1427 34th Ave SW #217 · Altoona, IA 50009

$99,540

2 bd · 2.0 ba · 1,232 sqft · Condo · 44 Days on market

55+ age-restricted Built 2020 Good condition Garage $2315/mo HOA ↓ 49% since listing

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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 +7.5/30.0
• 1% rule +7.4/10.0
• 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

Listing remarks

Enjoy easy, low-maintenance living in the Cedar floor plan at Classic 55+ Community of Altoona! This thoughtfully designed home features an open layout, vaulted ceilings, and plenty of natural light. The beautiful white kitchen includes stainless steel Energy Star appliances and flows into the dining and living areas, with access to your private deck. The spacious primary suite offers a walk-in shower and walk-in closet. You'll also find a second bedroom and bathroom, a dedicated laundry room with washer and dryer, and a heated attached garage. One of the biggest perks of cooperative living is having the maintenance taken care of for you!

Key facts

• Private deck
• Fitness center
• Walk-in closet

Tags

• PRIVATE DECK
• WALK-IN SHOWER
• WALK-IN CLOSET
• DEDICATED LAUNDRY ROOM
• HEATED ATTACHED GARAGE
• FITNESS CENTER

🏢 Co-op / cooperative unit. The $99,540 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $100k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-2k ($-22k/yr) — negative.
• Rent doesn't cover operating costs at any purchase price — skip.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $97k (3.0% below list) — sets the bar for market timing.
• Cap rate -15.8% 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 $688 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 ($97k) 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 156% of rent.

Recommended offer $96,553 (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: 1.49% ✓
• Cap rate: -15.78%
• Cash-on-cash: -78.85%
• DSCR: -2.51
• GRM: 5.6

CMA / ARV

• ARV (median comp): $158,899
• List price: $99,540
• Delta: -37.36%
• 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	0.39mi	2/2.5	1,166 (-5%)	0mo	$198,000	$170	71
3701 Brook Ridge Ct #706	0.69mi	2/1.5	1,166 (-5%)	1mo	$142,000	$122	56
2533 E 50th Ct	1.46mi	3/3.0 (+1)	1,253 (+2%)	0mo	$304,990	$243	53
2617 E 50th Ct	1.41mi	3/3.0 (+1)	1,253 (+2%)	1mo	$297,290	$237	52
2718 14th St SW	0.33mi	3/3.0 (+1)	1,420 (+15%)	2mo	$317,500	$224	49
517 18th Ct SW	1.08mi	3/3.0 (+1)	1,328 (+8%)	1mo	$305,000	$230	42
4370 NE 64th St	0.95mi	3/2.0 (+1)	1,392 (+13%)	1mo	$278,000	$200	37
2205 4th St SW	1.01mi	3/2.0 (+1)	1,040 (-16%)	1mo	$232,000	$223	34
4275 Grover Woods Ln	1.42mi	3/2.0 (+1)	1,433 (+16%)	1mo	$315,000	$220	34
4278 Grover Woods Ln	1.42mi	3/2.0 (+1)	1,433 (+16%)	2mo	$326,625	$228	34
415 25th Ave SW	0.89mi	3/1.5 (+1)	1,416 (+15%)	1mo	$220,000	$155	32
4929 Richmond Ave	1.14mi	3/3.0 (+1)	1,410 (+14%)	1mo	$325,000	$230	31

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: -3.62×
• Total profit: $-128,881
• Equity at exit: $14,842

10-year hold

• IRR: —
• Equity multiple: -7.83×
• Total profit: $-246,195
• Equity at exit: $8,606

Cash invested: $27,871 (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 →

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: +6.8% 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: 5.6×

Monthly cashflow live

• Estimated rent: $1,483 high
• Mortgage (P&I): −$522
• Tax est. 1.5%: −$124 /mo · $1,493/yr
• Insurance: −$41
• HOA: −$2,315
• Vacancy / Maint / Mgmt: −$311
• Net cashflow: $-1,831

