3902/3912 Ontario St · Ames, IA 50014

$579,500

None bd · None ba · 852 sqft · MultiFamily · 300 Days on market

Built 1976 0.90 ac lot $680/sqft · 134% above area ↓ 30% since listing

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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 +5.9/10.0
• 1% rule +5.7/10.0
• 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: 6 units. estimate disagrees with records

Listing remarks MLS

Great investment opportunity. Located on Ontario Street in Ames, this well-maintained multi-family investment opportunity features two duplex buildings, totaling four rental units, just 2 miles from Iowa State University. Each unit offers a functional layout with 2 bedrooms and 1 full bathroom, providing comfortable living spaces ideal for students, young professionals, or small families. Both duplexes include attached 2-car garages (one per building), adding convenience and desirable off-street parking for tenants.

Key facts

• 0.9 acre lot
• 4 garage spots
• Built 1976

What this means for you Summary

Snapshot

• This is a 6 × 2-bed/1-bath units multifamily listed at $580k.

Deal economics

• At list price, monthly cash flow is $904 ($11k/yr) — positive. Per door: $151/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $580k).
• Recommended offer: $510k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.2% 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: amenities A+, commute A+, cost of living 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.
• Zoned schools: Sawyer Elementary School (math 62% / reading 62%, grade B, #363 of 616 statewide, top 62%, 367 students, 31% FRL); Ames Middle School (math 71% / reading 70%, grade A, #111 of 246 statewide, top 45%, 1,002 students, 31% FRL); Ames High School (math 69% / reading 77%, grade B+, #114 of 336 statewide, top 34%, 1,403 students, 30% FRL) — zoned schools at 31% FRL track the district average.
• Market conditions: Rents rising (+3.7%/yr); 199 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 196 units permitted in Story County in 2024 (34 in 5+ unit buildings).
• At $6,214/mo this rent would consume 123% 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 $4k of loan paydown is wiped out by about $17k 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 300 days — a 12% lower offer ($510k) is reasonable based on typical stale-listing flexibility.

Recommended offer $509,960 (12.0% below list)

Questions for the listing agent

1. It's been on market 300 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
9. 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.
10. 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: 1.07% ✓
• Cap rate: 8.17%
• Cash-on-cash: 6.69%
• DSCR: 1.30
• GRM: 7.8

CMA / ARV

• ARV (median comp): $247,251
• List price: $579,500
• Delta: 134.38%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -5.3%
• Equity multiple: 0.80×
• Total profit: $-32,000
• Equity at exit: $86,405

10-year hold

• IRR: 5.2%
• Equity multiple: 1.40×
• Total profit: $64,217
• Equity at exit: $50,105

Cash invested: $162,260 (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: 199
• Price-to-rent: 46.6×

Monthly cashflow live

• Estimated rent: $6,214 high
• Mortgage (P&I): −$3,039
• Tax est. 1.5%: −$724 /mo · $8,692/yr
• Insurance: −$241
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,305
• Net cashflow: $904

Break-even live

Break-even rent $5,069

Max offer price $579,500

Occupancy floor 80%

Sensitivity live

Price	-10% $1,305	-5% $1,105	+0% $904	+5% $704	+10% $504
Rent	-10% $413	-5% $659	+0% $904	+5% $1,150	+10% $1,395
Rate	-1.0pp $1,196	-0.5pp $1,052	base $904	+0.5pp $754	+1.0pp $601

