806 28th St #4 · Milford, IA 51351

$94,000

3 bd · 2.0 ba · 1,280 sqft · Manufactured · 3 Days on market

Built 1999 436 sqft lot

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Why this score? — see what drove the B- 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 +26.1/30.0
• DSCR +8.8/10.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• Schools +6.7/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Many new things to make your life easy! New carpet throughout, new roof & shingles, new central air, new water heater, new stove, refrigerator, and dishwasher. Electric lawn mower, bed and most furniture will stay. Master bath and walk-in closet in master bedroom. Quite area in Okoboji Village. Land lease is currently $195 a month. Buyers must be approved by Green Acres.

Key facts

• Storage shed
• Private retreat
• Secluded back deck

Tags

• OPEN KITCHEN
• PRIVATE RETREAT
• GARDEN TUB
• SECLUDED BACK DECK
• STORAGE SHED

Property features AI

Finance

• Other: Residential property
• Financial info: Information not provided
• HOA & community: Information not provided

Exterior

• Parking: Information not provided
• Security: Information not provided
• Utilities: Public water; Public sewer
• Home design: Single-story mobile home; One level
• Construction: Vinyl siding construction; Built or configured as a mobile home
• Exterior features: Lot dimensions approximately 16 x 80

Interior

• Kitchen: Information not provided
• Bedrooms: Information not provided
• Flooring: Information not provided
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Natural gas forced air heating
• Laundry & utility: Information not provided

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $94k.

Deal economics

• At list price, monthly cash flow is $237 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $94k).
• Cap rate 9.3% vs local median 2.8% in Milford — 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 84/100 on livability (#28 in IA, #795 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities D-, 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: 56 active listings in the ZIP; 295 units permitted in Dickinson County in 2024 (16 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $650 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Dickinson County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $26k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $72k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $94,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.19% ✓
• Cap rate: 9.32%
• Cash-on-cash: 10.80%
• DSCR: 1.48
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $193,280
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3200 Okoboji Ave #132	0.40mi	3/2.0	1,320 (+3%)	3mo	$232,500	$176	73
3200 Okoboji Ave #97	0.40mi	3/2.0	1,216 (-5%)	13mo	$160,000	$132	62
3200 Okoboji Ave #128	0.40mi	3/2.0	1,153 (-10%)	5mo	$174,000	$151	61
3200 Okoboji Ave #89	0.40mi	3/2.0	1,140 (-11%)	13mo	$164,000	$144	52
3200 Okoboji Ave #143	0.40mi	2/2.0 (-1)	1,173 (-8%)	23mo	$205,000	$175	44

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: -0.1%
• Equity multiple: 1.00×
• Total profit: $-130
• Equity at exit: $14,016

10-year hold

• IRR: 9.5%
• Equity multiple: 1.74×
• Total profit: $19,380
• Equity at exit: $8,127

Cash invested: $26,320 (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 51351

• Home prices YoY: -22.4%
• Active inventory: 56
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,122 medium
• Mortgage (P&I): −$493
• Tax est. 1.5%: −$118 /mo · $1,410/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$236
• Net cashflow: $237

Break-even live

Break-even rent $822

Max offer price $94,000

Occupancy floor 74%

Sensitivity live

Price	-10% $302	-5% $269	+0% $237	+5% $204	+10% $172
Rent	-10% $148	-5% $193	+0% $237	+5% $281	+10% $325
Rate	-1.0pp $284	-0.5pp $261	base $237	+0.5pp $212	+1.0pp $188

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: $23,500
• Closing costs: $2,820
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-21
   days on market $94,000 Active 3 DOM
2. 2026-06-17
   remarks 594-char remark
3. 2026-06-17
   listed $94,000 Active 1 DOM

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,465
• − Mortgage interest: −$5,265
• − Property taxes: −$1,410
• − Insurance: −$470
• − Repairs & maintenance: −$1,077
• − Management: −$1,077
• − Depreciation: −$2,735
• Taxable income: $1,431
• Est. tax owed @ 24.0%: −$343
• After-tax cash flow: $2,499/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 — Milford

• Score: 84/100
• State rank: #28
• US rank: #795

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Milford, IA
• Population (ZIP): 4,990

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 (95%)
• Race & ethnicity: White 95% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Portuguese 9% Iranian 5% Lithuanian 2%
• Foreign-born: 1% · Canada, Jamaica
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 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: ▼ -62.04%
• Current HPI: 214.6362
• 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

+59.3% since first listed

5 events — show timeline

• 2026-06-17 Listed $94,000 Iowa Great Lakes BOR
• 2022-07-22 Sold (MLS) $72,000 Iowa Great Lakes BOR
• 2022-06-28 Listed $79,000 Iowa Great Lakes BOR
• 2021-12-02 Sold (MLS) $59,000 Iowa Great Lakes BOR
• 2021-11-09 Listed $59,000 Iowa Great Lakes BOR