3098 Mary Leigh Dr

Bettendorf, IA 52722

$409,900F

4 bd · 3.0 ba · 2,317 sqft · Built 2023 · Townhouse · Active · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,415/mo
• Mortgage (P&I): −$2,150
• Tax + insurance: −$641
• HOA: −$140
• Vac / Maint / Mgmt: −$507
• Net cashflow: $-1,023/mo
• Annual: $-12,277/yr
• Cap rate: 3.30%
• Cash-on-cash: -10.70%
• DSCR: 0.52
• 1% rule: 0.59%
• Cash to close: $114,772

Investor read

• This is a 4-bed/3.0-bath townhouse listed at $410k.
• At list price, monthly cash flow is $-1k ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $229k (44.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $242k (41.1% below list).
• It's been on market 35 days — a 3% lower offer ($398k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $229k (44.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k 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: Pleasant Valley High School (math 83% / reading 87%, grade A, #12 of 336 statewide, top 4%, 1,658 students, 11% FRL) — zoned schools at 11% FRL track the district average.
• Market conditions: Rents rising (+2.9%/yr); 426 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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.
• 4 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

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 35 days. Have you received any prior offers? Is the seller open to a 44% 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?
• 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.
• 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.