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Listed by Matthew Wikert • RE/MAX Concepts - Cedar Falls
$170,000
Est. payment /mo
2 Beds
1 Bath
6,534 Sqft Lot
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Single Family Residence
Listing Status Active
Purchase Type For Sale
MLS Listing ID 20251568
Bedrooms 2
Full Baths 1
Year Built 1950
Annual Tax Amount $890
Lot Size 6,534 Sqft
Acres 0.15
Lot Dimensions 65 70 15 145
Property Sub-Type Single Family Residence
Property Description
Welcome to Steamboat Rock! Invest in “The Valley of Friendliness”. Take advantage of this business opportunity to purchase?? this turnkey home as a vacation rental. Below is a breakdown of basic annual expenses vs proposed annual rental income. This proposal will show a (ROI) or return on investment. Only pay 7% TOT or Transient Occupancy Tax!! 30 year loan - Paid off 2055 Purchase price - $180,000 Down payment - 20% - $36,000 Balance —------- $144,000 6.35% interest Monthly loan payment - $1079.35 Loan and home expense annual Loan payment - $1079.35 a month Property taxes - $1,177 annually Vacation rental insurance - $2,062 annually Electricity - Gas - $1,312 past 12 months Water - $840 annually Lawn mowing - $400 annually Snow removal - $200 estimated Misc expense - $1000 estimated Total home expenses annually = $19,943 With the lack of lodging in Steamboat Rock and in Hardin County. Some of the local vacation rentals have a very high rental rate. First factoring in 124 nights of rental income per calendar year. That's a 34% occupancy including the recognized holidays. Second I will double the midweek and weekend rentals to 214 nights including recognized holidays. Which would be at 58% occupancy. Midweek rental income Sunday - Thursday $149 per night 5 days midweek x 13 weeks = 65 nights x $149 = $9,749 per year Weekend rental income Friday - Saturday 199 per night 2 days a weekend x 13 weeks = 26 nights x $199 = $5,174 per year Holiday rental income 11 holidays = 33 nights = $8,400 Conservative rental income for 124 nights at 34% occupancy Total = $23,323 Double the Midweek and Weekend rental for a total of 214 nights annually. 58% occupancy Total = $38,246 Review 1. Here is your (ROI) or return on investment 124 nights at 34% occupancy! Conservative rental income for 124 nights at 34% occupancy Rental income for 124 nights per year = $23,323 Total home expenses annually = $19,943 $23,323 income - $19,943 expenses = $3,380 profit annually! 2. Here is your (ROI) or return on investment for 214 nights at 58% occupancy! Moderate rental income for 214 nights per year = $38,246 Total home expenses annually = $19,943 $38,246 income - $19,943 expenses = $18,303 profit annually! I hope you like this (ROI) or return on investment. There are a lot of tax write offs not mentioned, no depreciation value of home was factored in. Along with no (TOT) ot Transient Occupancy Tax. This should be a good start for any serious investor. Below is the holiday rate and night chart used to factor in this (ROI). Holiday rates and nights chart New Year's Day (January 1) - 3 nights minimum - $300 per night. Martin Luther King, Jr. Day (third Monday in January) - 3 nights minimum - $250 per night. President's Day (third Monday in February) - 3 nights minimum - $250 per night. Memorial Day (last Monday in May) - 3 nights minimum - $250 per night. Juneteenth (June 19) - 3 nights minimum - $200 per night. Independence Day (July 4) - 3 nights minimum - $300 per night. Labor Day (first Monday in September) - 3 nights minimum - $250 per night. Columbus Day (second Monday in October) - 3 nights minimum - $200 per night. Veterans Day (November 11) - 3 nights minimum - $200 per night. Thanksgiving Day (fourth Thursday in November) - 3 nights minimum - $300 per night. Christmas Day (December 25) - 3 nights minimum - $300 per night.
Location
State IA
County Hardin
Zoning R-1
Rooms
Basement Block, Unfinished
Interior
Heating Forced Air
Cooling Central Air
Fireplaces Type Wood Burning Stove
Fireplace N
Appliance Gas Water Heater
Exterior
Parking Features 1 Stall, Attached Garage
Garage Spaces 252.0
View Y/N true
Roof Type Asphalt
Building
Sewer Public Sewer
Water Public
Structure Type Aluminum Siding
Schools
Elementary Schools Agwsr
Middle Schools Agwsr
High Schools Agwsr
Others
Acceptable Financing NBR20251568
Listing Terms NBR20251568
Special Listing Condition Normal Sale
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