215 Jewel Dr Unit 1-8 · Ames, IA 50010

$995,000

None bd · None ba · 8,267 sqft · MultiFamily · 120 Days on market

Built 1996 Fair condition 0.57 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 +18.6/30.0
• ARV discount +7.5/15.0
• DSCR +5.9/10.0
• Schools +5.9/10.0
• 1% rule +5.0/10.0
• Livability +4.7/5.0
• Rent growth +3.2/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Turnkey investment opportunity! This beautifully maintained 8-plex on the south side of Ames features a strong rental history and long-term tenants, delivering cash flow from day one. There are 4 2BR units, 2 3BR units, and 2 4BR units, each with 2 full baths. Two recently renovated vacant units are available for immediate showings. A solid, income-producing property with professional management team in place if needed.

Key facts

• 0.57 acre lot
• Built 1996
• Listed 119 days

Tags

• TURNKEY INVESTMENT OPPORTUNITY
• STRONG RENTAL HISTORY
• INCOME PRODUCING PROPERTY
• PROFESSIONAL MANAGEMENT TEAM

What this means for you Summary

Snapshot

• This is a multifamily listed at $995k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $966 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $993k (0.2% below list).
• Recommended offer: $905k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.5% 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 (+2.7%/yr); 183 active listings in the ZIP; 196 units permitted in Story County in 2024 (34 in 5+ unit buildings).
• At $9,927/mo this rent would consume 182% of the median local household income ($65k/yr) (locally 1523% 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 $7k of loan paydown is wiped out by about $30k 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 120 days — a 9% lower offer ($905k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y ago; this cycle's ask has dropped $90k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $842k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $905,450 (9.0% below list)

Questions for the listing agent

1. It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.00% ✗
• Cap rate: 7.46%
• Cash-on-cash: 4.16%
• DSCR: 1.19
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.69% rent growth · sell at horizon

5-year hold

• IRR: -10.1%
• Equity multiple: 0.63×
• Total profit: $-102,638
• Equity at exit: $148,358

10-year hold

• IRR: -1.2%
• Equity multiple: 0.92×
• Total profit: $-22,122
• Equity at exit: $86,029

Cash invested: $278,600 (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 50010

• Rents YoY: 2.7%
• Active inventory: 183
• Price-to-rent: 74.3×

Monthly cashflow live

• Estimated rent: $9,927 high
• Mortgage (P&I): −$5,218
• Tax est. 1.5%: −$1,244 /mo · $14,925/yr
• Insurance: −$415
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,085
• Net cashflow: $966

Break-even live

Break-even rent $8,704

Max offer price $995,000

Occupancy floor 85%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	2	$4,464
▸ 2× units	3	2	$2,452
▸ 2× units	4	2	$3,008
Total (8 units)			$9,927

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: $248,750
• Closing costs: $29,850
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $995,000 Active 120 DOM
2. 2026-06-18
   days on market $995,000 Active 119 DOM
3. 2026-06-17
   days on market $995,000 Active 118 DOM
4. 2026-06-16
   days on market $995,000 Active 117 DOM
5. 2026-06-15
   days on market $995,000 Active 116 DOM
6. 2026-06-14
   days on market $995,000 Active 114 DOM
7. 2026-06-13
   days on market $995,000 Active 113 DOM
8. 2026-06-10
   days on market $995,000 Active 111 DOM
9. 2026-06-09
   days on market $995,000 Active 110 DOM
10. 2026-06-08
    days on market $995,000 Active 109 DOM
11. 2026-06-07
    days on market $995,000 Active 108 DOM
12. 2026-06-05
    days on market $995,000 Active 105 DOM
13. 2026-06-03
    days on market $995,000 Active 104 DOM
14. 2026-06-02
    days on market $995,000 Active 103 DOM
15. 2026-06-01
    days on market $995,000 Active 102 DOM
16. 2026-05-31
    days on market $995,000 Active 101 DOM
17. 2026-05-30
    days on market $995,000 Active 100 DOM
18. 2026-04-14
    price $995,000 423-char remark

    Show marketing remark (423 chars)

    Turnkey investment opportunity! This beautifully maintained 8-plex on the south side of Ames features a strong rental history and long-term tenants, delivering cash flow from day one. There are 4 2BR units, 2 3BR units, and 2 4BR units, each with 2 full baths. Two recently renovated vacant units are available for immediate showings. A solid, income-producing property with professional management team in place if needed.

