Courtesy: RE/MAX Concepts - Cedar Falls
319-266-7100
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.
Steamboat Rock is located in Iowa. Steamboat Rock, Iowa has a population of 251. Steamboat Rock is more family-centric than the surrounding county with 28.81% of the households containing married families with children. The county average for households married with children is 28.57%.
The median household income in Steamboat Rock, Iowa is $38,438. The median household income for the surrounding county is $58,845 compared to the national median of $69,021. The median age of people living in Steamboat Rock is 48.1 years.
The average high temperature in July is 83.2 degrees, with an average low temperature in January of 8.6 degrees. The average rainfall is approximately 36.1 inches per year, with 31.5 inches of snow per year.
