1909 Washington Ave · Des Moines, IA 50314

$119,900

2 bd · 1.0 ba · 928 sqft · SingleFamily public records · 30 Days on market

Built 1916 6,600 sqft lot $129/sqft · 24% below area Est $158k · 24% 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).

• ARV discount +15.0/15.0
• Cash flow +10.4/30.0
• Appreciation +10.0/10.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• DSCR +3.0/10.0
• 1% rule +2.8/10.0
• Condition / age +2.5/5.0

Listing remarks MLS

This charming 2-bedroom, 1-bath home blends character and updates, featuring beautiful original built-ins, new flooring, fresh paint, and brand-new appliances. Truly move-in ready and a great opportunity for affordable homeownership!

Key facts

• Original built-ins
• Fresh paint
• New flooring

Tags

• ORIGINAL BUILT-INS
• NEW FLOORING
• FRESH PAINT
• BRAND-NEW APPLIANCES

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $-64 ($-765/yr) — negative.
• To cash-flow at today's rent, offer at most $109k (9.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $93k (22.4% below list).
• Recommended offer: $93k (22.4% below list) — sets the bar for 1% rule.
• Cap rate 5.7% 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 rising fast (+8.2%/yr); 64 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 2,953 units permitted in Polk County in 2024 (540 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($829 loan paydown + $12k appreciation (10.0% local appreciation)).
• Polk County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $50k; list at $120k implies a 140% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $92,988 (22.4% 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. Built in 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.78% ✗
• Cap rate: 5.65%
• Cash-on-cash: -2.28%
• DSCR: 0.90
• GRM: 10.7

CMA / ARV

• ARV (median comp): $158,291
• List price: $119,900
• Delta: -24.25%
• 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
1821 Washington Ave	0.04mi	3/2.0 (+1)	977 (+5%)	1mo	$165,500	$169	80
2021 22nd St	0.30mi	2/1.0	952 (+3%)	3mo	$150,000	$158	80
1457 17th St	0.32mi	3/1.0 (+1)	910 (-2%)	0mo	$161,195	$177	77
1802 Martin Luther King Jr Pkwy	0.12mi	3/1.0 (+1)	1,020 (+10%)	3mo	$175,000	$172	70
1341 Clark St	0.43mi	2/1.0	884 (-5%)	4mo	$133,000	$150	68
1820 23rd St	0.30mi	2/2.0	992 (+7%)	3mo	$190,000	$192	68
2200 Clark St	0.35mi	2/1.0	1,030 (+11%)	0mo	$176,900	$172	65
1412 Chautauqua Pkwy	0.32mi	2/2.0	1,038 (+12%)	2mo	$255,000	$246	60
2112 Martin Luther King Jr Pkwy	0.31mi	2/1.0	795 (-14%)	2mo	$77,000	$97	60
1227 13th St	0.74mi	2/1.0	986 (+6%)	3mo	$137,450	$139	52
1327 23rd St	0.56mi	2/2.0	1,042 (+12%)	2mo	$140,000	$134	48
1159 18th St	0.71mi	3/2.0 (+1)	1,029 (+11%)	1mo	$217,000	$211	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 24.2%
• Equity multiple: 2.97×
• Total profit: $66,148
• Equity at exit: $108,015

10-year hold

• IRR: 22.7%
• Equity multiple: 7.26×
• Total profit: $210,154
• Equity at exit: $232,939

Cash invested: $33,572 (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 50314

• Home prices YoY: 9.8%
• Rents YoY: 8.2%
• Active inventory: 64
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $930 high
• Mortgage (P&I): −$629
• Tax from tax record: −$120 /mo · $1,436/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$195
• Net cashflow: $-64

Break-even live

Break-even rent $1,011

Max offer price $108,632

Occupancy floor —

Sensitivity live

Price	-10% $4	-5% $-30	+0% $-64	+5% $-98	+10% $-132
Rent	-10% $-137	-5% $-101	+0% $-64	+5% $-27	+10% $10
Rate	-1.0pp $-3	-0.5pp $-33	base $-64	+0.5pp $-95	+1.0pp $-126

