3806 12th St · Des Moines, IA 50313

$129,000

2 bd · 1.0 ba · 934 sqft · SingleFamily public records · 249 Days on market

Built 1890 6,600 sqft lot $138/sqft · 32% below area Est $189k · 32% 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 +7.7/30.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• DSCR +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Rental property opportunity! Positive rental income of $1050 with a rental certificate good through June 2027. This would also make a great home for someone looking to add equity to their investment. Seller has a large portfolio. Ask for more info!

Key facts

• 6,600 sq ft lot
• 2 garage spots
• Built 1890

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $129k.

Deal economics

• At list price, monthly cash flow is $-149 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $103k (20.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $102k (21.2% below list).
• Recommended offer: $102k (21.2% below list) — sets the bar for 1% rule.
• Cap rate 4.9% 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 rising fast (+13.1%/yr); 154 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,953 units permitted in Polk County in 2024 (540 in 5+ unit buildings).
• This rent is only 18% of the median local income ($68k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $892 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 249 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 15y ago; this cycle's ask has dropped $44k (26%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $80k; list at $129k implies a 62% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $101,663 (21.2% 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 249 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
3. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.79% ✗
• Cap rate: 4.91%
• Cash-on-cash: -4.95%
• DSCR: 0.78
• GRM: 10.6

CMA / ARV

• ARV (median comp): $188,664
• List price: $129,000
• Delta: -31.62%
• 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
1126 Seneca Ave	0.11mi	2/1.0	918 (-2%)	1mo	$204,900	$223	91
1300 Oak Park	0.23mi	2/1.0	892 (-4%)	0mo	$165,000	$185	82
1106 Douglas Ave	0.12mi	2/2.0	884 (-5%)	0mo	$226,685	$256	81
1125 Euclid Ave	0.15mi	2/2.0	880 (-6%)	1mo	$118,000	$134	79
3809 11th St	0.16mi	3/1.5 (+1)	857 (-8%)	1mo	$239,900	$280	71
1424 Douglas Ave	0.17mi	2/1.0	816 (-13%)	1mo	$77,000	$94	70
4104 15th St	0.42mi	3/1.0 (+1)	902 (-3%)	3mo	$185,000	$205	67
4104 14th St	0.40mi	2/1.5	1,008 (+8%)	3mo	$220,000	$218	64
3913 10th St	0.26mi	2/1.0	795 (-15%)	2mo	$85,000	$107	61
4030 8th Pl	0.44mi	3/1.5 (+1)	842 (-10%)	1mo	$171,000	$203	55
4120 10th St	0.45mi	2/1.0	800 (-14%)	4mo	$160,000	$200	51
4129 5th Ave	0.73mi	2/1.0	1,032 (+10%)	5mo	$177,500	$172	44

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: -18.8%
• Equity multiple: 0.31×
• Total profit: $-24,964
• Equity at exit: $19,234

10-year hold

• IRR: -3.1%
• Equity multiple: 0.74×
• Total profit: $-9,286
• Equity at exit: $11,154

Cash invested: $36,120 (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 50313

• Rents YoY: 13.1%
• Active inventory: 154
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $1,017 high
• Mortgage (P&I): −$676
• Tax from tax record: −$222 /mo · $2,662/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$213
• Net cashflow: $-149

