309 Union St · Pella, IA 50219

$249,900

4 bd · 2.5 ba · 1,928 sqft · SingleFamily public records · 54 Days on market

Built 1965 4,600 sqft lot $130/sqft · 12% below area Est $283k · 12% under

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Why this score? — see what drove the D 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).

• ARV discount +12.7/15.0
• Cash flow +7.8/30.0
• Schools +7.3/10.0
• Rent growth +4.5/5.0
• Livability +4.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• DSCR +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks

Move-in ready and beautifully remodeled, 309 Union sits just blocks from Pella's historic square. Enjoy new flooring, fresh paint, updated kitchen cabinets and countertops. 4 bedrooms, and 2 full baths. The 3-car garage offers rare storage. Major updates are done: new roof (2022), new windows (within 5 years), updated HVAC. Walk to dining, shopping, the pool, parks, and schools. A turnkey home in one of Iowa's most beloved communities schedule your showing today! All information obtained from seller and public record.

Key facts

• Remodeled
• Fresh paint
• Rare storage

Tags

• REMODELED
• NEW FLOORING
• FRESH PAINT
• UPDATED KITCHEN CABINETS
• UPDATED HVAC
• RARE STORAGE

Property features AI

Exterior

• Parking: Attached three-car garage
• Utilities: Public water; Public sewer
• Home design: Brick and cement siding exterior; Asphalt shingle roof
• Construction: Block foundation
• Exterior features: Corner lot; Wood fencing; Concrete road access

Interior

• Kitchen: Refrigerator; Stove; Microwave; Dishwasher not listed
• Bedrooms: One main-level bedroom
• Flooring: Carpet
• Bathrooms: Two full bathrooms
• Heating & cooling: Central air conditioning; Electric and gas forced-air heating
• Interior features: Unfinished basement; Wood-burning fireplace (1)
• Laundry & utility: Washer and dryer located on the main level

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $-282 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $200k (19.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $182k (27.1% below list).
• Recommended offer: $182k (27.1% below list) — sets the bar for 1% rule.
• Cap rate 4.9% 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: crime A+, employment A+, cost of living 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.
• Zoned schools: Lincoln Elementary School (math 82% / reading 67%, grade A, #131 of 616 statewide, top 27%, 329 students, 14% FRL); Jefferson Intermediate (math 80% / reading 85%, grade A+, #16 of 246 statewide, top 8%, 526 students, 19% FRL); Pella High School (math 85% / reading 89%, grade A, #9 of 336 statewide, top 3%, 764 students, 14% FRL) — zoned schools at 15% FRL track the district average.
• Market conditions: Rents rising fast (+8.2%/yr); 244 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• It's been on market 54 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 16y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $85k; list at $250k implies a 194% gain — meaningful room to come down on a strong offer.

Recommended offer $182,198 (27.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 54 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
3. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.73% ✗
• Cap rate: 4.94%
• Cash-on-cash: -4.83%
• DSCR: 0.79
• GRM: 11.4

CMA / ARV

• ARV (median comp): $282,852
• List price: $249,900
• Delta: -11.65%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
911 E 1st St	0.43mi	4/3.0	1,924 (-0%)	10mo	$360,000	$187	70
203 Vermeer Rd	0.26mi	3/2.0 (-1)	1,994 (+3%)	8mo	$262,000	$131	69
520 Morningside Dr	0.06mi	3/1.5 (-1)	2,046 (+6%)	14mo	$324,000	$158	66
309 Independence St	0.09mi	4/2.0	1,713 (-11%)	13mo	$402,000	$235	65
400 Washington St	0.31mi	4/2.0	1,722 (-11%)	6mo	$283,000	$164	61
401 Farmer St	0.19mi	4/3.5	1,720 (-11%)	11mo	$359,000	$209	60
600 Washington St	0.39mi	4/3.0	1,862 (-3%)	19mo	$230,000	$124	59
409 Washington St	0.29mi	3/2.5 (-1)	1,664 (-14%)	3mo	$318,000	$191	56
614 E Liberty St	0.67mi	4/3.0	1,886 (-2%)	9mo	$440,000	$233	56
1114 Marion Ave	0.71mi	3/2.0 (-1)	1,717 (-11%)	4mo	$298,000	$174	39
124 E 8th St	0.51mi	3/2.0 (-1)	1,745 (-10%)	18mo	$290,000	$166	38
320 Jackson St	0.54mi	3/2.0 (-1)	2,090 (+8%)	20mo	$270,000	$129	37

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -19.1%
• Equity multiple: 0.30×
• Total profit: $-48,777
• Equity at exit: $37,261