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1714 College Ave Des Moines, IA	3.0	1.0	1015	$1,050	$1.03	45d	1	0.20mi
1718 22nd St Des Moines, IA	2.0	1.0	840	$995	$1.18	15d	1	0.22mi
1313 21st St Unit 2 Des Moines, IA	1.0	1.0	600	$695	$1.16	15d	1	0.51mi
1313 21st St Unit 7 Des Moines, IA	1.0	1.0	600	$695	$1.16	45d	1	0.51mi
2110 26th St Apt 11 Des Moines, IA	2.0	1.0	628	$925	$1.47	20d	1	0.54mi
2413 24th St Unit 3 Des Moines, IA	2.0	1.0	600	$725	$1.21	45d	1	0.55mi
2501 24th St Unit 121 Des Moines, IA	3.0	2.0	950	$995	$1.05	24d	1	0.55mi
2501 24th St Des Moines, IA	2.0	1.0	910	$795	$0.87	24d	1	0.56mi
2501 24th St Unit 101 Des Moines, IA	2.0	1.0	750	$725	$0.97	24d	1	0.56mi
2501 24th St Unit 111 Des Moines, IA	2.0	1.0	750	$760	$1.01	24d	1	0.56mi
2501 24th St Apt 107 Des Moines, IA	3.0	2.0	950	$1,045	$1.10	15d	1	0.56mi
2501 24th St Unit 113 Des Moines, IA	2.0	1.0	750	$945	$1.26	45d	1	0.56mi
1314 22nd St Unit 1 Des Moines, IA	1.0	1.0	535	$725	$1.36	24d	1	0.56mi
1312 22nd St Unit 2 Des Moines, IA	2.0	1.0	841	$850	$1.01	45d	1	0.57mi
1312 22nd St Des Moines, IA	2.0	1.0	841	$825	$0.98	45d	1	0.57mi
1312 22nd St Unit 2 Des Moines, IA	2.0	1.0	841	$825	$0.98	24d	1	0.57mi
1914 10th St Des Moines, IA	2.0	1.0	740	$1,050	$1.42	24d	1	0.64mi
1914 10th St Des Moines, IA	2.0	1.0	740	$1,050	$1.42	45d	1	0.64mi
1171 21st St Unit 1 Des Moines, IA	2.0	1.0	1028	$1,150	$1.12	45d	1	0.70mi
1217 24th St Des Moines, IA	2.0	1.0–2.0	618	$1,400	$2.26	15d	4	0.70mi
1501 University Ave Unit 4 Des Moines, IA	1.0	1.0	572	$595	$1.04	45d	1	0.71mi
1501 University Ave Unit 3 Des Moines, IA	1.0	1.0	572	$595	$1.04	24d	1	0.71mi
1621 9th St Unit 1621-15 Des Moines, IA	1.0	1.0	625	$743	$1.19	45d	1	0.72mi
1621 9th St Unit 1613-01 Des Moines, IA	1.0	1.0	717	$776	$1.08	45d	1	0.72mi
1215 25th St Unit 1 Des Moines, IA	1.0	1.0	610	$1,200	$1.97	45d	1	0.74mi
1438 9th St Des Moines, IA	2.0	1.0	700	$745	$1.06	22d	1	0.76mi
2530 University Ave Des Moines, IA	2.0	1.0	647	$1,750	$2.70	15d	36	0.83mi
1123 24th St Unit 1 Des Moines, IA	3.0	1.0	850	$1,185	$1.39	45d	1	0.84mi
1076 21st St Unit 4 Des Moines, IA	1.0	1.0	700	$695	$0.99	45d	1	0.85mi
1100 24th St Unit DT 22 Des Moines, IA	2.0	1.0	737	$1,095	$1.49	45d	1	0.88mi
1100 24th St Des Moines, IA	2.0	1.0	748	$1,050	$1.40	15d	1	0.88mi
1101 25th St Unit DP 11 Des Moines, IA	2.0	2.0	850	$1,315	$1.55	45d	1	0.89mi
1101 25th St Apt 2 Des Moines, IA	1.0	1.0	631	$900	$1.43	45d	1	0.89mi
1101 25th St Unit DP 24 Des Moines, IA	1.0	1.0	623	$870	$1.40	45d	1	0.89mi
1101 25th St Des Moines, IA	1.0	1.0	561	$835	$1.49	15d	1	0.90mi
1108 25th St Apt 2 Des Moines, IA	1.0	1.0	750	$700	$0.93	45d	1	0.91mi
1118 26th St Unit 3 Des Moines, IA	1.0	1.0	750	$825	$1.10	45d	1	0.93mi
3103 Forest Ave Des Moines, IA	1.0–2.0	1.0–1.5	900	$1,550	$1.72	15d	1	0.97mi
2600 Cottage Grove Ave Unit 6 Des Moines, IA	1.0	1.0	672	$7,250	$10.79	45d	1	0.99mi
2600 Cottage Grove Ave Unit 5 Des Moines, IA	1.0	1.0	800	$795	$0.99	15d	1	0.99mi

