244 S Hwy 71 Unit F37 · Arnolds Park, IA 51331

$529,900

3 bd · 3.5 ba · 1,989 sqft · Townhouse · 367 Days on market

Built 2025 3,036 sqft lot $266/sqft · 12% below area Est $601k · 12% under $200/mo HOA · 16% of rent

---

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).

• ARV discount +12.9/15.0
• Appreciation +10.0/10.0
• Schools +6.7/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +0.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Live the Okoboji Life… Just steps from the iconic Arnolds Park Amusement Park, this new construction development in the heart of Arnolds Park offers designer-selected finishes and bright, airy living spaces that embrace the lake lifestyle. Consisting of 3 bedrooms and 3.5 baths, no detail was overlooked. Each unit boasts a private deck, spacious layout, fireplace, large kitchen with quartz countertops, sundrenched windows, breakfast bar and walk in pantry. The upper level includes the primary master suite, laundry, a second bathroom, and bedroom. Amenities include a community pool, additional parking and close proximity to paved biking and nature trails All within walking distance to shopping, dining, entertainment and so much more! Everything you need is right outside your door.

Key facts

• Private deck
• Quartz countertops
• Community pool

Tags

• PRIVATE DECK
• LARGE KITCHEN
• QUARTZ COUNTERTOPS
• WALK IN PANTRY
• COMMUNITY POOL
• PAVED BIKING TRAILS

What this means for you Summary

Snapshot

• This is a 3-bed/3.5-bath townhouse listed at $530k.

Deal economics

• At list price, monthly cash flow is $-3k ($-35k/yr) — negative.
• To cash-flow at today's rent, offer at most $112k (78.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $123k (76.8% below list).
• Recommended offer: $112k (78.9% below list) — sets the bar for cash-flow.

Location & tenants

• 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: 82 active listings in the ZIP; 295 units permitted in Dickinson County in 2024 (16 in 5+ unit buildings).

Forward outlook

• In year one you build about $57k of equity ($4k loan paydown + $53k appreciation (10.0% local appreciation)).
• Dickinson County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$91k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 367 days — a 12% lower offer ($466k) is reasonable based on typical stale-listing flexibility.

Recommended offer $111,771 (78.9% below list)

Questions for the listing agent

1. 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?
2. It's been on market 367 days. Have you received any prior offers? Is the seller open to a 79% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.23% ✗
• Cap rate: -0.25%
• Cash-on-cash: -23.37%
• DSCR: -0.04
• GRM: 35.9

CMA / ARV

• ARV (median comp): $601,442
• List price: $529,900
• Delta: -11.90%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
244 S Hwy 71 Unit F32	0.00mi	3/3.5	1,989 (0%)	0mo	$559,000	$281	100
244 S Hwy 71 Unit F31	0.00mi	3/3.5	1,989 (0%)	3mo	$550,000	$277	98
244 Hwy 71 S Unit D19	0.05mi	3/3.5	1,989 (0%)	1mo	$590,000	$297	97
244 Hwy 71 S #20	0.05mi	3/3.5	1,989 (0%)	2mo	$559,000	$281	96
244 S Hwy 71 Unit F36	0.00mi	3/3.5	1,989 (0%)	5mo	$539,000	$271	96
244 Hwy 71 S Unit D23	0.05mi	3/3.5	1,989 (0%)	8mo	$590,000	$297	91
228 Hwy 71 S Unit A1	0.09mi	3/3.5	1,989 (0%)	9mo	$627,500	$315	88
244 Hwy 71 S Unit E25	0.05mi	3/3.5	1,989 (0%)	14mo	$620,000	$312	86
244 Hwy 71 S Unit E29	0.00mi	3/3.5	1,989 (0%)	20mo	$605,000	$304	84
244 Hwy 71 S Unit D24	0.00mi	3/3.5	1,989 (0%)	20mo	$624,900	$314	83
179 Hwy 71 S #4	0.65mi	3/2.5	2,084 (+5%)	4mo	$615,000	$295	55
228 Hwy 71 S Unit D18	0.71mi	3/3.5	1,989 (0%)	20mo	$615,000	$309	50

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 8.4%
• Equity multiple: 1.71×
• Total profit: $104,699
• Equity at exit: $477,376

10-year hold

• IRR: 10.2%
• Equity multiple: 4.06×
• Total profit: $453,331
• Equity at exit: $1,029,479

