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1427 34th Ave SW #201
C- Composite 51.3
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
  • 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

$115,220

1427 34th Ave SW #201 · Altoona, IA 50009
3 bd · 2.0 ba · 1,641 sqft · Condo · 44 Days on market
55+ age-restricted Built 2020 Good condition Garage $70/sqft · 43% below area Est $203k · 43% under $2680/mo HOA · 150% of rent ↓ 49% since listing

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks

Enjoy low-maintenance living in the Cherry floor plan, the largest unit available at Classic 55+ in Altoona! This spacious 3-bedroom, 2-bathroom corner unit offers 1,641 square feet of living space with an open kitchen and living room, vaulted ceilings, upgraded white cabinetry, stainless steel appliances, and plenty of natural light. The primary suite features a walk-in shower and spacious walk-in closet. Additional highlights include an in-unit laundry room with washer and dryer, a private deck, and an attached garage. Ready to spend less time maintaining your home and more time doing what you enjoy?

Key facts

  • Private deck
  • In-unit laundry room
  • Fitness center

Tags

CORNER UNITIN-UNIT LAUNDRY ROOMPRIVATE DECKON-SITE LIBRARYWOODWORKING SHOPFITNESS CENTER

Neighborhood map

Property Rental comp Retail Costco Walmart Transit Schools Stadiums Fortune 500 · Circle radius: 6.0 mi
Loading POIs…

What this means for you Summary

Snapshot

  • This is a 3-bed/2.0-bath condo listed at $115k. Condition is rated good.

Deal economics

  • At list price, monthly cash flow is $-2k ($-25k/yr) — negative.
  • Rent doesn't cover operating costs at any purchase price — skip.
  • Meets the 1% rule at list price ($2k rent vs $115k).
  • Recommended offer: $112k (3.0% below list) — sets the bar for market timing.
  • Cap rate -15.2% 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; 15 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 $797 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 ($112k) is reasonable based on typical stale-listing flexibility.
  • 13 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 150% of rent.
Recommended offer $111,763 (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
1.55% ✓
Cap rate
-15.23%
Cash-on-cash
-76.86%
DSCR
-2.42
GRM
5.4

CMA / ARV

ARV (median comp)
$202,850
List price
$115,220
Delta
-43.20%
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
2720 21st St SW 0.50mi 3/2.5 1,554 (-5%) 0mo $314,900 $203 66
4217 E 48th St 0.81mi 3/2.5 1,558 (-5%) 1mo $310,000 $199 54
3750 Brook Run Dr 0.80mi 4/3.5 (+1) 1,600 (-2%) 0mo $317,000 $198 50
5613 Brook View Ave 0.73mi 4/2.0 (+1) 1,530 (-7%) 0mo $295,000 $193 49
4275 Grover Woods Ln 1.42mi 3/2.0 1,433 (-13%) 1mo $315,000 $220 43
415 25th Ave SW 0.89mi 3/1.5 1,416 (-14%) 1mo $220,000 $155 39
4370 NE 64th St 0.95mi 3/2.0 1,392 (-15%) 1mo $278,000 $200 39
4929 Richmond Ave 1.14mi 3/3.0 1,410 (-14%) 1mo $325,000 $230 36
2533 E 50th Ct 1.46mi 3/3.0 1,253 (-24%) 0mo $304,990 $243 36
517 18th Ct SW 1.08mi 3/3.0 1,328 (-19%) 1mo $305,000 $230 35
2617 E 50th Ct 1.41mi 3/3.0 1,253 (-24%) 1mo $297,290 $237 35
4610 E Valdez Dr 1.00mi 4/3.0 (+1) 1,364 (-17%) 1mo $342,000 $251 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
-3.52×
Total profit
$-145,673
Equity at exit
$17,180
10-year hold
IRR
—
Equity multiple
-7.59×
Total profit
$-277,067
Equity at exit
$9,962

Cash invested: $32,262 (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.

