2811 Boston Ave · Des Moines, IA 50310

$218,750

4 bd · 2.0 ba · 1,525 sqft · Townhouse · 89 Days on market

Built 1968 9,352 sqft lot $143/sqft · 30% below area Est $313k · 30% 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
• Cash flow +7.8/30.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• DSCR +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Pleased to exclusively present the opportunity to acquire eight standalone duplexes in the Des Moines marketplace, offered as a single package for sale. Positioned in the heart of one of the Midwest’s most stable workforce housing markets, this portfolio delivers immediate cash flow, with rents currently averaging 6.8% below market. This provides a new buyer with both day-one cash flow and clear upside potential.

Key facts

• Built 1968
• Listed 89 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath townhouse listed at $219k.

Deal economics

• At list price, monthly cash flow is $-240 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $184k (15.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $161k (26.4% below list).
• Recommended offer: $161k (26.4% below list) — sets the bar for 1% rule.
• Cap rate 5.0% 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: Rents rising (+3.7%/yr); 256 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 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 $2k of loan paydown is wiped out by about $7k 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 89 days — a 6% lower offer ($206k) is reasonable based on typical stale-listing flexibility.

Recommended offer $160,920 (26.4% 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 89 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.74% ✗
• Cap rate: 4.97%
• Cash-on-cash: -4.71%
• DSCR: 0.79
• GRM: 11.3

CMA / ARV

• ARV (median comp): $312,966
• List price: $218,750
• Delta: -30.10%
• Verdict: UNDERPRICED
• Comps: 12 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.74% rent growth · sell at horizon

5-year hold

• IRR: -23.5%
• Equity multiple: 0.19×
• Total profit: $-49,531
• Equity at exit: $32,616

10-year hold

• IRR: -16.4%
• Equity multiple: 0.06×
• Total profit: $-57,725
• Equity at exit: $18,914

Cash invested: $61,250 (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 50310

• Rents YoY: 3.7%
• Active inventory: 256
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $1,609 high
• Mortgage (P&I): −$1,147
• Tax est. 1.5%: −$273 /mo · $3,281/yr
• Insurance: −$91
• HOA: −$0
• Vacancy / Maint / Mgmt: −$338
• Net cashflow: $-240

Break-even live

Break-even rent $1,914

Max offer price $183,954

Occupancy floor —

Sensitivity live

Price	-10% $-89	-5% $-165	+0% $-240	+5% $-316	+10% $-392
Rent	-10% $-368	-5% $-304	+0% $-240	+5% $-177	+10% $-113
Rate	-1.0pp $-130	-0.5pp $-185	base $-240	+0.5pp $-297	+1.0pp $-355

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: $54,688
• Closing costs: $6,562
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2715 Douglas Ave Des Moines, IA	3.0	2.0	1109	$1,408	$1.27	14d	1	0.38mi
2501 24th St Apt 106 Des Moines, IA	4.0	2.0	1175	$1,245	$1.06	44d	1	0.60mi
2403 36th St Des Moines, IA	3.0	2.0	1324	$1,600	$1.21	24d	1	0.66mi
3915 Lawnwoods Dr Des Moines, IA	3.0	1.5	1192	$1,850	$1.55	44d	1	0.67mi
3215 44th St Des Moines, IA	4.0	1.5	2000	$2,350	$1.18	14d	1	1.08mi
1637 23rd St Des Moines, IA	4.0	2.0	1743	$1,595	$0.92	44d	1	1.08mi
1546 33rd St Des Moines, IA	4.0	2.0	1540	$1,850	$1.20	14d	1	1.11mi
4322 Northwest Dr Unit 1 Des Moines, IA	3.0	1.5	1386	$1,895	$1.37	44d	1	1.40mi

Listing history 17 events

1. 2026-06-18
   days on market $218,750 Active 89 DOM
2. 2026-06-17
   days on market $218,750 Active 88 DOM
3. 2026-06-16
   days on market $218,750 Active 87 DOM
4. 2026-06-15
   days on market $218,750 Active 86 DOM
5. 2026-06-14
   days on market $218,750 Active 84 DOM
6. 2026-06-13
   days on market $218,750 Active 83 DOM
7. 2026-06-10
   days on market $218,750 Active 81 DOM
8. 2026-06-09
   days on market $218,750 Active 80 DOM
9. 2026-06-08
   days on market $218,750 Active 79 DOM
10. 2026-06-07
    days on market $218,750 Active 78 DOM
11. 2026-06-05
    days on market $218,750 Active 75 DOM
12. 2026-06-03
    days on market $218,750 Active 74 DOM
13. 2026-06-02
    days on market $218,750 Active 73 DOM
14. 2026-06-01
    days on market $218,750 Active 72 DOM
15. 2026-05-31
    days on market $218,750 Active 71 DOM
16. 2026-05-31
    days on market $218,750 Active 70 DOM
17. 2026-03-20
    listed $218,750 Active 422-char remark

    Show marketing remark (422 chars)

    Pleased to exclusively present the opportunity to acquire eight standalone duplexes in the Des Moines marketplace, offered as a single package for sale. Positioned in the heart of one of the Midwest’s most stable workforce housing markets, this portfolio delivers immediate cash flow, with rents currently averaging 6.8% below market. This provides a new buyer with both day-one cash flow and clear upside potential.

ⓘ 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 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,310
• − Mortgage interest: −$12,253
• − Property taxes: −$3,281
• − Insurance: −$1,094
• − Repairs & maintenance: −$1,545
• − Management: −$1,545
• − Depreciation: −$6,364
• Taxable loss: −$6,771
• Est. tax savings @ 24.0%: +$1,625
• After-tax cash flow: $-1,260/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): 31,177
• Household income: $76,381
• Rent vs Own: 30.4% rent · 69.6% own
• Severe rent burden: 928.0

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% Black 14% Asian 9% Hispanic / Latino 8% Two or more races 7%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Ukrainian 3% Iranian 3% Italian 2%
• Foreign-born: 19% · Canada, Philippines, Vietnam
• Languages at home: 77% English-only · Other Asian/Pacific 6% Spanish 6% Russian/Polish/Slavic 3%

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: ▼ -197.92%
• Current HPI: 248.07
• Rent YoY: ▲ 3.74%
• 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

1 event — show timeline

• 2026-03-20 Listed $218,750 DMMLS