1712 23rd St · Des Moines, IA 50310

$125,000

3 bd · 1.5 ba · 1,862 sqft · SingleFamily public records · 78 Days on market

Built 1912 6,400 sqft lot $67/sqft · 35% below area Est $191k · 35% under

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Why this score? — see what drove the B- 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 +24.0/30.0
• ARV discount +15.0/15.0
• DSCR +7.7/10.0
• 1% rule +7.4/10.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious two-story home offering plenty of room to spread out. The main level features a generous kitchen with appliances included, a formal dining room, an oversized living room with fireplace, and convenient first-floor laundry. Upstairs you’ll find three bedrooms with the potential for a fourth, along with hardwood floors and new carpet throughout. Outside, enjoy a fully fenced backyard perfect for relaxing or entertaining.

Key facts

• Generous kitchen
• Formal dining room
• Two-story home

Tags

• TWO-STORY HOME
• GENEROUS KITCHEN
• FORMAL DINING ROOM
• OVERSIZED LIVING ROOM
• FIRST-FLOOR LAUNDRY
• HARDWOOD FLOORS

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $246 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $118k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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 (+3.7%/yr); 256 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,953 units permitted in Polk County in 2024 (540 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 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 78 days — a 6% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 20y ago; this cycle's ask has dropped $40k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $117,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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: 1.24% ✓
• Cap rate: 8.65%
• Cash-on-cash: 8.42%
• DSCR: 1.37
• GRM: 6.7

CMA / ARV

• ARV (median comp): $191,450
• List price: $125,000
• Delta: -34.71%
• 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
2707 Hickman Rd	0.48mi	4/2.0 (+1)	1,844 (-1%)	1mo	$283,000	$153	68
2741 Meek Ave	0.40mi	3/2.0	1,756 (-6%)	18mo	$220,000	$125	55
1513 Washington Ave	0.54mi	4/2.0 (+1)	1,745 (-6%)	7mo	$215,000	$123	52
2000 Nash Dr	0.68mi	3/2.0	1,816 (-2%)	15mo	$266,500	$147	50
2103 Chautauqua Pkwy	0.62mi	4/1.5 (+1)	1,831 (-2%)	17mo	$249,000	$136	50
2027 Nash Dr	0.75mi	3/2.5	1,890 (+2%)	15mo	$375,000	$198	46
1314 23rd St	0.53mi	4/2.0 (+1)	1,990 (+7%)	14mo	$255,000	$128	45
1520 32nd St	0.71mi	4/1.5 (+1)	1,836 (-1%)	21mo	$310,000	$169	42
1406 Mondamin Ave	0.60mi	3/1.5	1,724 (-7%)	21mo	$81,000	$47	42
1509 Harrison Ave	0.64mi	4/2.0 (+1)	1,775 (-5%)	19mo	$208,000	$117	40
2126 University Ave	0.69mi	4/1.5 (+1)	1,654 (-11%)	6mo	$105,000	$63	39
1518 31st St	0.65mi	4/1.0 (+1)	1,690 (-9%)	12mo	$233,500	$138	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 · 3.74% rent growth · sell at horizon

5-year hold

• IRR: -2.5%
• Equity multiple: 0.90×
• Total profit: $-3,354
• Equity at exit: $18,638

10-year hold

• IRR: 8.1%
• Equity multiple: 1.64×
• Total profit: $22,440
• Equity at exit: $10,808

Cash invested: $35,000 (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 50310

• Rents YoY: 3.7%
• Active inventory: 256
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,547 high
• Mortgage (P&I): −$656
• Tax from tax record: −$269 /mo · $3,230/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$325
• Net cashflow: $246

Break-even live

Break-even rent $1,236

Max offer price $125,000

Occupancy floor 79%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1637 23rd St Des Moines, IA	4.0	2.0	1743	$1,595	$0.92	43d	1	0.07mi
1546 33rd St Des Moines, IA	4.0	2.0	1540	$1,850	$1.20	14d	1	0.77mi
2940 Brattleboro Ave Unit 2 Des Moines, IA	3.0	2.0	1250	$1,300	$1.04	14d	1	0.94mi
2403 36th St Des Moines, IA	3.0	2.0	1324	$1,600	$1.21	23d	1	0.99mi
1345 Keosauqua Way Des Moines, IA	2.0	2.5	1550	$2,045	$1.32	43d	1	1.30mi
1201 Center St Des Moines, IA	2.0	2.5	2141	$2,450	$1.14	21d	5	1.45mi

