1515 Harrison Ave · Des Moines, IA 50314

$144,900

3 bd · 1.0 ba · 840 sqft · SingleFamily public records · 79 Days on market

Built 1974 6,500 sqft lot $172/sqft · 25% below area Est $193k · 25% 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 +10.0/30.0
• Appreciation +10.0/10.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• DSCR +2.9/10.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0

Listing remarks MLS

Investors, take a look at this option in the River Bend neighborhood! Close to Evelyn Davis Park and schools along with interstate access. This 5 bedroom, 2 bath split foyer home has ample space and large bedrooms. This floorplan allows for a ton of windows and natural lighting. Hard surface flooring throughout. Sufficient backyard space along with alley access to the fenced in yard. Plenty of room and potential to make it your own.

Key facts

• Interstate access
• Evelyn davis park
• Backyard space

Tags

• RIVER BEND NEIGHBORHOOD
• EVELYN DAVIS PARK
• INTERSTATE ACCESS
• HARD SURFACE FLOORING
• BACKYARD SPACE
• FENCED IN YARD

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $-87 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $130k (10.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $109k (24.6% below list).
• Recommended offer: $109k (24.6% below list) — sets the bar for 1% rule.
• Cap rate 5.6% 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 at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 42% 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).
• This rent runs 33% of the median local income ($40k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $15k of equity ($1k loan paydown + $14k appreciation (10.0% local appreciation)).
• Polk County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 3, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 19y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $95k; list at $145k implies a 53% gain — meaningful room to come down on a strong offer.

Recommended offer $109,201 (24.6% 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 79 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. Built in 1974 — 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. 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: 0.75% ✗
• Cap rate: 5.57%
• Cash-on-cash: -2.57%
• DSCR: 0.89
• GRM: 11.1

CMA / ARV

• ARV (median comp): $192,781
• List price: $144,900
• Delta: -24.84%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1457 17th St	0.10mi	3/1.0	910 (+8%)	0mo	$161,195	$177	81
1341 Clark St	0.11mi	2/1.0 (-1)	884 (+5%)	4mo	$133,000	$150	77
1414 Goddard Ct	0.30mi	3/1.0	900 (+7%)	6mo	$99,000	$110	69
1334 Washington Ave	0.31mi	3/1.0	900 (+7%)	7mo	$180,600	$201	68
1513 College Ave	0.19mi	2/1.0 (-1)	768 (-9%)	7mo	$117,000	$152	66
1311 11th St	0.39mi	3/2.0	912 (+9%)	6mo	$193,325	$212	59
1251 10th St	0.45mi	2/1.0 (-1)	938 (+12%)	2mo	$61,000	$65	53
2112 Martin Luther King Jr Pkwy	0.71mi	2/1.0 (-1)	795 (-5%)	2mo	$77,000	$97	51
1822 22nd St	0.63mi	3/2.0	770 (-8%)	7mo	$175,000	$227	46
2021 22nd St	0.70mi	2/1.0 (-1)	952 (+13%)	3mo	$150,000	$158	38
1818 23rd St	0.67mi	2/1.0 (-1)	951 (+13%)	7mo	$159,000	$167	36
915 Laurel St	0.66mi	2/1.5 (-1)	960 (+14%)	9mo	$140,000	$146	31

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: 24.0%
• Equity multiple: 2.95×
• Total profit: $79,148
• Equity at exit: $130,537

10-year hold

• IRR: 22.5%
• Equity multiple: 7.20×
• Total profit: $251,689
• Equity at exit: $281,509

Cash invested: $40,572 (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: 11.1×

Monthly cashflow live

• Estimated rent: $1,092 high
• Mortgage (P&I): −$760
• Tax from tax record: −$129 /mo · $1,550/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$229
• Net cashflow: $-87

Break-even live

Break-even rent $1,202

Max offer price $129,580

Occupancy floor —

Sensitivity live

Price	-10% $-5	-5% $-46	+0% $-87	+5% $-128	+10% $-169
Rent	-10% $-173	-5% $-130	+0% $-87	+5% $-44	+10% $0
Rate	-1.0pp $-14	-0.5pp $-50	base $-87	+0.5pp $-124	+1.0pp $-162

