290 240th Ave #71 · Arnolds Park, IA 51331

$319,000

2 bd · 1.0 ba · 910 sqft · SingleFamily

Built 2010 5,227 sqft lot $351/sqft · 23% below area Est $413k · 23% under ↓ 4% since listing

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• Schools +6.7/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +0.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Escape to the lake or start earning income with this charming, turn-key cabin at Bridges Bay. Perfect for weekend getaways, summer fun, or vacation rental potential. Thoughtfully updated with fresh paint inside and out, a new couch, TV, and washer and dryer, it’s ready for you to enjoy or rent out. The main floor includes one bedroom and a full bathroom, while the loft provides extra room for guests. The open layout offers a welcoming feel, and the back patio is perfect for relaxing. The garage has been converted into an additional space to hang out or entertain. Fully furnished with just a few personal items excluded, this cabin gives you full access to Bridges Bay's popular amenities including the indoor water park, outdoor pools, on-site restaurants, zipline, and more. Take advantage of this great opportunity at the lake.

Key facts

• 5,227 sq ft lot
• Garage
• Built 2010

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $319k.

Deal economics

• At list price, monthly cash flow is $-1k ($-18k/yr) — negative.
• To cash-flow at today's rent, offer at most $103k (67.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $90k (71.8% below list).
• Recommended offer: $90k (71.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 78/100 on livability (#140 in IA, #2,548 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A; Watch: 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.
• Zoned schools: Okoboji Elementary School (math 82% / reading 67%, grade A, #131 of 616 statewide, top 27%, 533 students, 40% FRL); Okoboji Middle School (math 83% / reading 82%, grade A+, #16 of 246 statewide, top 8%, 346 students, 36% FRL); Okoboji High School (math 68% / reading 85%, grade A-, #73 of 336 statewide, top 22%, 365 students, 37% FRL).
• Market conditions: 81 active listings in the ZIP; 295 units permitted in Dickinson County in 2024 (16 in 5+ unit buildings).

Forward outlook

• In year one you build about $34k of equity ($2k loan paydown + $32k appreciation (10.0% local appreciation)).
• Dickinson County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$55k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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.

Risks & watch-outs

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

Recommended offer $90,006 (71.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.28% ✗
• Cap rate: 0.67%
• Cash-on-cash: -20.06%
• DSCR: 0.11
• GRM: 29.5

CMA / ARV

• ARV (median comp): $413,146
• List price: $319,000
• Delta: -23.76%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
290 240th Ave #68	0.00mi	1/1.0 (-1)	910 (0%)	4mo	$314,000	$345	91
10239 237th St	0.32mi	3/2.0 (+1)	956 (+5%)	12mo	$250,000	$262	58
290 240th Ave #25	0.00mi	3/2.0 (+1)	1,008 (+11%)	23mo	$410,000	$407	54

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 10.5%
• Equity multiple: 1.88×
• Total profit: $78,628
• Equity at exit: $287,380

10-year hold

• IRR: 11.6%
• Equity multiple: 4.43×
• Total profit: $306,377
• Equity at exit: $619,747

Cash invested: $89,320 (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 51331

• Home prices YoY: 10.3%
• Active inventory: 81
• Price-to-rent: 29.5×

Monthly cashflow live

• Estimated rent: $900 medium
• Mortgage (P&I): −$1,673
• Tax est. 1.5%: −$399 /mo · $4,785/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$189
• Net cashflow: $-1,493

Break-even live

Break-even rent $2,791

Max offer price $102,890

Occupancy floor —

Sensitivity live

Price	-10% $-1,273	-5% $-1,383	+0% $-1,493	+5% $-1,604	+10% $-1,714
Rent	-10% $-1,565	-5% $-1,529	+0% $-1,493	+5% $-1,458	+10% $-1,422
Rate	-1.0pp $-1,333	-0.5pp $-1,412	base $-1,493	+0.5pp $-1,576	+1.0pp $-1,660

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: $79,750
• Closing costs: $9,570
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-17
   pricedays on marketlisting id $319,000 Pending
2. 2026-06-01
   status $314,999 Pending 138 DOM

   Show marketing remark (842 chars)

   Escape to the lake or start earning income with this charming, turn-key cabin at Bridges Bay. Perfect for weekend getaways, summer fun, or vacation rental potential. Thoughtfully updated with fresh paint inside and out, a new couch, TV, and washer and dryer, it’s ready for you to enjoy or rent out. The main floor includes one bedroom and a full bathroom, while the loft provides extra room for guests. The open layout offers a welcoming feel, and the back patio is perfect for relaxing. The garage has been converted into an additional space to hang out or entertain. Fully furnished with just a few personal items excluded, this cabin gives you full access to Bridges Bay's popular amenities including the indoor water park, outdoor pools, on-site restaurants, zipline, and more. Take advantage of this great opportunity at the lake.

