907 7th Ave SE #16 · Altoona, IA 50009

$146,000

2 bd · 2.0 ba · 1,014 sqft · Condo public records · 108 Days on market

Built 2004 $144/sqft · at area comps Est $146k · at est. $190/mo HOA · 14% of rent

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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).

• Cash flow +9.7/30.0
• ARV discount +7.5/15.0
• Schools +6.4/10.0
• 1% rule +4.3/10.0
• Livability +4.0/5.0
• Rent growth +3.7/5.0
• DSCR +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Home Sweet Home in Altoona! This beautifully maintained 2-bedroom, 2-bathroom home features an inviting open-concept layout designed for effortless everyday living. The spacious living room is anchored by a cozy gas fireplace and flows seamlessly into the kitchen and dining area — perfect for hosting or relaxing at the end of the day. Enjoy morning coffee or evening chats on the covered front porch, and appreciate the convenience of the detached 1-car garage just steps away. Low-maintenance living at its finest: the HOA covers exterior maintenance including snow removal, shoveling, lawn care, and more, so you can spend your time enjoying the nearby parks, trails, shops, and Altoona amenities. Move-in ready and thoughtfully cared for — this is an ideal place to settle in and feel right at home.

Key facts

• $190 HOA
• Garage
• Built 2004

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $146k.

Deal economics

• At list price, monthly cash flow is $-96 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $129k (11.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $136k (6.9% below list).
• Recommended offer: $129k (11.6% below list) — sets the bar for cash-flow.
• Cap rate 5.5% 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.

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: Centennial Elementary (math 77% / reading 72%, grade A, #131 of 616 statewide, top 27%, 420 students, 36% 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; 13 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 $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

• It's been on market 108 days — a 9% lower offer ($133k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 14y 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.
• Current owner paid $115k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $129,128 (11.6% 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 108 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: 0.93% ✗
• Cap rate: 5.51%
• Cash-on-cash: -2.80%
• DSCR: 0.88
• GRM: 9.0

CMA / ARV

• ARV (median comp): $146,156
• List price: $146,000
• Delta: -0.11%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.61% rent growth · sell at horizon

5-year hold

• IRR: -18.8%
• Equity multiple: 0.33×
• Total profit: $-27,385
• Equity at exit: $21,769

10-year hold

• IRR: -7.8%
• Equity multiple: 0.47×
• Total profit: $-21,711
• Equity at exit: $12,623

Cash invested: $40,880 (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: 9.0×

Monthly cashflow live

• Estimated rent: $1,359 high
• Mortgage (P&I): −$766
• Tax from tax record: −$153 /mo · $1,832/yr
• Insurance: −$61
• HOA: −$190
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $-96

Break-even live

Break-even rent $1,480

Max offer price $129,128

Occupancy floor —

Sensitivity live

Price	-10% $-13	-5% $-54	+0% $-96	+5% $-137	+10% $-178
Rent	-10% $-203	-5% $-149	+0% $-96	+5% $-42	+10% $12
Rate	-1.0pp $-22	-0.5pp $-58	base $-96	+0.5pp $-133	+1.0pp $-172

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: $36,500
• Closing costs: $4,380
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
901 7th Ave SE Altoona, IA	1.0–3.0	1.0–2.0	825	$1,050	$1.27	16d	4	0.07mi
946 Red Hawk Way SE Altoona, IA	2.0	2.5	1385	$1,600	$1.16	45d	1	0.14mi
203 3rd St SE Unit 1A Altoona, IA	2.0	1.0	780	$1,050	$1.35	21d	1	0.64mi
203 3rd St SE Unit 2B Altoona, IA	2.0	1.0	780	$1,849	$2.37	16d	1	0.64mi
351 2nd St NW Altoona, IA	2.0	2.0	1000	$1,025	$1.02	45d	1	0.99mi
2271 3rd Ave SW Altoona, IA	3.0	2.0	1186	$1,695	$1.43	16d	1	1.01mi
401 2nd St NW Altoona, IA	2.0	2.0	1000	$1,025	$1.02	16d	2	1.01mi
108 5th Ave NW Unit 3 Altoona, IA	3.0	1.0	1040	$1,229	$1.18	25d	1	1.03mi
108 5th Ave NW Unit 3 Altoona, IA	1.0–3.0	1.0	870	$1,039	$1.19	16d	10	1.03mi
300 5th Ave NW Altoona, IA	3.0	1.0	1008	$1,595	$1.58	25d	1	1.08mi
2570 1st Ave S Altoona, IA	1.0–3.0	1.0–2.0	1142	$1,619	$1.42	16d	14	1.12mi
908 8th St SW Altoona, IA	1.0–2.0	1.0–2.0	756	$955	$1.26	16d	5	1.12mi
703 11th Ave NW Altoona, IA	3.0	1.5	1237	$1,845	$1.49	21d	1	1.49mi

HOA detail condo

• Monthly dues: $190 · $2,280/yr
• Likely covers: gaslandscapingsnow removalexterior maint.
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-05-11
   status Pending 828-char remark

   Show marketing remark (828 chars)

   Welcome to Home Sweet Home in Altoona! This beautifully maintained 2-bedroom, 2-bathroom home features an inviting open-concept layout designed for effortless everyday living. The spacious living room is anchored by a cozy gas fireplace and flows seamlessly into the kitchen and dining area — perfect for hosting or relaxing at the end of the day. Enjoy morning coffee or evening chats on the covered front porch, and appreciate the convenience of the detached 1-car garage just steps away. Low-maintenance living at its finest: the HOA covers exterior maintenance including snow removal, shoveling, lawn care, and more, so you can spend your time enjoying the nearby parks, trails, shops, and Altoona amenities. Move-in ready and thoughtfully cared for — this is an ideal place to settle in and feel right at home.

