401 Sunrise Park #401 · Pella, IA 50219

$67,400

3 bd · 2.0 ba · 1,216 sqft · Manufactured · 205 Days on market

Built 2024 Poor condition

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +7.3/10.0
• Rent growth +4.5/5.0
• Livability +4.5/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Your brand new 3 bedroom, 2 bathroom home is waiting for you to move in! This comfortable home features premium entry doors, a modern bathroom, as well as new brand name appliances. In the community, enjoy with your friends and family all the amenities we have to offer such as a clubhouse, community events, and . This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

Key facts

• Built 2024
• Listed 204 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $67k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $551 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $67k).
• Recommended offer: $59k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.1% vs local median 2.0% in Pella — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 90/100 on livability (#6 in IA, #101 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, employment A+; Watch: commute F.
• Pella Community School District (town): math 85% / reading 85% proficiency, ranked #8 of 289 in IA (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 13% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+8.2%/yr); 243 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 122 units permitted in Marion County in 2024 (0 in 5+ unit buildings).
• This rent is only 18% of the median local income ($87k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $466 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Marion 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 + 8.0% rent growth), your $19k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 205 days — a 12% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago; this cycle's ask is 121% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Recommended offer $59,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 205 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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. 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?
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: 1.91% ✓
• Cap rate: 16.10%
• Cash-on-cash: 35.03%
• DSCR: 2.56
• GRM: 4.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 36.1%
• Equity multiple: 2.64×
• Total profit: $30,985
• Equity at exit: $10,050

10-year hold

• IRR: 45.4%
• Equity multiple: 6.47×
• Total profit: $103,193
• Equity at exit: $5,828

Cash invested: $18,872 (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 50219

• Home prices YoY: -33.5%
• Rents YoY: 8.2%
• Active inventory: 243
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,287 high
• Mortgage (P&I): −$353
• Tax est. 1.5%: −$84 /mo · $1,011/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$270
• Net cashflow: $551

Break-even live

Break-even rent $590

Max offer price $67,400

Occupancy floor 52%

Sensitivity live

Price	-10% $597	-5% $574	+0% $551	+5% $528	+10% $504
Rent	-10% $449	-5% $500	+0% $551	+5% $602	+10% $653
Rate	-1.0pp $585	-0.5pp $568	base $551	+0.5pp $533	+1.0pp $516

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: $16,850
• Closing costs: $2,022
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
340 E 13th St Unit 320-17 Pella, IA	2.0	2.0	1020	$1,250	$1.23	44d	1	0.14mi
406 E 15th St Unit 406D Pella, IA	3.0	1.5	1100	$1,395	$1.27	15d	1	0.21mi
408 E 15th St Apt 204 Pella, IA	2.0	1.0	815	$1,195	$1.47	44d	1	0.23mi
408 E 15th St Unit 207 Pella, IA	2.0	1.0	760	$1,095	$1.44	22d	1	0.23mi
408 E 15th St Unit 207 Pella, IA	2.0	1.0	760	$1,095	$1.44	15d	1	0.23mi
409 E 15th St Apt 2 Pella, IA	2.0	1.0	900	$1,050	$1.17	44d	1	0.24mi
410 E 15th St Unit 410C Pella, IA	3.0	1.5	1100	$1,395	$1.27	15d	1	0.24mi
410 E 15th St Unit 410C Pella, IA	3.0	1.5	1100	$1,395	$1.27	24d	1	0.24mi

Listing history 25 events

1. 2026-06-19
   days on market $67,400 Active 205 DOM
2. 2026-06-18
   days on market $67,400 Active 204 DOM
3. 2026-06-17
   days on market $67,400 Active 203 DOM
4. 2026-06-16
   days on market $67,400 Active 202 DOM
5. 2026-06-15
   days on market $67,400 Active 201 DOM
6. 2026-06-14
   days on market $67,400 Active 199 DOM
7. 2026-06-12
   days on market $67,400 Active 198 DOM
8. 2026-06-09
   days on market $67,400 Active 195 DOM
9. 2026-06-08
   days on market $67,400 Active 194 DOM
10. 2026-06-07
    days on market $67,400 Active 193 DOM
11. 2026-06-07
    days on market $67,400 Active 192 DOM
12. 2026-06-03
    days on market $67,400 Active 189 DOM
13. 2026-06-02
    days on market $67,400 Active 188 DOM
14. 2026-06-01
    price $67,400 Active 187 DOM
15. 2026-06-01
    days on market $66,900 Active 187 DOM
16. 2026-05-31
    days on market $66,900 Active 186 DOM
17. 2026-05-30
    days on market $66,900 Active 185 DOM
18. 2026-04-23
    status Active 459-char remark

