826 Quiet Harbor St #36 · Creston, IA 50801

$20,000

2 bd · 2.0 ba · 1,104 sqft · Manufactured · 281 Days on market

Built 1995 $18/sqft · 16% below area Est $24k · 16% under $475/mo HOA · 44% of rent ↓ 20% since listing

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Why this score? — see what drove the C- 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 +14.5/15.0
• Schools +5.5/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Covered deck entry from carport. A larger deck off the back door and laundry area. Bedrooms are situated one on each end of the home. Master bath accessed through the bedroom. It has a jetted tub. Kitchen has an eating bar separating it from the living room. Lot rent is $475 per month and covers water. Garbage and sewer are pro-rated between homes. You are responsible for clearing snow from your drive and mowing around the home.

Key facts

• Covered deck entry
• Larger deck
• Jetted tub

Tags

• COVERED DECK ENTRY
• LARGER DECK
• JETTED TUB
• EATING BAR

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $20k.

Deal economics

• At list price, monthly cash flow is $235 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $20k).
• Recommended offer: $18k (12.0% below list) — sets the bar for market timing.
• Cap rate 20.4% vs local median 5.0% in Creston — 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 81/100 on livability (#76 in IA, #1,607 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F.
• Creston Community School District (town): math 63% / reading 69% proficiency, ranked #195 of 289 in IA (top 68%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 77 active listings in the ZIP; 5 units permitted in Union County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $138 of loan paydown is wiped out by about $600 of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 281 days — a 12% lower offer ($18k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $5k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 44% of rent.

Recommended offer $17,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 281 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 B-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: 5.37% ✓
• Cap rate: 20.37%
• Cash-on-cash: 50.29%
• DSCR: 3.24
• GRM: 1.6

CMA / ARV

• ARV (median comp): $23,682
• List price: $20,000
• Delta: -15.55%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
829 Quiet Harbor St #11	0.02mi	2/1.0	1,088 (-1%)	7mo	$25,000	$23	87
948 Sherman Ave #14	0.27mi	3/2.0 (+1)	1,120 (+1%)	18mo	$47,000	$42	65
930 Sherman Ave	0.24mi	2/1.0	1,008 (-9%)	17mo	$33,000	$33	57
1820 Luther Cir	0.42mi	3/2.0 (+1)	1,184 (+7%)	15mo	$40,000	$34	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 48.8%
• Equity multiple: 3.15×
• Total profit: $12,015
• Equity at exit: $2,982

10-year hold

• IRR: 54.6%
• Equity multiple: 6.53×
• Total profit: $30,961
• Equity at exit: $1,729

Cash invested: $5,600 (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 50801

• Home prices YoY: -5.9%
• Active inventory: 77
• Price-to-rent: 1.6×

Monthly cashflow live

• Estimated rent: $1,073 medium
• Mortgage (P&I): −$105
• Tax est. 1.5%: −$25 /mo · $300/yr
• Insurance: −$8
• HOA: −$475
• Vacancy / Maint / Mgmt: −$225
• Net cashflow: $235

Break-even live

Break-even rent $776

Max offer price $20,000

Occupancy floor 73%

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: $5,000
• Closing costs: $600
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $475 · $5,700/yr
• Likely covers: watersewertrash

Listing history 18 events

1. 2026-06-18
   days on market $20,000 Active 281 DOM
2. 2026-06-17
   days on market $20,000 Active 280 DOM
3. 2026-06-16
   days on market $20,000 Active 279 DOM
4. 2026-06-15
   days on market $20,000 Active 278 DOM
5. 2026-06-13
   days on market $20,000 Active 276 DOM
6. 2026-06-12
   days on market $20,000 Active 275 DOM
7. 2026-06-09
   days on market $20,000 Active 272 DOM
8. 2026-06-08
   days on market $20,000 Active 271 DOM
9. 2026-06-07
   days on market $20,000 Active 270 DOM
10. 2026-06-07
    days on market $20,000 Active 269 DOM
11. 2026-06-04
    days on market $20,000 Active 266 DOM
12. 2026-06-02
    days on market $20,000 Active 265 DOM
13. 2026-06-01
    days on market $20,000 Active 264 DOM
14. 2026-05-31
    days on market $20,000 Active 263 DOM
15. 2026-05-31
    days on market $20,000 Active 262 DOM
16. 2026-05-15
    price $20,000 432-char remark

    Show marketing remark (432 chars)

    Covered deck entry from carport. A larger deck off the back door and laundry area. Bedrooms are situated one on each end of the home. Master bath accessed through the bedroom. It has a jetted tub. Kitchen has an eating bar separating it from the living room. Lot rent is $475 per month and covers water. Garbage and sewer are pro-rated between homes. You are responsible for clearing snow from your drive and mowing around the home.

17. 2026-02-11
    status Active 432-char remark

    Show marketing remark (432 chars)

    Covered deck entry from carport. A larger deck off the back door and laundry area. Bedrooms are situated one on each end of the home. Master bath accessed through the bedroom. It has a jetted tub. Kitchen has an eating bar separating it from the living room. Lot rent is $475 per month and covers water. Garbage and sewer are pro-rated between homes. You are responsible for clearing snow from your drive and mowing around the home.

18. 2025-08-02
    listed $25,000 Active 432-char remark

    Show marketing remark (432 chars)

    Covered deck entry from carport. A larger deck off the back door and laundry area. Bedrooms are situated one on each end of the home. Master bath accessed through the bedroom. It has a jetted tub. Kitchen has an eating bar separating it from the living room. Lot rent is $475 per month and covers water. Garbage and sewer are pro-rated between homes. You are responsible for clearing snow from your drive and mowing around the home.

ⓘ 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: $12,880
• − Mortgage interest: −$1,120
• − Property taxes: −$300
• − Insurance: −$100
• − Repairs & maintenance: −$1,030
• − Management: −$1,030
• − HOA: −$5,700
• − Depreciation: −$582
• Taxable income: $3,017
• Est. tax owed @ 24.0%: −$724
• After-tax cash flow: $2,092/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: Creston Community School District
• NCES district ID: 1908310
• Math proficiency: 63% ▬ 0.00%
• Reading proficiency: 69% ▲ 4.00%
• Median HH income: $42,292
• Composite: 55.29/100
• National rank: #1263
• State rank: #195 of 289 in IA

Livability — Creston

• Score: 81/100
• State rank: #76
• US rank: #1607

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Creston, IA
• Population (ZIP): 9,027

Population outlook (Union County) Hauer SSP2

• Today (2025): 12,536 people
• By 2030: 12,561 · +0.2%
• By 2040: 12,583 · +0.4%
• By 2050: 12,543 · +0.1%
• By 2075: 12,816 · +2.2%
• By 2100: 12,754 · +1.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Romanian 3% Slovak 2% Portuguese 2%
• Foreign-born: 0%
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Union

• 2024 margin: Solid R (+36.2) · D 31.2% · R 67.4% · Other 1.3%
• 2008→2024 swing: -39.9pp toward R · 2008: 3.7pp · 2024: -36.2pp
• All cycles: 2024: R+36.2 2020: R+31.5 2016: R+27.8 2012: D+3.9 2008: D+3.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -13.71%
• Current HPI: 217.2057
• 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

-20.0% since first listed

3 events — show timeline

• 2026-05-15 Price Changed $20,000 IAR
• 2026-02-11 Relisted — IAR
• 2025-08-02 Listed $25,000 IAR