1427 34th Ave SW #204 · Altoona, IA 50009

$78,173

2 bd · 2.0 ba · 1,087 sqft · Condo · 13 Days on market

55+ age-restricted Built 2020 Good condition Garage $72/sqft · 51% below area $1826/mo HOA · 124% of rent ↓ 57% 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).

• Cash flow +7.5/30.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• Schools +7.2/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +3.7/5.0
• DSCR +2.5/10.0
• Appreciation +0.0/10.0

Listing remarks

Ready to spend less time on home maintenance and more time doing what you enjoy? This beautiful 2-bedroom, 2-bathroom Oak floor plan at Classic 55+ Community of Altoona offers 1,087 square feet of living space with vaulted ceilings, an open layout, and plenty of upgrades! Features include antique white cabinetry with rollouts, St. Andrews Oak flooring, quartz countertops, upgraded lighting, black appliances, and custom closet systems. The primary suite features a whirlpool tub with tile surround, and you'll also enjoy in-unit laundry, a private balcony, and an attached garage.

Key facts

• Quartz countertops
• Upgraded lighting
• Open layout

Tags

• VAULTED CEILINGS
• OPEN LAYOUT
• ANTIQUE WHITE CABINETRY
• ST. ANDREWS OAK FLOORING
• QUARTZ COUNTERTOPS
• UPGRADED LIGHTING

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $78k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-1k ($-14k/yr) — negative.
• Rent doesn't cover operating costs at any purchase price — skip.
• Meets the 1% rule at list price ($1k rent vs $78k).
• Cap rate -12.2% 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; 12 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 $541 of loan paydown is wiped out by about $2k 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

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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: HOA is 124% of rent.

Recommended offer $147,021

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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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 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: 1.88% ✓
• Cap rate: -12.20%
• Cash-on-cash: -66.05%
• DSCR: -1.94
• GRM: 4.4

CMA / ARV

• ARV (median comp): $158,899
• List price: $78,173
• Delta: -50.80%
• 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	0.38mi	2/2.5	1,166 (+7%)	0mo	$198,000	$170	68
2860 Pilgrim Dr SW	0.53mi	3/2.0 (+1)	1,165 (+7%)	2mo	$310,000	$266	56
3701 Brook Ridge Ct #706	0.70mi	2/1.5	1,166 (+7%)	1mo	$142,000	$122	52
2205 4th St SW	1.00mi	3/2.0 (+1)	1,040 (-4%)	1mo	$232,000	$223	52
2016 2nd St SW	1.16mi	3/2.0 (+1)	1,184 (+9%)	2mo	$306,500	$259	43
1107 4th St SW	1.48mi	3/1.0 (+1)	1,000 (-8%)	2mo	$225,000	$225	41
3799 Village Run Dr #702	0.88mi	2/1.5	1,308 (+20%)	2mo	$164,900	$126	36
215 25th Ave SW	1.00mi	3/1.0 (+1)	960 (-12%)	2mo	$218,000	$227	35
3066 E 52nd St	1.08mi	3/2.0 (+1)	1,260 (+16%)	2mo	$295,000	$234	33
2533 E 50th Ct	1.47mi	3/3.0 (+1)	1,253 (+15%)	0mo	$304,990	$243	31
517 18th Ct SW	1.08mi	3/3.0 (+1)	1,328 (+22%)	1mo	$305,000	$230	30
2617 E 50th Ct	1.41mi	3/3.0 (+1)	1,253 (+15%)	1mo	$297,290	$237	30

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: -2.92×
• Total profit: $-85,836
• Equity at exit: $11,656

10-year hold

• IRR: —
• Equity multiple: -6.25×
• Total profit: $-158,639
• Equity at exit: $6,759

Cash invested: $21,888 (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 50009

• Rents YoY: 4.6%
• Active inventory: 596
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,470 high
• Mortgage (P&I): −$410
• Tax est. 1.5%: −$98 /mo · $1,173/yr
• Insurance: −$33
• HOA: −$1,826
• Vacancy / Maint / Mgmt: −$309
• Net cashflow: $-1,205

Break-even live

Break-even rent $2,995

Max offer price —

Occupancy floor —

Sensitivity live

Price	-10% $-1,151	-5% $-1,178	+0% $-1,205	+5% $-1,232	+10% $-1,259
Rent	-10% $-1,321	-5% $-1,263	+0% $-1,205	+5% $-1,147	+10% $-1,089
Rate	-1.0pp $-1,165	-0.5pp $-1,185	base $-1,205	+0.5pp $-1,225	+1.0pp $-1,246

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: $19,543
• Closing costs: $2,345
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 12 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
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
4216 E 50th St Des Moines, IA	1.0–2.0	1.0–2.0	738	$1,200	$1.63	0d	11	0.72mi
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: Located in the Classic 55+ Community of Altoo and EbenezerMonthly association fee includes cable TV, insurance, internet, grounds and structure maintenance, recreation facilities, snow removal, security, taxes, trash, and utilitiesCommunity features a clubhouse and fitness facilities

