3 Bed 2 Bath Single Section Plan · Carter Lake, IA 51510

$28,900

3 bd · 2.0 ba · 1,152 sqft · Manufactured · 694 Days on market

Manufactured home Excellent condition $25/sqft · 51% below area

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Condition / age +4.8/5.0
• Schools +4.6/10.0
• Livability +3.3/5.0
• Appreciation +2.5/10.0
• Rent growth +2.5/5.0
• Manufactured-home adj. -6.0

Listing remarks MLS

Welcome to Lakeside Estates, where quality living meets unbeatable convenience. Nestled in a tranquil Iowa enclave within the Omaha, Nebraska Metro Area, our community offers the perfect blend of peace and accessibility. Enjoy proximity to shopping, entertainment, restaurants, and top-rated schools in the Council Bluffs Community School District. Explore the natural beauty of Carter Lake and Wavecrest Park just steps away, or tee off at the nearby Shoreline Golf Course. Downtown Omaha is a quick 10-minute drive for even more excitement. Lakeside Estates boasts fantastic amenities like a barbecue and picnic area and basketball court. Our pet-friendly environment and caring community, with on-site management and maintenance, make it a truly special place to call home. Join our tight-knit community and experience Lakeside Estates living today. Schedule a private tour and discover your new home.

Key facts

• Natural beauty
• Top-rated schools
• Listed 693 days

Tags

• TRANQUIL IOWA ENCLAVE
• TOP-RATED SCHOOLS
• NATURAL BEAUTY
• PET-FRIENDLY ENVIRONMENT

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $29k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $667 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $29k).
• Recommended offer: $25k (12.0% below list) — sets the bar for market timing.
• Cap rate 34.0% vs local median 4.3% in Carter Lake — 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 66/100 on livability (#519 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, crime F, amenities F.
• Council Bluffs Community School District (urban): math 52% / reading 55% proficiency, ranked #272 of 289 in IA (top 94%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Carter Lake Elementary School (math 42% / reading 37%, grade F, #579 of 616 statewide, top 95%, 361 students, 72% FRL); Woodrow Wilson Middle School (math 54% / reading 51%, grade C+, #209 of 246 statewide, top 85%, 900 students, 75% FRL); Thomas Jefferson High School (math 40% / reading 53%, grade D-, #321 of 336 statewide, top 96%, 1,243 students, 65% FRL) — zoned schools average 71% FRL vs 51% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 32 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals lingering (median 88d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 71% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 679 units permitted in Pottawattamie County in 2024 (566 in 5+ unit buildings).
• This rent is only 18% of the median local income ($75k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $200 of loan paydown is wiped out by about $867 of value loss. Plan a longer hold.
• Pottawattamie County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 694 days — a 12% lower offer ($25k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $11k (28%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $25,432 (12.0% below list)

Questions for the listing agent

1. It's been on market 694 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. 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.
6. 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.
7. 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: 3.80% ✓
• Cap rate: 33.98%
• Cash-on-cash: 98.88%
• DSCR: 5.40
• GRM: 2.2

CMA / ARV

• ARV (median comp): $59,510
• List price: $28,900
• Delta: -51.44%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1202 Silver Ln	0.35mi	4/1.0 (+1)	1,132 (-2%)	3mo	$229,000	$202	70
4004 N 13 St	0.39mi	2/2.0 (-1)	1,240 (+8%)	5mo	$200,000	$161	60
3006 Nakoma Ln	0.32mi	2/3.0 (-1)	1,248 (+8%)	4mo	$206,000	$165	59
1009 Hiatt St	0.23mi	3/1.0	925 (-20%)	3mo	$174,900	$189	57
1005 Cachelin Dr	0.36mi	3/1.5	1,299 (+13%)	4mo	$214,900	$165	57
1305 Janbrook Blvd	0.35mi	3/1.0	925 (-20%)	1mo	$177,000	$191	54
3704 N 19th St	1.20mi	3/2.5	1,190 (+3%)	5mo	$178,000	$150	53
4416 N 21st St	1.43mi	3/1.0	1,227 (+6%)	3mo	$176,900	$144	48
1317 Silver Ln	0.44mi	2/2.0 (-1)	1,310 (+14%)	5mo	$190,000	$145	47
1801 Miami St	1.15mi	2/2.0 (-1)	1,051 (-9%)	4mo	$135,000	$128	42
1623 Willis Ave	1.20mi	2/2.0 (-1)	1,320 (+15%)	3mo	$225,000	$170	33
3718 N 23rd St	1.43mi	4/1.0 (+1)	1,312 (+14%)	2mo	$100,000	$76	31

