3905 Ontario St · Ames, IA 50014

$205,000

4 bd · 3.0 ba · 1,744 sqft · SingleFamily public records · 16 Days on market

Built 1961 6,769 sqft lot Est $317k · 35% under

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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 +12.0/30.0
• Schools +5.9/10.0
• Livability +4.7/5.0
• 1% rule +3.5/10.0
• DSCR +3.5/10.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great opportunity for a buyer to build some sweat equity in this 3BR, 1.5 bath ranch home. The interior features hardwood floors, galley kitchen, eat-in dining, living room with large south-facing picture window and three bedrooms with dedicated closet space. Main floor bathroom with new bath/shower surround. The lower level has some great finish potential with some framing already done and plumbing completed for an additional bathroom. Seller has recently had lower level walls anchored for peace of mind and rooms are ready to finish. You'll enjoy the lower level exterior door for access in and out of the basement. Ample yard space.

Key facts

• Galley kitchen
• Eat-in dining
• Hardwood floors

Tags

• HARDWOOD FLOORS
• GALLEY KITCHEN
• EAT-IN DINING
• SOUTH-FACING PICTURE WINDOW
• DEDICATED CLOSET SPACE
• NEW BATH SHOWER SURROUND

Property features AI

Exterior

• Parking: Detached one-car garage
• Utilities: Public water; Public sewer
• Home design: Single-story home
• Construction: Block foundation; Asphalt shingle roof; See remarks for construction materials
• Exterior features: Open patio; Patio

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove
• Bedrooms: 3 main-level bedrooms
• Flooring: Carpet; Hardwood; Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Dining area; Window treatments
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $205k.

Deal economics

• At list price, monthly cash flow is $-51 ($-607/yr) — negative.
• To cash-flow at today's rent, offer at most $196k (4.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $173k (15.5% below list).
• Recommended offer: $173k (15.5% below list) — sets the bar for 1% rule.
• Cap rate 6.0% 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: schools A+, amenities A+, commute 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.
• Market conditions: Rents rising (+3.7%/yr); 196 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 196 units permitted in Story County in 2024 (34 in 5+ unit buildings).
• This rent runs 34% of the median local income ($61k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 16 days — a 2% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $15k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $142k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $173,273 (15.5% 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. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.85% ✗
• Cap rate: 6.00%
• Cash-on-cash: -1.06%
• DSCR: 0.95
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $317,408
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1332 Arizona Ave	0.23mi	4/1.5	1,728 (-1%)	4mo	$24,000	$14	79
1247 Wisconsin Ave	0.46mi	4/2.5	1,816 (+4%)	0mo	$330,000	$182	69
219 Crane Ave	0.73mi	4/3.0	1,737 (-0%)	2mo	$310,000	$178	64
1017 Florida Ave Ave	0.56mi	3/3.5 (-1)	1,724 (-1%)	2mo	$368,000	$213	64
1304 Illinois Ave	0.69mi	4/3.0	1,690 (-3%)	5mo	$302,000	$179	58
1008 Mesa Verde Pl	0.23mi	4/2.0	1,532 (-12%)	8mo	$235,000	$153	58
1026 Florida Ave	0.52mi	3/3.0 (-1)	1,870 (+7%)	5mo	$355,000	$190	55
1315 Iowa Cir	0.61mi	4/2.5	1,974 (+13%)	0mo	$342,000	$173	47
318 Crane Ave	0.70mi	4/2.0	1,625 (-7%)	6mo	$330,000	$203	47
601 Chelsea Ct	0.65mi	4/3.5	1,953 (+12%)	5mo	$427,500	$219	44
4604 Utah Dr	0.54mi	3/2.5 (-1)	1,493 (-14%)	2mo	$329,000	$220	42
315 Crane Ave	0.69mi	3/1.5 (-1)	1,551 (-11%)	2mo	$275,000	$177	37

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 · 3.67% rent growth · sell at horizon

5-year hold

• IRR: -17.3%
• Equity multiple: 0.39×
• Total profit: $-35,238
• Equity at exit: $30,566

10-year hold

• IRR: -8.0%
• Equity multiple: 0.48×
• Total profit: $-29,830
• Equity at exit: $17,725

Cash invested: $57,400 (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: 196
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,733 high
• Mortgage (P&I): −$1,075
• Tax from tax record: −$259 /mo · $3,108/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$364
• Net cashflow: $-51

