1427 34th Ave SW #207 · Altoona, IA 50009

$92,680

2 bd · 2.0 ba · 1,319 sqft · Condo · 44 Days on market

55+ age-restricted Built 2020 Excellent condition Garage $2154/mo HOA ↓ 49% since listing

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Why this score? — see what drove the C- 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 +15.0/15.0
• Cash flow +7.5/30.0
• 1% rule +7.5/10.0
• Schools +7.2/10.0
• Condition / age +4.8/5.0
• Livability +4.0/5.0
• Rent growth +3.7/5.0
• DSCR +2.5/10.0
• Appreciation +0.0/10.0

Listing remarks

Enjoy easy, maintenance-free living in the beautiful Magnolia floor plan at Classic 55+ Community of Altoona! Located on the second floor, this spacious home features an open layout, plenty of natural light, and a beautiful white kitchen with stainless steel Energy Star appliances. The primary suite offers a generously sized bedroom, walk-in closet, and walk-in shower. You'll also find a second bedroom and bathroom, a den for additional living space, an in-unit laundry room with washer and dryer, a private deck, and a heated attached garage. One of the biggest perks of cooperative living is having the maintenance taken care of for you!

Key facts

• In-unit laundry room
• Walk-in closet
• Magnolia floor plan

Tags

• MAGNOLIA FLOOR PLAN
• WHITE KITCHEN
• STAINLESS STEEL APPLIANCES
• WALK-IN CLOSET
• WALK-IN SHOWER
• IN-UNIT LAUNDRY ROOM

🏢 Co-op / cooperative unit. The $92,680 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $93k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-2k ($-19k/yr) — negative.
• Rent doesn't cover operating costs at any purchase price — skip.
• Meets the 1% rule at list price ($2k rent vs $93k).
• Recommended offer: $90k (3.0% below list) — sets the bar for market timing.
• Cap rate -13.9% vs local median 3.2% in Altoona — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 80/100 on livability (#85 in IA, #1,757 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Southeast Polk Community School District (rural): math 73% / reading 73% proficiency, ranked #70 of 289 in IA (top 24%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Willowbrook Elementary (math 69% / reading 64%, grade B+, #313 of 616 statewide, top 51%, 533 students, 50% FRL); Southeast Polk Junior High (math 74% / reading 71%, grade A, #90 of 246 statewide, top 38%, 1,088 students, 37% FRL); Southeast Polk High School (math 65% / reading 74%, grade B, #152 of 336 statewide, top 52%, 2,353 students, 32% FRL) — zoned schools average 40% FRL vs 23% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.6%/yr); 596 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 2,953 units permitted in Polk County in 2024 (540 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $641 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Polk County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($90k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 5y 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.

Risks & watch-outs

• Watch-outs: HOA is 138% of rent.

Recommended offer $89,899 (3.0% 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 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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: 1.69% ✓
• Cap rate: -13.88%
• Cash-on-cash: -72.04%
• DSCR: -2.21
• GRM: 4.9

CMA / ARV

• ARV (median comp): $158,899
• List price: $92,680
• Delta: -41.67%
• 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
2836 Ashland Ct	0.39mi	2/2.5	1,166 (-12%)	0mo	$198,000	$170	60
517 18th Ct SW	1.08mi	3/3.0 (+1)	1,328 (+1%)	1mo	$305,000	$230	54
4370 NE 64th St	0.95mi	3/2.0 (+1)	1,392 (+6%)	1mo	$278,000	$200	50
2533 E 50th Ct	1.46mi	3/3.0 (+1)	1,253 (-5%)	0mo	$304,990	$243	48
2617 E 50th Ct	1.41mi	3/3.0 (+1)	1,253 (-5%)	1mo	$297,290	$237	47
3701 Brook Ridge Ct #706	0.69mi	2/1.5	1,166 (-12%)	1mo	$142,000	$122	45
4275 Grover Woods Ln	1.42mi	3/2.0 (+1)	1,433 (+9%)	1mo	$315,000	$220	45
415 25th Ave SW	0.89mi	3/1.5 (+1)	1,416 (+7%)	1mo	$220,000	$155	45
2720 21st St SW	0.50mi	3/2.5 (+1)	1,554 (+18%)	0mo	$314,900	$203	44
4929 Richmond Ave	1.14mi	3/3.0 (+1)	1,410 (+7%)	1mo	$325,000	$230	43
2205 4th St SW	1.01mi	3/2.0 (+1)	1,040 (-21%)	1mo	$232,000	$223	34
4217 E 48th St	0.81mi	3/2.5 (+1)	1,558 (+18%)	1mo	$310,000	$199	32