Listing history 4 events

1. 2026-05-06
   status Active 233-char remark

   Show marketing remark (233 chars)

   This charming 2-bedroom, 1-bath home blends character and updates, featuring beautiful original built-ins, new flooring, fresh paint, and brand-new appliances. Truly move-in ready and a great opportunity for affordable homeownership!

2. 2026-03-21
   status Pending 233-char remark

   Show marketing remark (233 chars)

   This charming 2-bedroom, 1-bath home blends character and updates, featuring beautiful original built-ins, new flooring, fresh paint, and brand-new appliances. Truly move-in ready and a great opportunity for affordable homeownership!

3. 2026-03-06
   listed $129,900 Active 233-char remark

   Show marketing remark (233 chars)

   This charming 2-bedroom, 1-bath home blends character and updates, featuring beautiful original built-ins, new flooring, fresh paint, and brand-new appliances. Truly move-in ready and a great opportunity for affordable homeownership!

4. 2023-05-31
   soldstatus $50,000

ⓘ 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: $1,436 · $120/mo
• Projected year-2 tax: $1,659 · $138/mo
• Expected delta: +$223/yr (+$19/mo · 15.5%)

ⓘ 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: $11,159
• − Mortgage interest: −$6,716
• − Property taxes: −$1,436
• − Insurance: −$600
• − Repairs & maintenance: −$893
• − Management: −$893
• − Depreciation: −$3,488
• Taxable loss: −$2,867
• Est. tax savings @ 24.0%: +$688
• After-tax cash flow: $-77/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): 10,438
• Household income: $39,950
• Rent vs Own: 52.3% rent · 47.7% own
• Severe rent burden: 903.0

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: Highly diverse neighborhood (Simpson 0.73)
• Race & ethnicity: Black 37% White 29% Hispanic / Latino 20% Asian 12% Two or more races 10%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Ukrainian 6% Iranian 2% Swiss 1%
• Foreign-born: 26% · Canada, Vietnam, Philippines
• Languages at home: 60% English-only · Spanish 16% Vietnamese 6% Other Asian/Pacific 4%

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: ▲ 30.18%
• Current HPI: 338.8301
• Rent YoY: ▲ 8.17%
• 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

+159.8% since first listed

4 events — show timeline

• 2026-05-06 Relisted — DMMLS
• 2026-03-21 Pending — DMMLS
• 2026-03-06 Listed $129,900 DMMLS
• 2023-05-31 Sold (Public Records) $50,000 Public Records

Property tax history

+1.2%/yr

Latest (2025): $1,436 · +2.1% YoY. Source: county tax records.