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: $36,225
• Closing costs: $4,347
• 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	44d	1	0.23mi
1438 9th St Des Moines, IA	2.0	1.0	700	$745	$1.06	22d	1	0.43mi
1171 21st St Unit 1 Des Moines, IA	2.0	1.0	1028	$1,150	$1.12	44d	1	0.49mi
1312 22nd St Des Moines, IA	2.0	1.0	841	$825	$0.98	44d	1	0.51mi
1312 22nd St Unit 2 Des Moines, IA	2.0	1.0	841	$825	$0.98	24d	1	0.51mi
1312 22nd St Unit 2 Des Moines, IA	2.0	1.0	841	$850	$1.01	44d	1	0.51mi
1718 22nd St Des Moines, IA	2.0	1.0	840	$995	$1.18	15d	1	0.59mi
1914 10th St Des Moines, IA	2.0	1.0	740	$1,050	$1.42	24d	1	0.60mi
1914 10th St Des Moines, IA	2.0	1.0	740	$1,050	$1.42	44d	1	0.60mi
1217 24th St Des Moines, IA	2.0	1.0–2.0	618	$1,400	$2.26	15d	4	0.65mi
913 Day St Des Moines, IA	2.0	1.0	800	$900	$1.12	24d	1	0.71mi
1717 Olive Ave Unit B6 Des Moines, IA	2.0	2.0	1092	$1,700	$1.56	44d	1	0.72mi
1123 24th St Unit 1 Des Moines, IA	3.0	1.0	850	$1,185	$1.39	44d	1	0.73mi
1100 24th St Des Moines, IA	2.0	1.0	748	$1,050	$1.40	15d	1	0.77mi
1100 24th St Unit DT 22 Des Moines, IA	2.0	1.0	737	$1,095	$1.49	44d	1	0.77mi
2530 University Ave Des Moines, IA	2.0	1.0	647	$1,750	$2.70	15d	36	0.79mi
1101 25th St Unit DP 11 Des Moines, IA	2.0	2.0	850	$1,315	$1.55	44d	1	0.80mi
1020 25th St Unit 3 Des Moines, IA	2.0	1.0	845	$1,150	$1.36	20d	1	0.93mi
2110 26th St Apt 11 Des Moines, IA	2.0	1.0	628	$925	$1.47	20d	1	0.96mi
2413 24th St Unit 3 Des Moines, IA	2.0	1.0	600	$725	$1.21	44d	1	0.98mi
2501 24th St Unit 121 Des Moines, IA	3.0	2.0	950	$995	$1.05	24d	1	0.98mi
2501 24th St Des Moines, IA	2.0	1.0	910	$795	$0.87	24d	1	0.99mi
2501 24th St Unit 113 Des Moines, IA	2.0	1.0	750	$945	$1.26	44d	1	0.99mi
2501 24th St Apt 107 Des Moines, IA	3.0	2.0	950	$1,045	$1.10	15d	1	0.99mi
2501 24th St Unit 101 Des Moines, IA	2.0	1.0	750	$725	$0.97	24d	1	0.99mi
2501 24th St Unit 111 Des Moines, IA	2.0	1.0	750	$760	$1.01	24d	1	0.99mi
2813 Cottage Grove Ave Unit 2 Des Moines, IA	3.0	1.0	900	$1,200	$1.33	44d	1	1.02mi
3103 Forest Ave Des Moines, IA	1.0–2.0	1.0–1.5	900	$1,550	$1.72	15d	1	1.14mi
615 Park St Des Moines, IA	2.0	1.0	611	$1,215	$1.99	45d	10	1.15mi
615 Park St Des Moines, IA	2.0	1.0	611	$1,180	$1.93	44d	13	1.15mi
3201 Forest Ave Des Moines, IA	3.0	1.0–2.0	717	$1,600	$2.23	15d	16	1.20mi
737 28th St Des Moines, IA	3.0	2.0	1037	$1,800	$1.74	44d	1	1.26mi
3205 Kingman Blvd Apt 102 Des Moines, IA	2.0	1.0	750	$995	$1.33	20d	1	1.30mi
1219 34th St Unit 205 Des Moines, IA	2.0	1.0	767	$1,325	$1.73	24d	1	1.31mi
1075 33rd St Unit 1075-1 Des Moines, IA	2.0	1.0	800	$777	$0.97	24d	1	1.31mi
1260 34th St Unit 401 Des Moines, IA	3.0	2.0	1088	$1,335	$1.23	44d	1	1.36mi
1260 34th St Unit 5062 Des Moines, IA	2.0	1.0	693	$825	$1.19	44d	1	1.36mi
3436 University Ave Unit 3438-1 Des Moines, IA	2.0	1.0	734	$792	$1.08	15d	1	1.37mi
220 Maple St Des Moines, IA	1.0–3.0	1.0–3.0	1158	$2,673	$2.31	15d	9	1.40mi
3517 University Ave Unit 008 Des Moines, IA	2.0	1.0	750	$799	$1.07	24d	1	1.40mi

