2441 E Grand Ave · Des Moines, IA 50317

$77,000

4 bd · 1.0 ba · 960 sqft · SingleFamily public records · 1 Days on market

Built 1920 6,000 sqft lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Completely renovated 4 bedroom 1 bath home. New kitchen, updated bath, new carpet and paint. Fresh exterior paint. Too many updates to list. 3 bedrooms on main level, kitchen and bath. Upstairs the attic has been finished and could be used as a play room, office or 4th bedroom. Large yard to entertain your guests. Priced to sell. Call today to schedule a showing.

Key facts

• 6,000 sq ft lot
• Built 1920

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $77k.

Deal economics

• At list price, monthly cash flow is $610 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $77k).
• Cap rate 15.8% 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 (+2.3%/yr); 357 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 71% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $532 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 2.3% rent growth), your $22k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 8y ago; this cycle's ask has dropped $8k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $77,000

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.93% ✓
• Cap rate: 15.80%
• Cash-on-cash: 33.94%
• DSCR: 2.51
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $187,200
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2514 Capitol Ave	0.09mi	3/1.0 (-1)	988 (+3%)	7mo	$140,000	$142	80
2524 E Walnut St	0.15mi	3/1.0 (-1)	1,071 (+12%)	2mo	$211,000	$197	67
2629 Dean Ave	0.39mi	4/1.5	890 (-7%)	2mo	$253,000	$284	66
2841 Des Moines St	0.52mi	3/2.0 (-1)	920 (-4%)	4mo	$201,000	$218	57
2711 E Market St	0.66mi	3/1.0 (-1)	952 (-1%)	8mo	$132,500	$139	56
2123 Des Moines St	0.38mi	3/1.0 (-1)	1,050 (+9%)	7mo	$159,000	$151	56
2915 E Walnut St	0.58mi	3/1.5 (-1)	942 (-2%)	9mo	$184,000	$195	56
2925 Walker St	0.65mi	3/1.0 (-1)	1,000 (+4%)	3mo	$192,500	$193	56
2224 Capitol Ave	0.27mi	3/2.0 (-1)	1,082 (+13%)	3mo	$110,000	$102	54
903 E 27th Ct	0.47mi	3/1.0 (-1)	1,086 (+13%)	2mo	$220,000	$203	50
1312 E 25th Ct	0.59mi	4/2.0	1,080 (+12%)	2mo	$265,000	$245	46
2618 Raccoon St	0.73mi	3/— (-1)	875 (-9%)	9mo	$120,000	$137	39

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 · 2.29% rent growth · sell at horizon

5-year hold

• IRR: 28.5%
• Equity multiple: 2.18×
• Total profit: $25,346
• Equity at exit: $11,481

10-year hold

• IRR: 35.5%
• Equity multiple: 4.15×
• Total profit: $67,986
• Equity at exit: $6,658

Cash invested: $21,560 (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 50317

• Rents YoY: 2.3%
• Active inventory: 357
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,485 high
• Mortgage (P&I): −$404
• Tax from tax record: −$128 /mo · $1,532/yr
• Insurance: −$32
• HOA: −$0
• Vacancy / Maint / Mgmt: −$312
• Net cashflow: $610

Break-even live

Break-even rent $713

Max offer price $77,000

Occupancy floor 54%

Sensitivity live

Price	-10% $653	-5% $632	+0% $610	+5% $588	+10% $566
Rent	-10% $492	-5% $551	+0% $610	+5% $668	+10% $727
Rate	-1.0pp $649	-0.5pp $629	base $610	+0.5pp $590	+1.0pp $570

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: $19,250
• Closing costs: $2,310
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2120 Capitol Ave Des Moines, IA	3.0	1.0	973	$1,395	$1.43	44d	1	0.42mi
410 E 17th St Des Moines, IA	3.0	1.0	1000	$1,695	$1.70	44d	1	0.98mi
1713 Lyon St Des Moines, IA	3.0	1.0	834	$1,045	$1.25	21d	1	0.99mi
1726 E 24th St Des Moines, IA	3.0	1.0	850	$1,295	$1.52	44d	1	1.02mi
1525 Des Moines St Des Moines, IA	3.0	1.0	928	$1,195	$1.29	44d	1	1.21mi
1513 Des Moines St Des Moines, IA	3.0	1.0	900	$995	$1.11	24d	1	1.24mi
2121 E 23rd St Des Moines, IA	3.0	1.0	972	$1,395	$1.44	44d	1	1.30mi

Listing history 20 events

1. 2026-06-13
   price $77,000 Pending 1 DOM
2. 2026-02-27
   status Pending
3. 2026-02-27
   status Active
4. 2025-09-11
   status Pending
5. 2025-09-10
   listed $84,700 Active
6. 2023-03-24
   soldstatus $144,000
7. 2023-03-23
   soldstatus $144,000 Closed 365-char remark

   Show marketing remark (365 chars)

   Completely renovated 4 bedroom 1 bath home. New kitchen, updated bath, new carpet and paint. Fresh exterior paint. Too many updates to list. 3 bedrooms on main level, kitchen and bath. Upstairs the attic has been finished and could be used as a play room, office or 4th bedroom. Large yard to entertain your guests. Priced to sell. Call today to schedule a showing.

