3323 Tripp St · Ames, IA 50010

$65,000

3 bd · 1.0 ba · 967 sqft · SingleFamily public records · 30 Days on market

Built 1948 6,944 sqft lot ↓ 34% since listing

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.9/10.0
• Livability +4.7/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investment opportunity just over a half mile from Iowa State University campus. This 3-bedroom, 1-bath home has a strong long-term potential for owner-occupants or rental investors once restored. The property has been tested and documented as contaminated and will require remediation. Remediation is possible, and the home is being sold strictly AS IS. Ideal for investors, contractors, or buyers looking for a value-add project in a prime Ames location. Close to campus, shopping, dining, and major routes, this property offers location upside with the opportunity to mitigate and renovate. "Property Sold "As Is". Buyer and/or buyer's agent responsible for verifying all pertinent

Key facts

• Prime ames location
• 6,944 sq ft lot
• Garage

Tags

• IOWA STATE UNIVERSITY CAMPUS
• PRIME AMES LOCATION

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $451 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $64k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.6% 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: Mitchell Elementary School (math 72% / reading 67%, grade A-, #224 of 616 statewide, top 42%, 290 students, 46% 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).
• Market conditions: Rents rising (+2.7%/yr); 183 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 92% of comp listings sitting > 30 days — soft ceiling on asking rent; 196 units permitted in Story County in 2024 (34 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 2.7% rent growth), your $18k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($64k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price; built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $64,025 (1.5% below list)

Questions for the listing agent

1. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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.
6. 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.
7. 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: 1.92% ✓
• Cap rate: 14.62%
• Cash-on-cash: 29.75%
• DSCR: 2.32
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $207,905
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3219 Lettie St	0.14mi	2/1.5 (-1)	995 (+3%)	2mo	$220,000	$221	80
3109 Story St	0.30mi	2/1.0 (-1)	930 (-4%)	1mo	$199,500	$215	74
319 S Franklin Ave	0.17mi	2/1.0 (-1)	917 (-5%)	10mo	$160,000	$174	70
248 Village Dr #248	0.15mi	4/2.0 (+1)	1,083 (+12%)	4mo	$222,000	$205	61
121 S Franklin Ave	0.17mi	3/2.0	1,095 (+13%)	9mo	$90,000	$82	58
122 Howard Ave	0.33mi	3/2.0	1,097 (+13%)	12mo	$230,000	$210	48
3015 Story St	0.31mi	2/1.0 (-1)	840 (-13%)	14mo	$175,000	$208	46
3232 Ellis St	0.39mi	3/1.5	864 (-11%)	19mo	$200,000	$231	46
515 Forest Glen St	0.47mi	3/2.5	844 (-13%)	6mo	$325,000	$385	45
4111 Aplin Rd	0.58mi	2/2.0 (-1)	1,040 (+8%)	20mo	$165,000	$159	35
214 Hickory Dr	0.55mi	2/2.0 (-1)	861 (-11%)	21mo	$250,000	$290	29
230 Abraham Dr	0.68mi	4/2.0 (+1)	830 (-14%)	14mo	$265,000	$319	24

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 · 2.69% rent growth · sell at horizon

5-year hold

• IRR: 24.0%
• Equity multiple: 1.98×
• Total profit: $17,888
• Equity at exit: $9,692

10-year hold

• IRR: 31.6%
• Equity multiple: 3.82×
• Total profit: $51,288
• Equity at exit: $5,620

Cash invested: $18,200 (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 50010

• Rents YoY: 2.7%
• Active inventory: 183
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,249 high
• Mortgage (P&I): −$341
• Tax from tax record: −$168 /mo · $2,014/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $451

