3510 N 9th St #69

Carter Lake, IA 51510

$40,900B

3 bd · 2.0 ba · 924 sqft · Built 2024 · Manufactured · Active · 157 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,211/mo
• Mortgage (P&I): −$214
• Tax + insurance: −$68
• HOA: −$0
• Vac / Maint / Mgmt: −$254
• Net cashflow: $674/mo
• Annual: $8,084/yr
• Cap rate: 26.06%
• Cash-on-cash: 70.59%
• DSCR: 4.14
• 1% rule: 2.96%
• Cash to close: $11,452

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $41k.
• At list price, monthly cash flow is $674 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $41k).
• It's been on market 157 days — a 12% lower offer ($36k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $36k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $283 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• 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; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 679 units permitted in Pottawattamie County in 2024 (566 in 5+ unit buildings).
• 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 $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 157 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.