Cash invested: $148,372 (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 51331

• Home prices YoY: 10.3%
• Active inventory: 82
• Price-to-rent: 35.9×

Monthly cashflow live

• Estimated rent: $1,231 medium
• Mortgage (P&I): −$2,779
• Tax est. 1.5%: −$662 /mo · $7,948/yr
• Insurance: −$221
• HOA: −$200
• Vacancy / Maint / Mgmt: −$258
• Net cashflow: $-2,890

Break-even live

Break-even rent $4,889

Max offer price $111,771

Occupancy floor —

Sensitivity live

Price	-10% $-2,523	-5% $-2,706	+0% $-2,890	+5% $-3,073	+10% $-3,256
Rent	-10% $-2,987	-5% $-2,938	+0% $-2,890	+5% $-2,841	+10% $-2,792
Rate	-1.0pp $-2,623	-0.5pp $-2,755	base $-2,890	+0.5pp $-3,027	+1.0pp $-3,167

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: $132,475
• Closing costs: $15,897
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $200 · $2,400/yr
• Likely covers: pool

Listing history 18 events

1. 2026-06-21
   days on market $529,900 Active 367 DOM
2. 2026-06-21
   days on market $529,900 Active 366 DOM
3. 2026-06-18
   days on market $529,900 Active 364 DOM
4. 2026-06-17
   days on market $529,900 Active 363 DOM
5. 2026-06-16
   days on market $529,900 Active 362 DOM
6. 2026-06-15
   days on market $529,900 Active 361 DOM
7. 2026-06-13
   days on market $529,900 Active 359 DOM
8. 2026-06-12
   days on market $529,900 Active 358 DOM
9. 2026-06-09
   days on market $529,900 Active 355 DOM
10. 2026-06-08
    days on market $529,900 Active 354 DOM
11. 2026-06-07
    days on market $529,900 Active 353 DOM
12. 2026-06-07
    days on market $529,900 Active 352 DOM
13. 2026-06-04
    days on market $529,900 Active 349 DOM
14. 2026-06-02
    days on market $529,900 Active 348 DOM
15. 2026-06-01
    days on market $529,900 Active 347 DOM
16. 2026-05-31
    days on market $529,900 Active 346 DOM
17. 2026-05-31
    days on market $529,900 Active 345 DOM
18. 2025-06-19
    listed $529,900 Active 797-char remark

    Show marketing remark (797 chars)

    Live the Okoboji Life… Just steps from the iconic Arnolds Park Amusement Park, this new construction development in the heart of Arnolds Park offers designer-selected finishes and bright, airy living spaces that embrace the lake lifestyle. Consisting of 3 bedrooms and 3.5 baths, no detail was overlooked. Each unit boasts a private deck, spacious layout, fireplace, large kitchen with quartz countertops, sundrenched windows, breakfast bar and walk in pantry. The upper level includes the primary master suite, laundry, a second bathroom, and bedroom. Amenities include a community pool, additional parking and close proximity to paved biking and nature trails All within walking distance to shopping, dining, entertainment and so much more! Everything you need is right outside your door.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $14,771
• − Mortgage interest: −$29,683
• − Property taxes: −$7,948
• − Insurance: −$2,650
• − Repairs & maintenance: −$1,182
• − Management: −$1,182
• − HOA: −$2,400
• − Depreciation: −$15,415
• Taxable loss: −$45,688
• Est. tax savings @ 24.0%: +$10,965
• After-tax cash flow: $-23,710/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: Okoboji Community School District
• NCES district ID: 1900021
• Math proficiency: 78% ▲ 8.00%
• Reading proficiency: 80% ▲ 6.00%
• Median HH income: $50,522
• Composite: 66.88/100
• National rank: #403
• State rank: #40 of 289 in IA

Livability — Arnolds Park

• Score: 78/100
• State rank: #140
• US rank: #2548

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Arnolds Park, IA
• City population: 920
• Population (ZIP): 920

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 (98%)
• Race & ethnicity: White 98% Two or more races 1%
• Common ancestry: Portuguese 8% Slovak 3% Iranian 3%
• Foreign-born: 1%
• Languages at home: 99% English-only · Other Indo-European 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: ▲ 19.42%
• Current HPI: 207.79
• 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

1 event — show timeline

• 2025-06-19 Listed $529,900 Iowa Great Lakes BOR