328 Forest Ave · Des Moines, IA 50314

$119,900

2 bd · 1.0 ba · 808 sqft · SingleFamily public records · 82 Days on market

Built 1916 5,350 sqft lot $148/sqft · 13% below area Est $137k · 13% 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).

• Cash flow +14.6/30.0
• ARV discount +13.2/15.0
• Appreciation +10.0/10.0
• Rent growth +4.5/5.0
• DSCR +4.4/10.0
• Livability +4.0/5.0
• 1% rule +3.8/10.0
• Schools +3.8/10.0
• Condition / age +2.5/5.0

Listing remarks MLS

Great opportunity with this updated ranch home featuring two bedrooms and one full bathroom. Large main level living room with hardwood floors and enclosed front porch. Main level laundry and all appliances staying. Updated kitchen with newer counters, cabinets and appliances. Lots of storage space in the lower level. A central location in Des Moines that is close to downtown and I-235.

Key facts

• Updated ranch home
• Main level laundry
• Storage space

Tags

• UPDATED RANCH HOME
• HARDWOOD FLOORS
• ENCLOSED FRONT PORCH
• MAIN LEVEL LAUNDRY
• UPDATED KITCHEN
• STORAGE SPACE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $27 ($330/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 $105k (12.1% below list).
• Recommended offer: $105k (12.1% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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 23d on market — plan ~3-4 weeks tenant-placement turnaround); 45% 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 32% 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 $13k of equity ($829 loan paydown + $12k appreciation (10.0% local appreciation)).
• Polk County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $9k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $80k; 50% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,383 (12.1% below list)

Questions for the listing agent

1. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.88% ✗
• Cap rate: 6.57%
• Cash-on-cash: 0.98%
• DSCR: 1.04
• GRM: 9.5

CMA / ARV

• ARV (median comp): $137,379
• List price: $119,900
• Delta: -12.72%
• 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
229 Clark St	0.19mi	2/1.0	748 (-7%)	7mo	$130,000	$174	73
1401 2nd Pl	0.08mi	2/1.0	712 (-12%)	13mo	$70,000	$98	66
1512 2nd Pl	0.22mi	2/1.0	704 (-13%)	10mo	$139,900	$199	60
1127 10th St	0.54mi	2/1.0	742 (-8%)	11mo	$107,750	$145	52
1311 11th St	0.49mi	3/2.0 (+1)	912 (+13%)	6mo	$193,325	$212	42
1910 10th St	0.74mi	2/1.0	710 (-12%)	5mo	$108,000	$152	42
1415 11th St	0.50mi	3/1.0 (+1)	910 (+13%)	13mo	$158,000	$174	40
2010 7th St	0.68mi	3/1.0 (+1)	918 (+14%)	2mo	$154,000	$168	39
1322 11th St	0.51mi	3/1.0 (+1)	905 (+12%)	14mo	$175,000	$193	39
1414 Goddard Ct	0.74mi	3/1.0 (+1)	900 (+11%)	6mo	$99,000	$110	37
1010 Franklin Ave	0.71mi	2/1.0	906 (+12%)	12mo	$139,000	$153	37
1906 10th St	0.73mi	2/1.0	695 (-14%)	13mo	$123,500	$178	32

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: 26.7%
• Equity multiple: 3.16×
• Total profit: $72,621
• Equity at exit: $108,015

10-year hold

• IRR: 24.8%
• Equity multiple: 7.74×
• Total profit: $226,282
• Equity at exit: $232,939

Cash invested: $33,572 (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: 9.5×

Monthly cashflow live

• Estimated rent: $1,054 high
• Mortgage (P&I): −$629
• Tax from tax record: −$126 /mo · $1,516/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$221
• Net cashflow: $27