    Show marketing remark (459 chars)

    Your brand new 3 bedroom, 2 bathroom home is waiting for you to move in! This comfortable home features premium entry doors, a modern bathroom, as well as new brand name appliances. In the community, enjoy with your friends and family all the amenities we have to offer such as a clubhouse, community events, and . This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

19. 2026-04-23
    price $66,900 459-char remark

    Show marketing remark (459 chars)

    Your brand new 3 bedroom, 2 bathroom home is waiting for you to move in! This comfortable home features premium entry doors, a modern bathroom, as well as new brand name appliances. In the community, enjoy with your friends and family all the amenities we have to offer such as a clubhouse, community events, and . This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

20. 2025-03-01
    historical 459-char remark

    Show marketing remark (459 chars)

    Your brand new 3 bedroom, 2 bathroom home is waiting for you to move in! This comfortable home features premium entry doors, a modern bathroom, as well as new brand name appliances. In the community, enjoy with your friends and family all the amenities we have to offer such as a clubhouse, community events, and . This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

21. 2024-11-20
    status Active 459-char remark

    Show marketing remark (459 chars)

    Your brand new 3 bedroom, 2 bathroom home is waiting for you to move in! This comfortable home features premium entry doors, a modern bathroom, as well as new brand name appliances. In the community, enjoy with your friends and family all the amenities we have to offer such as a clubhouse, community events, and . This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

22. 2024-11-05
    historical 459-char remark

    Show marketing remark (459 chars)

    Your brand new 3 bedroom, 2 bathroom home is waiting for you to move in! This comfortable home features premium entry doors, a modern bathroom, as well as new brand name appliances. In the community, enjoy with your friends and family all the amenities we have to offer such as a clubhouse, community events, and . This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

23. 2024-10-24
    status Active 459-char remark

    Show marketing remark (459 chars)

    Your brand new 3 bedroom, 2 bathroom home is waiting for you to move in! This comfortable home features premium entry doors, a modern bathroom, as well as new brand name appliances. In the community, enjoy with your friends and family all the amenities we have to offer such as a clubhouse, community events, and . This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

24. 2024-10-24
    historical 459-char remark

    Show marketing remark (459 chars)

    Your brand new 3 bedroom, 2 bathroom home is waiting for you to move in! This comfortable home features premium entry doors, a modern bathroom, as well as new brand name appliances. In the community, enjoy with your friends and family all the amenities we have to offer such as a clubhouse, community events, and . This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

25. 2024-09-17
    listed $30,500 Active 459-char remark

    Show marketing remark (459 chars)

    Your brand new 3 bedroom, 2 bathroom home is waiting for you to move in! This comfortable home features premium entry doors, a modern bathroom, as well as new brand name appliances. In the community, enjoy with your friends and family all the amenities we have to offer such as a clubhouse, community events, and . This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

ⓘ 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: $15,443
• − Mortgage interest: −$3,775
• − Property taxes: −$1,011
• − Insurance: −$337
• − Repairs & maintenance: −$1,235
• − Management: −$1,235
• − Depreciation: −$1,961
• Taxable income: $5,888
• Est. tax owed @ 24.0%: −$1,413
• After-tax cash flow: $5,197/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.

Condition & rehab AI · 0 photos

Poor 20/100 Extensive rehab

This manufactured home requires extensive repairs and updates, including kitchen and bathroom renovations, exterior painting, HVAC replacement, and window repair, to increase its resale and rental value.

Repairs flagged

• Major Kitchen cabinets and countertops — Severe wear and tear, indicating a need for replacement.
• Major Bathroom fixtures and paint — Significant wear and discoloration, requiring replacement or repainting.
• Major Roof — Visible damage and discoloration, indicating a need for repair or replacement.
• Major Exterior siding — Peeling and significant wear, requiring repainting or replacement.
• Major Flooring — Worn and in need of replacement or refinishing.
• Major Interior walls — Significant wear and discoloration, requiring repainting.
• Major HVAC system — Appears old and may need replacement or repair.
• Major Windows — Significant wear, requiring replacement or repair.
• Major Foundation/structure — In need of inspection and potential repair.