8. 2023-01-16
   status Pending 365-char remark

   Show marketing remark (365 chars)

   Completely renovated 4 bedroom 1 bath home. New kitchen, updated bath, new carpet and paint. Fresh exterior paint. Too many updates to list. 3 bedrooms on main level, kitchen and bath. Upstairs the attic has been finished and could be used as a play room, office or 4th bedroom. Large yard to entertain your guests. Priced to sell. Call today to schedule a showing.

9. 2023-01-04
   price $144,900 365-char remark

   Show marketing remark (365 chars)

   Completely renovated 4 bedroom 1 bath home. New kitchen, updated bath, new carpet and paint. Fresh exterior paint. Too many updates to list. 3 bedrooms on main level, kitchen and bath. Upstairs the attic has been finished and could be used as a play room, office or 4th bedroom. Large yard to entertain your guests. Priced to sell. Call today to schedule a showing.

10. 2022-11-22
    price $149,900 365-char remark

    Show marketing remark (365 chars)

    Completely renovated 4 bedroom 1 bath home. New kitchen, updated bath, new carpet and paint. Fresh exterior paint. Too many updates to list. 3 bedrooms on main level, kitchen and bath. Upstairs the attic has been finished and could be used as a play room, office or 4th bedroom. Large yard to entertain your guests. Priced to sell. Call today to schedule a showing.

11. 2022-11-10
    listed $155,000 Active 365-char remark

    Show marketing remark (365 chars)

    Completely renovated 4 bedroom 1 bath home. New kitchen, updated bath, new carpet and paint. Fresh exterior paint. Too many updates to list. 3 bedrooms on main level, kitchen and bath. Upstairs the attic has been finished and could be used as a play room, office or 4th bedroom. Large yard to entertain your guests. Priced to sell. Call today to schedule a showing.

12. 2022-01-03
    soldstatus $57,500
13. 2021-12-30
    soldstatus $57,500 Closed 104-char remark

    Show marketing remark (104 chars)

    Investor Special! There is lots of potential in this 3 bedroom, 1 bath home. Great for a winter project.

14. 2021-12-11
    status Pending 104-char remark

    Show marketing remark (104 chars)

    Investor Special! There is lots of potential in this 3 bedroom, 1 bath home. Great for a winter project.

15. 2021-12-04
    price $64,900 104-char remark

    Show marketing remark (104 chars)

    Investor Special! There is lots of potential in this 3 bedroom, 1 bath home. Great for a winter project.

16. 2021-10-28
    listed $69,900 Active 104-char remark

    Show marketing remark (104 chars)

    Investor Special! There is lots of potential in this 3 bedroom, 1 bath home. Great for a winter project.

17. 2018-10-22
    soldstatus $45,000 Sold
18. 2018-10-22
    soldstatus $45,000
19. 2018-09-24
    status Pending
20. 2018-09-14
    listed $49,500 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: $1,532 · $128/mo
• Projected year-2 tax: $1,532 · $128/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 4/10 Moderate FEMA zone X (unshaded) · 22% 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: $17,822
• − Mortgage interest: −$4,313
• − Property taxes: −$1,532
• − Insurance: −$385
• − Repairs & maintenance: −$1,426
• − Management: −$1,426
• − Depreciation: −$2,240
• Taxable income: $6,501
• Est. tax owed @ 24.0%: −$1,560
• After-tax cash flow: $5,757/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): 36,548
• Household income: $65,617
• Rent vs Own: 27.5% rent · 72.5% own
• Severe rent burden: 716.0

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% Hispanic / Latino 19% Two or more races 10% Black 10% Asian 3%
• Hispanic origin (detail): Mexican 15% Puerto Rican 1%
• Common ancestry: Portuguese 3% Iranian 2% Swiss 1%
• Foreign-born: 12% · Canada
• Languages at home: 80% English-only · Spanish 13% Other Asian/Pacific 2%

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: ▼ -235.00%
• Current HPI: 281.7409
• Rent YoY: ▲ 2.29%
• 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

+71.1% since first listed

19 events — show timeline

• 2026-02-27 Pending — DMMLS
• 2026-02-27 Relisted — DMMLS
• 2025-09-11 Pending — DMMLS
• 2025-09-10 Listed $84,700 DMMLS
• 2023-03-24 Sold (Public Records) $144,000 Public Records
• 2023-03-23 Sold (MLS) $144,000 DMMLS
• 2023-01-16 Pending — DMMLS
• 2023-01-04 Price Changed $144,900 DMMLS
• 2022-11-22 Price Changed $149,900 DMMLS
• 2022-11-10 Listed $155,000 DMMLS
• 2022-01-03 Sold (Public Records) $57,500 Public Records
• 2021-12-30 Sold (MLS) $57,500 DMMLS
• 2021-12-11 Pending — DMMLS
• 2021-12-04 Price Changed $64,900 DMMLS
• 2021-10-28 Listed $69,900 DMMLS
• 2018-10-22 Sold (Public Records) $45,000 Public Records
• 2018-10-22 Sold (MLS) $45,000 DMMLS
• 2018-09-24 Pending — DMMLS
• 2018-09-14 Listed $49,500 DMMLS

Property tax history

+0.3%/yr

Latest (2025): $1,532 · +2.1% YoY. Source: county tax records.