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 · 4.61% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: -3.25×
• Total profit: $-110,322
• Equity at exit: $13,819

10-year hold

• IRR: —
• Equity multiple: -6.99×
• Total profit: $-207,439
• Equity at exit: $8,013

Cash invested: $25,950 (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 →

Active competition Active MLS

• For sale now: 1 active
• Median asking: $169,900 ($121/sqft)
• Median days on market: 154 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -0.2% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 50009

• Rents YoY: 4.6%
• Active inventory: 596
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $1,565 high
• Mortgage (P&I): −$486
• Tax est. 1.5%: −$116 /mo · $1,390/yr
• Insurance: −$39
• HOA: −$2,154
• Vacancy / Maint / Mgmt: −$329
• Net cashflow: $-1,558

Break-even live

Break-even rent $3,537

Max offer price —

Occupancy floor —

Sensitivity live

Price	-10% $-1,494	-5% $-1,526	+0% $-1,558	+5% $-1,590	+10% $-1,622
Rent	-10% $-1,682	-5% $-1,620	+0% $-1,558	+5% $-1,496	+10% $-1,434
Rate	-1.0pp $-1,511	-0.5pp $-1,534	base $-1,558	+0.5pp $-1,582	+1.0pp $-1,606

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: $23,170
• Closing costs: $2,780
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1490 34th Ave SW Altoona, IA	1.0–3.0	1.0–2.0	996	$1,465	$1.47	0d	10	0.09mi
1101 34th Ave SW Altoona, IA	3.0–4.0	2.0	1392	$1,450	$1.04	0d	1	0.18mi
1614 28th Ave SW Altoona, IA	3.0	1.0	1051	$1,295	$1.23	2d	1	0.22mi
1574 28th Ave SW Altoona, IA	3.0	1.0	1051	$1,300	$1.24	2d	1	0.22mi
1523 Bailie Ln SW Altoona, IA	3.0	1.0	1008	$1,250	$1.24	22d	2	0.23mi
1550 28th Ave SW Altoona, IA	3.0	1.0	1051	$1,298	$1.23	0d	2	0.26mi
1554 28th Ave SW Altoona, IA	3.0	1.0	1051	$1,400	$1.33	184d	1	0.26mi
2725 16th St SW Altoona, IA	3.0	2.5	1752	$2,200	$1.26	0d	1	0.29mi
2725 16th St SW Unit Na Altoona, IA	3.0	2.5	1752	$2,200	$1.26	21d	1	0.29mi
2830 20th St SW Altoona, IA	3.0	2.0	1290	$2,095	$1.62	107d	1	0.44mi
2822 20th St SW Altoona, IA	3.0	2.0	1180	$2,095	$1.78	155d	1	0.45mi
3701 Brook Ridge Ct Des Moines, IA	2.0	1.5–3.0	1264	$1,650	$1.31	0d	2	0.69mi
908 8th St SW Altoona, IA	2.0–3.0	1.5–2.0	946	$955	$1.01	2d	3	1.31mi

Property features AI

Finance

• HOA & community: Part of a homeowners association (senior/55+ community)Community clubhouse and fitness facilitiesMonthly association fee of $2,154 (includes cable TV, insurance, internet, grounds and structure maintenance, recreation facilities, snow removal, security, taxes, trash, utilities)

Exterior

• Parking: Detached one-car garage
• Security: Security systemFire alarm
• Utilities: Public waterPublic sewer
• Home design: Resale propertyZoned R
• Construction: Brick and stone constructionAsphalt shingle roofPoured foundation
• Exterior features: Concrete road surfaceSecurity systemFire alarm

Interior

• Kitchen: DishwasherStoveRefrigerator
• Bedrooms: 2 main-level bedrooms
• Flooring: Carpet
• Bathrooms: 1 full bathroom1 three-quarter bathroom
• Heating & cooling: Central air conditioningForced air heatingGas / natural gas heating
• Interior features: Eat-in kitchenWindow treatments
• Laundry & utility: WasherDryerLaundry on main level