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: 99.9%
• Equity multiple: 5.67×
• Total profit: $37,800
• Equity at exit: $4,309

10-year hold

• IRR: —
• Equity multiple: 11.83×
• Total profit: $87,666
• Equity at exit: $2,499

Cash invested: $8,092 (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 →

Active competition Active MLS

• For sale now: 4 active
• Median asking: $41,900 ($38/sqft)
• Median days on market: 44 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +34.3% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 51510

• Home prices YoY: -18.7%
• Active inventory: 32
• Price-to-rent: 2.2×

Monthly cashflow live

• Estimated rent: $1,097 high
• Mortgage (P&I): −$152
• Tax est. 1.5%: −$36 /mo · $434/yr
• Insurance: −$12
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $667

Break-even live

Break-even rent $253

Max offer price $28,900

Occupancy floor 34%

Sensitivity live

Price	-10% $687	-5% $677	+0% $667	+5% $657	+10% $647
Rent	-10% $580	-5% $623	+0% $667	+5% $710	+10% $753
Rate	-1.0pp $681	-0.5pp $674	base $667	+0.5pp $659	+1.0pp $652

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: $7,225
• Closing costs: $867
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3510 N 9th St Lot 47 Carter Lake, IA	3.0	2.0	1152	$1,549	$1.34	73d	1	0.12mi
1001 Hiatt St Carter Lake, IA	3.0	1.0	925	$1,450	$1.57	5d	1	0.22mi
1005 Avenue K Unit 8 Carter Lake, IA	2.0	2.0	1014	$1,125	$1.11	110d	1	0.27mi
1114 Hiatt St Carter Lake, IA	3.0	1.0	1165	$1,450	$1.24	139d	1	0.30mi
3708 Florence Blvd Omaha, NE	3.0	1.0	1102	$1,395	$1.27	116d	1	1.19mi
1820 Miami St Omaha, NE	4.0	1.5	1306	$1,050	$0.80	139d	1	1.19mi
4125 N 19th St Omaha, NE	3.0	1.0	1266	$1,532	$1.21	71d	1	1.23mi
2816 N 19th Ave Omaha, NE	3.0	1.0	860	$1,700	$1.98	139d	1	1.23mi
2124 N 16th St Omaha, NE	1.0–4.0	1.0	1179	$1,302	$1.10	0d	47	1.25mi
2413 N 20th St Omaha, NE	3.0	2.0	1200	$1,694	$1.41	7d	1	1.34mi
3106 N 22nd St Omaha, NE	2.0	1.0	900	$875	$0.97	7d	1	1.40mi
3104 N 22nd St Omaha, NE	2.0	1.0	900	$895	$0.99	87d	1	1.40mi
4201 N 22nd St Omaha, NE	3.0	1.0	1380	$1,545	$1.12	139d	1	1.41mi
4935 N 17th St Omaha, NE	3.0	2.0	1281	$1,850	$1.44	61d	1	1.42mi