Listing history 33 events

1. 2026-06-09
   status $125,000 Pending 78 DOM
2. 2026-06-08
   days on market $125,000 Active 78 DOM
3. 2026-06-07
   days on market $125,000 Active 77 DOM
4. 2026-06-05
   days on market $125,000 Active 74 DOM
5. 2026-06-03
   days on market $125,000 Active 73 DOM
6. 2026-06-02
   days on market $125,000 Active 72 DOM
7. 2026-06-01
   days on market $125,000 Active 71 DOM
8. 2026-05-31
   days on market $125,000 Active 70 DOM
9. 2026-05-31
   days on market $125,000 Active 69 DOM
10. 2026-05-13
    price $125,000 436-char remark

    Show marketing remark (436 chars)

    Spacious two-story home offering plenty of room to spread out. The main level features a generous kitchen with appliances included, a formal dining room, an oversized living room with fireplace, and convenient first-floor laundry. Upstairs you’ll find three bedrooms with the potential for a fourth, along with hardwood floors and new carpet throughout. Outside, enjoy a fully fenced backyard perfect for relaxing or entertaining.

11. 2026-05-06
    price $144,900 436-char remark

    Show marketing remark (436 chars)

    Spacious two-story home offering plenty of room to spread out. The main level features a generous kitchen with appliances included, a formal dining room, an oversized living room with fireplace, and convenient first-floor laundry. Upstairs you’ll find three bedrooms with the potential for a fourth, along with hardwood floors and new carpet throughout. Outside, enjoy a fully fenced backyard perfect for relaxing or entertaining.

12. 2026-04-25
    status Active 436-char remark

    Show marketing remark (436 chars)

    Spacious two-story home offering plenty of room to spread out. The main level features a generous kitchen with appliances included, a formal dining room, an oversized living room with fireplace, and convenient first-floor laundry. Upstairs you’ll find three bedrooms with the potential for a fourth, along with hardwood floors and new carpet throughout. Outside, enjoy a fully fenced backyard perfect for relaxing or entertaining.

13. 2026-04-13
    status Pending 436-char remark

    Show marketing remark (436 chars)

    Spacious two-story home offering plenty of room to spread out. The main level features a generous kitchen with appliances included, a formal dining room, an oversized living room with fireplace, and convenient first-floor laundry. Upstairs you’ll find three bedrooms with the potential for a fourth, along with hardwood floors and new carpet throughout. Outside, enjoy a fully fenced backyard perfect for relaxing or entertaining.

14. 2026-03-31
    price $154,900 436-char remark

    Show marketing remark (436 chars)

    Spacious two-story home offering plenty of room to spread out. The main level features a generous kitchen with appliances included, a formal dining room, an oversized living room with fireplace, and convenient first-floor laundry. Upstairs you’ll find three bedrooms with the potential for a fourth, along with hardwood floors and new carpet throughout. Outside, enjoy a fully fenced backyard perfect for relaxing or entertaining.

15. 2026-03-04
    listed $164,999 Active 436-char remark

    Show marketing remark (436 chars)

    Spacious two-story home offering plenty of room to spread out. The main level features a generous kitchen with appliances included, a formal dining room, an oversized living room with fireplace, and convenient first-floor laundry. Upstairs you’ll find three bedrooms with the potential for a fourth, along with hardwood floors and new carpet throughout. Outside, enjoy a fully fenced backyard perfect for relaxing or entertaining.

16. 2021-10-11
    soldstatus $128,625
17. 2021-10-08
    soldstatus $129,000 Closed 254-char remark

    Show marketing remark (254 chars)

    Large two story home that features: good sized kitchen with appliances, formal dining room, oversized living room with fireplace, first floor laundry, three bedrooms with a potential of a fourth, hardwood floors, brand new carpet, and fenced in backyard.

18. 2021-07-14
    status Pending 254-char remark

    Show marketing remark (254 chars)

    Large two story home that features: good sized kitchen with appliances, formal dining room, oversized living room with fireplace, first floor laundry, three bedrooms with a potential of a fourth, hardwood floors, brand new carpet, and fenced in backyard.

19. 2021-06-25
    price $133,000 254-char remark

    Show marketing remark (254 chars)

    Large two story home that features: good sized kitchen with appliances, formal dining room, oversized living room with fireplace, first floor laundry, three bedrooms with a potential of a fourth, hardwood floors, brand new carpet, and fenced in backyard.