Value-add opportunities

• Resale Kitchen renovation — A new kitchen will attract buyers and increase the home's appeal.
• Resale Bathroom renovation — Upgraded bathrooms will enhance the home's appeal and attract more buyers.
• Resale Exterior painting and siding replacement — A fresh exterior will improve curb appeal and attract more buyers.
• Both HVAC system replacement — A new HVAC system will improve comfort and energy efficiency, benefiting both resale and rental value.
• Both Window replacement — New windows will improve energy efficiency and curb appeal, benefiting both resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets and countertops · Severe wear and tear, indicating a need for replacement.	Major	$15,000–50,000
Bathroom fixtures and paint · Significant wear and discoloration, requiring replacement or repainting.	Major	$15,000–50,000
Roof · Visible damage and discoloration, indicating a need for repair or replacement.	Major	$15,000–50,000
Exterior siding · Peeling and significant wear, requiring repainting or replacement.	Major	$15,000–50,000
Flooring · Worn and in need of replacement or refinishing.	Major	$15,000–50,000
Interior walls · Significant wear and discoloration, requiring repainting.	Major	$15,000–50,000
HVAC system · Appears old and may need replacement or repair.	Major	$15,000–50,000
Windows · Significant wear, requiring replacement or repair.	Major	$15,000–50,000
Foundation/structure · In need of inspection and potential repair.	Major	$15,000–50,000
Total estimated repair cost · 9 items		$135,000–450,000

Value-add ROI direction

• Resale Kitchen renovation — A new kitchen will attract buyers and increase the home's appeal. ↑
• Resale Bathroom renovation — Upgraded bathrooms will enhance the home's appeal and attract more buyers. ↑
• Resale Exterior painting and siding replacement — A fresh exterior will improve curb appeal and attract more buyers. ↑
• Both HVAC system replacement — A new HVAC system will improve comfort and energy efficiency, benefiting both resale and rental value. ↑
• Both Window replacement — New windows will improve energy efficiency and curb appeal, benefiting both resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Pella Community School District
• NCES district ID: 1922470
• Math proficiency: 85% ▼ -1.00%
• Reading proficiency: 85% ▬ 0.00%
• Median HH income: $65,821
• Composite: 73.32/100
• National rank: #183
• State rank: #8 of 289 in IA

Livability — Pella

• Score: 90/100
• State rank: #6
• US rank: #101

Category grades

Amenities B 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: Pella, IA
• County: Marion County · 25,533 people
• City population: 14,416
• Metro: Pella, IA
• Population (ZIP): 14,416
• Household income: $86,807
• Rent vs Own: 30.6% rent · 69.4% own
• Severe rent burden: 374.0

Population outlook (Marion County) Hauer SSP2

• Today (2025): 32,883 people
• By 2030: 32,685 · -0.6%
• By 2040: 31,892 · -3.0%
• By 2050: 30,691 · -6.7%
• By 2075: 27,610 · -16.0%
• By 2100: 23,851 · -27.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Hispanic / Latino 3% Two or more races 2% Asian 1%
• Common ancestry: Iranian 31% Portuguese 4% Italian 2%
• Foreign-born: 3% · Canada, South Korea
• Languages at home: 96% English-only · Spanish 2% German/W. Germanic 1% Other Asian/Pacific 1%

Political lean MEDSL · Marion

• 2024 margin: Solid R (+37.8) · D 30.4% · R 68.2% · Other 1.4%
• 2008→2024 swing: -27.0pp toward R · 2008: -10.8pp · 2024: -37.8pp
• All cycles: 2024: R+37.8 2020: R+33.7 2016: R+31.2 2012: R+13.3 2008: R+10.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -114.86%
• Current HPI: 227.7361
• Rent YoY: ▲ 8.16%
• Metro: Pella, IA
• 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

+119.3% since first listed

8 events — show timeline

• 2026-04-23 Price Changed $66,900 Zillow
• 2026-04-23 Relisted — Zillow
• 2025-03-01 Delisted — Zillow
• 2024-11-20 Relisted — Zillow
• 2024-11-05 Delisted — Zillow
• 2024-10-24 Relisted — Zillow
• 2024-10-24 Delisted — Zillow
• 2024-09-17 Listed $30,500 Zillow