2801 Highway 6 Lot 399 · Iowa City, IA 52240

$28,000

4 bd · 2.0 ba · 1,216 sqft · Manufactured · 105 Days on market

Built 1997 $23/sqft · 80% 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 +5.7/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.3/5.0
• Rent growth +4.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Central AC and furnace updated in July, 2024 Water Heater updated in March, 2025 All appliances stay (washer/dryer, dishwasher, refrigerator and new wall oven) Located in Bon Aire Mobile Home Park, Iowa City, IA Lot Rent $465 No Dogs Allowed in Park Lawn care done by Park; owner responsible for snow removal Must fill out an application with Park

Key facts

• Sitting deck
• New furnace
• New flooring

Tags

• BIG CARPORT
• SITTING DECK
• NEW FURNACE
• NEW AC
• NEW WATER HEATER
• NEW FLOORING

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $28k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $28k).
• Recommended offer: $25k (9.0% below list) — sets the bar for market timing.
• Cap rate 54.0% vs local median 2.7% in Iowa City — 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 86/100 on livability (#13 in IA, #450 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+.
• Iowa City Community School District (urban): math 65% / reading 70% proficiency, ranked #174 of 289 in IA (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+6.3%/yr); 260 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 714 units permitted in Johnson County in 2024 (158 in 5+ unit buildings).
• This rent runs 37% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $194 of loan paydown is wiped out by about $840 of value loss. Plan a longer hold.
• Johnson County population projected at +60% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 6.3% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 105 days — a 9% lower offer ($25k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 7y ago; this cycle's ask is 12% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Recommended offer $25,480 (9.0% below list)

Questions for the listing agent

1. It's been on market 105 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 5.90% ✓
• Cap rate: 53.98%
• Cash-on-cash: 170.31%
• DSCR: 8.58
• GRM: 1.4

CMA / ARV

• ARV (median comp): $143,000
• List price: $28,000
• Delta: -80.42%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
121 Polopony Ct	0.22mi	3/2.0 (-1)	1,203 (-1%)	4mo	$132,000	$110	80
263 Morgan Ct Lot 110	0.23mi	3/2.0 (-1)	1,248 (+3%)	4mo	$125,000	$100	76
138 Paddock Cir	0.18mi	3/2.0 (-1)	1,312 (+8%)	1mo	$144,900	$110	72
279 Paddock Cir	0.27mi	3/2.0 (-1)	1,312 (+8%)	4mo	$143,000	$109	66
156 Appanoose Ct	0.24mi	3/2.0 (-1)	1,312 (+8%)	8mo	$157,000	$120	64
276 Paddock Cir	0.29mi	3/2.0 (-1)	1,300 (+7%)	14mo	$170,000	$131	58
112 Polopony Ct	0.22mi	3/2.0 (-1)	1,312 (+8%)	17mo	$125,000	$95	57
143 Arabian Ct	0.23mi	3/2.0 (-1)	1,312 (+8%)	24mo	$121,000	$92	51
142 Polopony Ct	0.25mi	3/2.0 (-1)	1,312 (+8%)	24mo	$126,500	$96	51

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

Projected returns pro-forma

-3.0% appreciation · 6.32% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 10.19×
• Total profit: $72,061
• Equity at exit: $4,175

10-year hold

• IRR: —
• Equity multiple: 23.85×
• Total profit: $179,177
• Equity at exit: $2,421

Cash invested: $7,840 (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 52240

• Rents YoY: 6.3%
• Active inventory: 260
• Price-to-rent: 1.4×

Monthly cashflow live

• Estimated rent: $1,653 medium
• Mortgage (P&I): −$147
• Tax est. 1.5%: −$35 /mo · $420/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$347
• Net cashflow: $1,113

Break-even live

Break-even rent $245

Max offer price $28,000

Occupancy floor 28%

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: $7,000
• Closing costs: $840
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2111 Palmer Cir Iowa City, IA	4.0	2.0	1275	$2,000	$1.57	21d	1	0.93mi
2100 S Scott Blvd Unit 66 Iowa City, IA	3.0	2.0	1216	$1,199	$0.99	21d	1	0.94mi

Listing history 28 events

1. 2026-06-19
   days on market $28,000 Active 105 DOM
2. 2026-06-18
   days on market $28,000 Active 104 DOM
3. 2026-06-17
   days on market $28,000 Active 103 DOM
4. 2026-06-16
   days on market $28,000 Active 102 DOM
5. 2026-06-15
   days on market $28,000 Active 101 DOM
6. 2026-06-14
   days on market $28,000 Active 99 DOM
7. 2026-06-13
   days on market $28,000 Active 98 DOM
8. 2026-06-10
   days on market $28,000 Active 96 DOM
9. 2026-06-09
   days on market $28,000 Active 95 DOM
10. 2026-06-08
    days on market $28,000 Active 94 DOM
11. 2026-06-07
    days on market $28,000 Active 93 DOM
12. 2026-06-05
    days on market $28,000 Active 90 DOM
13. 2026-06-03
    days on market $28,000 Active 89 DOM
14. 2026-06-02
    days on market $28,000 Active 88 DOM
15. 2026-06-01
    days on market $28,000 Active 87 DOM
16. 2026-05-31
    days on market $28,000 Active 86 DOM
17. 2026-05-30
    days on market $28,000 Active 85 DOM
18. 2026-05-12
    listed $25,000 Active 353-char remark

