907 4th St SW · Altoona, IA 50009

$215,000

3 bd · 1.0 ba · 858 sqft · SingleFamily public records · 29 Days on market

Built 1972 0.29 ac lot $251/sqft · 17% below area Est $259k · 17% under

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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).

• ARV discount +15.0/15.0
• Cash flow +6.7/30.0
• Schools +6.4/10.0
• Livability +4.0/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• 1% rule +1.6/10.0
• DSCR +0.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Property is HUD owned and is to be sold As-Is, without repairs or warranties. For more information concerning Lead Based Paint notification, Radon Gas and Mold Disclosure, electronic bidding deadlines and procedures, earnest money procedures, any defects known to Best Assets or listing broker, contact Listing Agent.

Key facts

• 0.29 acre lot
• Built 1972
• Listed 28 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Residential zoning; Poured foundation
• Construction: Asphalt shingle roof; Construction details: see remarks
• Exterior features: Deck; Patio; Fully fenced yard (wood, full fence); Open deck/patio

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Dining area; Daylight, finished basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $215k.

Deal economics

• At list price, monthly cash flow is $-345 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $154k (28.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $142k (34.0% below list).
• Recommended offer: $142k (34.0% below list) — sets the bar for 1% rule.
• Cap rate 4.4% 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: Altoona Elementary (math 82% / reading 72%, grade A, #103 of 616 statewide, top 20%, 419 students, 50% 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) — zoned schools average 39% FRL vs 23% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.6%/yr); 310 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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 $6k 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 29 days — a 2% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y 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 $183k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $141,963 (34.0% 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. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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 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: 0.66% ✗
• Cap rate: 4.37%
• Cash-on-cash: -6.88%
• DSCR: 0.69
• GRM: 12.6

CMA / ARV

• ARV (median comp): $258,926
• List price: $215,000
• Delta: -16.96%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
107 10th Ave SW	0.17mi	3/2.0	853 (-1%)	3mo	$273,000	$320	85
1005 6th St NW	0.51mi	3/1.5	880 (+3%)	0mo	$245,000	$278	70
1106 7th St NW	0.55mi	3/1.5	880 (+3%)	1mo	$265,990	$302	67
1028 7th St NW	0.55mi	3/1.5	880 (+3%)	6mo	$252,000	$286	63
605 12th Ave NW	0.52mi	3/2.0	888 (+4%)	3mo	$245,000	$276	63
704 3rd Ave SE	0.70mi	2/1.0 (-1)	864 (+1%)	1mo	$220,000	$255	61
601 12th Ave NW	0.51mi	4/2.0 (+1)	901 (+5%)	2mo	$270,000	$300	57
311 10th Ave NW	0.34mi	4/2.0 (+1)	944 (+10%)	2mo	$264,900	$281	57
315 10th Ave NW	0.35mi	3/2.0	982 (+14%)	2mo	$308,000	$314	54
603 1st Ave S	0.59mi	3/2.0	936 (+9%)	1mo	$220,000	$235	53
705 17th Ave SW	0.48mi	3/2.0	952 (+11%)	4mo	$275,000	$289	53
206 6th St SW	0.46mi	2/1.0 (-1)	984 (+15%)	4mo	$107,000	$109	46

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: -26.5%
• Equity multiple: 0.09×
• Total profit: $-54,491
• Equity at exit: $32,057

10-year hold

• IRR: -19.2%
• Equity multiple: -0.09×
• Total profit: $-65,828
• Equity at exit: $18,589

Cash invested: $60,200 (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: 12.6×

Monthly cashflow live

• Estimated rent: $1,420 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$250 /mo · $2,998/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$298
• Net cashflow: $-345

Break-even live

Break-even rent $1,857

Max offer price $153,985

Occupancy floor —

Sensitivity live

Price	-10% $-224	-5% $-285	+0% $-345	+5% $-406	+10% $-467
Rent	-10% $-458	-5% $-401	+0% $-345	+5% $-289	+10% $-233
Rate	-1.0pp $-237	-0.5pp $-291	base $-345	+0.5pp $-401	+1.0pp $-458

