31049 Main St · West Des Moines, IA 50038

$180,000

3 bd · 3.0 ba · 1,020 sqft · Other · 43 Days on market

Built 1895 0.39 ac lot $176/sqft · 33% below area Est $269k · 33% under

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Why this score? — see what drove the D+ 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
• Schools +7.8/10.0
• Cash flow +6.1/30.0
• Appreciation +5.0/10.0
• Livability +4.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.4/10.0
• DSCR +0.4/10.0

Listing remarks MLS

Step into history with this 1 1/2 story estate sale, originally built in 1895, offering a unique opportunity for those with a vision! Nestled in the heart of Boonville, Iowa, this home boasts impressive architecture, highlighted by soaring ceilings on the main level, 3 bedrooms, 2 bathrooms. The property is loaded with potential, featuring good bones. Bring your renovation ideas and make this diamond in the rough shine once again, just waiting for your personal touch and renovations to restore it to its former glory. In addition to the main house, you'll find a huge 36'x30', 4+ car detached garage with heat and electric, providing ample storage or workspace possibilities. The estate does not have the ability to do any work or improvements. Some items in the garage will be reserved. To finanace you will need to use a Rehabilation Loan or pay cash.

Key facts

• Soaring ceilings
• Historic estate
• Detached garage

Tags

• HISTORIC ESTATE
• SOARING CEILINGS
• DETACHED GARAGE
• AMPLE STORAGE

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath other listed at $180k.

Deal economics

• At list price, monthly cash flow is $-337 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $131k (27.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $115k (36.2% below list).
• Recommended offer: $115k (36.2% below list) — sets the bar for 1% rule.
• Cap rate 4.0% vs local median 2.5% in West 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 87/100 on livability (#11 in IA, #336 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: commute F.
• Van Meter Community School District (rural): math 85% / reading 90% proficiency, ranked #1 of 289 in IA (top 0%) — strong family-tenant draw, lease renewals of 3-5y typical; only 9% free/reduced lunch — higher-income household profile.
• Zoned schools: Van Meter Elementary School (math 88% / reading 85%, grade A+, #23 of 616 statewide, top 4%, 571 students, 6% FRL); Van Meter Middle School (math 81% / reading 92%, grade A+, #7 of 246 statewide, top 2%, 227 students, 5% FRL); Van Meter High School (math 87% / reading 92%, grade A+, #2 of 336 statewide, top 0%, 292 students, 8% FRL) — zoned schools at 6% FRL track the district average.
• Market conditions: 9 active listings in the ZIP; 1,503 units permitted in Dallas County in 2024 (630 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($1k loan paydown + $5k appreciation (3.0% local appreciation)).
• Dallas County population projected at +74% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 6, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $15k; list at $180k implies a 1100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $114,816 (36.2% 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 43 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
3. Built in 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.64% ✗
• Cap rate: 4.05%
• Cash-on-cash: -8.02%
• DSCR: 0.64
• GRM: 13.1

CMA / ARV

• ARV (median comp): $269,294
• List price: $180,000
• Delta: -33.16%
• Verdict: UNDERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 0.1%
• Equity multiple: 1.00×
• Total profit: $244
• Equity at exit: $80,936

10-year hold

• IRR: 4.0%
• Equity multiple: 1.61×
• Total profit: $30,992
• Equity at exit: $124,732

Cash invested: $50,400 (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 50038

• Active inventory: 9
• Price-to-rent: 13.1×

Monthly cashflow live

• Estimated rent: $1,148 medium
• Mortgage (P&I): −$944
• Tax est. 1.5%: −$225 /mo · $2,700/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$241
• Net cashflow: $-337

Break-even live

Break-even rent $1,575

Max offer price $131,251

Occupancy floor —

Sensitivity live

Price	-10% $-212	-5% $-275	+0% $-337	+5% $-399	+10% $-461
Rent	-10% $-428	-5% $-382	+0% $-337	+5% $-292	+10% $-246
Rate	-1.0pp $-246	-0.5pp $-291	base $-337	+0.5pp $-384	+1.0pp $-431

