92 Rohr St #24

Arnolds Park, IA 51331

$70,000A

4 bd · 1.0 ba · 720 sqft · Built 1970 · Manufactured · Pending · 147 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $970/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$117
• HOA: −$0
• Vac / Maint / Mgmt: −$204
• Net cashflow: $282/mo
• Annual: $3,387/yr
• Cap rate: 11.13%
• Cash-on-cash: 17.28%
• DSCR: 1.77
• 1% rule: 1.39%
• Cash to close: $19,600

Investor read

• This is a 4-bed/1.0-bath manufactured listed at $70k. Condition is rated fair.
• At list price, monthly cash flow is $282 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($970 rent vs $70k).
• It's been on market 147 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($484 loan paydown + $7k appreciation (10.0% local appreciation)).
• Location reads 78/100 on livability (#140 in IA, #2,548 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, schools 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.
• Market conditions: 82 active listings in the ZIP; 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.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $25k (26%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 147 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen cabinets — No photos of kitchen
• Minor: Paint touch-ups — Some wear on interior walls
• Minor: Deck maintenance — No visible damage