4524 Steinbeck St · Ames, IA 50014

$1,200,000

None bd · None ba · 7,904 sqft · MultiFamily · 261 Days on market

Built 1998 Good condition 0.42 ac lot $152/sqft · at area comps Est $1169k · at est.

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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 +11.5/30.0
• ARV discount +6.3/15.0
• Schools +5.9/10.0
• Livability +4.7/5.0
• Condition / age +3.8/5.0
• DSCR +3.4/10.0
• Rent growth +3.4/5.0
• 1% rule +3.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Modern & Spacious 8-Plex in West Ames. Outstanding investment opportunity in West Ames! This well-maintained 8-plex features eight 3-bedroom, 2-bathroom units, each offering a spacious and functional layout. Lower-level units include patios, while upper-level units feature decks and vaulted ceilings, adding a sense of openness. All units are equipped with in-unit laundry for added tenant convenience and appeal. Recent updates in 2024 include a new roof and siding, along with select window, sliding door, and A/C unit replacements reducing future maintenance needs and enhancing property value. Located in a desirable rental area with strong demand, this property is a solid addition to any investment portfolio.

Key facts

• New siding
• In unit laundry
• Well maintained

Tags

• INVESTMENT OPPORTUNITY
• WELL MAINTAINED
• IN UNIT LAUNDRY
• NEW ROOF
• NEW SIDING

What this means for you Summary

Snapshot

• This is a multifamily listed at $1.20M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-395 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $1.14M (4.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1000k (16.7% below list).
• Recommended offer: $1000k (16.7% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 2.2% in Ames — 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 93/100 on livability (#2 in IA, #21 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment C-.
• Ames Community School District (urban): math 70% / reading 72% proficiency, ranked #147 of 289 in IA (top 51%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Edwards Elementary School (math 72% / reading 67%, grade A-, #224 of 616 statewide, top 42%, 450 students, 38% FRL); Ames Middle School (math 71% / reading 70%, grade A, #111 of 246 statewide, top 45%, 1,002 students, 31% FRL); Ames High School (math 69% / reading 77%, grade B+, #114 of 336 statewide, top 34%, 1,403 students, 30% FRL).
• Market conditions: Rents rising (+3.7%/yr); 199 active listings in the ZIP; 196 units permitted in Story County in 2024 (34 in 5+ unit buildings).
• At $9,998/mo this rent would consume 198% of the median local household income ($61k/yr) (locally 2646% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $36k of value loss. Plan a longer hold.
• Story County population projected at +54% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 261 days — a 12% lower offer ($1.06M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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.

Recommended offer $999,800 (16.7% 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 261 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 0.83% ✗
• Cap rate: 5.90%
• Cash-on-cash: -1.41%
• DSCR: 0.94
• GRM: 10.0

CMA / ARV

• ARV (median comp): $1,168,924
• List price: $1,200,000
• Delta: 2.66%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.67% rent growth · sell at horizon

5-year hold

• IRR: -17.9%
• Equity multiple: 0.37×
• Total profit: $-212,643
• Equity at exit: $178,924

10-year hold

• IRR: -8.8%
• Equity multiple: 0.44×
• Total profit: $-188,684
• Equity at exit: $103,754

Cash invested: $336,000 (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 50014

• Rents YoY: 3.7%
• Active inventory: 199
• Price-to-rent: 80.0×

Monthly cashflow live

• Estimated rent: $9,998 high
• Mortgage (P&I): −$6,293
• Tax est. 1.5%: −$1,500 /mo · $18,000/yr
• Insurance: −$500
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,100
• Net cashflow: $-395

Break-even live

Break-even rent $10,497

Max offer price $1,142,914

Occupancy floor 99%

Sensitivity live

Price	-10% $435	-5% $20	+0% $-395	+5% $-809	+10% $-1,224
Rent	-10% $-1,184	-5% $-789	+0% $-395	+5% $0	+10% $395
Rate	-1.0pp $210	-0.5pp $-89	base $-395	+0.5pp $-705	+1.0pp $-1,022

8-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 8× units	3	2	$10,000
Total (8 units)			$9,998

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: $300,000
• Closing costs: $36,000
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-05-31
   days on market $1,200,000 Active 261 DOM
2. 2026-05-30
   days on market $1,200,000 Active 260 DOM
3. 2025-09-11
   listed $1,200,000 Active 722-char remark

   Show marketing remark (722 chars)

   Modern & Spacious 8-Plex in West Ames. Outstanding investment opportunity in West Ames! This well-maintained 8-plex features eight 3-bedroom, 2-bathroom units, each offering a spacious and functional layout. Lower-level units include patios, while upper-level units feature decks and vaulted ceilings, adding a sense of openness. All units are equipped with in-unit laundry for added tenant convenience and appeal. Recent updates in 2024 include a new roof and siding, along with select window, sliding door, and A/C unit replacements reducing future maintenance needs and enhancing property value. Located in a desirable rental area with strong demand, this property is a solid addition to any investment portfolio.

