1001 Lake Shore Dr Unit 1E

Okoboji, IA 51355

$99,000C+

2 bd · 1.0 ba · 924 sqft · Built 1976 · Manufactured · Active · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,185/mo
• Mortgage (P&I): −$519
• Tax + insurance: −$165
• HOA: −$0
• Vac / Maint / Mgmt: −$249
• Net cashflow: $252/mo
• Annual: $3,024/yr
• Cap rate: 9.35%
• Cash-on-cash: 10.91%
• DSCR: 1.49
• 1% rule: 1.20%
• Cash to close: $27,720

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $99k.
• 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).
• It's been on market 39 days — a 3% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $96k (3.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($684 loan paydown + $511 appreciation (0.5% local appreciation)).
• 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).
• 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.
• 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.

Questions for listing agent

• 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?
• Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.