605 8th St #607 · Ames, IA 50010

$145,000

3 bd · 2.0 ba · 1,965 sqft · MultiFamily public records · 60 Days on market

Built 1920 5,274 sqft lot $74/sqft · 39% below area Est $239k · 39% under ↓ 5% since listing

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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 +29.8/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• Schools +5.9/10.0
• Livability +4.7/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Come, check out this two unit rental duplex with established tenants already on contract. Lower unit has two bedrooms and one bathroom while the upstairs unit has one bedroom one bath. Great investment opportunity in the heart of Ames! Call and set up your showings today before this one’s gone.

Key facts

• Established tenants
• Heart of ames
• 5,274 sq ft lot

Tags

• TWO UNIT RENTAL DUPLEX
• ESTABLISHED TENANTS
• INVESTMENT OPPORTUNITY
• HEART OF AMES

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $145k.

Deal economics

• At list price, monthly cash flow is $533 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $141k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.7% vs local median 2.2% in Ames — 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 93/100 on livability (#2 in IA, #21 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, commute A+; Watch: employment C-.
• Ames Community School District (urban): math 70% / reading 72% proficiency, ranked #147 of 289 in IA (top 51%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: Rents rising (+2.7%/yr); 184 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 196 units permitted in Story County in 2024 (34 in 5+ unit buildings).
• This rent runs 36% of the median local income ($65k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Story County population projected at +54% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.7% rent growth), your $41k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $140,650 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.37% ✓
• Cap rate: 10.71%
• Cash-on-cash: 15.76%
• DSCR: 1.70
• GRM: 6.1

CMA / ARV

• ARV (median comp): $239,073
• List price: $145,000
• Delta: -39.35%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.69% rent growth · sell at horizon

5-year hold

• IRR: 6.3%
• Equity multiple: 1.24×
• Total profit: $9,905
• Equity at exit: $21,620

10-year hold

• IRR: 15.4%
• Equity multiple: 2.23×
• Total profit: $50,054
• Equity at exit: $12,537

Cash invested: $40,600 (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 50010

• Rents YoY: 2.7%
• Active inventory: 184
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $1,989 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$217 /mo · $2,606/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$418
• Net cashflow: $533

Break-even live

Break-even rent $1,314

Max offer price $145,000

Occupancy floor 68%

Sensitivity live

Price	-10% $615	-5% $574	+0% $533	+5% $492	+10% $451
Rent	-10% $376	-5% $455	+0% $533	+5% $612	+10% $690
Rate	-1.0pp $606	-0.5pp $570	base $533	+0.5pp $496	+1.0pp $458

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,056
1× unit	1	1	$933
Total (2 units)			$1,989

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
216 S Kellogg Ave Ames, IA	3.0–4.0	2.0	1087	$1,050	$0.97	45d	1	0.63mi
1412 Johnson St Ames, IA	4.0	2.5	1480	$2,100	$1.42	45d	1	1.46mi

Listing history 15 events

1. 2026-06-08
   days on market $145,000 Active 60 DOM
2. 2026-06-07
   days on market $145,000 Active 59 DOM
3. 2026-06-05
   days on market $145,000 Active 56 DOM
4. 2026-06-03
   days on market $145,000 Active 55 DOM
5. 2026-06-02
   days on market $145,000 Active 54 DOM
6. 2026-06-01
   days on market $145,000 Active 53 DOM
7. 2026-05-31
   days on market $145,000 Active 52 DOM
8. 2026-05-30
   days on market $145,000 Active 51 DOM
9. 2026-04-14
   status Active 301-char remark

   Show marketing remark (301 chars)

   Come, check out this two unit rental duplex with established tenants already on contract. Lower unit has two bedrooms and one bathroom while the upstairs unit has one bedroom one bath. Great investment opportunity in the heart of Ames! Call and set up your showings today before this one’s gone.

10. 2026-04-08
    status Pending 301-char remark

    Show marketing remark (301 chars)

    Come, check out this two unit rental duplex with established tenants already on contract. Lower unit has two bedrooms and one bathroom while the upstairs unit has one bedroom one bath. Great investment opportunity in the heart of Ames! Call and set up your showings today before this one’s gone.

11. 2026-04-03
    listed $145,000 Active 301-char remark

    Show marketing remark (301 chars)

    Come, check out this two unit rental duplex with established tenants already on contract. Lower unit has two bedrooms and one bathroom while the upstairs unit has one bedroom one bath. Great investment opportunity in the heart of Ames! Call and set up your showings today before this one’s gone.

12. 2026-03-17
    status Pending
13. 2026-03-17
    listed $130,000 Active
14. 2026-03-17
    historical
15. 2023-08-02
    soldstatus $153,000

ⓘ 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: $2,606 · $217/mo
• Projected year-2 tax: $2,606 · $217/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥102°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: $23,868
• − Mortgage interest: −$8,122
• − Property taxes: −$2,606
• − Insurance: −$725
• − Repairs & maintenance: −$1,909
• − Management: −$1,909
• − Depreciation: −$4,218
• Taxable income: $4,378
• Est. tax owed @ 24.0%: −$1,051
• After-tax cash flow: $5,349/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: Ames Community School District
• NCES district ID: 1903540
• Math proficiency: 70% ▼ -5.00%
• Reading proficiency: 72% ▼ -1.00%
• Median HH income: $39,790
• Composite: 59.22/100
• National rank: #941
• State rank: #147 of 289 in IA

Livability — Ames

• Score: 93/100
• State rank: #2
• US rank: #21

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime A- Employment C- Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ames, IA
• County: Story County · 66,757 people
• City population: 66,757
• Metro: Ames, IA
• Population (ZIP): 33,799
• Household income: $65,398
• Rent vs Own: 46.8% rent · 53.2% own
• Severe rent burden: 1523.0

Population outlook (Story County) Hauer SSP2

• Today (2025): 115,493 people
• By 2030: 126,820 · +9.8%
• By 2040: 150,771 · +30.5%
• By 2050: 177,915 · +54.0%
• By 2075: 255,370 · +121.1%
• By 2100: 316,429 · +174.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Asian 7% Hispanic / Latino 6% Two or more races 5% Black 4%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 6% Iranian 2% Slovak 2%
• Foreign-born: 11% · China, Canada, South Korea
• Languages at home: 88% English-only · Chinese 3% Other Indo-European 3% Spanish 2%

Political lean MEDSL · Story

• 2024 margin: D (+10.4) · D 54.4% · R 44.0% · Other 1.6%
• 2008→2024 swing: -5.8pp toward R · 2008: 16.2pp · 2024: 10.4pp
• All cycles: 2024: D+10.4 2020: D+17.3 2016: D+12.2 2012: D+13.7 2008: D+16.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -121.78%
• Current HPI: 170.4215
• Rent YoY: ▲ 2.69%
• Metro: Ames, 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

-5.2% since first listed

7 events — show timeline

• 2026-04-14 Relisted — DMMLS
• 2026-04-08 Pending — DMMLS
• 2026-04-03 Listed $145,000 DMMLS
• 2026-03-17 Pending — DMMLS
• 2026-03-17 Listing Removed — DMMLS
• 2026-03-17 Listed $130,000 DMMLS
• 2023-08-02 Sold (Public Records) $153,000 Public Records

Property tax history

+4.5%/yr

Latest (2025): $2,606 · +2.1% YoY. Source: county tax records.