408 Sunrise Park #408 · Pella, IA 50219

$67,400

3 bd · 2.0 ba · 1,216 sqft · Manufactured · 57 Days on market

Built 2026 Good condition

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +7.3/10.0
• Rent growth +4.5/5.0
• Livability +4.5/5.0
• Condition / age +4.0/5.0
• Appreciation +0.0/10.0

Listing remarks

Your brand new 3 bedroom, 2 bathroom home is waiting for you to move in! This comfortable home features premium entry doors, a modern bathroom, as well as new brand name appliances. In the community, enjoy with your friends and family all the amenities we have to offer such as a clubhouse, community events, and . This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

Key facts

• Clubhouse
• Modern bathroom
• Premium entry doors

Tags

• PREMIUM ENTRY DOORS
• MODERN BATHROOM
• NEW BRAND NAME APPLIANCES
• CLUBHOUSE
• COMMUNITY EVENTS

Property features AI

Finance

• Other: Located at 408 Sunrise Park #408, Pella, IA 50219
• Financial info: List price $66,900

Exterior

• Utilities: Natural gas; Central air conditioning
• Home design: Spec-built property; Active listing
• Exterior features: Living area approximately 1,216

Interior

• Bedrooms: Three bedrooms
• Bathrooms: Two full bathrooms
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: 2 bathrooms; 3 bedrooms

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $67k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $773 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $67k).
• Recommended offer: $65k (3.0% below list) — sets the bar for market timing.
• Cap rate 20.1% vs local median 2.0% in Pella — 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 90/100 on livability (#6 in IA, #101 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, employment A+; Watch: commute F.
• Pella Community School District (town): math 85% / reading 85% proficiency, ranked #8 of 289 in IA (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 13% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+8.2%/yr); 243 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 45d 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; 122 units permitted in Marion County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $466 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Marion 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 + 8.0% rent growth), your $19k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($65k) is reasonable based on typical stale-listing flexibility.

Recommended offer $65,378 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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. 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.
5. 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.
6. 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: 2.33% ✓
• Cap rate: 20.05%
• Cash-on-cash: 49.13%
• DSCR: 3.19
• GRM: 3.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 52.3%
• Equity multiple: 3.47×
• Total profit: $46,602
• Equity at exit: $10,050

10-year hold

• IRR: 59.6%
• Equity multiple: 8.51×
• Total profit: $141,757
• Equity at exit: $5,828

Cash invested: $18,872 (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 50219

• Home prices YoY: -33.5%
• Rents YoY: 8.2%
• Active inventory: 243
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,568 high
• Mortgage (P&I): −$353
• Tax est. 1.5%: −$84 /mo · $1,011/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$329
• Net cashflow: $773

Break-even live

Break-even rent $590

Max offer price $67,400

Occupancy floor 46%

Sensitivity live

Price	-10% $819	-5% $796	+0% $773	+5% $749	+10% $726
Rent	-10% $649	-5% $711	+0% $773	+5% $835	+10% $897
Rate	-1.0pp $807	-0.5pp $790	base $773	+0.5pp $755	+1.0pp $737

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: $16,850
• Closing costs: $2,022
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1428 Edgewood Dr Pella, IA	4.0	3.0	1451	$2,200	$1.52	24d	1	0.31mi
1209 Boone St Unit 1/2 Pella, IA	3.0	1.5	1100	$1,595	$1.45	44d	1	0.71mi
806 Jefferson St Unit 3 Pella, IA	2.0	1.0	750	$950	$1.27	44d	1	0.80mi
1011 Columbus St Pella, IA	2.0	1.0	995	$1,195	$1.20	44d	1	0.82mi
1191 W 16th St Pella, IA	3.0	1.0	1008	$1,145	$1.14	20d	1	1.38mi
1191 W 16th St Pella, IA	3.0	1.0–1.5	1245	$1,370	$1.10	44d	1	1.38mi
1117 Sunflower Ln Pella, IA	3.0	2.5	1405	$1,850	$1.32	44d	1	1.46mi