Break-even live

Break-even rent $3,801

Max offer price —

Occupancy floor —

Sensitivity live

Price	-10% $-1,763	-5% $-1,797	+0% $-1,831	+5% $-1,866	+10% $-1,900
Rent	-10% $-1,948	-5% $-1,890	+0% $-1,831	+5% $-1,773	+10% $-1,714
Rate	-1.0pp $-1,781	-0.5pp $-1,806	base $-1,831	+0.5pp $-1,857	+1.0pp $-1,883

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: $24,885
• Closing costs: $2,986
• 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: Homeowners association (monthly fee)Monthly HOA fee of $2,315HOA covers cable TV, insurance, internet, grounds and structure maintenance, recreation facilities, snow removal, security, taxes, trash and utilitiesSenior community with fitness amenities

Exterior

• Parking: Detached one-car garage
• Security: Security systemFire alarm
• Utilities: Public waterPublic sewer
• Home design: Resale property
• Construction: Brick and stone constructionAsphalt shingle roofPoured foundationBuilt on a 5.518-acre lot
• Exterior features: Concrete road access

Interior

• Kitchen: DishwasherStoveRefrigerator
• Bedrooms: 2 main-level bedrooms
• Flooring: Carpet
• Bathrooms: 1 full bathroom1 three-quarter bathroom
• Heating & cooling: Forced air heating (natural gas)Central air conditioning
• Interior features: Eat-in kitchenWindow treatments
• Laundry & utility: WasherDryerLaundry on main level

HOA detail $2,315/mo · $27,780/yr condo

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

Listing history 50 events

1. 2026-11-08
   days on market $99,540 Active 44 DOM
2. 2026-11-07
   days on market $99,540 Active 43 DOM
3. 2026-11-06
   days on market $99,540 Active 42 DOM
4. 2026-11-05
   days on market $99,540 Active 41 DOM
5. 2026-11-04
   days on market $99,540 Active 40 DOM
6. 2026-11-02
   days on market $99,540 Active 38 DOM
7. 2026-11-01
   days on market $99,540 Active 37 DOM
8. 2026-10-31
   days on market $99,540 Active 36 DOM
9. 2026-10-30
   days on market $99,540 Active 35 DOM
10. 2026-10-29
    days on market $99,540 Active 34 DOM
11. 2026-10-28
    days on market $99,540 Active 33 DOM
12. 2026-10-27
    days on market $99,540 Active 32 DOM
13. 2026-10-26
    days on market $99,540 Active 31 DOM
14. 2026-10-25
    days on market $99,540 Active 30 DOM
15. 2026-10-24
    days on market $99,540 Active 29 DOM
16. 2026-10-23
    days on market $99,540 Active 28 DOM
17. 2026-10-22
    days on market $99,540 Active 27 DOM
18. 2026-10-21
    days on market $99,540 Active 26 DOM
19. 2026-10-20
    days on market $99,540 Active 25 DOM
20. 2026-10-19
    days on market $99,540 Active 24 DOM
21. 2026-10-18
    days on market $99,540 Active 23 DOM
22. 2026-10-17
    days on market $99,540 Active 22 DOM
23. 2026-10-16
    days on market $99,540 Active 21 DOM
24. 2026-10-15
    days on market $99,540 Active 20 DOM
25. 2026-10-14
    days on market $99,540 Active 19 DOM
26. 2026-10-13
    days on market $99,540 Active 18 DOM
27. 2026-10-12
    days on market $99,540 Active 17 DOM
28. 2026-10-11
    days on market $99,540 Active 16 DOM
29. 2026-10-10
    days on market $99,540 Active 15 DOM
30. 2026-10-09
    days on market $99,540 Active 14 DOM
31. 2026-10-08
    days on market $99,540 Active 13 DOM
32. 2026-10-07
    days on market $99,540 Active 12 DOM
33. 2026-10-06
    days on market $99,540 Active 11 DOM
34. 2026-10-05
    days on market $99,540 Active 10 DOM
35. 2026-10-04
    days on market $99,540 Active 9 DOM
36. 2026-10-03
    days on market $99,540 Active 8 DOM
37. 2026-10-02
    days on market $99,540 Active 7 DOM
38. 2026-10-01
    days on market $99,540 Active 6 DOM
39. 2026-09-30
    days on market $99,540 Active 5 DOM
40. 2026-09-29
    days on market $99,540 Active 4 DOM
41. 2026-09-28
    days on market $99,540 Active 3 DOM
42. 2026-09-27
    days on market $99,540 Active 2 DOM
43. 2026-09-26
    remarks 699-char remark
44. 2026-09-26
    pricedays on marketlisting id $99,540 Active 1 DOM
45. 2026-06-17
    days on market $164,900 Active 161 DOM
46. 2026-06-16
    days on market $164,900 Active 160 DOM
47. 2026-06-15
    days on market $164,900 Active 159 DOM
48. 2026-06-14
    days on market $164,900 Active 157 DOM
49. 2026-06-10
    days on market $164,900 Active 154 DOM
50. 2026-06-09
    days on market $164,900 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