4. 2024-08-07
   historical $1,100
5. 2024-07-30
   listed $1,100
6. 2024-04-10
   historical $1,100
7. 2024-03-30
   price $1,100
8. 2024-03-27
   historical $1,200
9. 2024-03-24
   listed $1,200
10. 2024-03-13
    listed $1,200

ⓘ 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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°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: $119,976
• − Mortgage interest: −$67,219
• − Property taxes: −$18,000
• − Insurance: −$6,000
• − Repairs & maintenance: −$9,598
• − Management: −$9,598
• − Depreciation: −$34,909
• Taxable loss: −$25,348
• Est. tax savings @ 24.0%: +$6,083
• After-tax cash flow: $1,349/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 · 3 photos

Good 75/100 Cosmetic rehab

This 8-plex in West Ames is in good condition with recent updates, including a new roof and siding. It offers spacious units with in-unit laundry and is located in a desirable rental area with strong demand. Potential buyers and renters will appreciate the recent updates and the property's curb appeal.

Value-add opportunities

• Both Painting the exterior and interior — Fresh paint can enhance the curb appeal and interior aesthetics, making the property more attractive to both buyers and renters.
• Both Landscaping improvements — Enhancing the landscaping can improve the property's curb appeal and make it more inviting for potential tenants and buyers.
• Both Updating the HVAC system — A modern and efficient HVAC system can improve comfort and energy efficiency, making the property more attractive to tenants and buyers.
• Both Upgrading the kitchen and bathrooms — Modernizing the kitchen and bathrooms can significantly increase the property's value and appeal to both buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior — Fresh paint can enhance the curb appeal and interior aesthetics, making the property more attractive to both buyers and renters. ↑
• Both Landscaping improvements — Enhancing the landscaping can improve the property's curb appeal and make it more inviting for potential tenants and buyers. ↑
• Both Updating the HVAC system — A modern and efficient HVAC system can improve comfort and energy efficiency, making the property more attractive to tenants and buyers. ↑
• Both Upgrading the kitchen and bathrooms — Modernizing the kitchen and bathrooms can significantly increase the property's value and appeal to both buyers and renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Ames Community School District
• NCES district ID: 1903540
• Math proficiency: 70% ▼ -5.00%
• Reading proficiency: 72% ▼ -1.00%
• Median HH income: $39,790
• Composite: 59.22/100
• National rank: #941
• State rank: #147 of 289 in IA

Livability — Ames

• Score: 93/100
• State rank: #2
• US rank: #21

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime A- Employment C- Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ames, IA
• County: Story County · 66,757 people
• City population: 66,757
• Metro: Ames, IA
• Population (ZIP): 32,958
• Household income: $60,731
• Rent vs Own: 63.4% rent · 36.6% own
• Severe rent burden: 2646.0

Population outlook (Story County) Hauer SSP2

• Today (2025): 115,493 people
• By 2030: 126,820 · +9.8%
• By 2040: 150,771 · +30.5%
• By 2050: 177,915 · +54.0%
• By 2075: 255,370 · +121.1%
• By 2100: 316,429 · +174.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Asian 12% Two or more races 5% Black 3% Hispanic / Latino 3%
• Common ancestry: Portuguese 6% Romanian 2% Iranian 2%
• Foreign-born: 13% · China, Canada, South Korea
• Languages at home: 84% English-only · Other Indo-European 4% Other Asian/Pacific 2% Korean 2%

Political lean MEDSL · Story

• 2024 margin: D (+10.4) · D 54.4% · R 44.0% · Other 1.6%
• 2008→2024 swing: -5.8pp toward R · 2008: 16.2pp · 2024: 10.4pp
• All cycles: 2024: D+10.4 2020: D+17.3 2016: D+12.2 2012: D+13.7 2008: D+16.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -113.94%
• Current HPI: 174.8142
• Rent YoY: ▲ 3.67%
• Metro: Ames, 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

+99900.0% since first listed

8 events — show timeline

• 2025-09-11 Listed $1,200,000 CIBOR
• 2024-08-07 Rental Removed $1,100 RENT.
• 2024-07-30 Listed for Rent $1,100 RENT.
• 2024-04-10 Rental Removed $1,100 APPFOLIO
• 2024-03-30 Price Changed $1,100 APPFOLIO
• 2024-03-27 Rental Removed $1,200 APPFOLIO
• 2024-03-24 Listed for Rent $1,200 APPFOLIO
• 2024-03-13 Listed for Rent $1,200 APPFOLIO