3. 2026-05-31
   days on market $314,999 Active Under Contract 138 DOM
4. 2026-05-31
   days on market $314,999 Active Under Contract 137 DOM
5. 2026-05-12
   historical Active Under Contract 842-char remark

   Show marketing remark (842 chars)

   Escape to the lake or start earning income with this charming, turn-key cabin at Bridges Bay. Perfect for weekend getaways, summer fun, or vacation rental potential. Thoughtfully updated with fresh paint inside and out, a new couch, TV, and washer and dryer, it’s ready for you to enjoy or rent out. The main floor includes one bedroom and a full bathroom, while the loft provides extra room for guests. The open layout offers a welcoming feel, and the back patio is perfect for relaxing. The garage has been converted into an additional space to hang out or entertain. Fully furnished with just a few personal items excluded, this cabin gives you full access to Bridges Bay's popular amenities including the indoor water park, outdoor pools, on-site restaurants, zipline, and more. Take advantage of this great opportunity at the lake.

6. 2026-03-23
   price $314,999 842-char remark

   Show marketing remark (842 chars)

   Escape to the lake or start earning income with this charming, turn-key cabin at Bridges Bay. Perfect for weekend getaways, summer fun, or vacation rental potential. Thoughtfully updated with fresh paint inside and out, a new couch, TV, and washer and dryer, it’s ready for you to enjoy or rent out. The main floor includes one bedroom and a full bathroom, while the loft provides extra room for guests. The open layout offers a welcoming feel, and the back patio is perfect for relaxing. The garage has been converted into an additional space to hang out or entertain. Fully furnished with just a few personal items excluded, this cabin gives you full access to Bridges Bay's popular amenities including the indoor water park, outdoor pools, on-site restaurants, zipline, and more. Take advantage of this great opportunity at the lake.

7. 2026-01-13
   listed $319,000 Active 842-char remark

   Show marketing remark (842 chars)

   Escape to the lake or start earning income with this charming, turn-key cabin at Bridges Bay. Perfect for weekend getaways, summer fun, or vacation rental potential. Thoughtfully updated with fresh paint inside and out, a new couch, TV, and washer and dryer, it’s ready for you to enjoy or rent out. The main floor includes one bedroom and a full bathroom, while the loft provides extra room for guests. The open layout offers a welcoming feel, and the back patio is perfect for relaxing. The garage has been converted into an additional space to hang out or entertain. Fully furnished with just a few personal items excluded, this cabin gives you full access to Bridges Bay's popular amenities including the indoor water park, outdoor pools, on-site restaurants, zipline, and more. Take advantage of this great opportunity at the lake.

8. 2025-10-15
   price $319,000
9. 2025-08-28
   price $329,900
10. 2021-08-27
    soldstatus $297,000
11. 2021-07-29
    listed $325,000

ⓘ 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 3/10 Moderate 7 d/yr ≥98°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: $10,801
• − Mortgage interest: −$17,869
• − Property taxes: −$4,785
• − Insurance: −$1,595
• − Repairs & maintenance: −$864
• − Management: −$864
• − Depreciation: −$9,280
• Taxable loss: −$24,456
• Est. tax savings @ 24.0%: +$5,870
• After-tax cash flow: $-12,052/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 — Arnolds Park

• Score: 78/100
• State rank: #140
• US rank: #2548

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Arnolds Park, IA
• City population: 920
• Population (ZIP): 920

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 (98%)
• Race & ethnicity: White 98% Two or more races 1%
• Common ancestry: Portuguese 8% Slovak 3% Iranian 3%
• Foreign-born: 1%
• Languages at home: 99% English-only · Other Indo-European 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: ▲ 19.42%
• Current HPI: 207.79
• 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

-3.5% since first listed

11 events — show timeline

• 2026-06-17 Pending — NWIA
• 2026-06-16 Sold (MLS) — NWIA
• 2026-06-12 Sold (MLS) $313,500 Iowa Great Lakes BOR
• 2026-06-01 Pending — Iowa Great Lakes BOR
• 2026-05-12 Contingent — Iowa Great Lakes BOR
• 2026-03-23 Price Changed $314,999 Iowa Great Lakes BOR
• 2026-01-13 Listed $319,000 Iowa Great Lakes BOR
• 2025-10-15 Price Changed $319,000 Iowa Great Lakes BOR
• 2025-08-28 Price Changed $329,900 Iowa Great Lakes BOR
• 2021-08-27 Sold (MLS) $297,000 Iowa Great Lakes BOR
• 2021-07-29 Listed $325,000 Iowa Great Lakes BOR