Break-even live

Break-even rent $1,019

Max offer price $119,900

Occupancy floor 92%

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1438 9th St Des Moines, IA	2.0	1.0	700	$745	$1.06	21d	1	0.43mi
1621 9th St Unit 1613-01 Des Moines, IA	1.0	1.0	717	$776	$1.08	43d	1	0.53mi
1621 9th St Unit 1621-15 Des Moines, IA	1.0	1.0	625	$743	$1.19	43d	1	0.53mi
913 Day St Des Moines, IA	2.0	1.0	800	$900	$1.12	23d	1	0.61mi
220 Maple St Des Moines, IA	1.0–3.0	1.0–3.0	1158	$2,028	$1.75	14d	9	0.70mi
1914 10th St Des Moines, IA	2.0	1.0	740	$1,050	$1.42	43d	1	0.77mi
1914 10th St Des Moines, IA	2.0	1.0	740	$1,050	$1.42	23d	1	0.77mi
1501 University Ave Unit 3 Des Moines, IA	1.0	1.0	572	$595	$1.04	23d	1	0.81mi
1501 University Ave Unit 4 Des Moines, IA	1.0	1.0	572	$595	$1.04	43d	1	0.82mi
700 E 5th St Des Moines, IA	4.0	1.0–1.5	686	$1,008	$1.47	14d	25	0.83mi
660 E 5th St Des Moines, IA	1.0	1.0	507	$1,197	$2.36	14d	21	0.88mi
615 Park St Des Moines, IA	2.0	1.0	611	$1,215	$1.99	44d	10	0.88mi
615 Park St Des Moines, IA	2.0	1.0	611	$1,180	$1.93	43d	13	0.88mi
1301 E 12th St Unit 2 Des Moines, IA	2.0	1.0	995	$795	$0.80	23d	1	0.91mi
922 Walker St Des Moines, IA	3.0	1.0	864	$1,295	$1.50	23d	1	0.96mi
300 E Grand Ave Des Moines, IA	2.0	1.0–2.0	734	$1,500	$2.04	14d	4	0.96mi
418 E Grand Ave Des Moines, IA	2.0	1.0	499	$1,495	$2.99	14d	9	0.98mi
333 E Grand Ave Des Moines, IA	2.0	1.0–2.0	668	$1,450	$2.17	23d	4	1.01mi
1714 College Ave Des Moines, IA	3.0	1.0	1015	$1,050	$1.03	43d	1	1.03mi
350 E Locust St Unit 403 Des Moines, IA	1.0	1.0	800	$1,200	$1.50	43d	1	1.04mi
405 6th Ave Des Moines, IA	2.0	1.0–2.0	737	$1,200	$1.63	14d	14	1.10mi
1717 Olive Ave Unit B6 Des Moines, IA	2.0	2.0	1092	$1,700	$1.56	43d	1	1.11mi
933 18th St Des Moines, IA	1.0	1.0	550	$796	$1.45	23d	1	1.14mi
309 E 5th St #406 Des Moines, IA	1.0	1.0	1057	$1,700	$1.61	43d	1	1.14mi
604 Locust St Des Moines, IA	1.0–2.0	1.0–2.0	902	$1,743	$1.93	14d	5	1.15mi
317 E 6th St Apt 115 Des Moines, IA	1.0	1.0	655	$1,375	$2.10	43d	1	1.16mi
1364 Idaho St Des Moines, IA	2.0	1.0	804	$1,195	$1.49	23d	1	1.18mi
718 15th St Unit 5 Des Moines, IA	1.0	1.0	560	$795	$1.42	43d	1	1.19mi
1313 21st St Unit 7 Des Moines, IA	1.0	1.0	600	$695	$1.16	43d	1	1.19mi
1313 21st St Unit 2 Des Moines, IA	1.0	1.0	600	$695	$1.16	14d	1	1.19mi
1171 21st St Unit 1 Des Moines, IA	2.0	1.0	1028	$1,150	$1.12	43d	1	1.19mi
218 6th Ave Unit 1007 Des Moines, IA	1.0	1.0	635	$995	$1.57	43d	1	1.21mi
218 6th Ave Unit 401 Des Moines, IA	2.0	1.0	1085	$1,295	$1.19	43d	1	1.21mi
312 Court Ave Des Moines, IA	1.0–2.0	1.0–2.0	771	$1,347	$1.75	14d	6	1.24mi
308 Court Ave Des Moines, IA	1.0–2.0	1.0–2.0	844	$1,350	$1.60	14d	11	1.25mi
1076 21st St Unit 4 Des Moines, IA	1.0	1.0	700	$695	$0.99	43d	1	1.26mi
708 16th St Des Moines, IA	1.0	1.0	575	$799	$1.39	23d	6	1.26mi
101 2nd Ave Des Moines, IA	1.0–2.0	1.0–2.0	948	$1,224	$1.29	14d	21	1.27mi
100 2nd Ave Des Moines, IA	1.0–2.0	1.0–2.0	836	$1,150	$1.37	21d	23	1.29mi
1312 22nd St Unit 2 Des Moines, IA	2.0	1.0	841	$850	$1.01	43d	1	1.30mi

