reads 66/100 on livability (#519 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, employment D+, crime F.
• Council Bluffs Community School District (urban): math 52% / reading 55% proficiency, ranked #272 of 289 in IA (top 94%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 21 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; 679 units permitted in Pottawattamie County in 2024 (566 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $297 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Pottawattamie County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $12k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $42,900

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
3. 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.
4. 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.
5. 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: 3.25% ✓
• Cap rate: 28.81%
• Cash-on-cash: 80.41%
• DSCR: 4.58
• GRM: 2.6

CMA / ARV

• ARV (median comp): $152,092
• List price: $42,900
• Delta: -71.79%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 80.6%
• Equity multiple: 4.69×
• Total profit: $44,335
• Equity at exit: $6,397

10-year hold

• IRR: 84.0%
• Equity multiple: 9.72×
• Total profit: $104,705
• Equity at exit: $3,709

Cash invested: $12,012 (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 51510

• Home prices YoY: -18.7%
• Active inventory: 21
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $1,394 high
• Mortgage (P&I): −$225
• Tax est. 1.5%: −$54 /mo · $644/yr
• Insurance: −$18
• HOA: −$0
• Vacancy / Maint / Mgmt: −$293
• Net cashflow: $805

Break-even live

Break-even rent $375

Max offer price $42,900

Occupancy floor 37%

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: $10,725
• Closing costs: $1,287
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3510 N 9th St Lot 47 Carter Lake, IA	3.0	2.0	1152	$1,479	$1.28	44d	1	0.04mi
1005 Avenue K Unit 8 Carter Lake, IA	2.0	2.0	1014	$1,125	$1.11	14d	1	0.29mi
1114 Hiatt St Carter Lake, IA	3.0	1.0	1165	$1,450	$1.24	44d	1	0.43mi
1820 Miami St Omaha, NE	4.0	1.5	1306	$1,050	$0.80	44d	1	1.07mi
3708 Florence Blvd Omaha, NE	3.0	1.0	1102	$1,395	$1.27	21d	1	1.10mi
2816 N 19th Ave Omaha, NE	3.0	1.0	860	$1,700	$1.98	44d	1	1.11mi
4125 N 19th St Omaha, NE	3.0	1.0	1266	$1,532	$1.21	44d	1	1.16mi
4201 N 22nd St Omaha, NE	3.0	1.0	1380	$1,545	$1.12	44d	1	1.34mi
1816 Florence Blvd Apt 102 Omaha, NE	2.0	1.0	900	$900	$1.00	14d	1	1.39mi
1117 Nicholas St Omaha, NE	2.0	1.0–2.0	848	$2,195	$2.59	2d	47	1.44mi

Listing history 2 events

1. 2026-05-14
   listed $1,399
2. 2026-05-13
   listed $42,900 Active 824-char remark

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,730
• − Mortgage interest: −$2,403
• − Property taxes: −$644
• − Insurance: −$214
• − Repairs & maintenance: −$1,338
• − Management: −$1,338
• − Depreciation: −$1,248
• Taxable income: $9,544
• Est. tax owed @ 24.0%: −$2,291
• After-tax cash flow: $7,368/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 · 26 photos

Good 80/100 Cosmetic rehab

This manufactured home is in good condition with a good condition score of 80. It is move-in ready with minor cosmetic updates needed to enhance its curb appeal and value.

Value-add opportunities

• Both Paint exterior walls — Enhances curb appeal and value
• Both Replace carpets — Improves comfort and reduces maintenance costs

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior walls — Enhances curb appeal and value ↑
• Both Replace carpets — Improves comfort and reduces maintenance costs ↑

ⓘ 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: Council Bluffs Community School District
• NCES district ID: 1908220
• Math proficiency: 52% ▼ -9.00%
• Reading proficiency: 55% ▼ -1.00%
• Median HH income: $45,259
• Composite: 45.23/100
• National rank: #2665
• State rank: #272 of 289 in IA

Livability — Carter Lake

• Score: 66/100
• State rank: #519
• US rank: #11636

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Carter Lake, IA
• City population: 13,176
• Population (ZIP): 3,773

Population outlook (Pottawattamie County) Hauer SSP2

• Today (2025): 93,683 people
• By 2030: 92,772 · -1.0%
• By 2040: 89,917 · -4.0%
• By 2050: 86,994 · -7.1%
• By 2075: 82,756 · -11.7%
• By 2100: 79,097 · -15.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 20% Two or more races 16%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Romanian 4% Slovak 4% Portuguese 2%
• Foreign-born: 8% · Canada
• Languages at home: 81% English-only · Spanish 18% Other Indo-European 1%

Political lean MEDSL · Pottawattamie

• 2024 margin: R (+20.0) · D 39.3% · R 59.3% · Other 1.4%
• 2008→2024 swing: -18.1pp toward R · 2008: -1.9pp · 2024: -20.0pp
• All cycles: 2024: R+20.0 2020: R+16.8 2016: R+21.6 2012: R+5.8 2008: R+1.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -47.06%
• Current HPI: 204.2751
• 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

+0.0% since first listed

2 events — show timeline

• 2026-05-24 Rental Removed $1,399 ZUMPER1
• 2026-05-14 Listed for Rent $1,399 ZUMPER1