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

Units	Beds	Baths	Est. rent
▸ 6× units	2	1	$6,216
Total (6 units)			$6,214

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: $144,875
• Closing costs: $17,385
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
925 Garfield Ave Ames, IA	2.0	1.0	936	$990	$1.06	45d	1	0.23mi
4415 Toronto St Unit 4 Ames, IA	2.0	1.0	800	$850	$1.06	45d	1	0.38mi
1516 Delaware Ave Unit 2 Ames, IA	2.0	1.0	814	$900	$1.11	45d	1	0.44mi
4733 Toronto St Ames, IA	3.0	1.5	939	$870	$0.93	45d	1	0.61mi
4415 Lincoln Way Unit 1261669P Ames, IA	2.0	2.0	1033	$1,870	$1.81	45d	1	0.75mi
4415 Lincoln Way Unit 204 Ames, IA	2.0	2.0	1035	$1,650	$1.59	45d	1	0.78mi
4515 Todd Dr Ames, IA	2.0–3.0	2.0	1198	$1,400	$1.17	45d	3	0.91mi
263 Hyland Ave Ames, IA	2.0	1.0–1.5	900	$1,078	$1.20	45d	12	0.92mi
2801 Oakland St Ames, IA	2.0	1.0	954	$1,685	$1.77	45d	1	0.93mi
225 Hyland Ave Ames, IA	2.0–3.0	2.0	900	$1,200	$1.33	45d	5	0.98mi
4815 Todd Dr Ames, IA	2.0	1.0	816	$895	$1.10	45d	1	0.98mi
150 Campus Ave #11 Ames, IA	1.0	1.0	596	$900	$1.51	45d	1	1.02mi
4915 Todd Dr Ames, IA	1.0–2.0	1.0	720	$965	$1.34	45d	4	1.03mi
153 Hyland Ave Ames, IA	1.0	1.0	579	$845	$1.46	46d	1	1.04mi
119 N Hyland Ave Ames, IA	1.0	1.0	599	$925	$1.54	45d	2	1.11mi
850 Pinon Dr Ames, IA	2.0–3.0	1.0–2.0	1020	$489	$0.48	45d	41	1.31mi
2519 Chamberlain St Ames, IA	1.0–3.0	1.0	825	$794	$0.96	45d	1	1.37mi
4524 Steinbeck St #7 Ames, IA	3.0	2.0	1045	$1,200	$1.15	45d	1	1.41mi

Listing history 22 events

1. 2026-06-22
   days on market $579,500 Active 300 DOM
2. 2026-06-21
   days on market $579,500 Active 299 DOM
3. 2026-06-19
   days on market $579,500 Active 297 DOM
4. 2026-06-18
   days on market $579,500 Active 296 DOM
5. 2026-06-17
   days on market $579,500 Active 295 DOM
6. 2026-06-16
   days on market $579,500 Active 294 DOM
7. 2026-06-15
   days on market $579,500 Active 293 DOM
8. 2026-06-14
   days on market $579,500 Active 291 DOM
9. 2026-06-13
   days on market $579,500 Active 290 DOM
10. 2026-06-10
    days on market $579,500 Active 288 DOM
11. 2026-06-09
    days on market $579,500 Active 287 DOM
12. 2026-06-08
    days on market $579,500 Active 286 DOM
13. 2026-06-07
    days on market $579,500 Active 285 DOM
14. 2026-06-05
    days on market $579,500 Active 282 DOM
15. 2026-06-03
    days on market $579,500 Active 281 DOM
16. 2026-06-02
    days on market $579,500 Active 280 DOM
17. 2026-06-01
    days on market $579,500 Active 279 DOM
18. 2026-05-31
    days on market $579,500 Active 278 DOM
19. 2026-05-30
    days on market $579,500 Active 277 DOM
20. 2026-03-23
    price $579,500 521-char remark

    Show marketing remark (521 chars)

    Great investment opportunity. Located on Ontario Street in Ames, this well-maintained multi-family investment opportunity features two duplex buildings, totaling four rental units, just 2 miles from Iowa State University. Each unit offers a functional layout with 2 bedrooms and 1 full bathroom, providing comfortable living spaces ideal for students, young professionals, or small families. Both duplexes include attached 2-car garages (one per building), adding convenience and desirable off-street parking for tenants.

21. 2025-10-30
    price $785,000 521-char remark

    Show marketing remark (521 chars)

    Great investment opportunity. Located on Ontario Street in Ames, this well-maintained multi-family investment opportunity features two duplex buildings, totaling four rental units, just 2 miles from Iowa State University. Each unit offers a functional layout with 2 bedrooms and 1 full bathroom, providing comfortable living spaces ideal for students, young professionals, or small families. Both duplexes include attached 2-car garages (one per building), adding convenience and desirable off-street parking for tenants.

22. 2025-08-25
    listed $825,000 Active 521-char remark

    Show marketing remark (521 chars)

    Great investment opportunity. Located on Ontario Street in Ames, this well-maintained multi-family investment opportunity features two duplex buildings, totaling four rental units, just 2 miles from Iowa State University. Each unit offers a functional layout with 2 bedrooms and 1 full bathroom, providing comfortable living spaces ideal for students, young professionals, or small families. Both duplexes include attached 2-car garages (one per building), adding convenience and desirable off-street parking for tenants.

ⓘ 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 (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: $74,568
• − Mortgage interest: −$32,461
• − Property taxes: −$8,692
• − Insurance: −$2,898
• − Repairs & maintenance: −$5,965
• − Management: −$5,965
• − Depreciation: −$16,858
• Taxable income: $1,728
• Est. tax owed @ 24.0%: −$415
• After-tax cash flow: $10,436/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

-29.8% since first listed

3 events — show timeline

• 2026-03-23 Price Changed $579,500 CIBOR
• 2025-10-30 Price Changed $785,000 CIBOR
• 2025-08-25 Listed $825,000 CIBOR