Break-even live

Break-even rent $1,205

Max offer price $102,690

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3905 8th St Des Moines, IA	1.0	1.0	675	$895	$1.33	23d	1	0.43mi
4124 3rd St Des Moines, IA	3.0	1.0	996	$1,595	$1.60	14d	1	0.81mi
3700 Martin Luther King Junior Pkwy Unit 18 Des Moines, IA	2.0	1.0	730	$750	$1.03	43d	1	0.88mi
3419 1st St Unit 2 Des Moines, IA	1.0	1.0	546	$650	$1.19	43d	1	0.89mi
2411 Welbeck Rd #11 Des Moines, IA	2.0	1.0	750	$745	$0.99	43d	1	0.89mi
2411 Welbeck Rd #7 Des Moines, IA	2.0	1.0	750	$845	$1.13	43d	1	0.89mi
2533 Lynner Dr Des Moines, IA	2.0	1.0	800	$900	$1.12	43d	1	0.94mi
2525 Clarkson Ave Unit 04 Des Moines, IA	2.0	1.0	775	$895	$1.15	43d	1	0.95mi
3623 Cambridge St Des Moines, IA	2.0	1.0	732	$1,145	$1.56	19d	1	0.99mi
2715 Douglas Ave Des Moines, IA	3.0	2.0	1109	$1,408	$1.27	14d	1	1.01mi
2501 24th St Unit 101 Des Moines, IA	2.0	1.0	750	$725	$0.97	23d	1	1.20mi
2501 24th St Unit 111 Des Moines, IA	2.0	1.0	750	$760	$1.01	23d	1	1.20mi
2501 24th St Apt 107 Des Moines, IA	3.0	2.0	950	$1,045	$1.10	14d	1	1.20mi
2501 24th St Unit 113 Des Moines, IA	2.0	1.0	750	$945	$1.26	43d	1	1.20mi
2501 24th St Des Moines, IA	2.0	1.0	910	$795	$0.87	23d	1	1.20mi
2501 24th St Unit 121 Des Moines, IA	3.0	2.0	950	$995	$1.05	23d	1	1.20mi
2413 24th St Unit 3 Des Moines, IA	2.0	1.0	600	$725	$1.21	43d	1	1.22mi
2901 Boston Ave Des Moines, IA	1.0–2.0	1.0–1.5	707	$1,300	$1.84	14d	7	1.26mi
1914 10th St Des Moines, IA	2.0	1.0	740	$1,050	$1.42	23d	1	1.27mi
1914 10th St Des Moines, IA	2.0	1.0	740	$1,050	$1.42	43d	1	1.27mi
3120 Douglas Ave Des Moines, IA	2.0	1.0	850	$970	$1.14	14d	3	1.33mi
3103 E 7th St Des Moines, IA	2.0	1.0	960	$1,200	$1.25	43d	1	1.40mi
2110 26th St Apt 11 Des Moines, IA	2.0	1.0	628	$925	$1.47	19d	1	1.41mi

Listing history 45 events

1. 2026-06-18
   days on market $129,000 Active 249 DOM
2. 2026-06-17
   days on market $129,000 Active 248 DOM
3. 2026-06-16
   days on market $129,000 Active 247 DOM
4. 2026-06-15
   days on market $129,000 Active 246 DOM
5. 2026-06-14
   days on market $129,000 Active 244 DOM
6. 2026-06-13
   days on market $129,000 Active 243 DOM
7. 2026-06-10
   days on market $129,000 Active 241 DOM
8. 2026-06-09
   days on market $129,000 Active 240 DOM
9. 2026-06-08
   days on market $129,000 Active 239 DOM
10. 2026-06-07
    days on market $129,000 Active 238 DOM
11. 2026-06-05
    days on market $129,000 Active 235 DOM
12. 2026-06-03
    days on market $129,000 Active 234 DOM
13. 2026-06-02
    days on market $129,000 Active 233 DOM
14. 2026-06-01
    days on market $129,000 Active 232 DOM
15. 2026-05-31
    days on market $129,000 Active 231 DOM
16. 2026-05-31
    days on market $129,000 Active 230 DOM
17. 2026-04-10
    price $129,000 248-char remark

    Show marketing remark (252 chars)

    Rental property opportunity! Positive rental income of $1050 with a rental certificate good through June 2027. This would also make a great home for someone looking to add equity to their investment. The seller has a large portfolio. Ask for more info!

18. 2026-04-10
    status Active 248-char remark

    Show marketing remark (252 chars)

    Rental property opportunity! Positive rental income of $1050 with a rental certificate good through June 2027. This would also make a great home for someone looking to add equity to their investment. The seller has a large portfolio. Ask for more info!

19. 2026-04-10
    status Active 252-char remark

    Show marketing remark (252 chars)

    Rental property opportunity! Positive rental income of $1050 with a rental certificate good through June 2027. This would also make a great home for someone looking to add equity to their investment. The seller has a large portfolio. Ask for more info!

20. 2026-04-10
    price $129,000 252-char remark

    Show marketing remark (252 chars)

    Rental property opportunity! Positive rental income of $1050 with a rental certificate good through June 2027. This would also make a great home for someone looking to add equity to their investment. The seller has a large portfolio. Ask for more info!

21. 2026-04-08
    historical 248-char remark

    Show marketing remark (248 chars)

    Rental property opportunity! Positive rental income of $1050 with a rental certificate good through June 2027. This would also make a great home for someone looking to add equity to their investment. Seller has a large portfolio. Ask for more info!

22. 2026-04-07
    historical 252-char remark

    Show marketing remark (252 chars)

    Rental property opportunity! Positive rental income of $1050 with a rental certificate good through June 2027. This would also make a great home for someone looking to add equity to their investment. The seller has a large portfolio. Ask for more info!

23. 2026-02-25
    price $150,000 252-char remark

    Show marketing remark (252 chars)

    Rental property opportunity! Positive rental income of $1050 with a rental certificate good through June 2027. This would also make a great home for someone looking to add equity to their investment. The seller has a large portfolio. Ask for more info!

