Bourne Plan · Pella, IA 50219

$255,000

3 bd · 2.5 ba · 1,399 sqft · SingleFamily · 954 Days on market

$12/mo HOA · 1% of rent

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Why this score? — see what drove the F 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 +7.5/15.0
• Schools +7.3/10.0
• Rent growth +4.5/5.0
• Livability +4.5/5.0
• Condition / age +2.5/5.0
• Cash flow +1.8/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Destiny Homes presents its Bourne plan. The Bourne plan features 3 bedrooms, 2.5 baths and nearly 1,400 sq ft of living space. This 2 story home has everything a home should; including ample entertaining space within the open concept kitchen/great room/dining, quartz countertops, peninsula island and pantry. The primary ensuite with walk-in closet, plus 2 additional bedrooms, bathroom and laundry room are located on the upper level. All Launch series homes are Energy Star rated & have a 2 year builder warranty. Striking the perfect balance between quality and efficiency, your path to homeownership starts right now! Ask about $2,000 in closing costs provided by preferred lender.

Key facts

• 2 parking spots
• Listed 953 days

🏗️ New construction. The $255,000 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $388,451.

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $255k.

Deal economics

• At list price, monthly cash flow is $-1k ($-18k/yr) — negative.
• To cash-flow at today's rent, offer at most $176k (30.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $156k (38.9% below list).
• Recommended offer: $156k (38.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 90/100 on livability (#6 in IA, #101 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, employment A+; Watch: commute F.
• Pella Community School District (town): math 85% / reading 85% proficiency, ranked #8 of 289 in IA (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 13% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+8.2%/yr); 243 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 71% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 122 units permitted in Marion County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Marion County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 954 days — a 12% lower offer ($224k) is reasonable based on typical stale-listing flexibility.

Recommended offer $155,851 (38.9% 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 954 days. Have you received any prior offers? Is the seller open to a 39% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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 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: 0.40% ✗
• Cap rate: 1.77%
• Cash-on-cash: -16.17%
• DSCR: 0.28
• GRM: 20.8

CMA / ARV

• ARV (median comp): $388,451
• List price: $255,000
• Delta: -34.35%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2001 Fifield Rd	0.09mi	4/3.0 (+1)	1,374 (-2%)	21mo	$375,000	$273	69
2075 Old Highway 163	0.74mi	4/2.0 (+1)	1,230 (-12%)	2mo	$424,500	$345	37

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -42.9%
• Equity multiple: -0.36×
• Total profit: $-148,003
• Equity at exit: $57,919

10-year hold

• IRR: -43.7%
• Equity multiple: -0.94×
• Total profit: $-211,436
• Equity at exit: $33,586

Cash invested: $108,766 (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 50219

• Home prices YoY: -33.5%
• Rents YoY: 8.2%
• Active inventory: 243
• Price-to-rent: 13.6×

Monthly cashflow live

• Estimated rent: $1,559 high
• Mortgage (P&I): −$2,037
• Tax est. 1.5%: −$486 /mo · $5,827/yr
• Insurance: −$162
• HOA: −$12
• Vacancy / Maint / Mgmt: −$327
• Net cashflow: $-1,465

Break-even live

Break-even rent $3,413

Max offer price $176,423

Occupancy floor —

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: $97,113
• Closing costs: $11,654
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1191 W 16th St Pella, IA	3.0	1.0	1008	$1,145	$1.14	18d	1	0.76mi
1191 W 16th St Pella, IA	3.0	1.0–1.5	1245	$1,370	$1.10	43d	1	0.76mi
1117 Sunflower Ln Pella, IA	3.0	2.5	1405	$1,850	$1.32	43d	1	0.82mi
1011 Columbus St Pella, IA	2.0	1.0	995	$1,195	$1.20	43d	1	1.05mi
1209 Boone St Unit 1/2 Pella, IA	3.0	1.5	1100	$1,595	$1.45	43d	1	1.20mi
1428 Edgewood Dr Pella, IA	4.0	3.0	1451	$2,200	$1.52	23d	1	1.21mi
612 Bos Landen Dr Unit 5C Pella, IA	2.0	2.0	1293	$2,200	$1.70	43d	1	1.25mi

