1427 34th Ave SW #201 · Altoona, IA
Flood risk 1/10 · Minimal
- FEMA flood zone
- X (unshaded)
- Chance of flooding over 30 yrs
- 0.0%
- Est. flood insurance / yr
- $507 – $1,088
Fire risk 1/10 · Minimal
- Est. fire insurance / yr
- $902 – $1,676
Heat risk 3/10 · Minor
- Hot days now (above 103°F)
- 7 days/yr
- Hot days in 30 yrs
- 15 days/yr
Wind risk 2/10 · Minimal
- Chance of severe wind over 30 yrs
- —
Air-quality risk 1/10 · Minimal
- Unhealthy air days now
- 0 days/yr
- Unhealthy air days in 30 yrs
- 0 days/yr
Risk factors via First Street. Map © Google.
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
🖨 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
Neighborhood map
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.
Questions for the listing agent
- 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?
- 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?
- What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
- 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?
- Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
- 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?
- 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.
- 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.
- 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
- IRR
- —
- Equity multiple
- -3.52×
- Total profit
- $-145,673
- Equity at exit
- $17,180
- 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
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
- Lot rent
- −$0
- Vacancy / Maint / Mgmt
- −$375
- Net cashflow
- $-2,066
Break-even live
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
- Club membership (one-time)
- —
- 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
| Address | Beds | Baths | Sqft | Rent | $/sqft | DOM | Units | Dist |
|---|---|---|---|---|---|---|---|---|
| 1490 34th Ave SW Altoona, IA | 1.0–3.0 | 1.0–2.0 | 996 | $1,690 | $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
-
2026-11-08days on market $115,220 Active 44 DOM
-
2026-11-07days on market $115,220 Active 43 DOM
-
2026-11-06days on market $115,220 Active 42 DOM
-
2026-11-05days on market $115,220 Active 41 DOM
-
2026-11-04days on market $115,220 Active 40 DOM
-
2026-11-02days on market $115,220 Active 38 DOM
-
2026-11-01days on market $115,220 Active 37 DOM
-
2026-10-31days on market $115,220 Active 36 DOM
-
2026-10-30days on market $115,220 Active 35 DOM
-
2026-10-29days on market $115,220 Active 34 DOM
-
2026-10-28days on market $115,220 Active 33 DOM
-
2026-10-27days on market $115,220 Active 32 DOM
-
2026-10-26days on market $115,220 Active 31 DOM
-
2026-10-25days on market $115,220 Active 30 DOM
-
2026-10-24days on market $115,220 Active 29 DOM
-
2026-10-23days on market $115,220 Active 28 DOM
-
2026-10-22days on market $115,220 Active 27 DOM
-
2026-10-21days on market $115,220 Active 26 DOM
-
2026-10-20days on market $115,220 Active 25 DOM
-
2026-10-19days on market $115,220 Active 24 DOM
-
2026-10-18days on market $115,220 Active 23 DOM
-
2026-10-17days on market $115,220 Active 22 DOM
-
2026-10-16days on market $115,220 Active 21 DOM
-
2026-10-15days on market $115,220 Active 20 DOM
-
2026-10-14days on market $115,220 Active 19 DOM
-
2026-10-13days on market $115,220 Active 18 DOM
-
2026-10-12days on market $115,220 Active 17 DOM
-
2026-10-11days on market $115,220 Active 16 DOM
-
2026-10-10days on market $115,220 Active 15 DOM
-
2026-10-09days on market $115,220 Active 14 DOM
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2026-10-08days on market $115,220 Active 13 DOM
-
2026-10-07days on market $115,220 Active 12 DOM
-
2026-10-06days on market $115,220 Active 11 DOM
-
2026-10-05days on market $115,220 Active 10 DOM
-
2026-10-04days on market $115,220 Active 9 DOM
-
2026-10-03days on market $115,220 Active 8 DOM
-
2026-10-02days on market $115,220 Active 7 DOM
-
2026-10-01days on market $115,220 Active 6 DOM
-
2026-09-30days on market $115,220 Active 5 DOM
-
2026-09-29days on market $115,220 Active 4 DOM
-
2026-09-28days on market $115,220 Active 3 DOM
-
2026-09-27days on market $115,220 Active 2 DOM
-
2026-09-26remarks 699-char remark
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2026-09-26pricedays on market $115,220 Active 1 DOM
-
2026-06-17days on market $195,900 Active 161 DOM
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2026-06-16days on market $195,900 Active 160 DOM
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2026-06-15days on market $195,900 Active 159 DOM
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2026-06-14days on market $195,900 Active 157 DOM
-
2026-06-10days on market $195,900 Active 154 DOM
-
2026-06-09days 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
Loading sold comps map…
Walkable amenities ~0.75 mi
Loading nearby amenities…
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
- 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
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 ↑
Zoned Schools
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
Livability — Altoona
- Score
- 80/100
- State rank
- #85
- US rank
- #1757
Category grades
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
- 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
- —
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
Industry mix (Fortune 500 HQ in IA)
| Industry | F500 HQs | Revenue |
|---|---|---|
| Financial Services | 1 | $16B |
|
||
| Retail / Convenience | 1 | $15B |
|
||
Price history
-49.4% since first listed30 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
monthlySold comps — $/sqft
last 12 mo · ≤1 miLoading sold comps…