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
108 5th Ave NW Unit 3 Altoona, IA	3.0	1.0	1040	$1,229	$1.18	25d	1	0.36mi
108 5th Ave NW Unit 3 Altoona, IA	1.0–3.0	1.0	870	$1,229	$1.41	16d	10	0.36mi
908 8th St SW Altoona, IA	1.0–2.0	1.0–2.0	756	$955	$1.26	16d	5	0.42mi
300 5th Ave NW Altoona, IA	3.0	1.0	1008	$1,595	$1.58	25d	1	0.44mi
401 2nd St NW Altoona, IA	2.0	2.0	1000	$1,025	$1.02	16d	2	0.45mi
351 2nd St NW Altoona, IA	2.0	2.0	1000	$1,025	$1.02	46d	1	0.50mi
1000 Adventureland Dr Altoona, IA	1.0–2.0	1.0–1.5	745	$1,028	$1.38	16d	11	0.61mi
203 3rd St SE Unit 2B Altoona, IA	2.0	1.0	780	$1,849	$2.37	16d	1	0.63mi
203 3rd St SE Unit 1A Altoona, IA	2.0	1.0	780	$1,050	$1.35	21d	1	0.63mi
615 17th Ave NW Altoona, IA	1.0–3.0	1.0–2.0	795	$1,502	$1.89	16d	12	0.66mi
1414 Adventureland Dr Altoona, IA	4.0	2.0	916	$2,686	$2.93	16d	10	0.72mi
1040 Blue Ridge Pl NW Altoona, IA	1.0–3.0	1.0–2.0	874	$1,542	$1.76	16d	13	0.82mi
901 7th Ave SE Altoona, IA	1.0–3.0	1.0–2.0	825	$1,250	$1.52	16d	4	1.07mi
1550 28th Ave SW Altoona, IA	3.0	1.0	1051	$1,400	$1.33	16d	1	1.38mi
1554 28th Ave SW Altoona, IA	3.0	1.0	1051	$1,400	$1.33	46d	1	1.38mi

Listing history 8 events

1. 2026-05-06
   price $215,000 757-char remark
2. 2026-04-28
   listed $220,000 Active 757-char remark
3. 2022-06-13
   soldstatus $183,000
4. 2022-01-26
   soldstatus $204,000
5. 2008-06-25
   soldstatus $97,750 317-char remark

   Show marketing remark (317 chars)

   Property is HUD owned and is to be sold As-Is, without repairs or warranties. For more information concerning Lead Based Paint notification, Radon Gas and Mold Disclosure, electronic bidding deadlines and procedures, earnest money procedures, any defects known to Best Assets or listing broker, contact Listing Agent.

6. 2008-05-02
   listed $105,000 317-char remark

   Show marketing remark (317 chars)

   Property is HUD owned and is to be sold As-Is, without repairs or warranties. For more information concerning Lead Based Paint notification, Radon Gas and Mold Disclosure, electronic bidding deadlines and procedures, earnest money procedures, any defects known to Best Assets or listing broker, contact Listing Agent.

7. 2005-12-06
   soldstatus $129,500
8. 2005-10-05
   listed $124,900

ⓘ 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: $2,998 · $250/mo
• Projected year-2 tax: $3,187 · $266/mo
• Expected delta: +$189/yr (+$16/mo · 6.3%)

ⓘ 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: $17,036
• − Mortgage interest: −$12,043
• − Property taxes: −$2,998
• − Insurance: −$1,075
• − Repairs & maintenance: −$1,363
• − Management: −$1,363
• − Depreciation: −$6,255
• Taxable loss: −$8,061
• Est. tax savings @ 24.0%: +$1,935
• After-tax cash flow: $-2,210/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

+72.1% since first listed

9 events — show timeline

• 2026-05-28 Listing Removed — DMMLS
• 2026-05-06 Price Changed $215,000 DMMLS
• 2026-04-28 Listed $220,000 DMMLS
• 2022-06-13 Sold (Public Records) $183,000 Public Records
• 2022-01-26 Sold (Public Records) $204,000 Public Records
• 2008-06-25 Sold (MLS) $97,750 DMMLS
• 2008-05-02 Listed $105,000 DMMLS
• 2005-12-06 Sold (Public Records) $129,500 Public Records
• 2005-10-05 Listed $124,900 DMMLS

Property tax history

+1.4%/yr

Latest (2025): $2,998 · +2.3% YoY. Source: county tax records.