3118 Wright St · Des Moines, IA 50316

$80,000

2 bd · 1.0 ba · 832 sqft · SingleFamily public records · 7 Days on market

Built 1925 6,650 sqft lot

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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 +25.1/30.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

GREAT OPPORTUNITY WITH ENDLESS POTENTIAL! Attention flippers, landlords, and contractors: this 1925 bungalow is a prime rehab project packed with possibilities. Featuring 2 bedrooms, 1 bathroom, 832 sq. ft. of living space, and a full basement, the property sits on a spacious 6,650 sq. ft. lot in a convenient Des Moines neighborhood. The home is in rough condition and requires significant TLC, making it the perfect blank canvas to build massive equity or add a high-upside asset to your portfolio. Property is being sold strictly AS-IS, with no repairs or warranties provided by the seller.

Key facts

• Full basement
• Spacious lot
• 6,650 sq ft lot

Tags

• FULL BASEMENT
• SPACIOUS LOT

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Property facing and stories not specified
• Construction: Metal siding; Asphalt shingle roof; Block and brick/mortar foundation; Built year not specified
• Exterior features: Rectangular lot; Concrete road/driveway

Interior

• Bedrooms: 2 main-level bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; See remarks regarding heating details
• Interior features: Accessible approach with ramp; Unfinished basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $178 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($963 rent vs $80k).
• Cap rate 9.0% 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: 105 active listings in the ZIP; 14 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 $553 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.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $80,000

Questions for the listing agent

1. Built in 1925 — 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: 1.20% ✓
• Cap rate: 8.96%
• Cash-on-cash: 9.51%
• DSCR: 1.42
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $174,720
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
616 E Ovid Ave	0.23mi	2/1.0	780 (-6%)	1mo	$185,000	$237	78
3308 Cambridge St	0.48mi	3/1.0 (+1)	816 (-2%)	1mo	$169,900	$208	69
1318 E Douglas Ave	0.48mi	2/2.0	808 (-3%)	1mo	$170,000	$210	68
503 E Tiffin Ave	0.25mi	2/1.0	731 (-12%)	1mo	$120,000	$164	67
2721 Cornell St	0.45mi	2/1.0	773 (-7%)	2mo	$169,900	$220	66
1422 Hull Ave	0.42mi	3/1.0 (+1)	775 (-7%)	2mo	$177,000	$228	62
2342 York St	0.58mi	2/1.0	775 (-7%)	0mo	$144,000	$186	61
3906 Cornell St	0.68mi	2/1.0	768 (-8%)	1mo	$85,000	$111	54
3914 E 8th St	0.56mi	2/1.5	744 (-11%)	1mo	$175,000	$235	54
4031 E 8th St	0.74mi	2/1.0	887 (+7%)	2mo	$125,000	$141	53
1544 Royer St	0.70mi	3/1.0 (+1)	878 (+6%)	1mo	$192,000	$219	52
1546 Arthur Ave	0.75mi	2/1.0	924 (+11%)	0mo	$107,500	$116	46

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -1.9%
• Equity multiple: 0.93×
• Total profit: $-1,620
• Equity at exit: $11,928

10-year hold

• IRR: 7.8%
• Equity multiple: 1.59×
• Total profit: $13,288
• Equity at exit: $6,917

Cash invested: $22,400 (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 50316

• Home prices YoY: -29.5%
• Active inventory: 105
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $963 high
• Mortgage (P&I): −$420
• Tax from tax record: −$130 /mo · $1,562/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$202
• Net cashflow: $178

Break-even live

Break-even rent $738

Max offer price $80,000

Occupancy floor 77%

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3103 E 7th St Des Moines, IA	2.0	1.0	960	$1,200	$1.25	44d	1	0.13mi
1124 E Seneca Ave Apt 6 Des Moines, IA	1.0	1.0	550	$597	$1.09	23d	1	0.54mi
1124 E Seneca Ave Apt 8 Des Moines, IA	1.0	1.0	550	$597	$1.09	44d	1	0.54mi
3315 E 15th St Des Moines, IA	1.0	1.0	610	$785	$1.29	21d	2	0.54mi
1108 E Seneca Ave Apt 5 Des Moines, IA	1.0	1.0	680	$647	$0.95	23d	1	0.54mi
1108 E Seneca Ave Apt 1 Des Moines, IA	1.0	1.0	680	$647	$0.95	44d	1	0.54mi
3623 Cambridge St Des Moines, IA	2.0	1.0	732	$1,145	$1.56	19d	1	0.57mi
3419 1st St Unit 2 Des Moines, IA	1.0	1.0	546	$650	$1.19	44d	1	0.62mi
4124 3rd St Des Moines, IA	3.0	1.0	996	$1,595	$1.60	14d	1	1.11mi
3905 8th St Des Moines, IA	1.0	1.0	675	$895	$1.33	23d	1	1.16mi
1364 Idaho St Des Moines, IA	2.0	1.0	804	$1,195	$1.49	23d	1	1.37mi
1914 10th St Des Moines, IA	2.0	1.0	740	$1,050	$1.42	44d	1	1.49mi
1914 10th St Des Moines, IA	2.0	1.0	740	$1,050	$1.42	23d	1	1.49mi
1301 E 12th St Unit 2 Des Moines, IA	2.0	1.0	995	$795	$0.80	23d	1	1.49mi

Listing history 7 events

1. 2026-06-18
   days on market $80,000 Active 7 DOM
2. 2026-06-17
   days on market $80,000 Active 6 DOM
3. 2026-06-16
   days on market $80,000 Active 5 DOM
4. 2026-06-15
   days on market $80,000 Active 4 DOM
5. 2026-06-14
   days on market $80,000 Active 2 DOM
6. 2026-06-13
   remarks 594-char remark
7. 2026-06-13
   listed $80,000 Active 1 DOM

ⓘ 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: $1,562 · $130/mo
• Projected year-2 tax: $1,562 · $130/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: $11,554
• − Mortgage interest: −$4,481
• − Property taxes: −$1,562
• − Insurance: −$400
• − Repairs & maintenance: −$924
• − Management: −$924
• − Depreciation: −$2,327
• Taxable income: $935
• Est. tax owed @ 24.0%: −$224
• After-tax cash flow: $1,907/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
• City population: 203,612
• Population (ZIP): 16,188

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: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 48% Hispanic / Latino 27% Black 12% Two or more races 12% Asian 7% Native American 1%
• Hispanic origin (detail): Mexican 21% Puerto Rican 1%
• Common ancestry: Portuguese 2% Slovak 1% Iranian 1%
• Foreign-born: 16% · Canada, Vietnam, Philippines
• Languages at home: 69% English-only · Spanish 20% Other Asian/Pacific 3% Vietnamese 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: ▼ -121.34%
• Current HPI: 290.3838
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-06-10 Listed $80,000 DMMLS

Property tax history

+0.7%/yr

Latest (2025): $1,562 · -5.7% YoY. Source: county tax records.