1006 34th St SE

Altoona, IA 50009

$339,990D-

4 bd · 2.5 ba · 2,053 sqft · Built 2025 · SingleFamily · Pending · 189 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,315/mo
• Mortgage (P&I): −$1,783
• Tax + insurance: −$567
• HOA: −$0
• Vac / Maint / Mgmt: −$486
• Net cashflow: $-521/mo
• Annual: $-6,248/yr
• Cap rate: 4.46%
• Cash-on-cash: -6.56%
• DSCR: 0.71
• 1% rule: 0.68%
• Cash to close: $95,197

Investor read

• This is a 4-bed/2.5-bath single-family listed at $340k.
• At list price, monthly cash flow is $-521 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $265k (22.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $232k (31.9% below list).
• It's been on market 189 days — a 12% lower offer ($299k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $232k (31.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• 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: Clay Elementary (math 76% / reading 70%, grade A, #175 of 616 statewide, top 28%, 657 students, 30% 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).
• Market conditions: Rents rising fast (+4.6%/yr); 310 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 2,953 units permitted in Polk County in 2024 (540 in 5+ unit buildings).
• Polk County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts 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.
• Cap rate 4.5% 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.
• This rent runs 31% of the median local income ($88k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 189 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.