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

$164,900

2 bd · 2.0 ba · 1,417 sqft · Condo · 161 Days on market

55+ age-restricted Built 2020 Good condition $116/sqft · 7% below area Est $177k · 7% under $2365/mo HOA · 149% of rent ↓ 16% since listing

---

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).

• ARV discount +10.5/15.0
• Cash flow +7.5/30.0
• Schools +7.2/10.0
• 1% rule +4.8/10.0
• 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 MLS

This 2 bedroom, 1 3/4 bath, Cedar floorplan, offers 1417 sq ft of living space with an open kitchen & living room, vaulted ceilings, upgraded white cabinetry, and abundant of natural light. The primary bedroom features a walk-in shower & walk-in closet. Additional features are an in-unit laundry room with washer & dryer, private deck, and attached garage. Is the 55+cooperative lifestyle right for you? Are you tired of maintaining your home, shoveling snow & mowing the lawn? Ready to downsize but still want ownership & a voice in your community? If you enjoy social activities & a strong sense of connection, Classic 55+ Community of Altoona may be the perfect fit. The cooperative is member-led, serving on committees & a board that guides social activities, marketing ideas, financial decisions, & building & grounds planning. Enjoy access to shared amenities including an on-site library, wood shop, fitness center, outdoor patio and reservable common spaces such as the multi-purpose room, great room, club room, & guest suite for hosting family & friends. Located in a prime spot, close to Des Moines, but without the hustle & bustle of the city. * Monthly Investment includes-Int/Ext maint and more (please see comparison picture) Contact your agent for more information about cooperatives.

Key facts

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

Tags

• OPEN KITCHEN
• PRIVATE DECK
• IN-UNIT LAUNDRY ROOM
• SHARED AMENITIES
• ON-SITE LIBRARY
• FITNESS CENTER

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $165k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-2k ($-27k/yr) — negative.
• Rent doesn't cover operating costs at any purchase price — skip.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $159k (3.9% below list).
• Recommended offer: $145k (12.0% below list) — sets the bar for market timing.
• Cap rate -10.1% vs local median 3.0% 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); 389 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 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 $1k of loan paydown is wiped out by about $5k 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 161 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 12 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 149% of rent.

Recommended offer $145,112 (12.0% 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 161 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.96% ✗
• Cap rate: -10.10%
• Cash-on-cash: -58.54%
• DSCR: -1.60
• GRM: 8.7

CMA / ARV

• ARV (median comp): $176,561
• List price: $164,900
• Delta: -6.60%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2812 Orinoco Ct SW	0.34mi	2/2.0	1,244 (-12%)	0mo	$235,000	$189	63
4413 E 44th St	1.30mi	3/2.0 (+1)	1,390 (-2%)	0mo	$282,000	$203	57
4911 Richmond Ave	1.16mi	3/2.5 (+1)	1,400 (-1%)	0mo	$285,000	$204	56
4303 Grover Woods Ln	1.36mi	3/2.0 (+1)	1,365 (-4%)	0mo	$279,500	$205	54
3799 Village Run Dr #511	0.88mi	2/1.5	1,308 (-8%)	1mo	$162,900	$125	50
3799 Village Run Dr #906	0.88mi	2/1.5	1,308 (-8%)	1mo	$151,900	$116	50
2829 Orinoco Ct SW	0.34mi	3/3.5 (+1)	1,148 (-19%)	0mo	$225,500	$196	48
3701 Brook Ridge Ct #308	0.69mi	2/1.5	1,264 (-11%)	1mo	$184,000	$146	47
4279 Grover Woods Ln	1.41mi	3/2.5 (+1)	1,550 (+9%)	0mo	$314,900	$203	42
2612 Brook View Dr	1.40mi	3/3.0 (+1)	1,253 (-12%)	0mo	$314,990	$251	36
2605 E 50th Ct	1.43mi	3/3.0 (+1)	1,253 (-12%)	0mo	$296,990	$237	36
4283 Grover Woods Ln	1.41mi	3/3.0 (+1)	1,213 (-14%)	1mo	$324,900	$268	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: -2.60×
• Total profit: $-166,092
• Equity at exit: $24,587

10-year hold

• IRR: —
• Equity multiple: -5.76×
• Total profit: $-312,289
• Equity at exit: $14,258

Cash invested: $46,172 (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: +3.2% 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: 389
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,585 high
• Mortgage (P&I): −$865
• Tax est. 1.5%: −$206 /mo · $2,474/yr
• Insurance: −$69
• HOA: −$2,365
• Vacancy / Maint / Mgmt: −$333
• Net cashflow: $-2,252

Break-even live

Break-even rent $4,436

Max offer price —

Occupancy floor —

Sensitivity live

Price	-10% $-2,138	-5% $-2,195	+0% $-2,252	+5% $-2,309	+10% $-2,366
Rent	-10% $-2,378	-5% $-2,315	+0% $-2,252	+5% $-2,190	+10% $-2,127
Rate	-1.0pp $-2,169	-0.5pp $-2,210	base $-2,252	+0.5pp $-2,295	+1.0pp $-2,339

