909 W 1st St #2 · Pella, IA 50219

$240,000

3 bd · 2.5 ba · 1,519 sqft · Condo public records · 123 Days on market

Built 1971 $158/sqft · 48% below area Est $464k · 48% under $154/mo HOA · 10% of rent ↓ 4% since listing

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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 +15.0/15.0
• Schools +7.3/10.0
• Cash flow +6.3/30.0
• Rent growth +4.5/5.0
• Livability +4.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.6/10.0
• DSCR +0.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this beautiful and well-maintained condo, ideally located just a short walk to downtown Pella. You'll love the quiet living atmosphere of this 50+community. The entire interior has been freshly painted & creates a bright and modern feel throughout. The gorgeous hardwood floors add a touch of warmth and elegance to the open & spacious living areas. If you are looking to just move in and have it ready to enjoy, relax and entertain, come take a look at this condo today! You'll also appreciate the updated bathrooms, which feature walk-in showers as well as ADA high toilets that provide both comfort and style. You won't lack storage with this unit as it has a ton of storage for all your things. Also note that all windows have been replaced! This condo is perfect for those seeking convenience and low-maintenance living, as it effortlessly combines charm, comfort, and a prime location. We invite you to come and see for yourself why this condo could be your perfect new home.

Key facts

• Updated bathrooms
• Walk-in showers
• Ton of storage

Tags

• UPDATED BATHROOMS
• WALK-IN SHOWERS
• TON OF STORAGE
• PRIME LOCATION

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $240k.

Deal economics

• At list price, monthly cash flow is $-423 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $165k (31.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $158k (34.4% below list).
• Recommended offer: $158k (34.4% below list) — sets the bar for 1% rule.
• Cap rate 4.2% 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: Madison Elementary School (math 82% / reading 67%, grade A, #131 of 616 statewide, top 27%, 490 students, 23% 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).
• Market conditions: Rents rising fast (+8.2%/yr); 244 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 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 123 days — a 12% lower offer ($211k) is reasonable based on typical stale-listing flexibility.

Recommended offer $157,543 (34.4% 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 123 days. Have you received any prior offers? Is the seller open to a 34% concession, seller financing, or rate buy-down credit?
3. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.66% ✗
• Cap rate: 4.18%
• Cash-on-cash: -7.55%
• DSCR: 0.66
• GRM: 12.7

CMA / ARV

• ARV (median comp): $464,162
• List price: $240,000
• Delta: -48.29%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -24.1%
• Equity multiple: 0.14×
• Total profit: $-57,476
• Equity at exit: $35,785

10-year hold

• IRR: -9.3%
• Equity multiple: 0.30×
• Total profit: $-46,727
• Equity at exit: $20,751

Cash invested: $67,200 (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: 12.7×

Monthly cashflow live

• Estimated rent: $1,575 high
• Mortgage (P&I): −$1,259
• Tax from tax record: −$155 /mo · $1,860/yr
• Insurance: −$100
• HOA: −$154
• Vacancy / Maint / Mgmt: −$331
• Net cashflow: $-423

Break-even live

Break-even rent $2,111

Max offer price $165,276

Occupancy floor —

Sensitivity live

Price	-10% $-287	-5% $-355	+0% $-423	+5% $-491	+10% $-559
Rent	-10% $-547	-5% $-485	+0% $-423	+5% $-361	+10% $-299
Rate	-1.0pp $-302	-0.5pp $-362	base $-423	+0.5pp $-485	+1.0pp $-548

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1209 Boone St Unit 1/2 Pella, IA	3.0	1.5	1100	$1,595	$1.45	45d	1	0.28mi
1428 Edgewood Dr Pella, IA	4.0	3.0	1451	$2,200	$1.52	25d	1	0.83mi
406 E 15th St Unit 406D Pella, IA	3.0	1.5	1100	$1,395	$1.27	16d	1	1.33mi
410 E 15th St Unit 410C Pella, IA	3.0	1.5	1100	$1,395	$1.27	25d	1	1.33mi
410 E 15th St Unit 410C Pella, IA	3.0	1.5	1100	$1,395	$1.27	16d	1	1.33mi

