1001 Lake Shore Dr Unit 1E · Okoboji, IA 51355

$99,000

2 bd · 1.0 ba · 924 sqft · Manufactured · 39 Days on market

Built 1976 $107/sqft · 28% above area Est $78k · 28% over

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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 +26.2/30.0
• DSCR +8.9/10.0
• 1% rule +7.0/10.0
• Schools +6.7/10.0
• Appreciation +5.3/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Listing remarks

Just steps from West Lake Okoboji, take advantage of the shared dock for fishing, swimming, or just chilling out. Located right behind Ofarrel's, it's tough to get much closing to West Lake Okoboji. This 2 bed, 1 bath seasonal mobile home has been freshly renovated, and includes a laundry room and huge deck. New windows in 2021, roof 2025, siding 2024, deck and permanent awning 2024. Seller is also offering a $5,000 flooring credit. Lot rent at Smith's RV is only $460 per month. This will be as affordable of an option to be this close to West Lake with actual dock access!

Key facts

• Shared dock
• New siding
• Laundry room

Tags

• SHARED DOCK
• LAUNDRY ROOM
• HUGE DECK
• NEW WINDOWS
• NEW ROOF
• NEW SIDING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $99k.

Deal economics

• At list price, monthly cash flow is $252 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Recommended offer: $96k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.3% vs local median 0.6% in Okoboji — 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 68/100 on livability (#438 in IA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A-; Watch: health & safety D+, 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.
• Market conditions: 46 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 295 units permitted in Dickinson County in 2024 (16 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($684 loan paydown + $511 appreciation (0.5% local appreciation)).
• Dickinson County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (0.5% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($96k) is reasonable based on typical stale-listing flexibility.

Recommended offer $96,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.20% ✓
• Cap rate: 9.35%
• Cash-on-cash: 10.91%
• DSCR: 1.49
• GRM: 7.0

CMA / ARV

• ARV (median comp): $77,500
• List price: $99,000
• Delta: 27.74%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

0.52% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.4%
• Equity multiple: 1.56×
• Total profit: $15,598
• Equity at exit: $31,328

10-year hold

• IRR: 15.6%
• Equity multiple: 2.81×
• Total profit: $50,112
• Equity at exit: $39,785

Cash invested: $27,720 (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 51355

• Home prices YoY: 0.3%
• Active inventory: 46
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,185 medium
• Mortgage (P&I): −$519
• Tax est. 1.5%: −$124 /mo · $1,485/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$249
• Net cashflow: $252

Break-even live

Break-even rent $866

Max offer price $99,000

Occupancy floor 74%

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4200 Sunner Ave Unit 4200-204 Spirit Lake, IA	2.0	1.0	1053	$1,185	$1.13	43d	1	1.50mi

Listing history 6 events

1. 2026-06-02
   days on market $99,000 Active 39 DOM
2. 2026-06-01
   days on market $99,000 Active 38 DOM
3. 2026-05-31
   days on market $99,000 Active 37 DOM
4. 2026-05-31
   days on market $99,000 Active 36 DOM
5. 2026-05-12
   price $99,000 579-char remark
6. 2026-04-24
   listed $109,000 Active 579-char remark

ⓘ 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: $14,220
• − Mortgage interest: −$5,546
• − Property taxes: −$1,485
• − Insurance: −$495
• − Repairs & maintenance: −$1,138
• − Management: −$1,138
• − Depreciation: −$2,880
• Taxable income: $1,539
• Est. tax owed @ 24.0%: −$369
• After-tax cash flow: $2,654/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 — Okoboji

• Score: 68/100
• State rank: #438
• US rank: #9591

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Okoboji, IA
• Population (ZIP): 892

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 (93%)
• Race & ethnicity: White 93% Two or more races 4% Asian 3% Hispanic / Latino 2%
• Common ancestry: Portuguese 5% Iranian 4% Lithuanian 4%
• Foreign-born: 6% · China, Canada
• Languages at home: 94% English-only · Chinese 3% Russian/Polish/Slavic 1% Other Asian/Pacific 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: ▲ 0.52%
• Current HPI: 171.9781
• 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

• 2026-05-12 Price Changed $99,000 Iowa Great Lakes BOR

Property tax history

+5.9%/yr

Latest (2025): $12 · -33.3% YoY. Source: county tax records.