3104 Garfield Ave · Des Moines, IA 50317

$80,000

1 bd · 1.0 ba · 1,027 sqft · SingleFamily public records · 4 Days on market

Built 1916 7,485 sqft lot $78/sqft · 46% below area Est $148k · 46% under ↓ 12% since listing

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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 +29.4/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.5/10.0
• 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

This charming 1916 bungalow offers cozy living with a clear, functional layout. Featuring a single bedroom and single bath, the home offers 1,027 square feet of potential, with an additional 621 square feet in the unfinished basement, perfect for storage or future expansion. A welcoming enclosed porch invites you to relax in any season. The property includes a detached garage, providing convenient parking or workspace. Set on a standard lot, this home is full of historic character and ready for your personal touch. Whether you’re a first-time buyer, downsizing, or seeking an investment, this bungalow offers a solid foundation for your vision. Priced aggressively with updates and impro

Key facts

• Unfinished basement
• Historic character
• Enclosed porch

Tags

• ENCLOSED PORCH
• DETACHED GARAGE
• UNFINISHED BASEMENT
• HISTORIC CHARACTER

Property features AI

Exterior

• Parking: Detached one-car garage
• Utilities: Public water
• Home design: Single-story home; Residential zoning
• Construction: Metal siding; Asphalt shingle roof; Block foundation; Built on a 0.172-acre lot
• Exterior features: Deck; Rectangular lot; Concrete road frontage

Interior

• Bedrooms: One main-level bedroom
• Bathrooms: One full bathroom
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Low-threshold shower; Dining area
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $284 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Cap rate 10.6% 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 (+2.3%/yr); 357 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d 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 $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.
• At projected returns (-3.0% appreciation + 2.3% rent growth), your $22k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

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

Recommended offer $80,000

Questions for the listing agent

1. Built in 1916 — 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: 1.35% ✓
• Cap rate: 10.56%
• Cash-on-cash: 15.23%
• DSCR: 1.68
• GRM: 6.2

CMA / ARV

• ARV (median comp): $148,403
• List price: $80,000
• Delta: -46.09%
• 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
3104 Garfield Ave	0.00mi	1/1.0	1,027 (0%)	1mo	$70,000	$68	99
1615 E 29th St	0.40mi	2/1.0 (+1)	1,012 (-2%)	10mo	$170,000	$168	66
1211 E 32nd St	0.18mi	2/1.0 (+1)	942 (-8%)	9mo	$158,900	$169	65
2832 E Grand Ave	0.58mi	2/1.0 (+1)	1,019 (-1%)	7mo	$116,000	$114	61
3113 State Ave	0.15mi	2/1.5 (+1)	880 (-14%)	2mo	$165,000	$188	61
1430 E 27th St	0.48mi	2/1.0 (+1)	879 (-14%)	5mo	$194,900	$222	44
1263 E 25th St	0.72mi	2/1.0 (+1)	955 (-7%)	10mo	$97,000	$102	42
2808 Lyon St	0.51mi	2/1.0 (+1)	892 (-13%)	12mo	$168,000	$188	40
2722 Maple St	0.54mi	2/1.0 (+1)	880 (-14%)	11mo	$145,000	$165	37
2000 E 27th Ct	0.71mi	2/2.0 (+1)	1,128 (+10%)	8mo	$215,000	$191	35
803 E 25th Ct	0.73mi	2/1.0 (+1)	876 (-15%)	7mo	$129,900	$148	31
2729 Capitol Ave	0.73mi	2/2.5 (+1)	905 (-12%)	12mo	$155,000	$171	25

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: 5.1%
• Equity multiple: 1.20×
• Total profit: $4,409
• Equity at exit: $11,928

10-year hold

• IRR: 13.9%
• Equity multiple: 2.08×
• Total profit: $24,170
• 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 50317

• Rents YoY: 2.3%
• Active inventory: 357
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $1,080 medium
• Mortgage (P&I): −$420
• Tax from tax record: −$116 /mo · $1,390/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$227
• Net cashflow: $284

Break-even live

Break-even rent $720

Max offer price $80,000

Occupancy floor 69%

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 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	43d	1	0.58mi
4200 Knob Hill Dr Unit 4200-08 Des Moines, IA	2.0	1.0	800	$850	$1.06	23d	1	1.31mi
4210 Knob Hill Dr Des Moines, IA	2.0	1.0	800	$850	$1.06	43d	1	1.33mi

Listing history 4 events

1. 2026-05-07
   status Pending 842-char remark
2. 2026-05-07
   status Active 842-char remark
3. 2026-05-04
   status Pending 842-char remark
4. 2026-04-30
   listed $80,000 Active 842-char remark

ⓘ 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: $1,390 · $116/mo
• Projected year-2 tax: $1,390 · $116/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 ≥104°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: $12,958
• − Mortgage interest: −$4,481
• − Property taxes: −$1,390
• − Insurance: −$400
• − Repairs & maintenance: −$1,037
• − Management: −$1,037
• − Depreciation: −$2,327
• Taxable income: $2,286
• Est. tax owed @ 24.0%: −$549
• After-tax cash flow: $2,864/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

-12.5% since first listed

6 events — show timeline

• 2026-05-27 Sold (Public Records) $70,000 Public Records
• 2026-05-26 Sold (MLS) $70,000 DMMLS
• 2026-05-07 Pending — DMMLS
• 2026-05-07 Relisted — DMMLS
• 2026-05-04 Pending — DMMLS
• 2026-04-30 Listed $80,000 DMMLS

Property tax history

-3.4%/yr

Latest (2025): $1,390 · -14.5% YoY. Source: county tax records.