3510 N 9th St #108 · Carter Lake, IA 51510

$44,000

3 bd · 2.0 ba · 1,056 sqft · Manufactured · 21 Days on market

Manufactured home Built 2026 Good condition $42/sqft · 26% below area Est $60k · 26% under

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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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.6/10.0
• Condition / age +4.0/5.0
• Livability +3.3/5.0
• Appreciation +2.5/10.0
• Rent growth +2.5/5.0
• Manufactured-home adj. -6.6

Listing remarks

Do not miss this opportunity to own a spacious and well-designed 3 bedroom, 2 bathroom manufactured home in Carter Lake. Featuring an open-concept floor plan, this home offers a bright and inviting living space that is perfect for both everyday living and entertaining. The primary suite provides a private retreat with an ensuite bathroom and a large walk-in closet, giving you the comfort and storage space you need. Two additional bedrooms and a second full bathroom offer flexibility for family, guests, or a home office. Highlights include: ? 3 Bedrooms ? 2 Full Bathrooms ? Open-Concept Living Area ? Spacious Primary Suite ? Ensuite Bathroom ? Walk-In Closet ?

Key facts

• Built 2026
• Listed 20 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $44k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $561 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $44k).
• Recommended offer: $43k (1.5% below list) — sets the bar for market timing.
• Cap rate 21.6% 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; 16 comparable units currently listed for rent nearby; rentals lingering (median 88d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 69% 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 $304 of loan paydown is wiped out by about $1k 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 $12k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($43k) is reasonable based on typical stale-listing flexibility.

Recommended offer $43,340 (1.5% below list)

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. 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?
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: 2.49% ✓
• Cap rate: 21.59%
• Cash-on-cash: 54.64%
• DSCR: 3.43
• GRM: 3.3

CMA / ARV

• ARV (median comp): $59,510
• List price: $44,000
• Delta: -26.06%
• 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
1801 Miami St	1.01mi	2/2.0 (-1)	1,051 (-0%)	4mo	$135,000	$128	56
1009 Hiatt St	0.38mi	3/1.0	925 (-12%)	3mo	$174,900	$189	55
1305 Janbrook Blvd	0.43mi	3/1.0	925 (-12%)	1mo	$177,000	$191	54
1202 Silver Ln	0.50mi	4/1.0 (+1)	1,132 (+7%)	3mo	$229,000	$202	54
1005 Cachelin Dr	0.49mi	3/1.5	1,299 (+23%)	4mo	$214,900	$165	47
3006 Nakoma Ln	0.33mi	2/3.0 (-1)	1,248 (+18%)	4mo	$206,000	$165	47
4004 N 13 St	0.54mi	2/2.0 (-1)	1,240 (+17%)	5mo	$200,000	$161	41
1317 Silver Ln	0.59mi	2/2.0 (-1)	1,310 (+24%)	5mo	$190,000	$145	38
3704 N 19th St	1.10mi	3/2.5	1,190 (+13%)	5mo	$178,000	$150	38
4416 N 21st St	1.38mi	3/1.0	1,227 (+16%)	3mo	$176,900	$144	34
1623 Willis Ave	1.06mi	2/2.0 (-1)	1,320 (+25%)	3mo	$225,000	$170	32
3718 N 23rd St	1.34mi	4/1.0 (+1)	1,312 (+24%)	2mo	$100,000	$76	29

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: 52.9%
• Equity multiple: 3.32×
• Total profit: $28,613
• Equity at exit: $6,561

10-year hold

• IRR: 58.1%
• Equity multiple: 6.76×
• Total profit: $70,987
• Equity at exit: $3,804

Cash invested: $12,320 (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 →

Active competition Active MLS

• For sale now: 5 active
• Median asking: $28,900 ($31/sqft)
• Median days on market: 67 d
• This list price: 100% of active listings are priced below it
• ARV vs active asking: +80.2% 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: 3.3×

Monthly cashflow live

• Estimated rent: $1,095 high
• Mortgage (P&I): −$231
• Tax est. 1.5%: −$55 /mo · $660/yr
• Insurance: −$18
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $561

Break-even live

Break-even rent $385

Max offer price $44,000

Occupancy floor 44%

Sensitivity live

Price	-10% $591	-5% $576	+0% $561	+5% $546	+10% $531
Rent	-10% $474	-5% $518	+0% $561	+5% $604	+10% $647
Rate	-1.0pp $583	-0.5pp $572	base $561	+0.5pp $550	+1.0pp $538