HOA detail $2,154/mo · $25,848/yr condo

• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-11-08
   days on market $92,680 Active 44 DOM
2. 2026-11-07
   days on market $92,680 Active 43 DOM
3. 2026-11-06
   days on market $92,680 Active 42 DOM
4. 2026-11-05
   days on market $92,680 Active 41 DOM
5. 2026-11-04
   days on market $92,680 Active 40 DOM
6. 2026-11-02
   days on market $92,680 Active 38 DOM
7. 2026-11-01
   days on market $92,680 Active 37 DOM
8. 2026-10-31
   days on market $92,680 Active 36 DOM
9. 2026-10-30
   days on market $92,680 Active 35 DOM
10. 2026-10-29
    days on market $92,680 Active 34 DOM
11. 2026-10-28
    days on market $92,680 Active 33 DOM
12. 2026-10-27
    days on market $92,680 Active 32 DOM
13. 2026-10-26
    days on market $92,680 Active 31 DOM
14. 2026-10-25
    days on market $92,680 Active 30 DOM
15. 2026-10-24
    days on market $92,680 Active 29 DOM
16. 2026-10-23
    days on market $92,680 Active 28 DOM
17. 2026-10-22
    days on market $92,680 Active 27 DOM
18. 2026-10-21
    days on market $92,680 Active 26 DOM
19. 2026-10-20
    days on market $92,680 Active 25 DOM
20. 2026-10-19
    days on market $92,680 Active 24 DOM
21. 2026-10-18
    days on market $92,680 Active 23 DOM
22. 2026-10-17
    days on market $92,680 Active 22 DOM
23. 2026-10-16
    days on market $92,680 Active 21 DOM
24. 2026-10-15
    days on market $92,680 Active 20 DOM
25. 2026-10-14
    days on market $92,680 Active 19 DOM
26. 2026-10-13
    days on market $92,680 Active 18 DOM
27. 2026-10-12
    days on market $92,680 Active 17 DOM
28. 2026-10-11
    days on market $92,680 Active 16 DOM
29. 2026-10-10
    days on market $92,680 Active 15 DOM
30. 2026-10-09
    days on market $92,680 Active 14 DOM
31. 2026-10-08
    days on market $92,680 Active 13 DOM
32. 2026-10-07
    days on market $92,680 Active 12 DOM
33. 2026-10-06
    days on market $92,680 Active 11 DOM
34. 2026-10-05
    days on market $92,680 Active 10 DOM
35. 2026-10-04
    days on market $92,680 Active 9 DOM
36. 2026-10-03
    days on market $92,680 Active 8 DOM
37. 2026-10-02
    days on market $92,680 Active 7 DOM
38. 2026-10-01
    days on market $92,680 Active 6 DOM
39. 2026-09-30
    days on market $92,680 Active 5 DOM
40. 2026-09-29
    days on market $92,680 Active 4 DOM
41. 2026-09-28
    days on market $92,680 Active 3 DOM
42. 2026-09-27
    days on market $92,680 Active 2 DOM
43. 2026-09-26
    remarks 699-char remark
44. 2026-09-26
    pricedays on marketlisting id $92,680 Active 1 DOM
45. 2026-06-29
    days on market $154,900 Active 173 DOM
46. 2026-06-28
    days on market $154,900 Active 172 DOM
47. 2026-06-28
    days on market $154,900 Active 171 DOM
48. 2026-06-27
    days on market $154,900 Active 170 DOM
49. 2026-06-25
    days on market $154,900 Active 168 DOM
50. 2026-06-23
    days on market $154,900 Active 166 DOM

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°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: $18,783
• − Mortgage interest: −$5,192
• − Property taxes: −$1,390
• − Insurance: −$463
• − Repairs & maintenance: −$1,503
• − Management: −$1,503
• − HOA: −$25,848
• − Depreciation: −$2,696
• Taxable loss: −$19,812
• Est. tax savings @ 24.0%: +$4,755
• After-tax cash flow: $-13,941/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 · 12 photos

Excellent 95/100 None rehab

This 55+ cooperative community offers a well-maintained and move-in-ready living space with modern amenities and a vibrant community atmosphere.

Value-add opportunities

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Replace carpet with hardwood flooring throughout — Improves durability and adds value ↑
• Both Install smart home technology — Enhances convenience and adds modern appeal ↑

B Composite school gradezoned avg 72/100

Zoned Schools

Elementary Willowbrook Elementary B+ IA #313/616 Nat'l #4,825/41,679 Middle Spring Creek - 6th Grade A+ IA #44/246 Nat'l #332/14,009 High Southeast Polk High School B IA #152/336 Nat'l #2,167/17,239

Schools (NCES district)

• District: Southeast Polk Community School District
• NCES district ID: 1926820
• Math proficiency: 73% ▼ -8.00%
• Reading proficiency: 73% ▼ -3.00%
• Median HH income: $73,440
• Composite: 64.1/100
• National rank: #575
• State rank: #70 of 289 in IA

