911 Leland Ave · Des Moines, IA 50315

$110,000

2 bd · 1.0 ba · 850 sqft · SingleFamily public records · 34 Days on market

Built 1920 3,978 sqft lot $129/sqft · 37% below area Est $175k · 37% under ↓ 45% since listing

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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).

• Cash flow +17.0/30.0
• ARV discount +15.0/15.0
• DSCR +5.3/10.0
• 1% rule +4.7/10.0
• 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

Here is a great house for a first time homebuyer or someone who wants to downsize. It also has a current rental certificate if you're a first time investor, or want to add to your current portfolio. 2 BR, 1 bath, big kitchen, living area with room for dining. Great neighborhood - 2 doors from Bordenaro's Pizza! Close to the zoo, downtown, and shopping.

Key facts

• Close to zoo
• Big kitchen
• Living area

Tags

• CURRENT RENTAL CERTIFICATE
• BIG KITCHEN
• LIVING AREA
• CLOSE TO ZOO
• CLOSE TO DOWNTOWN
• CLOSE TO SHOPPING

Property features AI

Exterior

• Parking: Detached one-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family property
• Construction: Brick/mortar foundation; Asphalt shingle roof
• Exterior features: Concrete road access; Residential zoning

Interior

• Kitchen: Refrigerator; Stove
• Bedrooms: 2 main-level bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Gas / Natural gas heating; Central air conditioning
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $74 ($890/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $106k (3.4% below list).
• Recommended offer: $106k (3.4% below list) — sets the bar for 1% rule.
• Cap rate 7.1% 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 (+3.5%/yr); 227 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $761 of loan paydown is wiped out by about $3k 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 34 days — a 3% lower offer ($107k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $106,308 (3.4% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — 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: 0.97% ✗
• Cap rate: 7.10%
• Cash-on-cash: 2.89%
• DSCR: 1.13
• GRM: 8.6

CMA / ARV

• ARV (median comp): $175,279
• List price: $110,000
• Delta: -37.24%
• 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
700 Payton Ave	0.20mi	3/1.0 (+1)	848 (-0%)	2mo	$215,000	$254	83
913 Frederick Ave	0.22mi	2/2.0	910 (+7%)	2mo	$150,000	$165	73
1017 Geil Ave	0.26mi	3/1.0 (+1)	927 (+9%)	0mo	$140,000	$151	68
5814 SW 3rd St	0.45mi	3/2.0 (+1)	868 (+2%)	4mo	$185,000	$213	64
5812 SW 5th St	0.37mi	2/1.0	758 (-11%)	4mo	$150,000	$198	62
1208 Burnham Ave	0.45mi	2/1.0	768 (-10%)	3mo	$169,500	$221	60
6801 SW 15th St	0.63mi	2/1.0	896 (+5%)	4mo	$89,900	$100	59
6811 SW 13th St	0.52mi	2/1.0	748 (-12%)	0mo	$203,000	$271	56
6102 S Union St	0.55mi	2/1.0	948 (+12%)	2mo	$197,500	$208	54
6825 SW 15th St	0.65mi	2/1.0	768 (-10%)	1mo	$113,248	$147	53
6824 SW 15th St	0.68mi	2/1.0	768 (-10%)	2mo	$140,000	$182	51
6912 SW 15th St	0.70mi	2/1.0	768 (-10%)	2mo	$156,500	$204	50

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 · 3.48% rent growth · sell at horizon

5-year hold

• IRR: -11.2%
• Equity multiple: 0.59×
• Total profit: $-12,567
• Equity at exit: $16,401

10-year hold

• IRR: -1.2%
• Equity multiple: 0.91×
• Total profit: $-2,646
• Equity at exit: $9,511

Cash invested: $30,800 (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 50315

• Rents YoY: 3.5%
• Active inventory: 227
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,063 high
• Mortgage (P&I): −$577
• Tax from tax record: −$143 /mo · $1,716/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$223
• Net cashflow: $74