Taxation est. · year 1

• Rental income: $17,796
• − Mortgage interest: −$5,576
• − Property taxes: −$1,493
• − Insurance: −$498
• − Repairs & maintenance: −$1,424
• − Management: −$1,424
• − HOA: −$27,780
• − Depreciation: −$2,896
• Taxable loss: −$23,293
• Est. tax savings @ 24.0%: +$5,590
• After-tax cash flow: $-16,385/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 2-bedroom, 2-bath condo is in excellent condition with modern amenities and a well-maintained exterior. It's ready for immediate occupancy and would be a great investment.

Value-add opportunities

• Resale Paint exterior siding — Enhances curb appeal ↑
• Rental Clean gutters — Keeps property in good condition ↑

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: Homeowners association (monthly fee)Monthly HOA fee of $2,315HOA covers cable TV, insurance, internet, grounds and structure maintenance, recreation facilities, snow removal, security, taxes, trash and utilitiesSenior community with fitness amenities

Exterior

• Parking: Detached one-car garage
• Security: Security systemFire alarm
• Utilities: Public waterPublic sewer
• Home design: Resale property
• Construction: Brick and stone constructionAsphalt shingle roofPoured foundationBuilt on a 5.518-acre lot
• Exterior features: Concrete road access

Interior

• Kitchen: DishwasherStoveRefrigerator
• Bedrooms: 2 main-level bedrooms
• Flooring: Carpet
• Bathrooms: 1 full bathroom1 three-quarter bathroom
• Heating & cooling: Forced air heating (natural gas)Central air conditioning
• Interior features: Eat-in kitchenWindow treatments
• Laundry & utility: WasherDryerLaundry on main level

Price history

-49.4% since first listed

31 events — show timeline

• 2026-09-25 Listed $99,540 DMMLS
• 2026-06-17 Listing Removed — DMMLS
• 2026-01-05 Listed $164,900 DMMLS
• 2025-01-20 Listing Removed — DMMLS
• 2024-10-30 Listed $149,900 DMMLS
• 2024-10-23 Listing Removed — DMMLS
• 2024-08-22 Price Changed $149,900 DMMLS
• 2024-07-29 Price Changed $167,906 DMMLS
• 2024-02-23 Listed $187,906 DMMLS
• 2024-02-12 Listing Removed — DMMLS
• 2023-12-06 Listed $187,906 DMMLS
• 2023-11-28 Listing Removed — DMMLS
• 2023-10-05 Listed $207,906 DMMLS
• 2023-09-30 Listing Removed — DMMLS
• 2023-07-11 Listed $207,906 DMMLS
• 2023-06-30 Listing Removed — DMMLS
• 2023-04-26 Listed $207,906 DMMLS
• 2023-04-24 Listing Removed — DMMLS
• 2023-02-23 Listed $207,906 DMMLS
• 2023-02-22 Listing Removed — DMMLS
• 2023-01-18 Price Changed $207,906 DMMLS
• 2023-01-18 Price Changed $206,438 DMMLS
• 2022-11-23 Listed $202,094 DMMLS
• 2022-11-22 Listing Removed — DMMLS
• 2022-09-16 Listed $202,094 DMMLS
• 2022-09-15 Listing Removed — DMMLS
• 2022-04-29 Price Changed $202,094 DMMLS
• 2022-01-11 Price Changed $201,994 DMMLS
• 2021-09-16 Listed $196,605 DMMLS
• 2021-09-15 Listing Removed — DMMLS
• 2021-03-25 Listed $196,605 DMMLS