19. 2026-02-18
    listed $1,085,000 Active 423-char remark

    Show marketing remark (423 chars)

    Turnkey investment opportunity! This beautifully maintained 8-plex on the south side of Ames features a strong rental history and long-term tenants, delivering cash flow from day one. There are 4 2BR units, 2 3BR units, and 2 4BR units, each with 2 full baths. Two recently renovated vacant units are available for immediate showings. A solid, income-producing property with professional management team in place if needed.

20. 2017-12-28
    soldstatus $842,000 47-char remark

    Show marketing remark (47 chars)

    Fantastic, low maintenance investment property!

21. 2017-08-31
    listed $860,000 47-char remark

    Show marketing remark (47 chars)

    Fantastic, low maintenance investment property!

ⓘ 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 (shaded) · 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: $119,124
• − Mortgage interest: −$55,735
• − Property taxes: −$14,925
• − Insurance: −$4,975
• − Repairs & maintenance: −$9,530
• − Management: −$9,530
• − Depreciation: −$28,945
• Taxable loss: −$4,517
• Est. tax savings @ 24.0%: +$1,084
• After-tax cash flow: $12,677/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

Fair 45/100 Moderate rehab

This 8-unit multi-family property requires moderate renovations to improve its condition and increase its value. Significant updates to the kitchen and bathroom, along with exterior painting and landscaping, would significantly boost both resale and rental potential.

Repairs flagged

• Major Kitchen cabinets — Significant wear and tear, possibly requiring replacement.
• Major Bathroom fixtures — Significant wear and tear, possibly requiring replacement.
• Major Exterior siding — Significant wear and tear, possibly requiring repainting or replacement.
• Major Interior walls — Significant wear and tear, possibly requiring repainting.
• Moderate HVAC system — May require cleaning or minor repairs to maintain efficiency.
• Major Landscaping — Overgrown areas and bare trees require trimming and planting to improve curb appeal.

Value-add opportunities

• Both Kitchen renovation — Updating the kitchen with new cabinets, countertops, and appliances would significantly increase both resale and rental value.
• Both Bathroom renovation — Updating the bathroom with new fixtures, paint, and possibly a shower/tub combination would significantly increase both resale and rental value.
• Both Exterior painting and landscaping — Painting the exterior and improving the landscaping would significantly increase both resale and rental value by improving curb appeal and creating a more inviting atmosphere.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Significant wear and tear, possibly requiring replacement.	Major	$15,000–50,000
Bathroom fixtures · Significant wear and tear, possibly requiring replacement.	Major	$15,000–50,000
Exterior siding · Significant wear and tear, possibly requiring repainting or replacement.	Major	$15,000–50,000
Interior walls · Significant wear and tear, possibly requiring repainting.	Major	$15,000–50,000
HVAC system · May require cleaning or minor repairs to maintain efficiency.	Moderate	$3,000–15,000
Landscaping · Overgrown areas and bare trees require trimming and planting to improve curb appeal.	Major	$15,000–50,000
Total estimated repair cost · 6 items		$78,000–265,000

Value-add ROI direction

• Both Kitchen renovation — Updating the kitchen with new cabinets, countertops, and appliances would significantly increase both resale and rental value. ↑
• Both Bathroom renovation — Updating the bathroom with new fixtures, paint, and possibly a shower/tub combination would significantly increase both resale and rental value. ↑
• Both Exterior painting and landscaping — Painting the exterior and improving the landscaping would significantly increase both resale and rental value by improving curb appeal and creating a more inviting atmosphere. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 33,799
• Household income: $65,398
• Rent vs Own: 46.8% rent · 53.2% own
• Severe rent burden: 1523.0

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 (79%)
• Race & ethnicity: White 79% Asian 7% Hispanic / Latino 6% Two or more races 5% Black 4%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 6% Iranian 2% Slovak 2%
• Foreign-born: 11% · China, Canada, South Korea
• Languages at home: 88% English-only · Chinese 3% Other Indo-European 3% Spanish 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: ▼ -121.78%
• Current HPI: 170.4215
• Rent YoY: ▲ 2.69%
• 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

+15.7% since first listed

4 events — show timeline

• 2026-04-14 Price Changed $995,000 CIBOR
• 2026-02-18 Listed $1,085,000 CIBOR
• 2017-12-28 Sold (MLS) $842,000 DMMLS
• 2017-08-31 Listed $860,000 DMMLS