Listing history 25 events

1. 2026-06-18
   days on market $119,900 Active 82 DOM
2. 2026-06-17
   days on market $119,900 Active 81 DOM
3. 2026-06-16
   days on market $119,900 Active 80 DOM
4. 2026-06-15
   days on market $119,900 Active 79 DOM
5. 2026-06-14
   days on market $119,900 Active 77 DOM
6. 2026-06-13
   days on market $119,900 Active 76 DOM
7. 2026-06-10
   days on market $119,900 Active 74 DOM
8. 2026-06-09
   pricedays on market $119,900 Active 73 DOM
9. 2026-06-08
   days on market $123,900 Active 72 DOM
10. 2026-06-07
    days on market $123,900 Active 71 DOM
11. 2026-06-05
    days on market $123,900 Active 68 DOM
12. 2026-06-03
    days on market $123,900 Active 67 DOM
13. 2026-06-02
    days on market $123,900 Active 66 DOM
14. 2026-06-01
    days on market $123,900 Active 65 DOM
15. 2026-05-31
    days on market $123,900 Active 64 DOM
16. 2026-05-31
    days on market $123,900 Active 63 DOM
17. 2026-05-19
    price $123,900 389-char remark

    Show marketing remark (389 chars)

    Great opportunity with this updated ranch home featuring two bedrooms and one full bathroom. Large main level living room with hardwood floors and enclosed front porch. Main level laundry and all appliances staying. Updated kitchen with newer counters, cabinets and appliances. Lots of storage space in the lower level. A central location in Des Moines that is close to downtown and I-235.

18. 2026-03-28
    listed $129,000 Active 389-char remark

    Show marketing remark (389 chars)

    Great opportunity with this updated ranch home featuring two bedrooms and one full bathroom. Large main level living room with hardwood floors and enclosed front porch. Main level laundry and all appliances staying. Updated kitchen with newer counters, cabinets and appliances. Lots of storage space in the lower level. A central location in Des Moines that is close to downtown and I-235.

19. 2022-12-02
    soldstatus $80,000
20. 2022-11-30
    soldstatus $80,000 Closed 305-char remark

    Show marketing remark (305 chars)

    New furnace and A/C in 2020. Floor tile installed in basement. New front door added as well. You are blocks from downtown, the river pathway, restaurants, the freeway, and more. Check out this two bed, one bath home for under $90,000 near downtown Des Moines. Come check out this great starter home today!

21. 2022-11-02
    status Pending 305-char remark

    Show marketing remark (305 chars)

    New furnace and A/C in 2020. Floor tile installed in basement. New front door added as well. You are blocks from downtown, the river pathway, restaurants, the freeway, and more. Check out this two bed, one bath home for under $90,000 near downtown Des Moines. Come check out this great starter home today!

22. 2022-10-20
    status Active 305-char remark

    Show marketing remark (305 chars)

    New furnace and A/C in 2020. Floor tile installed in basement. New front door added as well. You are blocks from downtown, the river pathway, restaurants, the freeway, and more. Check out this two bed, one bath home for under $90,000 near downtown Des Moines. Come check out this great starter home today!

23. 2022-10-04
    status Pending 305-char remark

    Show marketing remark (305 chars)

    New furnace and A/C in 2020. Floor tile installed in basement. New front door added as well. You are blocks from downtown, the river pathway, restaurants, the freeway, and more. Check out this two bed, one bath home for under $90,000 near downtown Des Moines. Come check out this great starter home today!

24. 2022-09-15
    listed $85,000 Active 305-char remark

    Show marketing remark (305 chars)

    New furnace and A/C in 2020. Floor tile installed in basement. New front door added as well. You are blocks from downtown, the river pathway, restaurants, the freeway, and more. Check out this two bed, one bath home for under $90,000 near downtown Des Moines. Come check out this great starter home today!

25. 2017-10-03
    soldstatus $4,000

ⓘ 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: $1,516 · $126/mo
• Projected year-2 tax: $1,699 · $142/mo
• Expected delta: +$183/yr (+$15/mo · 12.1%)

ⓘ 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: $12,646
• − Mortgage interest: −$6,716
• − Property taxes: −$1,516
• − Insurance: −$600
• − Repairs & maintenance: −$1,012
• − Management: −$1,012
• − Depreciation: −$3,488
• Taxable loss: −$1,697
• Est. tax savings @ 24.0%: +$407
• After-tax cash flow: $737/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

+2997.5% since first listed

9 events — show timeline

• 2026-05-19 Price Changed $123,900 DMMLS
• 2026-03-28 Listed $129,000 DMMLS
• 2022-12-02 Sold (Public Records) $80,000 Public Records
• 2022-11-30 Sold (MLS) $80,000 DMMLS
• 2022-11-02 Pending — DMMLS
• 2022-10-20 Relisted — DMMLS
• 2022-10-04 Pending — DMMLS
• 2022-09-15 Listed $85,000 DMMLS
• 2017-10-03 Sold (Public Records) $4,000 Public Records

Property tax history

+7.9%/yr

Latest (2025): $1,516 · +35.1% YoY. Source: county tax records.