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: $41,225
• Closing costs: $4,947
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 6 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	$1,548	$1.55	15d	9	0.09mi
1523 Bailie Ln SW Altoona, IA	3.0	1.0	1008	$1,245	$1.24	15d	2	0.23mi
1554 28th Ave SW Altoona, IA	3.0	1.0	1051	$1,400	$1.33	93d	1	0.26mi
2830 20th St SW Altoona, IA	3.0	2.0	1290	$2,095	$1.62	15d	1	0.44mi
2822 20th St SW Altoona, IA	3.0	2.0	1180	$2,095	$1.78	63d	1	0.45mi
4216 E 50th St Des Moines, IA	1.0–3.0	1.0–2.0	870	$1,240	$1.42	15d	16	0.72mi

HOA detail $2,365/mo · $28,380/yr condo

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

Listing history 42 events

1. 2026-06-17
   days on market $164,900 Active 161 DOM
2. 2026-06-16
   days on market $164,900 Active 160 DOM
3. 2026-06-15
   days on market $164,900 Active 159 DOM
4. 2026-06-14
   days on market $164,900 Active 157 DOM
5. 2026-06-10
   days on market $164,900 Active 154 DOM
6. 2026-06-09
   days on market $164,900 Active 153 DOM
7. 2026-06-08
   days on market $164,900 Active 152 DOM
8. 2026-06-07
   days on market $164,900 Active 151 DOM
9. 2026-06-03
   days on market $164,900 Active 147 DOM
10. 2026-06-02
    days on market $164,900 Active 146 DOM
11. 2026-06-01
    days on market $164,900 Active 145 DOM
12. 2026-05-31
    days on market $164,900 Active 144 DOM
13. 2026-05-31
    days on market $164,900 Active 143 DOM
14. 2026-01-05
    listed $164,900 Active 1371-char remark

    Show marketing remark (1371 chars)

    This 2 bedroom, 1 3/4 bath, Cedar floorplan, offers 1417 sq ft of living space with an open kitchen & living room, vaulted ceilings, upgraded white cabinetry, and abundant of natural light. The primary bedroom features a walk-in shower & walk-in closet. Additional features are an in-unit laundry room with washer & dryer, private deck, and attached garage. Is the 55+cooperative lifestyle right for you? Are you tired of maintaining your home, shoveling snow & mowing the lawn? Ready to downsize but still want ownership & a voice in your community? If you enjoy social activities & a strong sense of connection, Classic 55+ Community of Altoona may be the perfect fit. The cooperative is member-led, serving on committees & a board that guides social activities, marketing ideas, financial decisions, & building & grounds planning. Enjoy access to shared amenities including an on-site library, wood shop, fitness center, outdoor patio and reservable common spaces such as the multi-purpose room, great room, club room, & guest suite for hosting family & friends. Located in a prime spot, close to Des Moines, but without the hustle & bustle of the city. * Monthly Investment includes-Int/Ext maint and more (please see comparison picture) Contact your agent for more information about cooperatives.

15. 2025-01-20
    historical
16. 2024-10-30
    listed $149,900 Active
17. 2024-10-23
    historical
18. 2024-08-22
    price $149,900
19. 2024-07-29
    price $167,906
20. 2024-02-23
    listed $187,906 Active
21. 2024-02-12
    historical
22. 2023-12-06
    listed $187,906 Active
23. 2023-11-28
    historical
24. 2023-10-05
    listed $207,906 Active
25. 2023-09-30
    historical
26. 2023-07-11
    listed $207,906 Active
27. 2023-06-30
    historical
28. 2023-04-26
    listed $207,906 Active
29. 2023-04-24
    historical
30. 2023-02-23
    listed $207,906 Active
31. 2023-02-22
    historical
32. 2023-01-18
    price $207,906
33. 2023-01-18
    price $206,438
34. 2022-11-23
    listed $202,094 Active
35. 2022-11-22
    historical
36. 2022-09-16
    listed $202,094 Active
37. 2022-09-15
    historical
38. 2022-04-29
    price $202,094
39. 2022-01-11
    price $201,994
40. 2021-09-16
    listed $196,605 Active
41. 2021-09-15
    historical
42. 2021-03-25
    listed $196,605 Active

ⓘ 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 3/10 Moderate
• 🌡 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: $19,020
• − Mortgage interest: −$9,237
• − Property taxes: −$2,474
• − Insurance: −$824
• − Repairs & maintenance: −$1,522
• − Management: −$1,522
• − HOA: −$28,380
• − Depreciation: −$4,797
• Taxable loss: −$29,735
• Est. tax savings @ 24.0%: +$7,136
• After-tax cash flow: $-19,892/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

---

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%
• Common ancestry: Iranian 5% Portuguese 3% Italian 3%
• Foreign-born: 5% · Canada, South Korea
• 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

-16.1% since first listed

29 events — show timeline

• 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