1070 22nd St · Des Moines, IA 50311

$150,000

3 bd · 2.5 ba · 2,171 sqft · SingleFamily public records · 21 Days on market

Built 1892 7,605 sqft lot Est $278k · 46% under

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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 +19.7/30.0
• ARV discount +15.0/15.0
• 1% rule +6.7/10.0
• DSCR +6.2/10.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• Condition / age +2.5/5.0
• Rent growth +1.8/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor Special! The main level highlights an enclosed front porch, family room with fireplace, spacious kitchen with walk in pantry, dining area, 3/4 bath and back porch. The upper level has 3 large bedrooms, full bath and access to an unfinished upper attic. The basement is unfinished. Located within walking distance to Drake Park, close to Drake University, restaurants and minutes to downtown and the interstate.

Key facts

• 7,605 sq ft lot
• Built 1892
• Listed 21 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $175 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $148k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 3.1% in Des Moines — 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 81/100 on livability (#63 in IA, #1,432 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, schools D+, crime F.
• Des Moines Independent Community School District (urban): math 43% / reading 46% proficiency, ranked #289 of 289 in IA (top 100%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-2.7%/yr); 123 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 2,953 units permitted in Polk County in 2024 (540 in 5+ unit buildings).
• This rent runs 34% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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 21 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; built in 1892 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $147,750 (1.5% below list)

Questions for the listing agent

1. Built in 1892 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.17% ✓
• Cap rate: 7.69%
• Cash-on-cash: 5.00%
• DSCR: 1.22
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $277,888
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2814 Rutland Ave	0.42mi	4/2.0 (+1)	2,195 (+1%)	4mo	$268,000	$122	68
685 20th St	0.59mi	3/2.0	2,136 (-2%)	1mo	$700,000	$328	66
1441 21st St	0.55mi	3/2.0	2,194 (+1%)	10mo	$200,000	$91	63
1325 24th St	0.37mi	4/2.0 (+1)	2,238 (+3%)	10mo	$160,000	$71	62
658 20th St	0.64mi	4/3.0 (+1)	2,110 (-3%)	4mo	$422,900	$200	55
2806 Cottage Grove Ave	0.43mi	4/3.5 (+1)	2,283 (+5%)	9mo	$352,500	$154	55
736 20th St	0.48mi	4/2.0 (+1)	1,934 (-11%)	1mo	$355,000	$184	52
1314 23rd St	0.34mi	4/2.0 (+1)	1,990 (-8%)	14mo	$255,000	$128	52
838 29th St	0.63mi	3/1.5	2,038 (-6%)	6mo	$250,000	$123	51
2203 High St	0.70mi	4/3.0 (+1)	2,064 (-5%)	2mo	$329,000	$159	50
828 25th St	0.40mi	4/2.0 (+1)	1,874 (-14%)	7mo	$238,500	$127	45
3114 School St	0.69mi	4/1.5 (+1)	1,891 (-13%)	11mo	$185,000	$98	28

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -12.4%
• Equity multiple: 0.57×
• Total profit: $-18,190
• Equity at exit: $22,365

10-year hold

• IRR: -9.6%
• Equity multiple: 0.50×
• Total profit: $-20,887
• Equity at exit: $12,969

Cash invested: $42,000 (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 50311

• Rents YoY: -2.7%
• Active inventory: 123
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,762 high
• Mortgage (P&I): −$787
• Tax from tax record: −$368 /mo · $4,412/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$370
• Net cashflow: $175

Break-even live

Break-even rent $1,540

Max offer price $150,000

Occupancy floor 85%

Sensitivity live

Price	-10% $260	-5% $217	+0% $175	+5% $132	+10% $90
Rent	-10% $36	-5% $105	+0% $175	+5% $245	+10% $314
Rate	-1.0pp $250	-0.5pp $213	base $175	+0.5pp $136	+1.0pp $97

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1345 Keosauqua Way Des Moines, IA	2.0	2.5	1550	$2,045	$1.32	45d	1	0.74mi
1637 23rd St Des Moines, IA	4.0	2.0	1743	$1,595	$0.92	45d	1	0.76mi
1201 Center St Des Moines, IA	2.0	2.5	2141	$2,450	$1.14	22d	5	0.84mi
707 35th St Des Moines, IA	3.0	1.0	1546	$1,995	$1.29	15d	1	1.03mi
1546 33rd St Des Moines, IA	4.0	2.0	1540	$1,850	$1.20	15d	1	1.03mi
9066 Burkwood Dr West Des Moines, IA	3.0	2.5–3.5	1783	$1,960	$1.10	24d	2	1.22mi

Listing history 2 events

1. 2024-04-09
   status Pending
2. 2024-03-01
   listed $150,000 Active

ⓘ 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: $4,412 · $368/mo
• Projected year-2 tax: $4,412 · $368/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 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 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,140
• − Mortgage interest: −$8,402
• − Property taxes: −$4,412
• − Insurance: −$750
• − Repairs & maintenance: −$1,691
• − Management: −$1,691
• − Depreciation: −$4,364
• Taxable loss: −$170
• Est. tax savings @ 24.0%: +$41
• After-tax cash flow: $2,140/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: Des Moines Independent Community School District
• NCES district ID: 1908970
• Math proficiency: 43% ▼ -6.00%
• Reading proficiency: 46% ▼ -1.00%
• Median HH income: $45,905
• Composite: 37.83/100
• National rank: #4331
• State rank: #289 of 289 in IA

Livability — Des Moines

• Score: 81/100
• State rank: #63
• US rank: #1432

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Des Moines, IA
• County: Polk County · 453,298 people
• City population: 203,612
• Metro: Des Moines-West Des Moines, IA
• Population (ZIP): 14,574
• Household income: $61,957
• Rent vs Own: 51.6% rent · 48.4% own
• Severe rent burden: 762.0

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 (69%)
• Race & ethnicity: White 69% Black 14% Two or more races 9% Hispanic / Latino 8% Asian 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 4% Iranian 2% Slovak 2%
• Foreign-born: 10% · Canada, Vietnam
• Languages at home: 88% English-only · Spanish 6% Vietnamese 1% 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: ▼ -205.66%
• Current HPI: 261.0863
• Rent YoY: ▼ -2.69%
• 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

2 events — show timeline

• 2024-04-09 Pending — DMMLS
• 2024-03-01 Listed $150,000 DMMLS

Property tax history

+3.1%/yr

Latest (2025): $4,412 · +2.0% YoY. Source: county tax records.