Break-even live

Break-even rent $969

Max offer price $110,000

Occupancy floor 88%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6800 SW 9th St Des Moines, IA	1.0	1.0	818	$902	$1.10	14d	3	0.38mi
5508 SW 8th St Des Moines, IA	1.0	1.0	624	$895	$1.43	44d	1	0.43mi
6920 SW 9th St Apt 12 Des Moines, IA	2.0	1.0	750	$750	$1.00	43d	1	0.46mi
6920 SW 9th St Apt 11 Des Moines, IA	2.0	1.0	750	$775	$1.03	43d	1	0.46mi
939 Kenyon Ave Des Moines, IA	3.0	1.5	950	$1,350	$1.42	43d	1	0.54mi
1013 1/2 Kenyon Ave Des Moines, IA	2.0	1.0	768	$875	$1.14	43d	1	0.54mi
6514 Chaffee Rd Des Moines, IA	1.0–2.0	1.0	683	$960	$1.40	14d	19	0.57mi
23 E Lally St Des Moines, IA	2.0	1.0	844	$1,245	$1.48	21d	1	0.63mi
6924 Chaffee Rd Des Moines, IA	1.0–2.0	1.0	796	$1,038	$1.30	14d	14	0.66mi
204 E Leland Ave Des Moines, IA	3.0	1.0	1040	$1,595	$1.53	14d	1	0.71mi
5015 SW 9th St Des Moines, IA	1.0–2.0	1.0	682	$910	$1.33	14d	5	0.73mi
5000 SW 8th St Des Moines, IA	3.0	1.0	956	$1,340	$1.40	23d	1	0.78mi
5016 SW 13th St Des Moines, IA	2.0	1.0	676	$1,395	$2.06	43d	1	0.79mi
12 E Kenyon Ave Des Moines, IA	3.0	1.5	1000	$1,395	$1.40	23d	1	0.80mi
7440 Southview Dr Des Moines, IA	3.0	1.0	960	$1,525	$1.59	14d	1	0.81mi
5201 S Union St Unit 302 Des Moines, IA	2.0	1.0	800	$845	$1.06	21d	1	0.86mi
5201 S Union St Apt 208 Des Moines, IA	2.0	1.0	800	$845	$1.06	43d	1	0.86mi
201 McKinley Ave Des Moines, IA	3.0	1.0	840	$1,350	$1.61	43d	1	1.03mi
4805 South Union St Des Moines, IA	2.0	1.0	720	$1,245	$1.73	23d	1	1.05mi
211 E McKinley Ave Des Moines, IA	2.0–3.0	1.5–2.0	875	$847	$0.97	14d	4	1.12mi
6209 SE 5th St Unit 6205-35 Des Moines, IA	2.0	1.0	900	$905	$1.01	19d	1	1.12mi
6209 SE 5th St Unit 6221-104 Des Moines, IA	1.0	1.0	600	$875	$1.46	21d	1	1.12mi
521 Hart Ave Des Moines, IA	2.0	1.0	950	$1,150	$1.21	14d	1	1.14mi
501 E Porter Ave Des Moines, IA	2.0	1.0	812	$975	$1.20	43d	1	1.15mi
1211 Lewis Ave Des Moines, IA	1.0	1.0	724	$1,095	$1.51	43d	1	1.15mi
900 Elder Ln Unit 9 Des Moines, IA	1.0	1.0	575	$675	$1.17	14d	1	1.18mi
311 E McKinley Ave Des Moines, IA	2.0	2.0	884	$785	$0.89	43d	1	1.20mi
1012 Carrie Ave Des Moines, IA	2.0	1.0	1100	$1,700	$1.55	21d	1	1.24mi
7201 SE 5th St Des Moines, IA	1.0–2.0	1.0	749	$780	$1.04	14d	3	1.27mi
2200 Stanton Ave Des Moines, IA	2.0	1.0	1000	$950	$0.95	23d	1	1.50mi

Listing history 18 events

1. 2026-06-18
   days on market $110,000 Active 34 DOM
2. 2026-06-17
   days on market $110,000 Active 33 DOM
3. 2026-06-16
   days on market $110,000 Active 32 DOM
4. 2026-06-15
   days on market $110,000 Active 31 DOM
5. 2026-06-14
   days on market $110,000 Active 29 DOM
6. 2026-06-13
   days on market $110,000 Active 28 DOM
7. 2026-06-10
   days on market $110,000 Active 26 DOM
8. 2026-06-09
   days on market $110,000 Active 25 DOM
9. 2026-06-08
   days on market $110,000 Active 24 DOM
10. 2026-06-07
    days on market $110,000 Active 23 DOM
11. 2026-06-05
    days on market $110,000 Active 20 DOM
12. 2026-06-03
    days on market $110,000 Active 19 DOM
13. 2026-06-02
    days on market $110,000 Active 18 DOM
14. 2026-06-01
    days on market $110,000 Active 17 DOM
15. 2026-05-31
    days on market $110,000 Active 16 DOM
16. 2026-05-31
    days on market $110,000 Active 15 DOM
17. 2026-05-15
    listed $110,000 Active 355-char remark
18. 2014-03-27
    soldstatus $200,000

ⓘ 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: $1,716 · $143/mo
• Projected year-2 tax: $1,722 · $143/mo
• Expected delta: +$6/yr ($0/mo · 0.3%)

ⓘ 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 4/10 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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,757
• − Mortgage interest: −$6,162
• − Property taxes: −$1,716
• − Insurance: −$550
• − Repairs & maintenance: −$1,021
• − Management: −$1,021
• − Depreciation: −$3,200
• Taxable loss: −$912
• Est. tax savings @ 24.0%: +$219
• After-tax cash flow: $1,109/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): 34,816
• Household income: $60,590
• Rent vs Own: 38.5% rent · 61.5% own
• Severe rent burden: 1072.0

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: Predominantly White (66%)
• Race & ethnicity: White 66% Hispanic / Latino 19% Two or more races 11% Black 9% Asian 2%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Iranian 2% Portuguese 2% Italian 2%
• Foreign-born: 10% · Canada, Philippines
• Languages at home: 83% English-only · Spanish 13% Other Asian/Pacific 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: ▼ -259.03%
• Current HPI: 269.7231
• Rent YoY: ▲ 3.48%
• 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

-45.0% since first listed

2 events — show timeline

• 2026-05-15 Listed $110,000 DMMLS
• 2014-03-27 Sold (Public Records) $200,000 Public Records

Property tax history

+3.3%/yr

Latest (2025): $1,716 · +2.0% YoY. Source: county tax records.