10-year hold

• IRR: -3.8%
• Equity multiple: 0.69×
• Total profit: $-21,647
• Equity at exit: $21,607

Cash invested: $69,972 (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: 244
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $1,822 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$306 /mo · $3,676/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$383
• Net cashflow: $-282

Break-even live

Break-even rent $2,178

Max offer price $200,155

Occupancy floor —

Sensitivity live

Price	-10% $-140	-5% $-211	+0% $-282	+5% $-352	+10% $-423
Rent	-10% $-426	-5% $-354	+0% $-282	+5% $-210	+10% $-138
Rate	-1.0pp $-156	-0.5pp $-218	base $-282	+0.5pp $-346	+1.0pp $-412

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1428 Edgewood Dr Pella, IA	4.0	3.0	1451	$2,200	$1.52	25d	1	1.39mi

Listing history 35 events

1. 2026-06-21
   days on market $249,900 Active 54 DOM
2. 2026-06-19
   days on market $249,900 Active 52 DOM
3. 2026-06-18
   days on market $249,900 Active 51 DOM
4. 2026-06-17
   days on market $249,900 Active 50 DOM
5. 2026-06-16
   days on market $249,900 Active 49 DOM
6. 2026-06-15
   days on market $249,900 Active 48 DOM
7. 2026-06-14
   days on market $249,900 Active 46 DOM
8. 2026-06-12
   days on market $249,900 Active 45 DOM
9. 2026-06-09
   days on market $249,900 Active 42 DOM
10. 2026-06-08
    days on market $249,900 Active 41 DOM
11. 2026-06-07
    days on market $249,900 Active 40 DOM
12. 2026-06-07
    days on market $249,900 Active 39 DOM
13. 2026-06-03
    days on market $249,900 Active 36 DOM
14. 2026-06-02
    days on market $249,900 Active 35 DOM
15. 2026-06-01
    days on market $249,900 Active 34 DOM
16. 2026-05-31
    days on market $249,900 Active 33 DOM
17. 2026-05-30
    days on market $249,900 Active 32 DOM
18. 2026-05-18
    price $249,900 527-char remark
19. 2026-04-27
    listed $259,999 Active 527-char remark
20. 2025-03-06
    status Active
21. 2025-03-06
    price $285,000
22. 2024-10-22
    historical
23. 2024-10-01
    listed $289,900 Active
24. 2024-04-14
    price $239,000
25. 2024-04-02
    price $255,000
26. 2024-03-19
    listed $269,000 Active
27. 2016-06-29
    soldstatus $85,000
28. 2011-10-01
    soldstatus $65,625
29. 2011-09-01
    listed $89,900
30. 2011-08-07
    historical
31. 2011-07-07
    listed $89,900
32. 2011-05-26
    historical
33. 2011-03-02
    listed $99,900
34. 2011-02-09
    historical
35. 2010-11-11
    listed $124,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast IA · Partial reset (capped growth)

• Current annual tax: $3,676 · $306/mo
• Projected year-2 tax: $3,800 · $317/mo
• Expected delta: +$124/yr (+$10/mo · 3.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 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: $21,864
• − Mortgage interest: −$13,998
• − Property taxes: −$3,676
• − Insurance: −$1,250
• − Repairs & maintenance: −$1,749
• − Management: −$1,749
• − Depreciation: −$7,270
• Taxable loss: −$7,828
• Est. tax savings @ 24.0%: +$1,879
• After-tax cash flow: $-1,500/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.

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

Price history

+100.1% since first listed

18 events — show timeline

• 2026-05-18 Price Changed $249,900 DMMLS
• 2026-04-27 Listed $259,999 DMMLS
• 2025-03-06 Relisted — DMMLS
• 2025-03-06 Price Changed $285,000 DMMLS
• 2024-10-22 Listing Removed — DMMLS
• 2024-10-01 Listed $289,900 DMMLS
• 2024-04-14 Price Changed $239,000 DMMLS
• 2024-04-02 Price Changed $255,000 DMMLS
• 2024-03-19 Listed $269,000 DMMLS
• 2016-06-29 Sold (Public Records) $85,000 Public Records
• 2011-10-01 Sold (MLS) $65,625 NORTHSTARMLS as Distributed by MLS Grid
• 2011-09-01 Listed $89,900 NORTHSTARMLS as Distributed by MLS Grid
• 2011-08-07 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2011-07-07 Listed $89,900 NORTHSTARMLS as Distributed by MLS Grid
• 2011-05-26 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2011-03-02 Listed $99,900 NORTHSTARMLS as Distributed by MLS Grid
• 2011-02-09 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2010-11-11 Listed $124,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+6.6%/yr

Latest (2025): $3,676 · +50.0% YoY. Source: county tax records.