Listing history 11 events

1. 2026-05-31
   days on market $144,900 Active 79 DOM
2. 2026-05-31
   days on market $144,900 Active 78 DOM
3. 2026-05-06
   price $144,900 436-char remark

   Show marketing remark (436 chars)

   Investors, take a look at this option in the River Bend neighborhood! Close to Evelyn Davis Park and schools along with interstate access. This 5 bedroom, 2 bath split foyer home has ample space and large bedrooms. This floorplan allows for a ton of windows and natural lighting. Hard surface flooring throughout. Sufficient backyard space along with alley access to the fenced in yard. Plenty of room and potential to make it your own.

4. 2026-03-13
   listed $149,900 Active 436-char remark

   Show marketing remark (436 chars)

   Investors, take a look at this option in the River Bend neighborhood! Close to Evelyn Davis Park and schools along with interstate access. This 5 bedroom, 2 bath split foyer home has ample space and large bedrooms. This floorplan allows for a ton of windows and natural lighting. Hard surface flooring throughout. Sufficient backyard space along with alley access to the fenced in yard. Plenty of room and potential to make it your own.

5. 2007-06-22
   soldstatus $95,000
6. 2007-06-20
   soldstatus $95,000 106-char remark

   Show marketing remark (106 chars)

   This house has just been refurbished. Possible 5th bedroom in basement. Approximately 1500 sq ft finished.

7. 2007-05-04
   listed $99,900 106-char remark

   Show marketing remark (106 chars)

   This house has just been refurbished. Possible 5th bedroom in basement. Approximately 1500 sq ft finished.

8. 2007-04-03
   soldstatus $67,000
9. 2007-01-30
   listed $69,900
10. 2004-09-07
    soldstatus $68,000
11. 2004-09-07
    soldstatus $90,000

ⓘ 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: $1,550 · $129/mo
• Projected year-2 tax: $1,912 · $159/mo
• Expected delta: +$362/yr (+$30/mo · 23.4%)

ⓘ 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: $13,104
• − Mortgage interest: −$8,117
• − Property taxes: −$1,550
• − Insurance: −$724
• − Repairs & maintenance: −$1,048
• − Management: −$1,048
• − Depreciation: −$4,215
• Taxable loss: −$3,599
• Est. tax savings @ 24.0%: +$864
• After-tax cash flow: $-177/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

+113.1% since first listed

9 events — show timeline

• 2026-05-06 Price Changed $144,900 DMMLS
• 2026-03-13 Listed $149,900 DMMLS
• 2007-06-22 Sold (Public Records) $95,000 Public Records
• 2007-06-20 Sold (MLS) $95,000 DMMLS
• 2007-05-04 Listed $99,900 DMMLS
• 2007-04-03 Sold (MLS) $67,000 DMMLS
• 2007-01-30 Listed $69,900 DMMLS
• 2004-09-07 Sold (Public Records) $90,000 Public Records
• 2004-09-07 Sold (Public Records) $68,000 Public Records

Property tax history

+2.2%/yr

Latest (2025): $1,550 · +2.4% YoY. Source: county tax records.