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
+2.4% 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
5.4×

Monthly cashflow live

Estimated rent
$1,785 high interval (Pro) →
Mortgage (P&I)
−$604
Tax est. 1.5%
−$144 /mo · $1,728/yr
Insurance
−$48
HOA
−$2,680
Vacancy / Maint / Mgmt
−$375
Net cashflow
$-2,066

Break-even live

Break-even rent $4,400
Max offer price —
Occupancy floor —

Sensitivity live

Price -10% $-1,987 -5% $-2,027 +0% $-2,066 +5% $-2,106 +10% $-2,146
Rent -10% $-2,207 -5% $-2,137 +0% $-2,066 +5% $-1,996 +10% $-1,925
Rate -1.0pp $-2,008 -0.5pp $-2,037 base $-2,066 +0.5pp $-2,096 +1.0pp $-2,127

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
$28,805
Closing costs
$3,457
Reserves months
—
Total cash needed
—

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested
—
Monthly P&I
—
Monthly cashflow
—
DSCR
—
Eligible?
—

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested
—
Monthly P&I
—
Monthly cashflow
—
DSCR
—
Eligible?
—

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested
—
Monthly P&I
—
Monthly cashflow
—
DSCR
—
Eligible?
—

Short-term bridge; refi at stabilization.

Rent comps 15 comps

AddressBedsBaths SqftRent$/sqft DOM Units Dist
1490 34th Ave SW Altoona, IA 1.0–3.0 1.0–2.0 996 $1,690 $1.70 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
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
3523 Brook Run Dr Des Moines, IA 4.0 3.0 1960 $2,495 $1.27 51d 1 0.96mi
2040 2nd St SW Altoona, IA 4.0 2.5 1610 $2,295 $1.43 10d 1 1.12mi
908 8th St SW Altoona, IA 2.0–3.0 1.5–2.0 946 $1,175 $1.24 2d 3 1.31mi
1502 Bennetts Way NW Altoona, IA 4.0 2.5 1610 $2,395 $1.49 184d 1 1.41mi

Property features AI

Finance

HOA & community
Homeowners association (Classic 55+ Community of Altoo / Ebenezer)Monthly association feeAssociation fee includes cable TV, insurance, internet, grounds and structure maintenance, recreation facilities, snow removal, security, taxes, trash, and utilitiesSenior community with clubhouse and fitness facilities

Exterior

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

Interior

Kitchen
DishwasherStoveRefrigerator
Bedrooms
3 main-level bedrooms
Flooring
Carpet
Bathrooms
1 full bathroom1 three-quarter bathroom
Heating & cooling
Central air conditioningForced air heating (natural gas)
Interior features
Eat-in kitchenWindow treatments
Laundry & utility
Main-level laundryWasherDryer

HOA detail $2,680/mo · $32,160/yr condo

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

Listing history 50 events

  1. 2026-11-08
    days on market $115,220 Active 44 DOM
  2. 2026-11-07
    days on market $115,220 Active 43 DOM
  3. 2026-11-06
    days on market $115,220 Active 42 DOM
  4. 2026-11-05
    days on market $115,220 Active 41 DOM
  5. 2026-11-04
    days on market $115,220 Active 40 DOM
  6. 2026-11-02
    days on market $115,220 Active 38 DOM
  7. 2026-11-01
    days on market $115,220 Active 37 DOM
  8. 2026-10-31
    days on market $115,220 Active 36 DOM
  9. 2026-10-30
    days on market $115,220 Active 35 DOM
  10. 2026-10-29
    days on market $115,220 Active 34 DOM
  11. 2026-10-28
    days on market $115,220 Active 33 DOM
  12. 2026-10-27
    days on market $115,220 Active 32 DOM
  13. 2026-10-26
    days on market $115,220 Active 31 DOM
  14. 2026-10-25
    days on market $115,220 Active 30 DOM
  15. 2026-10-24
    days on market $115,220 Active 29 DOM
  16. 2026-10-23
    days on market $115,220 Active 28 DOM
  17. 2026-10-22
    days on market $115,220 Active 27 DOM
  18. 2026-10-21
    days on market $115,220 Active 26 DOM
  19. 2026-10-20
    days on market $115,220 Active 25 DOM
  20. 2026-10-19
    days on market $115,220 Active 24 DOM
  21. 2026-10-18
    days on market $115,220 Active 23 DOM
  22. 2026-10-17
    days on market $115,220 Active 22 DOM
  23. 2026-10-16
    days on market $115,220 Active 21 DOM
  24. 2026-10-15
    days on market $115,220 Active 20 DOM
  25. 2026-10-14
    days on market $115,220 Active 19 DOM
  26. 2026-10-13
    days on market $115,220 Active 18 DOM
  27. 2026-10-12
    days on market $115,220 Active 17 DOM
  28. 2026-10-11
    days on market $115,220 Active 16 DOM
  29. 2026-10-10
    days on market $115,220 Active 15 DOM
  30. 2026-10-09
    days on market $115,220 Active 14 DOM
  31. 2026-10-08
    days on market $115,220 Active 13 DOM
  32. 2026-10-07
    days on market $115,220 Active 12 DOM
  33. 2026-10-06
    days on market $115,220 Active 11 DOM
  34. 2026-10-05
    days on market $115,220 Active 10 DOM
  35. 2026-10-04
    days on market $115,220 Active 9 DOM
  36. 2026-10-03
    days on market $115,220 Active 8 DOM
  37. 2026-10-02
    days on market $115,220 Active 7 DOM
  38. 2026-10-01
    days on market $115,220 Active 6 DOM
  39. 2026-09-30
    days on market $115,220 Active 5 DOM
  40. 2026-09-29
    days on market $115,220 Active 4 DOM
  41. 2026-09-28
    days on market $115,220 Active 3 DOM
  42. 2026-09-27
    days on market $115,220 Active 2 DOM
  43. 2026-09-26
    remarks 699-char remark
  44. 2026-09-26
    pricedays on marketlisting id $115,220 Active 1 DOM
  45. 2026-06-17
    days on market $195,900 Active 161 DOM
  46. 2026-06-16
    days on market $195,900 Active 160 DOM
  47. 2026-06-15
    days on market $195,900 Active 159 DOM
  48. 2026-06-14
    days on market $195,900 Active 157 DOM
  49. 2026-06-10
    days on market $195,900 Active 154 DOM
  50. 2026-06-09
    days on market $195,900 Active 153 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

