309 1st St E · Altoona, IA 50009

$143,000

3 bd · 1.0 ba · 1,453 sqft · SingleFamily public records · 8 Days on market

Built 1948 0.48 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 +21.8/30.0
• ARV discount +7.5/15.0
• DSCR +7.0/10.0
• Schools +6.4/10.0
• 1% rule +6.2/10.0
• Livability +4.0/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Outstanding opportunity to own this home for over $63,000 less than assessed value! Spacious 1948 built, 1.5 story on a beautiful nearly half acre lot backing to the bike trail. One car attached garage and a second 18 x 24 detached garage out back for parking, lawn equipment and storage. Inside offers a first floor bedroom, full bath, living room, laundry room and kitchen and upstairs three additional bedrooms and a full bath as well as a bonus room finished above the garage. New roof in 2018 and newer furnace and air. Bring your vision and build some equity and make this home your own!

Key facts

• Bike trail
• Newer furnace
• Bonus room

Tags

• HALF ACRE LOT
• BIKE TRAIL
• DETACHED GARAGE
• BONUS ROOM
• NEW ROOF
• NEWER FURNACE

Property features AI

Finance

• Financial info: Annual tax amount not included per instructions

Exterior

• Parking: Attached 1-car garage; Detached garage
• Utilities: Public water; Public sewer
• Home design: Facing direction not specified; Entry level not specified; Property type not specified; Stories not specified
• Construction: Stone and vinyl siding exterior; Asphalt shingle roof; Block foundation; Built date not specified
• Exterior features: Rectangular lot; Asphalt road frontage

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove
• Bedrooms: 1 main-level bedroom
• Flooring: Carpet; Hardwood; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Natural gas heating; Central air conditioning
• Interior features: Eat-in kitchen; Unfinished basement
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $143k.

Deal economics

• At list price, monthly cash flow is $222 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $143k).
• Cap rate 8.2% vs local median 3.1% in Altoona — 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 80/100 on livability (#85 in IA, #1,757 nationally) — a professional / high-income tenant draw. Strengths: schools A+, cost of living A+, housing 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.
• Market conditions: Rents rising fast (+4.6%/yr); 310 active listings in the ZIP; 14 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 $989 of loan paydown is wiped out by about $4k 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

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $143,000

Questions for the listing agent

1. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.12% ✓
• Cap rate: 8.16%
• Cash-on-cash: 6.67%
• DSCR: 1.30
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $332,737
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
406 1st St E	0.07mi	3/2.0	1,403 (-3%)	0mo	$238,000	$170	87
402 6th St SW	0.52mi	3/1.5	1,452 (-0%)	2mo	$269,900	$186	72
401 7th Street Pl SW	0.53mi	3/1.5	1,456 (+0%)	1mo	$260,000	$179	72
100 4th Ave SE	0.03mi	2/2.5 (-1)	1,247 (-14%)	1mo	$240,000	$192	63
119 10th Ave NE	0.47mi	3/2.0	1,577 (+8%)	1mo	$404,990	$257	59
1103 2nd St NE	0.53mi	4/3.0 (+1)	1,495 (+3%)	6mo	$495,000	$331	53
506 2nd Ave SW	0.42mi	3/3.0	1,576 (+8%)	7mo	$340,000	$216	53
801 2nd St NE	0.35mi	4/3.0 (+1)	1,635 (+12%)	1mo	$374,990	$229	49
109 8th Ave NE	0.35mi	4/3.0 (+1)	1,635 (+12%)	5mo	$384,990	$235	46
809 2nd St NE	0.37mi	4/3.5 (+1)	1,659 (+14%)	3mo	$376,790	$227	42
128 8th Ave NE	0.34mi	4/3.5 (+1)	1,659 (+14%)	5mo	$383,090	$231	42
1028 2nd St NE	0.49mi	4/3.0 (+1)	1,613 (+11%)	8mo	$493,000	$306	40

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: -4.1%
• Equity multiple: 0.84×
• Total profit: $-6,304
• Equity at exit: $21,322

10-year hold

• IRR: 7.4%
• Equity multiple: 1.60×
• Total profit: $24,187
• Equity at exit: $12,364

Cash invested: $40,040 (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 50009

• Rents YoY: 4.6%
• Active inventory: 310
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,603 high
• Mortgage (P&I): −$750
• Tax from tax record: −$235 /mo · $2,816/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$337
• Net cashflow: $222

Break-even live

Break-even rent $1,322

Max offer price $143,000

Occupancy floor 81%

Sensitivity live

Price	-10% $303	-5% $263	+0% $222	+5% $182	+10% $142
Rent	-10% $96	-5% $159	+0% $222	+5% $286	+10% $349
Rate	-1.0pp $295	-0.5pp $259	base $222	+0.5pp $185	+1.0pp $148

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: $35,750
• Closing costs: $4,290
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
351 2nd St NW Altoona, IA	2.0	2.0	1000	$1,025	$1.02	45d	1	0.35mi
401 2nd St NW Altoona, IA	2.0	2.0	1000	$1,025	$1.02	15d	2	0.40mi
108 5th Ave NW Unit 3 Altoona, IA	1.0–3.0	1.0	870	$1,229	$1.41	15d	10	0.46mi
108 5th Ave NW Unit 3 Altoona, IA	3.0	1.0	1040	$1,229	$1.18	24d	1	0.46mi
300 5th Ave NW Altoona, IA	3.0	1.0	1008	$1,595	$1.58	24d	1	0.47mi
901 7th Ave SE Altoona, IA	1.0–3.0	1.0–2.0	825	$1,250	$1.52	15d	4	0.67mi
946 Red Hawk Way SE Altoona, IA	2.0	2.5	1385	$1,600	$1.16	45d	1	0.78mi
437 Elgin Ln NW Altoona, IA	2.0	2.0	1210	$1,910	$1.58	15d	7	0.79mi
703 11th Ave NW Altoona, IA	3.0	1.5	1237	$1,845	$1.49	20d	1	0.89mi
937 Breezewood Cir Altoona, IA	3.0	2.0	1300	$1,650	$1.27	15d	1	0.95mi
1502 Bennetts Way NW Altoona, IA	4.0	2.5	1610	$2,395	$1.49	45d	1	1.07mi
1414 Adventureland Dr Altoona, IA	4.0	2.0	916	$2,686	$2.93	15d	10	1.14mi
1040 Blue Ridge Pl NW Altoona, IA	1.0–3.0	1.0–2.0	874	$1,542	$1.76	15d	13	1.17mi
615 17th Ave NW Altoona, IA	1.0–3.0	1.0–2.0	795	$1,502	$1.89	15d	12	1.19mi

Listing history 1 events

1. 2026-05-19
   listed $143,000 Active

ⓘ 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: $2,816 · $235/mo
• Projected year-2 tax: $2,816 · $235/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 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: $19,240
• − Mortgage interest: −$8,010
• − Property taxes: −$2,816
• − Insurance: −$715
• − Repairs & maintenance: −$1,539
• − Management: −$1,539
• − Depreciation: −$4,160
• Taxable income: $461
• Est. tax owed @ 24.0%: −$111
• After-tax cash flow: $2,559/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: 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

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 · 453,298 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: 566.0

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

1 event — show timeline

• 2026-05-19 Listed $143,000 DMMLS

Property tax history

-0.1%/yr

Latest (2025): $2,816 · -1.7% YoY. Source: county tax records.