Break-even live

Break-even rent $678

Max offer price $65,000

Occupancy floor 59%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
225 Hyland Ave Ames, IA	2.0–3.0	2.0	900	$1,425	$1.58	44d	5	0.57mi
2519 Chamberlain St Ames, IA	1.0–3.0	1.0	825	$1,190	$1.44	44d	1	0.62mi
263 Hyland Ave Ames, IA	2.0	1.0–1.5	900	$1,078	$1.20	44d	12	0.65mi
2801 Oakland St Ames, IA	2.0	1.0	954	$1,685	$1.77	44d	1	0.67mi
850 Pinon Dr Ames, IA	2.0–3.0	1.0–2.0	1020	$1,497	$1.47	44d	41	0.69mi
2407 Knapp St Unit 2401 Ames, IA	2.0	1.0	950	$990	$1.04	44d	1	0.73mi
1209 Mayfield Dr #101 Ames, IA	2.0	2.0	933	$900	$0.96	44d	1	0.75mi
320 Stanton Ave Unit 320-101 Ames, IA	2.0	1.0	660	$990	$1.50	44d	1	0.76mi
713 Stanton Ave Ames, IA	3.0	1.0	780	$1,500	$1.92	44d	1	0.79mi
4415 Lincoln Way Unit 204 Ames, IA	2.0	2.0	1035	$1,650	$1.59	44d	1	0.81mi
4415 Lincoln Way Unit 1261669P Ames, IA	2.0	2.0	1033	$1,870	$1.81	44d	1	0.81mi
1409 Walton Dr Ames, IA	2.0	2.0	926	$1,175	$1.27	44d	1	0.82mi
925 Garfield Ave Ames, IA	2.0	1.0	936	$990	$1.06	44d	1	0.84mi
4515 Todd Dr Ames, IA	2.0–3.0	2.0	1198	$1,740	$1.45	44d	3	0.84mi
1320 Coconino Rd Ames, IA	2.0–5.0	1.0–4.0	1090	$965	$0.89	23d	87	0.91mi
4524 Steinbeck St #7 Ames, IA	3.0	2.0	1045	$1,200	$1.15	44d	1	0.95mi
2310 Mortensen Pkwy Unit 19 Ames, IA	2.0	1.0	811	$945	$1.17	44d	1	1.00mi
4815 Todd Dr Ames, IA	2.0	1.0	816	$895	$1.10	44d	1	1.02mi
2300 Mortensen Rd Ames, IA	1.0–2.0	1.0	693	$980	$1.41	44d	9	1.03mi
4370 Maricopa Dr Ames, IA	2.0	1.0–1.5	850	$925	$1.09	44d	1	1.03mi
4915 Todd Dr Ames, IA	1.0–2.0	1.0	720	$965	$1.34	44d	4	1.11mi
4912 Mortensen Rd Ames, IA	3.0–4.0	2.0–4.0	1205	$439	$0.36	23d	18	1.36mi
4415 Toronto St Unit 4 Ames, IA	2.0	1.0	800	$850	$1.06	44d	1	1.40mi
1516 Delaware Ave Unit 2 Ames, IA	2.0	1.0	814	$900	$1.11	44d	1	1.43mi

Listing history 3 events

1. 2026-03-14
   status Pending
2. 2026-02-12
   listed $65,000 Active
3. 2006-04-25
   soldstatus $98,000

ⓘ 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: $2,014 · $168/mo
• Projected year-2 tax: $2,014 · $168/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 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: $14,992
• − Mortgage interest: −$3,641
• − Property taxes: −$2,014
• − Insurance: −$325
• − Repairs & maintenance: −$1,199
• − Management: −$1,199
• − Depreciation: −$1,891
• Taxable income: $4,722
• Est. tax owed @ 24.0%: −$1,133
• After-tax cash flow: $4,281/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): 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

-33.7% since first listed

3 events — show timeline

• 2026-03-14 Pending — NEIRBR as distributed by MLS GRID
• 2026-02-12 Listed $65,000 NEIRBR as distributed by MLS GRID
• 2006-04-25 Sold (Public Records) $98,000 Public Records

Property tax history

+4.0%/yr

Latest (2025): $2,014 · +6.8% YoY. Source: county tax records.