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-05
   status Pending 858-char remark

   Show marketing remark (858 chars)

   Step into history with this 1 1/2 story estate sale, originally built in 1895, offering a unique opportunity for those with a vision! Nestled in the heart of Boonville, Iowa, this home boasts impressive architecture, highlighted by soaring ceilings on the main level, 3 bedrooms, 2 bathrooms. The property is loaded with potential, featuring good bones. Bring your renovation ideas and make this diamond in the rough shine once again, just waiting for your personal touch and renovations to restore it to its former glory. In addition to the main house, you'll find a huge 36'x30', 4+ car detached garage with heat and electric, providing ample storage or workspace possibilities. The estate does not have the ability to do any work or improvements. Some items in the garage will be reserved. To finanace you will need to use a Rehabilation Loan or pay cash.

2. 2026-03-23
   listed $180,000 Active 858-char remark

   Show marketing remark (858 chars)

   Step into history with this 1 1/2 story estate sale, originally built in 1895, offering a unique opportunity for those with a vision! Nestled in the heart of Boonville, Iowa, this home boasts impressive architecture, highlighted by soaring ceilings on the main level, 3 bedrooms, 2 bathrooms. The property is loaded with potential, featuring good bones. Bring your renovation ideas and make this diamond in the rough shine once again, just waiting for your personal touch and renovations to restore it to its former glory. In addition to the main house, you'll find a huge 36'x30', 4+ car detached garage with heat and electric, providing ample storage or workspace possibilities. The estate does not have the ability to do any work or improvements. Some items in the garage will be reserved. To finanace you will need to use a Rehabilation Loan or pay cash.

3. 2000-06-02
   soldstatus $15,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% 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 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,778
• − Mortgage interest: −$10,083
• − Property taxes: −$2,700
• − Insurance: −$900
• − Repairs & maintenance: −$1,102
• − Management: −$1,102
• − Depreciation: −$5,236
• Taxable loss: −$7,346
• Est. tax savings @ 24.0%: +$1,763
• After-tax cash flow: $-2,280/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: Van Meter Community School District
• NCES district ID: 1929010
• Math proficiency: 85% ▼ -2.00%
• Reading proficiency: 90% ▲ 3.00%
• Median HH income: $91,885
• Composite: 77.87/100
• National rank: #89
• State rank: #1 of 289 in IA

Livability — West Des Moines

• Score: 87/100
• State rank: #11
• US rank: #336

Category grades

Amenities A+ Commute F Cost of living A+ Crime B+ Employment A Housing A+ Health & safety A+ User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 71,011
• Population (ZIP): 228

Population outlook (Dallas County) Hauer SSP2

• Today (2025): 111,904 people
• By 2030: 127,807 · +14.2%
• By 2040: 160,576 · +43.5%
• By 2050: 194,154 · +73.5%
• By 2075: 271,895 · +143.0%
• By 2100: 326,525 · +191.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (100%)
• Race & ethnicity: White 100%
• Common ancestry: Portuguese 18% Romanian 6% Lithuanian 3%

Political lean MEDSL · Dallas

• 2024 margin: Toss-up / Even · D 46.9% · R 51.7% · Other 1.4%
• 2008→2024 swing: +0.8pp no change · 2008: -5.5pp · 2024: -4.8pp
• All cycles: 2024: R+4.8 2020: R+2.0 2016: R+9.6 2012: R+11.8 2008: R+5.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

+1100.0% since first listed

3 events — show timeline

• 2026-05-05 Pending — DMMLS
• 2026-03-23 Listed $180,000 DMMLS
• 2000-06-02 Sold (Public Records) $15,000 Public Records

Property tax history

+12.1%/yr

Latest (2025): $140 · +2.9% YoY. Source: county tax records.