HOA detail

• Monthly dues: $12 · $144/yr

Listing history 17 events

1. 2026-06-19
   days on market $255,000 Active 954 DOM
2. 2026-06-18
   days on market $255,000 Active 953 DOM
3. 2026-06-17
   days on market $255,000 Active 952 DOM
4. 2026-06-16
   days on market $255,000 Active 951 DOM
5. 2026-06-15
   days on market $255,000 Active 950 DOM
6. 2026-06-14
   days on market $255,000 Active 948 DOM
7. 2026-06-12
   days on market $255,000 Active 947 DOM
8. 2026-06-09
   days on market $255,000 Active 944 DOM
9. 2026-06-08
   days on market $255,000 Active 943 DOM
10. 2026-06-07
    days on market $255,000 Active 942 DOM
11. 2026-06-07
    days on market $255,000 Active 941 DOM
12. 2026-06-03
    days on market $255,000 Active 938 DOM
13. 2026-06-02
    days on market $255,000 Active 937 DOM
14. 2026-06-01
    days on market $255,000 Active 936 DOM
15. 2026-05-31
    days on market $255,000 Active 935 DOM
16. 2026-05-30
    days on market $255,000 Active 934 DOM
17. 2023-11-08
    listed $255,000 Active 692-char remark

    Show marketing remark (692 chars)

    Destiny Homes presents its Bourne plan. The Bourne plan features 3 bedrooms, 2.5 baths and nearly 1,400 sq ft of living space. This 2 story home has everything a home should; including ample entertaining space within the open concept kitchen/great room/dining, quartz countertops, peninsula island and pantry. The primary ensuite with walk-in closet, plus 2 additional bedrooms, bathroom and laundry room are located on the upper level. All Launch series homes are Energy Star rated & have a 2 year builder warranty. Striking the perfect balance between quality and efficiency, your path to homeownership starts right now! Ask about $2,000 in closing costs provided by preferred lender.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $18,702
• − Mortgage interest: −$21,759
• − Property taxes: −$5,827
• − Insurance: −$1,942
• − Repairs & maintenance: −$1,496
• − Management: −$1,496
• − HOA: −$144
• − Depreciation: −$11,300
• Taxable loss: −$25,263
• Est. tax savings @ 24.0%: +$6,063
• After-tax cash flow: $-11,520/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: Pella Community School District
• NCES district ID: 1922470
• Math proficiency: 85% ▼ -1.00%
• Reading proficiency: 85% ▬ 0.00%
• Median HH income: $65,821
• Composite: 73.32/100
• National rank: #183
• State rank: #8 of 289 in IA

Livability — Pella

• Score: 90/100
• State rank: #6
• US rank: #101

Category grades

Amenities B Commute F Cost of living A+ Crime A+ Employment A+ Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pella, IA
• County: Marion County · 25,533 people
• City population: 14,416
• Metro: Pella, IA
• Population (ZIP): 14,416
• Household income: $86,807
• Rent vs Own: 30.6% rent · 69.4% own
• Severe rent burden: 374.0

Population outlook (Marion County) Hauer SSP2

• Today (2025): 32,883 people
• By 2030: 32,685 · -0.6%
• By 2040: 31,892 · -3.0%
• By 2050: 30,691 · -6.7%
• By 2075: 27,610 · -16.0%
• By 2100: 23,851 · -27.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Hispanic / Latino 3% Two or more races 2% Asian 1%
• Common ancestry: Iranian 31% Portuguese 4% Italian 2%
• Foreign-born: 3% · Canada, South Korea
• Languages at home: 96% English-only · Spanish 2% German/W. Germanic 1% Other Asian/Pacific 1%

Political lean MEDSL · Marion

• 2024 margin: Solid R (+37.8) · D 30.4% · R 68.2% · Other 1.4%
• 2008→2024 swing: -27.0pp toward R · 2008: -10.8pp · 2024: -37.8pp
• All cycles: 2024: R+37.8 2020: R+33.7 2016: R+31.2 2012: R+13.3 2008: R+10.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -114.86%
• Current HPI: 227.7361
• Rent YoY: ▲ 8.16%
• Metro: Pella, 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

1 event — show timeline

• 2023-11-08 Listed $255,000 Zillow