24. 2025-11-15
    price $160,000 252-char remark

    Show marketing remark (252 chars)

    Rental property opportunity! Positive rental income of $1050 with a rental certificate good through June 2027. This would also make a great home for someone looking to add equity to their investment. The seller has a large portfolio. Ask for more info!

25. 2025-10-09
    listed $150,000 Active 248-char remark

    Show marketing remark (252 chars)

    Rental property opportunity! Positive rental income of $1050 with a rental certificate good through June 2027. This would also make a great home for someone looking to add equity to their investment. The seller has a large portfolio. Ask for more info!

26. 2025-10-09
    listed $173,500 Active 252-char remark

    Show marketing remark (252 chars)

    Rental property opportunity! Positive rental income of $1050 with a rental certificate good through June 2027. This would also make a great home for someone looking to add equity to their investment. The seller has a large portfolio. Ask for more info!

27. 2025-10-01
    historical
28. 2025-08-14
    listed $185,000 Active
29. 2019-12-06
    soldstatus $79,500
30. 2019-12-04
    soldstatus $79,500 Closed
31. 2019-12-03
    status Pending
32. 2019-11-18
    status Pending
33. 2019-10-10
    price $87,400
34. 2019-09-11
    status Active
35. 2019-09-08
    historical
36. 2019-06-07
    price $93,500
37. 2019-04-11
    price $94,900
38. 2019-01-21
    status Active
39. 2019-01-16
    historical
40. 2018-11-27
    status Active
41. 2018-10-23
    status Pending
42. 2018-10-01
    price $99,500
43. 2018-09-07
    listed $104,900 Active
44. 2012-09-06
    historical
45. 2011-11-03
    listed $64,900

ⓘ 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: $2,662 · $222/mo
• Projected year-2 tax: $2,662 · $222/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 ≥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: $12,200
• − Mortgage interest: −$7,226
• − Property taxes: −$2,662
• − Insurance: −$645
• − Repairs & maintenance: −$976
• − Management: −$976
• − Depreciation: −$3,753
• Taxable loss: −$4,038
• Est. tax savings @ 24.0%: +$969
• After-tax cash flow: $-818/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): 17,440
• Household income: $68,361
• Rent vs Own: 23.1% rent · 76.9% own
• Severe rent burden: 454.0

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: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 61% Hispanic / Latino 17% Black 11% Two or more races 8% Asian 6%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Iranian 3% Portuguese 2% Scotch-Irish 2%
• Foreign-born: 16% · Canada, Philippines, Vietnam
• Languages at home: 75% English-only · Spanish 14% Other Asian/Pacific 4% Russian/Polish/Slavic 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: ▼ -162.17%
• Current HPI: 285.5708
• Rent YoY: ▲ 13.11%
• 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

+98.8% since first listed

29 events — show timeline

• 2026-04-10 Price Changed $129,000 CIBOR
• 2026-04-10 Relisted — CIBOR
• 2026-04-10 Relisted — DMMLS
• 2026-04-10 Price Changed $129,000 DMMLS
• 2026-04-08 Delisted — CIBOR
• 2026-04-07 Listing Removed — DMMLS
• 2026-02-25 Price Changed $150,000 DMMLS
• 2025-11-15 Price Changed $160,000 DMMLS
• 2025-10-09 Listed $173,500 DMMLS
• 2025-10-09 Listed $150,000 CIBOR
• 2025-10-01 Listing Removed — DMMLS
• 2025-08-14 Listed $185,000 DMMLS
• 2019-12-06 Sold (Public Records) $79,500 Public Records
• 2019-12-04 Sold (MLS) $79,500 DMMLS
• 2019-12-03 Pending — DMMLS
• 2019-11-18 Pending — DMMLS
• 2019-10-10 Price Changed $87,400 DMMLS
• 2019-09-11 Relisted — DMMLS
• 2019-09-08 Listing Removed — DMMLS
• 2019-06-07 Price Changed $93,500 DMMLS
• 2019-04-11 Price Changed $94,900 DMMLS
• 2019-01-21 Relisted — DMMLS
• 2019-01-16 Listing Removed — DMMLS
• 2018-11-27 Relisted — DMMLS
• 2018-10-23 Pending — DMMLS
• 2018-10-01 Price Changed $99,500 DMMLS
• 2018-09-07 Listed $104,900 DMMLS
• 2012-09-06 Listing Removed — DMMLS
• 2011-11-03 Listed $64,900 DMMLS

Property tax history

+3.6%/yr

Latest (2025): $2,662 · +2.1% YoY. Source: county tax records.