2823-2825 Ontario St · Ames, IA 50014

$255,000

4 bd · 2.0 ba · 2,374 sqft · MultiFamily public records · 4 Days on market

Built 1976 0.33 ac lot

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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).

• Cash flow +17.2/30.0
• ARV discount +7.5/15.0
• Schools +5.9/10.0
• DSCR +5.4/10.0
• 1% rule +4.7/10.0
• Livability +4.7/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Located close to campus, this duplex is unique in its layout and is nestled in a nearly private little cove. Long term tenants.

Key facts

• Two family duplex
• Fully renovated
• Attached garage

Tags

• TWO FAMILY DUPLEX
• PUBLIC BUS STOPS
• SHORT WALK TO CAMPUS
• TWO SEPARATE UNITS
• ATTACHED GARAGE
• FULLY RENOVATED

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $255k.

Deal economics

• At list price, monthly cash flow is $183 ($2k/yr) — positive. Per door: $91/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $246k (3.4% below list).
• Recommended offer: $246k (3.4% below list) — sets the bar for 1% rule.
• Cap rate 7.2% 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; 2 comparable units currently listed for rent nearby; 196 units permitted in Story County in 2024 (34 in 5+ unit buildings).
• At $2,463/mo this rent would consume 49% 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 $2k of loan paydown is wiped out by about $8k 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

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $175k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $246,300 (3.4% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
7. 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.
8. 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: 0.97% ✗
• Cap rate: 7.15%
• Cash-on-cash: 3.07%
• DSCR: 1.14
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -10.7%
• Equity multiple: 0.61×
• Total profit: $-27,961
• Equity at exit: $38,021

10-year hold

• IRR: -0.4%
• Equity multiple: 0.97×
• Total profit: $-2,239
• Equity at exit: $22,048

Cash invested: $71,400 (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: 17.3×

Monthly cashflow live

• Estimated rent: $2,463 high
• Mortgage (P&I): −$1,337
• Tax from tax record: −$319 /mo · $3,832/yr
• Insurance: −$106
• HOA: −$0
• Vacancy / Maint / Mgmt: −$517
• Net cashflow: $183

Break-even live

Break-even rent $2,231

Max offer price $255,000

Occupancy floor 88%

Sensitivity live

Price	-10% $327	-5% $255	+0% $183	+5% $111	+10% $39
Rent	-10% $-12	-5% $86	+0% $183	+5% $280	+10% $378
Rate	-1.0pp $311	-0.5pp $248	base $183	+0.5pp $117	+1.0pp $50

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,464
Total (2 units)			$2,463

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: $63,750
• Closing costs: $7,650
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3503 Coy St Ames, IA	4.0	2.5	1650	$2,500	$1.52	44d	1	1.26mi
3821 Marigold Dr Unit 1 Ames, IA	4.0	2.0	1619	$1,900	$1.17	44d	1	1.28mi

Listing history 7 events

1. 2026-06-19
   days on market $255,000 Active 4 DOM
2. 2026-06-18
   days on market $255,000 Active 3 DOM
3. 2026-06-17
   pricedays on market $255,000 Active 2 DOM
4. 2026-06-16
   pricelisting id $269,000 Active 1 DOM
5. 2014-07-23
   soldstatus $175,000
6. 2014-07-22
   soldstatus $175,000 127-char remark

   Show marketing remark (127 chars)

   Located close to campus, this duplex is unique in its layout and is nestled in a nearly private little cove. Long term tenants.

7. 2014-05-22
   listed $176,000 127-char remark

   Show marketing remark (127 chars)

   Located close to campus, this duplex is unique in its layout and is nestled in a nearly private little cove. Long term tenants.

ⓘ 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: $3,832 · $319/mo
• Projected year-2 tax: $3,918 · $326/mo
• Expected delta: +$86/yr (+$7/mo · 2.2%)

ⓘ 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: $29,556
• − Mortgage interest: −$14,284
• − Property taxes: −$3,832
• − Insurance: −$1,275
• − Repairs & maintenance: −$2,364
• − Management: −$2,364
• − Depreciation: −$7,418
• Taxable loss: −$1,982
• Est. tax savings @ 24.0%: +$476
• After-tax cash flow: $2,671/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

-0.6% since first listed

3 events — show timeline

• 2014-07-23 Sold (Public Records) $175,000 Public Records
• 2014-07-22 Sold (MLS) $175,000 CIBOR
• 2014-05-22 Listed $176,000 CIBOR

Property tax history

+3.3%/yr

Latest (2025): $3,832 · +2.1% YoY. Source: county tax records.