Listing history 50 events

1. 2026-09-15
   days on market $28,900 Active 694 DOM
2. 2026-09-14
   days on market $28,900 Active 693 DOM
3. 2026-09-13
   days on market $28,900 Active 692 DOM
4. 2026-09-12
   days on market $28,900 Active 691 DOM
5. 2026-09-11
   days on market $28,900 Active 690 DOM
6. 2026-09-05
   days on market $28,900 Active 684 DOM
7. 2026-09-04
   days on market $28,900 Active 683 DOM
8. 2026-09-03
   days on market $28,900 Active 682 DOM
9. 2026-08-31
   days on market $28,900 Active 679 DOM
10. 2026-08-30
    days on market $28,900 Active 678 DOM
11. 2026-08-29
    days on market $28,900 Active 677 DOM
12. 2026-08-28
    days on market $28,900 Active 676 DOM
13. 2026-08-27
    days on market $28,900 Active 675 DOM
14. 2026-08-26
    days on market $28,900 Active 674 DOM
15. 2026-08-25
    days on market $28,900 Active 673 DOM
16. 2026-08-24
    days on market $28,900 Active 672 DOM
17. 2026-08-23
    days on market $28,900 Active 671 DOM
18. 2026-08-22
    days on market $28,900 Active 670 DOM
19. 2026-08-21
    days on market $28,900 Active 669 DOM
20. 2026-08-20
    days on market $28,900 Active 668 DOM
21. 2026-08-19
    price $28,900 Active 667 DOM
22. 2026-08-19
    days on market $68,900 Active 667 DOM
23. 2026-08-18
    days on market $68,900 Active 666 DOM
24. 2026-08-17
    days on market $68,900 Active 665 DOM
25. 2026-08-16
    days on market $68,900 Active 664 DOM
26. 2026-08-15
    days on market $68,900 Active 663 DOM
27. 2026-08-14
    days on market $68,900 Active 662 DOM
28. 2026-08-13
    days on market $68,900 Active 661 DOM
29. 2026-08-12
    days on market $68,900 Active 660 DOM
30. 2026-08-11
    days on market $68,900 Active 659 DOM
31. 2026-08-10
    days on market $68,900 Active 658 DOM
32. 2026-08-09
    days on market $68,900 Active 657 DOM
33. 2026-08-08
    days on market $68,900 Active 656 DOM
34. 2026-08-07
    days on market $68,900 Active 655 DOM
35. 2026-08-06
    days on market $68,900 Active 654 DOM
36. 2026-08-05
    days on market $68,900 Active 653 DOM
37. 2026-08-04
    days on market $68,900 Active 652 DOM
38. 2026-08-03
    days on market $68,900 Active 651 DOM
39. 2026-07-31
    days on market $68,900 Active 648 DOM
40. 2026-07-30
    days on market $68,900 Active 647 DOM
41. 2026-07-30
    days on market $68,900 Active 646 DOM
42. 2026-07-28
    days on market $68,900 Active 645 DOM
43. 2026-07-26
    days on market $68,900 Active 643 DOM
44. 2026-07-24
    days on market $68,900 Active 641 DOM
45. 2026-07-23
    days on market $68,900 Active 640 DOM
46. 2026-07-22
    days on market $68,900 Active 639 DOM
47. 2026-07-21
    days on market $68,900 Active 638 DOM
48. 2026-07-20
    days on market $68,900 Active 637 DOM
49. 2026-07-19
    days on market $68,900 Active 635 DOM
50. 2026-07-18
    days on market $68,900 Active 634 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 · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,162
• − Mortgage interest: −$1,619
• − Property taxes: −$434
• − Insurance: −$144
• − Repairs & maintenance: −$1,053
• − Management: −$1,053
• − Depreciation: −$841
• Taxable income: $8,018
• Est. tax owed @ 24.0%: −$1,924
• After-tax cash flow: $6,077/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.

Condition & rehab AI · 1 photo

Excellent 95/100 None rehab

This manufactured home is in excellent condition with no visible repairs or maintenance needed. It is move-in ready and would benefit from minor updates to enhance its curb appeal and interior aesthetics.