HOA detail condo

• Monthly dues: $154 · $1,848/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-21
   status $240,000 Pending 123 DOM
2. 2026-06-19
   days on market $240,000 Active 123 DOM
3. 2026-06-18
   days on market $240,000 Active 122 DOM
4. 2026-06-17
   days on market $240,000 Active 121 DOM
5. 2026-06-16
   days on market $240,000 Active 120 DOM
6. 2026-06-15
   days on market $240,000 Active 119 DOM
7. 2026-06-14
   days on market $240,000 Active 117 DOM
8. 2026-06-12
   days on market $240,000 Active 116 DOM
9. 2026-06-09
   days on market $240,000 Active 113 DOM
10. 2026-06-08
    days on market $240,000 Active 112 DOM
11. 2026-06-07
    days on market $240,000 Active 111 DOM
12. 2026-06-07
    days on market $240,000 Active 110 DOM
13. 2026-06-03
    days on market $240,000 Active 107 DOM
14. 2026-06-02
    days on market $240,000 Active 106 DOM
15. 2026-06-01
    days on market $240,000 Active 105 DOM
16. 2026-05-31
    days on market $240,000 Active 104 DOM
17. 2026-05-30
    days on market $240,000 Active 103 DOM
18. 2026-05-18
    price $240,000 1004-char remark

    Show marketing remark (1004 chars)

    Welcome to this beautiful and well-maintained condo, ideally located just a short walk to downtown Pella. You'll love the quiet living atmosphere of this 50+community. The entire interior has been freshly painted & creates a bright and modern feel throughout. The gorgeous hardwood floors add a touch of warmth and elegance to the open & spacious living areas. If you are looking to just move in and have it ready to enjoy, relax and entertain, come take a look at this condo today! You'll also appreciate the updated bathrooms, which feature walk-in showers as well as ADA high toilets that provide both comfort and style. You won't lack storage with this unit as it has a ton of storage for all your things. Also note that all windows have been replaced! This condo is perfect for those seeking convenience and low-maintenance living, as it effortlessly combines charm, comfort, and a prime location. We invite you to come and see for yourself why this condo could be your perfect new home.

19. 2026-02-16
    listed $249,900 Active 1004-char remark

    Show marketing remark (1004 chars)

    Welcome to this beautiful and well-maintained condo, ideally located just a short walk to downtown Pella. You'll love the quiet living atmosphere of this 50+community. The entire interior has been freshly painted & creates a bright and modern feel throughout. The gorgeous hardwood floors add a touch of warmth and elegance to the open & spacious living areas. If you are looking to just move in and have it ready to enjoy, relax and entertain, come take a look at this condo today! You'll also appreciate the updated bathrooms, which feature walk-in showers as well as ADA high toilets that provide both comfort and style. You won't lack storage with this unit as it has a ton of storage for all your things. Also note that all windows have been replaced! This condo is perfect for those seeking convenience and low-maintenance living, as it effortlessly combines charm, comfort, and a prime location. We invite you to come and see for yourself why this condo could be your perfect new home.

ⓘ 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: $1,860 · $155/mo
• Projected year-2 tax: $2,814 · $234/mo
• Expected delta: +$954/yr (+$80/mo · 51.3%)

ⓘ 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: $18,905
• − Mortgage interest: −$13,444
• − Property taxes: −$1,860
• − Insurance: −$1,200
• − Repairs & maintenance: −$1,512
• − Management: −$1,512
• − HOA: −$1,848
• − Depreciation: −$6,982
• Taxable loss: −$9,453
• Est. tax savings @ 24.0%: +$2,269
• After-tax cash flow: $-2,807/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

-4.0% since first listed

2 events — show timeline

• 2026-05-18 Price Changed $240,000 DMMLS
• 2026-02-16 Listed $249,900 DMMLS

Property tax history

+1.5%/yr

Latest (2025): $1,860 · -1.3% YoY. Source: county tax records.