Listing history 18 events

1. 2026-06-19
   days on market $67,400 Active 57 DOM
2. 2026-06-18
   days on market $67,400 Active 56 DOM
3. 2026-06-17
   days on market $67,400 Active 55 DOM
4. 2026-06-16
   days on market $67,400 Active 54 DOM
5. 2026-06-15
   days on market $67,400 Active 53 DOM
6. 2026-06-14
   days on market $67,400 Active 51 DOM
7. 2026-06-12
   days on market $67,400 Active 50 DOM
8. 2026-06-09
   days on market $67,400 Active 47 DOM
9. 2026-06-08
   days on market $67,400 Active 46 DOM
10. 2026-06-07
    days on market $67,400 Active 45 DOM
11. 2026-06-07
    days on market $67,400 Active 44 DOM
12. 2026-06-03
    days on market $67,400 Active 41 DOM
13. 2026-06-02
    days on market $67,400 Active 40 DOM
14. 2026-06-01
    price $67,400 Active 39 DOM
15. 2026-06-01
    days on market $66,900 Active 39 DOM
16. 2026-05-31
    days on market $66,900 Active 38 DOM
17. 2026-05-30
    days on market $66,900 Active 37 DOM
18. 2026-04-23
    listed $66,900 Active 459-char remark

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°F today · 15 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: $18,813
• − Mortgage interest: −$3,775
• − Property taxes: −$1,011
• − Insurance: −$337
• − Repairs & maintenance: −$1,505
• − Management: −$1,505
• − Depreciation: −$1,961
• Taxable income: $8,719
• Est. tax owed @ 24.0%: −$2,092
• After-tax cash flow: $7,180/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

Good 80/100 None rehab

This brand new 3-bedroom, 2-bathroom home is move-in ready with excellent condition and no visible repairs needed. It offers a great opportunity for both resale and rental with potential for further value increases through minor updates.

Value-add opportunities

• Both Landscaping improvements — Enhances curb appeal and adds value for both resale and rental.
• Both Painting exterior and interior — Fresh paint can make the home look more appealing and increase its value.
• Both Upgrading appliances — Modern appliances can attract more buyers and renters, increasing both resale and rental value.
• Both Adding smart home features — Smart home features can increase the home's appeal and value, especially for younger buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping improvements — Enhances curb appeal and adds value for both resale and rental. ↑
• Both Painting exterior and interior — Fresh paint can make the home look more appealing and increase its value. ↑
• Both Upgrading appliances — Modern appliances can attract more buyers and renters, increasing both resale and rental value. ↑
• Both Adding smart home features — Smart home features can increase the home's appeal and value, especially for younger buyers and renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Pella Community School District
• NCES district ID: 1922470
• Math proficiency: 85% ▼ -1.00%
• Reading proficiency: 85% ▬ 0.00%
• Median HH income: $65,821
• Composite: 73.32/100
• National rank: #183
• State rank: #8 of 289 in IA

Livability — Pella

• Score: 90/100
• State rank: #6
• US rank: #101

Category grades

Amenities B 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: Pella, IA
• County: Marion County · 25,533 people
• City population: 14,416
• Metro: Pella, IA
• Population (ZIP): 14,416
• Household income: $86,807
• Rent vs Own: 30.6% rent · 69.4% own
• Severe rent burden: 374.0

Population outlook (Marion County) Hauer SSP2

• Today (2025): 32,883 people
• By 2030: 32,685 · -0.6%
• By 2040: 31,892 · -3.0%
• By 2050: 30,691 · -6.7%
• By 2075: 27,610 · -16.0%
• By 2100: 23,851 · -27.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Hispanic / Latino 3% Two or more races 2% Asian 1%
• Common ancestry: Iranian 31% Portuguese 4% Italian 2%
• Foreign-born: 3% · Canada, South Korea
• Languages at home: 96% English-only · Spanish 2% German/W. Germanic 1% Other Asian/Pacific 1%

Political lean MEDSL · Marion

• 2024 margin: Solid R (+37.8) · D 30.4% · R 68.2% · Other 1.4%
• 2008→2024 swing: -27.0pp toward R · 2008: -10.8pp · 2024: -37.8pp
• All cycles: 2024: R+37.8 2020: R+33.7 2016: R+31.2 2012: R+13.3 2008: R+10.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -114.86%
• Current HPI: 227.7361
• Rent YoY: ▲ 8.16%
• Metro: Pella, IA
• 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