00 Week 31 Sunrise Cove, Vw Unit L7A & L7B · Wahpeton, IA 51360

$7,500

2 bd · 2.0 ba · 1,345 sqft · SingleFamily · 1253 Days on market

Built 1995 $6/sqft · 99% below area

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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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• Schools +6.5/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

August in Okoboji!! Enjoy the Peak Season of Summer at Sunrise Cove Week 31 Units L7A & L7B. Bring the whole family as these 2 adjoining Lockouts sleep up to 8 people. Each side has 1 bedroom plus sofa bed, along with a fully furnished Kitchen, dishwasher, washer & dryer and 2 TV's. Of course you have all the amenities of the Resort-indoor & outdoor pools, mini golf, theatre, tennis, restaurants and sand beach. This is the 1st week in August Saturday thru Saturday rental.

Key facts

• Built 1995
• Listed 1253 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Residential timeshare; One level / single-story
• Exterior features: On the waterfront (Lake); Waterfront on West Okoboji Lake; Shared lot dimensions

Interior

• Kitchen: Refrigerator
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas forced-air heating
• Interior features: Furnished; Refrigerator included

🏷️ Possibly a rental listed for sale. The $7,500 price doesn't fit this home's estimated sale value (~$540,421) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $8k.

Deal economics

• At list price, monthly cash flow is $954 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $8k).
• Recommended offer: $7k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 68/100 on livability (#446 in IA) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Spirit Lake Community School District (town): math 73% / reading 78% proficiency, ranked #59 of 289 in IA (top 20%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 142 active listings in the ZIP; 295 units permitted in Dickinson County in 2024 (16 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $52 of loan paydown is wiped out by about $225 of value loss. Plan a longer hold.
• Dickinson County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $2k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 1253 days — a 12% lower offer ($7k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 7y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $6,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 1253 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 18.10% ✓
• Cap rate: 169.55%
• Cash-on-cash: 583.04%
• DSCR: 26.94
• GRM: 0.5

CMA / ARV

• ARV (median comp): $540,421
• List price: $7,500
• Delta: -98.61%
• Verdict: UNDERPRICED
• Comps: 19 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 29.38×
• Total profit: $59,598
• Equity at exit: $1,118

10-year hold

• IRR: —
• Equity multiple: 63.08×
• Total profit: $130,375
• Equity at exit: $648

Cash invested: $2,100 (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 51360

• Active inventory: 142
• Price-to-rent: 0.5×

Monthly cashflow live

• Estimated rent: $1,357 medium
• Mortgage (P&I): −$39
• Tax est. 1.5%: −$9 /mo · $112/yr
• Insurance: −$3
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $954

Break-even live

Break-even rent $150

Max offer price $7,500

Occupancy floor 25%

Sensitivity live

Price	-10% $959	-5% $956	+0% $954	+5% $951	+10% $949
Rent	-10% $847	-5% $900	+0% $954	+5% $1,007	+10% $1,061
Rate	-1.0pp $958	-0.5pp $956	base $954	+0.5pp $952	+1.0pp $950

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: $1,875
• Closing costs: $225
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-21
   days on market $7,500 Active 1253 DOM
2. 2026-06-18
   days on market $7,500 Active 1251 DOM
3. 2026-06-17
   days on market $7,500 Active 1250 DOM
4. 2026-06-16
   days on market $7,500 Active 1249 DOM
5. 2026-06-15
   days on market $7,500 Active 1248 DOM
6. 2026-06-13
   days on market $7,500 Active 1246 DOM
7. 2026-06-12
   days on market $7,500 Active 1245 DOM
8. 2026-06-09
   days on market $7,500 Active 1242 DOM
9. 2026-06-08
   days on market $7,500 Active 1241 DOM
10. 2026-06-07
    days on market $7,500 Active 1240 DOM
11. 2026-06-07
    days on market $7,500 Active 1239 DOM
12. 2026-06-04
    days on market $7,500 Active 1236 DOM
13. 2026-06-02
    days on market $7,500 Active 1235 DOM
14. 2026-06-01
    days on market $7,500 Active 1234 DOM
15. 2026-05-31
    days on market $7,500 Active 1233 DOM
16. 2026-05-31
    days on market $7,500 Active 1232 DOM
17. 2026-01-30
    status Active
18. 2026-01-01
    historical
19. 2025-01-09
    status Active
20. 2024-01-02
    status Active
21. 2023-09-03
    status Active
22. 2023-08-14
    historical
23. 2019-06-01
    listed $7,500 Active

ⓘ 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 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°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: $16,286
• − Mortgage interest: −$420
• − Property taxes: −$112
• − Insurance: −$835
• − Repairs & maintenance: −$1,303
• − Management: −$1,303
• − Depreciation: −$218
• Taxable income: $12,094
• Est. tax owed @ 24.0%: −$2,903
• After-tax cash flow: $8,544/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: Spirit Lake Community School District
• NCES district ID: 1927000
• Math proficiency: 73% ▼ -9.00%
• Reading proficiency: 78% ▬ 0.00%
• Median HH income: $56,797
• Composite: 64.57/100
• National rank: #535
• State rank: #59 of 289 in IA

Livability — Wahpeton

• Score: 68/100
• State rank: #446
• US rank: #9741

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 8,561

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 (92%)
• Race & ethnicity: White 92% Two or more races 6% Hispanic / Latino 2% Asian 1%
• Common ancestry: Portuguese 9% Iranian 8% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% Tagalog/Filipino 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: ▼ -126.60%
• Current HPI: 209.6205
• 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

7 events — show timeline

• 2026-01-30 Relisted — Iowa Great Lakes BOR
• 2026-01-01 Delisted — Iowa Great Lakes BOR
• 2025-01-09 Relisted — Iowa Great Lakes BOR
• 2024-01-02 Relisted — Iowa Great Lakes BOR
• 2023-09-03 Relisted — Iowa Great Lakes BOR
• 2023-08-14 Delisted — Iowa Great Lakes BOR
• 2019-06-01 Listed $7,500 Iowa Great Lakes BOR