24011 Ridge Rd

Bernard, IA 52032

$50,000D

2 bd · 1.0 ba · 448 sqft · Built 2018 · Manufactured · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $793/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$125
• HOA: −$500
• Vac / Maint / Mgmt: −$166
• Net cashflow: $-261/mo
• Annual: $-3,133/yr
• Cap rate: 0.03%
• Cash-on-cash: -22.38%
• DSCR: 0.00
• 1% rule: 1.59%
• Cash to close: $14,000

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $50k.
• At list price, monthly cash flow is $-261 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $18k (63.5% below list).
• Meets the 1% rule at list price ($793 rent vs $50k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $18k (63.5% below list) — sets the bar for cash-flow.
• In year one you build about $3k of equity ($346 loan paydown + $3k appreciation (5.8% local appreciation)).
• Location reads 67/100 on livability (#489 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Western Dubuque Community School District (rural): math 81% / reading 81% proficiency, ranked #22 of 289 in IA (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Cascade Elementary School (math 92% / reading 82%, grade A+, #16 of 616 statewide, top 3%, 282 students, 28% FRL); Drexler Middle School (math 76% / reading 81%, grade A+, #44 of 246 statewide, top 19%, 655 students, 27% FRL); Cascade Junior-Senior High School (math 87% / reading 88%, grade A, #7 of 336 statewide, top 2%, 395 students, 27% FRL).
• Watch-outs: property tax is 2.5% of price; HOA is 63% of rent.
• Market conditions: 6 active listings in the ZIP; 20 units permitted in Jackson County in 2024 (0 in 5+ unit buildings).
• Jackson County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 10, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.
• 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.