    Show marketing remark (353 chars)

    Central AC and furnace updated in July, 2024 Water Heater updated in March, 2025 All appliances stay (washer/dryer, dishwasher, refrigerator and new wall oven) Located in Bon Aire Mobile Home Park, Iowa City, IA Lot Rent $465 No Dogs Allowed in Park Lawn care done by Park; owner responsible for snow removal Must fill out an application with Park

19. 2026-03-06
    listed $28,000 Active 553-char remark

    Show marketing remark (553 chars)

    This is a cute 4 bedroom 2 bath home in Bonaire mobile home park. It offers a nice big carport and a nice sitting deck. In the past 5 years it has had a new furnace, ac and water heater installed. Some of the bedrooms have had new flooring and have been freshly painted. This home has been well taken care of. This home requires park approval through the park office and is sold as is/ where is as the seller has not lived in the home. The listing agent is not affiliated with the park and all park information will need to be obtained through the park.

20. 2024-09-20
    status Active
21. 2024-07-26
    historical Active Under Contract
22. 2024-07-12
    price $34,900
23. 2024-05-05
    listed $40,000 Active
24. 2023-05-25
    price $39,000
25. 2023-05-05
    listed $44,000 Active
26. 2021-05-11
    soldstatus $114,900
27. 2021-05-11
    listed $114,900
28. 2019-03-01
    listed $2,990,000

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,841
• − Mortgage interest: −$1,568
• − Property taxes: −$420
• − Insurance: −$140
• − Repairs & maintenance: −$1,587
• − Management: −$1,587
• − Depreciation: −$815
• Taxable income: $13,723
• Est. tax owed @ 24.0%: −$3,294
• After-tax cash flow: $10,059/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: Iowa City Community School District
• NCES district ID: 1914700
• Math proficiency: 65% ▼ -6.00%
• Reading proficiency: 70% ▲ 2.00%
• Median HH income: $50,229
• Composite: 57.3/100
• National rank: #1088
• State rank: #174 of 289 in IA

Livability — Iowa City

• Score: 86/100
• State rank: #13
• US rank: #450

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Iowa City, IA
• County: Johnson County · 132,710 people
• City population: 80,235
• Metro: Iowa City, IA
• Population (ZIP): 35,074
• Household income: $52,960
• Rent vs Own: 49.9% rent · 50.1% own
• Severe rent burden: 2852.0

Population outlook (Johnson County) Hauer SSP2

• Today (2025): 180,405 people
• By 2030: 200,014 · +10.9%
• By 2040: 241,428 · +33.8%
• By 2050: 288,144 · +59.7%
• By 2075: 420,009 · +132.8%
• By 2100: 546,596 · +203.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Hispanic / Latino 11% Black 9% Two or more races 8% Asian 5%
• Hispanic origin (detail): Mexican 6% Puerto Rican 1%
• Common ancestry: Portuguese 3% Romanian 2% Iranian 2%
• Foreign-born: 12% · Canada, Vietnam, China
• Languages at home: 81% English-only · Spanish 8% French/Haitian/Cajun 2% Arabic 2%

Political lean MEDSL · Johnson

• 2024 margin: Solid D (+38.1) · D 68.4% · R 30.3% · Other 1.3%
• 2008→2024 swing: -3.4pp toward R · 2008: 41.5pp · 2024: 38.1pp
• All cycles: 2024: D+38.1 2020: D+43.2 2016: D+38.3 2012: D+35.4 2008: D+41.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -202.53%
• Current HPI: 170.7491
• Rent YoY: ▲ 6.32%
• Metro: Iowa City, 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

-99.2% since first listed

11 events — show timeline

• 2026-05-12 Listed $25,000 FSBO.com
• 2026-03-06 Listed $28,000 ICAARMLS
• 2024-09-20 Relisted — ICAARMLS
• 2024-07-26 Contingent — ICAARMLS
• 2024-07-12 Price Changed $34,900 ICAARMLS
• 2024-05-05 Listed $40,000 ICAARMLS
• 2023-05-25 Price Changed $39,000 ICAARMLS
• 2023-05-05 Listed $44,000 ICAARMLS
• 2021-05-11 Listed $114,900 ICAARMLS
• 2021-05-11 Sold (MLS) $114,900 ICAARMLS
• 2019-03-01 Listed $2,990,000 ICAARMLS