A Composite livability gradescore 80/100

Livability — Altoona

• Score: 80/100
• State rank: #85
• US rank: #1757

Category grades

Amenities F Commute F Cost of living A+ Crime B+ Employment A Housing A+ Health & safety A+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Altoona, IA
• County: Polk County · 548,042 people
• City population: 22,886
• Metro: Des Moines-West Des Moines, IA
• Population (ZIP): 22,886
• Household income: $88,447
• Rent vs Own: 29.5% rent · 70.5% own
• Severe rent burden: 5% of renters

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Population outlook (Polk County) Hauer SSP2

• Today (2025): 548,042 people
• By 2030: 588,557 · +7.4%
• By 2040: 670,629 · +22.4%
• By 2050: 752,830 · +37.4%
• By 2075: 955,069 · +74.3%
• By 2100: 1,115,436 · +103.5%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 7% Two or more races 5% Black 3% Asian 2%
• Hispanic origin (detail): Mexican 6%
• Languages at home: 95% English-only · Spanish 3% Arabic 1%

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Political lean MEDSL · Polk

• 2024 margin: D (+10.9) · D 54.8% · R 43.9% · Other 1.3%
• 2008→2024 swing: -3.7pp toward R · 2008: 14.6pp · 2024: 10.9pp
• All cycles: 2024: D+10.9 2020: D+15.2 2016: D+11.5 2012: D+14.2 2008: D+14.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -154.79%
• Current HPI: 215.9041
• Rent YoY: ▲ 4.61%
• Metro: Des Moines-West Des Moines, IA
• State GDP YoY: ▲ 2.48%
• F500 in state: 4

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Industry mix (Fortune 500 HQ in IA)

Industry	F500 HQs	Revenue
▸Financial Services	1	$16B
▸Retail / Convenience	1	$15B

Property features AI

Finance

• HOA & community: Part of a homeowners association (senior/55+ community)Community clubhouse and fitness facilitiesMonthly association fee of $2,154 (includes cable TV, insurance, internet, grounds and structure maintenance, recreation facilities, snow removal, security, taxes, trash, utilities)

Exterior

• Parking: Detached one-car garage
• Security: Security systemFire alarm
• Utilities: Public waterPublic sewer
• Home design: Resale propertyZoned R
• Construction: Brick and stone constructionAsphalt shingle roofPoured foundation
• Exterior features: Concrete road surfaceSecurity systemFire alarm

Interior

• Kitchen: DishwasherStoveRefrigerator
• Bedrooms: 2 main-level bedrooms
• Flooring: Carpet
• Bathrooms: 1 full bathroom1 three-quarter bathroom
• Heating & cooling: Central air conditioningForced air heatingGas / natural gas heating
• Interior features: Eat-in kitchenWindow treatments
• Laundry & utility: WasherDryerLaundry on main level

Price history

-49.4% since first listed

31 events — show timeline

• 2026-09-25 Listed $92,680 DMMLS
• 2026-06-29 Listing Removed — Greater Lansing AoR
• 2026-06-29 Listing Removed — DMMLS
• 2026-01-05 Listed $154,900 DMMLS
• 2025-01-20 Listing Removed — DMMLS
• 2024-10-30 Listed $139,500 DMMLS
• 2024-10-23 Listing Removed — DMMLS
• 2024-09-18 Price Changed $139,500 DMMLS
• 2024-08-22 Price Changed $149,900 DMMLS
• 2024-07-29 Price Changed $153,527 DMMLS
• 2024-02-25 Listed $173,527 DMMLS
• 2024-02-12 Listing Removed — DMMLS
• 2023-12-06 Listed $173,527 DMMLS
• 2023-11-28 Listing Removed — DMMLS
• 2023-10-05 Listed $193,527 DMMLS
• 2023-07-15 Listing Removed — DMMLS
• 2023-05-17 Listed $193,527 DMMLS
• 2023-05-09 Listing Removed — DMMLS
• 2023-03-09 Listed $193,527 DMMLS
• 2023-03-08 Listing Removed — DMMLS
• 2023-01-18 Price Changed $193,527 DMMLS
• 2023-01-18 Price Changed $195,527 DMMLS
• 2022-12-07 Listed $188,124 DMMLS
• 2022-12-06 Listing Removed — DMMLS
• 2022-09-16 Listed $188,124 DMMLS
• 2022-09-15 Listing Removed — DMMLS
• 2022-04-29 Price Changed $188,124 DMMLS
• 2022-01-11 Price Changed $188,024 DMMLS
• 2021-09-16 Listed $183,008 DMMLS
• 2021-09-15 Listing Removed — DMMLS
• 2021-03-19 Listed $183,008 DMMLS