333 Hwy 71 N Unit 2B · Arnolds Park, IA 51331

$2,295,000

5 bd · 4.5 ba · 2,787 sqft · Condo public records · 998 Days on market

Built 2023 $823/sqft · 13% below area Est $2629k · 13% under

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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).

• ARV discount +13.2/15.0
• 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

Dry Dock Estates is a brand new beautiful complex of private residences located on the shores of West Lake Okoboji. This second floor condo features 5 bedrooms , 3.5 bathrooms and 2,787 sq ft all on one level. The finishes are top of the line: a SubZero fridge, Wolf range, Wolf microwave, Wolf oven, and Asko dishwasher. Each condo has a hoist space. Resort quality amenities include an infinity pool overlooking Smiths Bay, a fitness center, fire pits, an outdoor kitchen, and under ground parking.

Key facts

• Garage
• Built 2023
• Listed 997 days

What this means for you Summary

Snapshot

• This is a 5-bed/4.5-bath condo listed at $2.29M.

Deal economics

• At list price, monthly cash flow is $-12k ($-148k/yr) — negative.
• To cash-flow at today's rent, offer at most $116k (95.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $134k (94.1% below list).
• Recommended offer: $116k (95.0% 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 $245k of equity ($16k loan paydown + $230k 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 ~$394k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 998 days — a 12% lower offer ($2.02M) is reasonable based on typical stale-listing flexibility.

Recommended offer $115,759 (95.0% 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 998 days. Have you received any prior offers? Is the seller open to a 95% concession, seller financing, or rate buy-down credit?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.06% ✗
• Cap rate: -0.16%
• Cash-on-cash: -23.04%
• DSCR: -0.03
• GRM: 142.4

CMA / ARV

• ARV (median comp): $2,628,570
• List price: $2,295,000
• Delta: -12.69%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 8.5%
• Equity multiple: 1.72×
• Total profit: $462,726
• Equity at exit: $2,067,518

10-year hold

• IRR: 10.3%
• Equity multiple: 4.08×
• Total profit: $1,977,549
• Equity at exit: $4,458,680

Cash invested: $642,600 (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: 142.4×

Monthly cashflow live

• Estimated rent: $1,343 medium
• Mortgage (P&I): −$12,035
• Tax from tax record: −$406 /mo · $4,866/yr
• Insurance: −$956
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $-12,336

Break-even live

Break-even rent $16,958

Max offer price $115,759

Occupancy floor —

Sensitivity live

Price	-10% $-11,037	-5% $-11,687	+0% $-12,336	+5% $-12,986	+10% $-16,385
Rent	-10% $-12,442	-5% $-12,389	+0% $-12,336	+5% $-12,283	+10% $-12,230
Rate	-1.0pp $-11,180	-0.5pp $-11,752	base $-12,336	+0.5pp $-12,931	+1.0pp $-13,536

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: $573,750
• Closing costs: $68,850
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-21
   days on market $2,295,000 Active 998 DOM
2. 2026-06-21
   days on market $2,295,000 Active 997 DOM
3. 2026-06-18
   days on market $2,295,000 Active 995 DOM
4. 2026-06-17
   days on market $2,295,000 Active 994 DOM
5. 2026-06-16
   days on market $2,295,000 Active 993 DOM
6. 2026-06-15
   days on market $2,295,000 Active 992 DOM
7. 2026-06-13
   days on market $2,295,000 Active 990 DOM
8. 2026-06-12
   days on market $2,295,000 Active 989 DOM
9. 2026-06-09
   days on market $2,295,000 Active 986 DOM
10. 2026-06-08
    days on market $2,295,000 Active 985 DOM
11. 2026-06-07
    days on market $2,295,000 Active 984 DOM
12. 2026-06-07
    days on market $2,295,000 Active 983 DOM
13. 2026-06-04
    days on market $2,295,000 Active 980 DOM
14. 2026-06-02
    days on market $2,295,000 Active 979 DOM
15. 2026-06-01
    days on market $2,295,000 Active 978 DOM
16. 2026-05-31
    days on market $2,295,000 Active 977 DOM
17. 2026-05-31
    days on market $2,295,000 Active 976 DOM
18. 2023-09-26
    listed $2,295,000 Active 501-char remark

    Show marketing remark (501 chars)

    Dry Dock Estates is a brand new beautiful complex of private residences located on the shores of West Lake Okoboji. This second floor condo features 5 bedrooms , 3.5 bathrooms and 2,787 sq ft all on one level. The finishes are top of the line: a SubZero fridge, Wolf range, Wolf microwave, Wolf oven, and Asko dishwasher. Each condo has a hoist space. Resort quality amenities include an infinity pool overlooking Smiths Bay, a fitness center, fire pits, an outdoor kitchen, and under ground parking.

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

Tax reassessment forecast IA · Partial reset (capped growth)

• Current annual tax: $4,866 · $406/mo
• Projected year-2 tax: $20,449 · $1,704/mo
• Expected delta: +$15,583/yr (+$1,299/mo · 320.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $16,113
• − Mortgage interest: −$128,556
• − Property taxes: −$4,866
• − Insurance: −$11,475
• − Repairs & maintenance: −$1,289
• − Management: −$1,289
• − Depreciation: −$66,764
• Taxable loss: −$198,125
• Est. tax savings @ 24.0%: +$47,550
• After-tax cash flow: $-100,484/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

• 2023-09-26 Listed $2,295,000 Iowa Great Lakes BOR