2. 2026-03-26
   price $146,000 828-char remark

   Show marketing remark (828 chars)

   Welcome to Home Sweet Home in Altoona! This beautifully maintained 2-bedroom, 2-bathroom home features an inviting open-concept layout designed for effortless everyday living. The spacious living room is anchored by a cozy gas fireplace and flows seamlessly into the kitchen and dining area — perfect for hosting or relaxing at the end of the day. Enjoy morning coffee or evening chats on the covered front porch, and appreciate the convenience of the detached 1-car garage just steps away. Low-maintenance living at its finest: the HOA covers exterior maintenance including snow removal, shoveling, lawn care, and more, so you can spend your time enjoying the nearby parks, trails, shops, and Altoona amenities. Move-in ready and thoughtfully cared for — this is an ideal place to settle in and feel right at home.

3. 2026-01-23
   listed $148,000 Active 828-char remark

   Show marketing remark (828 chars)

   Welcome to Home Sweet Home in Altoona! This beautifully maintained 2-bedroom, 2-bathroom home features an inviting open-concept layout designed for effortless everyday living. The spacious living room is anchored by a cozy gas fireplace and flows seamlessly into the kitchen and dining area — perfect for hosting or relaxing at the end of the day. Enjoy morning coffee or evening chats on the covered front porch, and appreciate the convenience of the detached 1-car garage just steps away. Low-maintenance living at its finest: the HOA covers exterior maintenance including snow removal, shoveling, lawn care, and more, so you can spend your time enjoying the nearby parks, trails, shops, and Altoona amenities. Move-in ready and thoughtfully cared for — this is an ideal place to settle in and feel right at home.

4. 2021-08-30
   soldstatus $115,000
5. 2021-08-27
   soldstatus $115,000 Closed 449-char remark

   Show marketing remark (449 chars)

   Clean 2 bedroom 2 full bathroom condo located in Altoona within walking distance of restaurants, shops, and Centennial Elementary. Southeast Polk School District! End unit with a 1 car garage right outside the unit. Snow removal and lawn care are taken care of by the HOA. Inside the unit there is brand new carpet in the bedrooms and new LVP floors in the rest of the unit. All appliances are included and washer and dryer are only a few years old.

6. 2021-07-08
   status Pending 449-char remark

   Show marketing remark (449 chars)

   Clean 2 bedroom 2 full bathroom condo located in Altoona within walking distance of restaurants, shops, and Centennial Elementary. Southeast Polk School District! End unit with a 1 car garage right outside the unit. Snow removal and lawn care are taken care of by the HOA. Inside the unit there is brand new carpet in the bedrooms and new LVP floors in the rest of the unit. All appliances are included and washer and dryer are only a few years old.

7. 2021-07-07
   listed $120,000 Active 449-char remark

   Show marketing remark (449 chars)

   Clean 2 bedroom 2 full bathroom condo located in Altoona within walking distance of restaurants, shops, and Centennial Elementary. Southeast Polk School District! End unit with a 1 car garage right outside the unit. Snow removal and lawn care are taken care of by the HOA. Inside the unit there is brand new carpet in the bedrooms and new LVP floors in the rest of the unit. All appliances are included and washer and dryer are only a few years old.

8. 2016-05-31
   soldstatus $85,000
9. 2016-05-27
   soldstatus $85,000
10. 2016-04-14
    listed $85,000
11. 2014-02-13
    historical
12. 2013-09-10
    historical
13. 2013-06-04
    listed $89,900
14. 2012-06-13
    listed $82,500

ⓘ 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: $1,832 · $153/mo
• Projected year-2 tax: $2,062 · $172/mo
• Expected delta: +$230/yr (+$19/mo · 12.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $16,308
• − Mortgage interest: −$8,178
• − Property taxes: −$1,832
• − Insurance: −$730
• − Repairs & maintenance: −$1,305
• − Management: −$1,305
• − HOA: −$2,280
• − Depreciation: −$4,247
• Taxable loss: −$3,569
• Est. tax savings @ 24.0%: +$856
• After-tax cash flow: $-290/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

+77.0% since first listed

14 events — show timeline

• 2026-05-11 Pending — DMMLS
• 2026-03-26 Price Changed $146,000 DMMLS
• 2026-01-23 Listed $148,000 DMMLS
• 2021-08-30 Sold (Public Records) $115,000 Public Records
• 2021-08-27 Sold (MLS) $115,000 DMMLS
• 2021-07-08 Pending — DMMLS
• 2021-07-07 Listed $120,000 DMMLS
• 2016-05-31 Sold (Public Records) $85,000 Public Records
• 2016-05-27 Sold (MLS) $85,000 DMMLS
• 2016-04-14 Listed $85,000 DMMLS
• 2014-02-13 Listing Removed — DMMLS
• 2013-09-10 Listing Removed — DMMLS
• 2013-06-04 Listed $89,900 DMMLS
• 2012-06-13 Listed $82,500 DMMLS

Property tax history

+0.7%/yr

Latest (2025): $1,832 · +2.6% YoY. Source: county tax records.