20. 2021-05-25
    price $140,000 254-char remark

    Show marketing remark (254 chars)

    Large two story home that features: good sized kitchen with appliances, formal dining room, oversized living room with fireplace, first floor laundry, three bedrooms with a potential of a fourth, hardwood floors, brand new carpet, and fenced in backyard.

21. 2021-05-17
    status Active 254-char remark

    Show marketing remark (254 chars)

    Large two story home that features: good sized kitchen with appliances, formal dining room, oversized living room with fireplace, first floor laundry, three bedrooms with a potential of a fourth, hardwood floors, brand new carpet, and fenced in backyard.

22. 2021-05-12
    status Pending 254-char remark

    Show marketing remark (254 chars)

    Large two story home that features: good sized kitchen with appliances, formal dining room, oversized living room with fireplace, first floor laundry, three bedrooms with a potential of a fourth, hardwood floors, brand new carpet, and fenced in backyard.

23. 2021-05-08
    listed $150,000 Active 254-char remark

    Show marketing remark (254 chars)

    Large two story home that features: good sized kitchen with appliances, formal dining room, oversized living room with fireplace, first floor laundry, three bedrooms with a potential of a fourth, hardwood floors, brand new carpet, and fenced in backyard.

24. 2019-01-18
    soldstatus $87,500
25. 2019-01-17
    soldstatus $87,500 Sold
26. 2018-12-21
    status Pending
27. 2018-11-26
    price $94,900
28. 2018-08-22
    status Active
29. 2018-08-13
    status Pending
30. 2018-08-08
    price $99,900
31. 2018-07-26
    listed $109,900 Active
32. 2006-05-22
    soldstatus $95,500
33. 2006-04-13
    listed $93,000

ⓘ 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: $3,230 · $269/mo
• Projected year-2 tax: $3,230 · $269/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: $18,569
• − Mortgage interest: −$7,002
• − Property taxes: −$3,230
• − Insurance: −$625
• − Repairs & maintenance: −$1,486
• − Management: −$1,486
• − Depreciation: −$3,636
• Taxable income: $1,105
• Est. tax owed @ 24.0%: −$265
• After-tax cash flow: $2,683/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): 31,177
• Household income: $76,381
• Rent vs Own: 30.4% rent · 69.6% own
• Severe rent burden: 928.0

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: Majority White (65%)
• Race & ethnicity: White 65% Black 14% Asian 9% Hispanic / Latino 8% Two or more races 7%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Ukrainian 3% Iranian 3% Italian 2%
• Foreign-born: 19% · Canada, Philippines, Vietnam
• Languages at home: 77% English-only · Other Asian/Pacific 6% Spanish 6% Russian/Polish/Slavic 3%

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: ▼ -197.92%
• Current HPI: 248.07
• Rent YoY: ▲ 3.74%
• 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

+34.4% since first listed

24 events — show timeline

• 2026-05-13 Price Changed $125,000 DMMLS
• 2026-05-06 Price Changed $144,900 DMMLS
• 2026-04-25 Relisted — DMMLS
• 2026-04-13 Pending — DMMLS
• 2026-03-31 Price Changed $154,900 DMMLS
• 2026-03-04 Listed $164,999 DMMLS
• 2021-10-11 Sold (Public Records) $128,625 Public Records
• 2021-10-08 Sold (MLS) $129,000 DMMLS
• 2021-07-14 Pending — DMMLS
• 2021-06-25 Price Changed $133,000 DMMLS
• 2021-05-25 Price Changed $140,000 DMMLS
• 2021-05-17 Relisted — DMMLS
• 2021-05-12 Pending — DMMLS
• 2021-05-08 Listed $150,000 DMMLS
• 2019-01-18 Sold (Public Records) $87,500 Public Records
• 2019-01-17 Sold (MLS) $87,500 DMMLS
• 2018-12-21 Pending — DMMLS
• 2018-11-26 Price Changed $94,900 DMMLS
• 2018-08-22 Relisted — DMMLS
• 2018-08-13 Pending — DMMLS
• 2018-08-08 Price Changed $99,900 DMMLS
• 2018-07-26 Listed $109,900 DMMLS
• 2006-05-22 Sold (Public Records) $95,500 Public Records
• 2006-04-13 Listed $93,000 DMMLS

Property tax history

+2.9%/yr

Latest (2025): $3,230 · +2.0% YoY. Source: county tax records.