467 Rohr St

Arnolds Park, IA 51331

$450,000F

3 bd · 2.5 ba · 3,114 sqft · Built 1984 · SingleFamily · Active · 53 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,319/mo
• Mortgage (P&I): −$2,360
• Tax + insurance: −$495
• HOA: −$0
• Vac / Maint / Mgmt: −$277
• Net cashflow: $-1,813/mo
• Annual: $-21,755/yr
• Cap rate: 1.46%
• Cash-on-cash: -17.27%
• DSCR: 0.23
• 1% rule: 0.29%
• Cash to close: $126,000

Investor read

• This is a 3-bed/2.5-bath single-family listed at $450k.
• At list price, monthly cash flow is $-2k ($-22k/yr) — negative.
• To cash-flow at today's rent, offer at most $130k (71.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $132k (70.7% below list).
• It's been on market 53 days — a 3% lower offer ($436k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $130k (71.2% below list) — sets the bar for cash-flow.
• In year one you build about $48k of equity ($3k loan paydown + $45k appreciation (10.0% local appreciation)).
• Location reads 78/100 on livability (#140 in IA, #2,548 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety 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.
• Zoned schools: Okoboji Elementary School (math 82% / reading 67%, grade A, #131 of 616 statewide, top 27%, 533 students, 40% FRL); Okoboji Middle School (math 83% / reading 82%, grade A+, #16 of 246 statewide, top 8%, 346 students, 36% FRL); Okoboji High School (math 68% / reading 85%, grade A-, #73 of 336 statewide, top 22%, 365 students, 37% FRL).
• Market conditions: 81 active listings in the ZIP; 295 units permitted in Dickinson County in 2024 (16 in 5+ unit buildings).
• Dickinson County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 10y ago; this cycle's ask has dropped $25k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $205k; list at $450k implies a 120% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$77k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

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 53 days. Have you received any prior offers? Is the seller open to a 71% concession, seller financing, or rate buy-down credit?
• 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.
• 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.