ALGOR General Partnership was formed in 1981 and its founders have been operating residential and commercial property ever since. In 2010, we restructured as ALGOR Property, L.C. On January 1, 2019, we restructured again, with 2 single-family houses, one multi-unit house with four residential units, and two downtown commercial properties spun off into JAGOME, LLC; and 12 single-family houses, one duplex, and one downtown commercial building with three residential units remaining as ALGOR Property, LC. All but the three downtown units are within walking distance of ISU's campus, and those three are two blocks from the nearest Cy-Ride stop.
Al Warren has additional residential properties near campus as Warren Properties, LLC. They are displayed towards the bottom of the homepage here. Please contact him directly at 515-231-1687 for more information about these properties and others.
Most properties we acquire get a near-complete rehabilitation, including new roofs, new siding, new energy-efficient windows, high-efficiency furnaces, new carpet, new paint, landscaping, and upgraded appliances when needed. Typically, we spend between $15,000 and $25,000 per property to bring it up to our standards. Our properties are an investment, and we want to get as great a return as we can when it comes time to divest them. As such, maintenance and repairs are an ongoing activity.
We believe in neighborhoods. We live in them. We grew up in them. Most of our tenants grew up in them as well. We encourage our tenants to become part of their neighborhoods, to meet the folks who live around them, and develop friendly relationships with them. We want our tenants to be a part of the neighborhood, not a problem for the neighborhood.
We don't believe in large, loud, out-of-control parties, and have provisions in our leases that penalize tenants for that kind of behavior. Part of being in college is having fun, but being disruptive to those who live around you is no fun for them, and will end up being no fun for the tenants.
We try hard to maintain our properties to a high standard and we expect our tenants to be responsible and do their part to keep them at that standard.