Exterior

• Parking: Detached one-car garage
• Security: Security systemFire alarm
• Utilities: Public waterPublic sewer
• Construction: Brick and stone constructionAsphalt shingle roofPoured foundation

Interior

• Kitchen: Dishwasher, refrigerator, stove
• Bedrooms: 2 bedrooms on the main level
• Flooring: Carpet
• Bathrooms: 1 full bathroom1 three-quarter bathroom
• Heating & cooling: Forced-air natural gas heatingCentral air conditioning
• Interior features: Eat-in kitchenWindow treatments
• Laundry & utility: Main-level laundryWasher and dryer

HOA detail $1,826/mo · $21,912/yr condo

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

Listing history 27 events

1. 2026-11-08
   days on market $78,173 Active 13 DOM
2. 2026-11-07
   days on market $78,173 Active 12 DOM
3. 2026-11-06
   days on market $78,173 Active 11 DOM
4. 2026-11-05
   days on market $78,173 Active 10 DOM
5. 2026-11-04
   days on market $78,173 Active 9 DOM
6. 2026-11-02
   days on market $78,173 Active 7 DOM
7. 2026-11-01
   days on market $78,173 Active 6 DOM
8. 2026-10-31
   days on market $78,173 Active 5 DOM
9. 2026-10-30
   days on market $78,173 Active 4 DOM
10. 2026-10-29
    days on market $78,173 Active 3 DOM
11. 2026-10-28
    days on market $78,173 Active 2 DOM
12. 2026-10-27
    remarks 699-char remark
13. 2026-10-27
    pricedays on marketlisting id $78,173 Active 1 DOM
14. 2026-06-17
    days on market $179,900 Active 96 DOM
15. 2026-06-16
    days on market $179,900 Active 95 DOM
16. 2026-06-15
    days on market $179,900 Active 94 DOM
17. 2026-06-14
    days on market $179,900 Active 92 DOM
18. 2026-06-10
    days on market $179,900 Active 89 DOM
19. 2026-06-09
    days on market $179,900 Active 88 DOM
20. 2026-06-08
    days on market $179,900 Active 87 DOM
21. 2026-06-07
    days on market $179,900 Active 86 DOM
22. 2026-06-03
    days on market $179,900 Active 82 DOM
23. 2026-06-02
    days on market $179,900 Active 81 DOM
24. 2026-06-01
    days on market $179,900 Active 80 DOM
25. 2026-05-31
    days on market $179,900 Active 79 DOM
26. 2026-05-31
    days on market $179,900 Active 78 DOM
27. 2026-03-13
    listed $179,900 Active 1572-char remark

ⓘ 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: $17,643
• − Mortgage interest: −$4,379
• − Property taxes: −$1,173
• − Insurance: −$391
• − Repairs & maintenance: −$1,411
• − Management: −$1,411
• − HOA: −$21,912
• − Depreciation: −$2,274
• Taxable loss: −$15,309
• Est. tax savings @ 24.0%: +$3,674
• After-tax cash flow: $-10,783/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

Good 80/100 Cosmetic rehab Est. rehab $5,435–$16,305 screening

This 2-bedroom, 2-bathroom condo is in excellent condition with modern finishes and a good layout. It's move-in ready and would benefit from some exterior painting and landscaping to enhance its curb appeal.

Value-add opportunities

• Both Painting the exterior — Enhances curb appeal and resale value ↑
• Both Landscaping improvements — Enhances curb appeal and resale value ↑
• Both New flooring in bathrooms — Improves aesthetics and resale value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

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: Located in the Classic 55+ Community of Altoo and EbenezerMonthly association fee includes cable TV, insurance, internet, grounds and structure maintenance, recreation facilities, snow removal, security, taxes, trash, and utilitiesCommunity features a clubhouse and fitness facilities

Exterior

• Parking: Detached one-car garage
• Security: Security systemFire alarm
• Utilities: Public waterPublic sewer
• Construction: Brick and stone constructionAsphalt shingle roofPoured foundation

Interior

• Kitchen: Dishwasher, refrigerator, stove
• Bedrooms: 2 bedrooms on the main level
• Flooring: Carpet
• Bathrooms: 1 full bathroom1 three-quarter bathroom
• Heating & cooling: Forced-air natural gas heatingCentral air conditioning
• Interior features: Eat-in kitchenWindow treatments
• Laundry & utility: Main-level laundryWasher and dryer

Price history

-56.5% since first listed

3 events — show timeline

• 2026-10-23 Listed $78,173 DMMLS
• 2026-06-17 Listing Removed — DMMLS
• 2026-03-13 Listed $179,900 DMMLS