333 Hwy 71 N Unit 2B

Arnolds Park, IA 51331

$2,295,000D-

5 bd · 4.5 ba · 2,787 sqft · Built 2023 · Condo · Active · 998 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,343/mo
• Mortgage (P&I): −$12,035
• Tax + insurance: −$1,362
• HOA: −$0
• Vac / Maint / Mgmt: −$282
• Net cashflow: $-12,336/mo
• Annual: $-148,034/yr
• Cap rate: -0.16%
• Cash-on-cash: -23.04%
• DSCR: -0.03
• 1% rule: 0.06%
• Cash to close: $642,600

Investor read

• This is a 5-bed/4.5-bath condo listed at $2.29M.
• 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).
• It's been on market 998 days — a 12% lower offer ($2.02M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $116k (95.0% below list) — sets the bar for cash-flow.
• In year one you build about $245k of equity ($16k loan paydown + $230k appreciation (10.0% local appreciation)).
• 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).
• 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.

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?
• 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?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.