203 SE 29th Ct · Des Moines, IA 50317

$99,900

2 bd · 1.0 ba · 864 sqft · SingleFamily public records · 6 Days on market

Built 1939 8,250 sqft lot Est $168k · 41% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.5/10.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Tucked away at the end of a quiet street, this 2-bedroom, 1-bath home offers a peaceful setting with a large fenced yard perfect for pets, gardening, or outdoor entertaining. Conveniently located near the fairgrounds, this property provides a great opportunity to add your personal touch and make it your own. Don't miss your chance to build equity and create the home you've been looking for!

Key facts

• Quiet street
• Near the fairgrounds
• Large fenced yard

Tags

• QUIET STREET
• LARGE FENCED YARD
• NEAR THE FAIRGROUNDS

Property features AI

Finance

• Financial info: Annual tax: $790

Exterior

• Parking: Carport
• Utilities: Public water; Public sewer
• Home design: Single-family property
• Construction: Metal siding; Asphalt shingle roof; Block foundation; Built on a 0.189-acre lot
• Exterior features: Asphalt road frontage

Interior

• Bedrooms: 2 main-level bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating (natural gas)
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $379 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Cap rate 10.9% 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 (+2.3%/yr); 357 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $691 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.
• At projected returns (-3.0% appreciation + 2.3% rent growth), your $28k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $99,900

Questions for the listing agent

1. Built in 1939 — 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: 1.25% ✓
• Cap rate: 10.85%
• Cash-on-cash: 16.28%
• DSCR: 1.72
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $168,480
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2618 Raccoon St	0.39mi	3/— (+1)	875 (+1%)	9mo	$120,000	$137	67
2805 Des Moines St	0.66mi	2/1.0	832 (-4%)	2mo	$101,000	$121	62
2552 Onawa St	0.62mi	3/2.0 (+1)	864 (0%)	4mo	$264,900	$307	59
2711 E Market St	0.31mi	3/1.0 (+1)	952 (+10%)	8mo	$132,500	$139	57
2733 E Grand Ave	0.61mi	2/1.0	810 (-6%)	6mo	$86,000	$106	57
722 SE 27th St	0.52mi	2/1.0	756 (-12%)	1mo	$65,000	$86	54
2814 Des Moines St	0.68mi	2/1.0	788 (-9%)	1mo	$154,000	$195	53
509 E 28th St	0.64mi	2/1.0	768 (-11%)	1mo	$159,900	$208	51
2915 E Walnut St	0.42mi	3/1.5 (+1)	942 (+9%)	9mo	$184,000	$195	51
2638 E Grand Ave	0.69mi	2/1.0	768 (-11%)	2mo	$180,000	$234	48
2841 Des Moines St	0.64mi	3/2.0 (+1)	920 (+6%)	4mo	$201,000	$218	47
2514 Capitol Ave	0.74mi	3/1.0 (+1)	988 (+14%)	7mo	$140,000	$142	31

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 · 2.29% rent growth · sell at horizon

5-year hold

• IRR: 6.5%
• Equity multiple: 1.25×
• Total profit: $7,059
• Equity at exit: $14,895

10-year hold

• IRR: 15.3%
• Equity multiple: 2.20×
• Total profit: $33,547
• Equity at exit: $8,638

Cash invested: $27,972 (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 50317

• Rents YoY: 2.3%
• Active inventory: 357
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,252 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$44 /mo · $530/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$263
• Net cashflow: $379

Break-even live

Break-even rent $772

Max offer price $99,900

Occupancy floor 65%

Sensitivity live

Price	-10% $436	-5% $408	+0% $379	+5% $351	+10% $323
Rent	-10% $281	-5% $330	+0% $379	+5% $429	+10% $478
Rate	-1.0pp $430	-0.5pp $405	base $379	+0.5pp $354	+1.0pp $327

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2726 Des Moines St Des Moines, IA	2.0	1.0	975	$1,295	$1.33	44d	1	0.71mi
2120 Capitol Ave Des Moines, IA	3.0	1.0	973	$1,395	$1.43	44d	1	1.12mi
1220 E 37th Ct Des Moines, IA	2.0	1.0	560	$950	$1.70	24d	1	1.34mi

Listing history 6 events

1. 2026-06-18
   days on market $99,900 Active 6 DOM
2. 2026-06-17
   days on market $99,900 Active 5 DOM
3. 2026-06-16
   days on market $99,900 Active 4 DOM
4. 2026-06-15
   days on market $99,900 Active 3 DOM
5. 2026-06-13
   remarks 393-char remark
6. 2026-06-13
   listed $99,900 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: $530 · $44/mo
• Projected year-2 tax: $1,049 · $87/mo
• Expected delta: +$519/yr (+$43/mo · 98.0%)

ⓘ 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 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 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,024
• − Mortgage interest: −$5,596
• − Property taxes: −$530
• − Insurance: −$500
• − Repairs & maintenance: −$1,202
• − Management: −$1,202
• − Depreciation: −$2,906
• Taxable income: $3,089
• Est. tax owed @ 24.0%: −$741
• After-tax cash flow: $3,812/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): 36,548
• Household income: $65,617
• Rent vs Own: 27.5% rent · 72.5% own
• Severe rent burden: 716.0

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% Hispanic / Latino 19% Two or more races 10% Black 10% Asian 3%
• Hispanic origin (detail): Mexican 15% Puerto Rican 1%
• Common ancestry: Portuguese 3% Iranian 2% Swiss 1%
• Foreign-born: 12% · Canada
• Languages at home: 80% English-only · Spanish 13% Other Asian/Pacific 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: ▼ -235.00%
• Current HPI: 281.7409
• Rent YoY: ▲ 2.29%
• 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

• 2026-06-12 Listed $99,900 DMMLS

Property tax history

-0.5%/yr

Latest (2025): $530 · +3.5% YoY. Source: county tax records.