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income
$21,415
− Mortgage interest
−$6,454
− Property taxes
−$1,728
− Insurance
−$576
− Repairs & maintenance
−$1,713
− Management
−$1,713
− HOA
−$32,160
− Depreciation
−$3,352
Taxable loss
−$26,282
combined federal + state — saved on this device
Est. tax savings @ 24.0%
+$6,308
After-tax cash flow
$-18,490/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 None rehab

This 3-bedroom, 1.75-bath condo is in excellent condition with modern finishes and a good location. It's move-in ready and would be a great investment.

Value-add opportunities

  • Both Paint exterior — Enhances curb appeal and resale value ↑
  • Both Clean gutters — Improves drainage and overall appearance ↑
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

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%

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%

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
—

Price history

-49.4% since first listed
30 events — show timeline
  • 2026-09-25 Listed $115,220 DMMLS
  • 2026-06-17 Listing Removed — DMMLS
  • 2026-01-07 Listed $195,900 DMMLS
  • 2025-01-20 Listing Removed — DMMLS
  • 2024-10-30 Listed $195,900 DMMLS
  • 2024-10-23 Listing Removed — DMMLS
  • 2024-08-22 Price Changed $195,900 DMMLS
  • 2024-07-29 Price Changed $200,772 DMMLS
  • 2024-02-23 Listed $220,772 DMMLS
  • 2024-02-12 Listing Removed — DMMLS
  • 2023-12-06 Listed $220,772 DMMLS
  • 2023-11-28 Listing Removed — DMMLS
  • 2023-10-05 Listed $240,772 DMMLS
  • 2023-09-30 Listing Removed — DMMLS
  • 2023-07-11 Listed $240,772 DMMLS
  • 2023-06-30 Listing Removed — DMMLS
  • 2023-04-24 Listed $240,772 DMMLS
  • 2023-04-17 Listing Removed — DMMLS
  • 2023-02-16 Listed $240,772 DMMLS
  • 2023-02-15 Listing Removed — DMMLS
  • 2023-01-18 Price Changed $240,772 DMMLS
  • 2022-11-16 Listed $234,026 DMMLS
  • 2022-11-15 Listing Removed — DMMLS
  • 2022-09-16 Listed $234,026 DMMLS
  • 2022-09-15 Listing Removed — DMMLS
  • 2022-04-29 Price Changed $234,026 DMMLS
  • 2022-01-11 Price Changed $233,926 DMMLS
  • 2021-09-16 Listed $227,684 DMMLS
  • 2021-09-15 Listing Removed — DMMLS
  • 2021-03-17 Listed $227,684 DMMLS

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

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