Value-add opportunities

• Both Painting — Fresh paint can enhance curb appeal and interior aesthetics ↑
• Both Lighting — Upgrading lighting can improve the home's ambiance and energy efficiency ↑
• Both Landscaping — A well-maintained yard can increase curb appeal and property value ↑

F Composite school gradezoned avg 46/100

Zoned Schools

Elementary Carter Lake Elementary School F IA #579/616 Nat'l #19,648/41,679 Middle Woodrow Wilson Middle School C+ IA #209/246 Nat'l #2,954/14,009 High Thomas Jefferson High School D- IA #321/336 Nat'l #6,621/17,239

Schools (NCES district)

• District: Council Bluffs Community School District
• NCES district ID: 1908220
• Math proficiency: 52% ▼ -9.00%
• Reading proficiency: 55% ▼ -1.00%
• Median HH income: $45,259
• Composite: 45.23/100
• National rank: #2665
• State rank: #272 of 289 in IA

C Composite livability gradescore 66/100

Livability — Carter Lake

• Score: 66/100
• State rank: #519
• US rank: #11636

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Carter Lake, IA
• County: Pottawattamie · 93,683 people
• City population: 13,176
• Metro: Omaha, NE-IA
• Population (ZIP): 3,773
• Household income: $75,037
• Rent vs Own: 15.7% rent · 84.3% own

---

Population outlook (Pottawattamie County) Hauer SSP2

• Today (2025): 93,683 people
• By 2030: 92,772 · -1.0%
• By 2040: 89,917 · -4.0%
• By 2050: 86,994 · -7.1%
• By 2075: 82,756 · -11.7%
• By 2100: 79,097 · -15.6%

---

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 20% Two or more races 16%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Romanian 4% Slovak 4% Portuguese 2%
• Foreign-born: 8% · Canada
• Languages at home: 81% English-only · Spanish 18% Other Indo-European 1%

---

Political lean MEDSL · Pottawattamie

• 2024 margin: R (+20.0) · D 39.3% · R 59.3% · Other 1.4%
• 2008→2024 swing: -18.1pp toward R · 2008: -1.9pp · 2024: -20.0pp
• All cycles: 2024: R+20.0 2020: R+16.8 2016: R+21.6 2012: R+5.8 2008: R+1.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -47.06%
• Current HPI: 204.2751
• 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

+7.5% since first listed

26 events — show timeline

• 2026-05-13 Relisted — Zillow
• 2026-05-13 Price Changed $42,900 Zillow
• 2026-04-26 Delisted — Zillow
• 2026-02-13 Price Changed $68,900 Zillow
• 2026-01-31 Price Changed $72,900 Zillow
• 2026-01-28 Price Changed $68,900 Zillow
• 2026-01-10 Price Changed $67,900 Zillow
• 2026-01-04 Price Changed $60,900 Zillow
• 2025-12-11 Price Changed $66,900 Zillow
• 2025-11-23 Price Changed $70,900 Zillow
• 2025-10-25 Price Changed $60,900 Zillow
• 2025-09-26 Relisted — Zillow
• 2025-09-26 Price Changed $70,900 Zillow
• 2025-07-02 Delisted — Zillow
• 2025-04-10 Price Changed $57,900 Zillow
• 2025-02-14 Price Changed $56,900 Zillow
• 2025-01-28 Price Changed $59,900 Zillow
• 2024-12-08 Price Changed $56,900 Zillow
• 2024-10-27 Price Changed $60,900 Zillow
• 2024-10-25 Price Changed $42,900 Zillow
• 2024-10-11 Relisted — Zillow
• 2024-10-11 Price Changed $60,900 Zillow
• 2024-10-06 Delisted — Zillow
• 2024-07-03 Price Changed $48,900 Zillow
• 2024-06-26 Price Changed $47,900 Zillow
• 2024-06-08 Listed $39,900 Zillow