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: $11,000
• Closing costs: $1,320
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 16 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	0.04mi
1005 Avenue K Unit 8 Carter Lake, IA	2.0	2.0	1014	$1,125	$1.11	110d	1	0.29mi
1001 Hiatt St Carter Lake, IA	3.0	1.0	925	$1,450	$1.57	5d	1	0.34mi
1114 Hiatt St Carter Lake, IA	3.0	1.0	1165	$1,450	$1.24	139d	1	0.43mi
1820 Miami St Omaha, NE	4.0	1.5	1306	$1,050	$0.80	139d	1	1.07mi
3708 Florence Blvd Omaha, NE	3.0	1.0	1102	$1,395	$1.27	116d	1	1.10mi
2816 N 19th Ave Omaha, NE	3.0	1.0	860	$1,700	$1.98	139d	1	1.11mi
2124 N 16th St Omaha, NE	1.0–4.0	1.0	1179	$1,302	$1.10	0d	47	1.12mi
4125 N 19th St Omaha, NE	3.0	1.0	1266	$1,532	$1.21	71d	1	1.16mi
2413 N 20th St Omaha, NE	3.0	2.0	1200	$1,694	$1.41	7d	1	1.22mi
3106 N 22nd St Omaha, NE	2.0	1.0	900	$875	$0.97	7d	1	1.28mi
3104 N 22nd St Omaha, NE	2.0	1.0	900	$895	$0.99	87d	1	1.29mi
4201 N 22nd St Omaha, NE	3.0	1.0	1380	$1,545	$1.12	139d	1	1.34mi
1816 Florence Blvd Apt 102 Omaha, NE	2.0	1.0	900	$900	$1.00	110d	1	1.39mi
4935 N 17th St Omaha, NE	3.0	2.0	1281	$1,850	$1.44	61d	1	1.40mi
1117 Nicholas St Omaha, NE	2.0	1.0–2.0	848	$1,995	$2.35	0d	37	1.44mi

Listing history 17 events

1. 2026-07-09
   days on market $44,000 Active 21 DOM
2. 2026-07-07
   days on market $44,000 Active 19 DOM
3. 2026-07-06
   days on market $44,000 Active 18 DOM
4. 2026-07-05
   days on market $44,000 Active 17 DOM
5. 2026-07-03
   days on market $44,000 Active 15 DOM
6. 2026-07-02
   days on market $44,000 Active 14 DOM
7. 2026-07-01
   days on market $44,000 Active 13 DOM
8. 2026-06-30
   days on market $44,000 Active 12 DOM
9. 2026-06-29
   days on market $44,000 Active 11 DOM
10. 2026-06-28
    days on market $44,000 Active 10 DOM
11. 2026-06-28
    days on market $44,000 Active 9 DOM
12. 2026-06-27
    days on market $44,000 Active 8 DOM
13. 2026-06-25
    days on market $44,000 Active 6 DOM
14. 2026-06-22
    days on market $44,000 Active 4 DOM
15. 2026-06-22
    days on market $44,000 Active 3 DOM
16. 2026-06-19
    remarks 699-char remark
17. 2026-06-19
    listed $44,000 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 · 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: $13,140
• − Mortgage interest: −$2,465
• − Property taxes: −$660
• − Insurance: −$220
• − Repairs & maintenance: −$1,051
• − Management: −$1,051
• − Depreciation: −$1,280
• Taxable income: $6,413
• Est. tax owed @ 24.0%: −$1,539
• After-tax cash flow: $5,192/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 · 13 photos

Good 80/100 Cosmetic rehab Est. rehab $5,280–$15,840 screening

This manufactured home is in good condition with a good condition score of 80. It has a good exterior, interior, and appliances. The home is move-in ready and has a good resale and rental value. Consider painting the exterior siding and replacing the carpet with hardwood flooring to further increase its value.

Value-add opportunities

• Both Paint exterior siding — Fresh paint can improve curb appeal and home value ↑
• Both Replace carpet with hardwood flooring — Hardwood flooring is more durable and can increase home value ↑
• Both Install new kitchen appliances — Modern appliances can make the home more appealing to buyers and renters ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

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

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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%

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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%

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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

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Industry mix (Fortune 500 HQ in IA)

Industry	F500 HQs	Revenue
▸Financial Services	1	$16B
▸Retail / Convenience	1	$15B

Price history

+0.0% since first listed

2 events — show timeline

• 2026-07-11 Rental Removed $1,399 ZUMPER1
• 2026-06-19 Listed for Rent $1,399 ZUMPER1