Break-even live

Break-even rent $1,797

Max offer price $196,061

Occupancy floor 98%

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: $51,250
• Closing costs: $6,150
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3809 Ontario St Ames, IA	3.0	2.0	1149	$1,650	$1.44	43d	1	0.04mi
802 Delaware Ave Unit 102 Ames, IA	3.0	2.5	1520	$2,100	$1.38	43d	1	0.58mi
4515 Todd Dr Ames, IA	2.0–3.0	2.0	1198	$1,740	$1.45	43d	3	1.00mi
4505 Todd Dr Ames, IA	3.0	2.0	1329	$1,740	$1.31	43d	1	1.02mi
3821 Marigold Dr Unit 1 Ames, IA	4.0	2.0	1619	$1,900	$1.17	43d	1	1.10mi
3503 Coy St Ames, IA	4.0	2.5	1650	$2,500	$1.52	43d	1	1.19mi
122 Hayward Ave Ames, IA	4.0	4.0	1380	$700	$0.51	43d	1	1.36mi
2519 Chamberlain St Ames, IA	1.0–3.0	1.0	825	$1,190	$1.44	43d	1	1.38mi
850 Pinon Dr Ames, IA	2.0–3.0	1.0–2.0	1020	$1,497	$1.47	43d	41	1.39mi
4536 Twain Cir Ames, IA	4.0	2.0	1358	$1,570	$1.16	43d	2	1.39mi
315 Hayward Ave Ames, IA	4.0	1.0	1442	$1,700	$1.18	43d	1	1.44mi

Listing history 13 events

1. 2026-06-19
   days on market $205,000 Active 16 DOM
2. 2026-06-18
   days on market $205,000 Active 15 DOM
3. 2026-06-17
   days on market $205,000 Active 14 DOM
4. 2026-06-16
   days on market $205,000 Active 13 DOM
5. 2026-06-15
   days on market $205,000 Active 12 DOM
6. 2026-06-14
   days on market $205,000 Active 10 DOM
7. 2026-06-13
   days on market $205,000 Active 9 DOM
8. 2026-06-10
   days on market $205,000 Active 7 DOM
9. 2026-06-09
   days on market $205,000 Active 6 DOM
10. 2026-06-08
    days on market $205,000 Active 5 DOM
11. 2026-06-07
    pricedays on market $205,000 Active 4 DOM
12. 2026-06-03
    remarks 640-char remark

    Show marketing remark (640 chars)

    Great opportunity for a buyer to build some sweat equity in this 3BR, 1.5 bath ranch home. The interior features hardwood floors, galley kitchen, eat-in dining, living room with large south-facing picture window and three bedrooms with dedicated closet space. Main floor bathroom with new bath/shower surround. The lower level has some great finish potential with some framing already done and plumbing completed for an additional bathroom. Seller has recently had lower level walls anchored for peace of mind and rooms are ready to finish. You'll enjoy the lower level exterior door for access in and out of the basement. Ample yard space.

13. 2026-06-03
    listed $220,000 Active 1 DOM

    Show marketing remark (640 chars)

    Great opportunity for a buyer to build some sweat equity in this 3BR, 1.5 bath ranch home. The interior features hardwood floors, galley kitchen, eat-in dining, living room with large south-facing picture window and three bedrooms with dedicated closet space. Main floor bathroom with new bath/shower surround. The lower level has some great finish potential with some framing already done and plumbing completed for an additional bathroom. Seller has recently had lower level walls anchored for peace of mind and rooms are ready to finish. You'll enjoy the lower level exterior door for access in and out of the basement. Ample yard space.

ⓘ 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: $3,108 · $259/mo
• Projected year-2 tax: $3,163 · $264/mo
• Expected delta: +$55/yr (+$5/mo · 1.8%)

ⓘ 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 ≥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: $20,793
• − Mortgage interest: −$11,483
• − Property taxes: −$3,108
• − Insurance: −$1,025
• − Repairs & maintenance: −$1,663
• − Management: −$1,663
• − Depreciation: −$5,964
• Taxable loss: −$4,114
• Est. tax savings @ 24.0%: +$987
• After-tax cash flow: $380/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: 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

+66.7% since first listed

4 events — show timeline

• 2026-06-03 Listed $220,000 CIBOR
• 2026-06-03 Listed $220,000 DMMLS
• 2008-06-09 Sold (Public Records) $142,000 Public Records
• 2006-04-21 Sold (Public Records) $132,000 Public Records

Property tax history

+2.5%/yr

Latest (2025): $3,108 · +2.2% YoY. Source: county tax records.