1510 11th St · Des Moines, IA 50314

$179,000

3 bd · 1.5 ba · 1,536 sqft · SingleFamily public records · 84 Days on market

Built 1905 5,280 sqft lot $117/sqft · 13% below area Est $206k · 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).

• ARV discount +13.5/15.0
• Cash flow +10.1/30.0
• Appreciation +10.0/10.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• 1% rule +3.2/10.0
• DSCR +2.9/10.0
• Condition / age +2.5/5.0

Listing remarks MLS

Move-in ready and fully remodeled, this 3-bedroom home offers a smart opportunity for both owner-occupants and investors. The main floor features a bedroom/office and half bath for convenience. The updated kitchen features new cabinets and countertops (2025), stainless steel appliances, and LVP flooring in the kitchen and dining area. Upper level is home to 2 large bedrooms and a full bath. Fresh paint, new carpet, vinyl siding, and a new water heater (2025) add to the turnkey appeal. Major updates over time include roof, HVAC (new 2026), windows, and exterior improvements—helping minimize future maintenance. Bonus - washer and dryer are included! Enjoy outdoor space with a welcoming front porch and expansive back deck. A large rear concrete parking pad provides off-street parking and future garage potential. Low property taxes support affordability and strong rental potential. Ready to move into or add to your portfolio.

Key facts

• Roof
• New water heater
• Updated kitchen

Tags

• UPDATED KITCHEN
• STAINLESS STEEL APPLIANCES
• LVP FLOORING
• VINYL SIDING
• NEW WATER HEATER
• ROOF

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $179k.

Deal economics

• At list price, monthly cash flow is $-103 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $161k (10.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $147k (18.0% below list).
• Recommended offer: $147k (18.0% below list) — sets the bar for 1% rule.
• Cap rate 5.6% 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; 22 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; lower-income renter base — watch delinquency; 2,953 units permitted in Polk County in 2024 (540 in 5+ unit buildings).
• This rent runs 44% 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 $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Polk County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($168k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y ago; this cycle's ask has dropped $11k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $88k; list at $179k implies a 102% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $146,714 (18.0% 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 84 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
3. Built in 1905 — 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. 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.
9. 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.
10. 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: 0.82% ✗
• Cap rate: 5.60%
• Cash-on-cash: -2.48%
• DSCR: 0.89
• GRM: 10.2

CMA / ARV

• ARV (median comp): $206,315
• List price: $179,000
• Delta: -13.24%
• 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
1510 11th St	0.00mi	3/1.5	1,536 (0%)	0mo	$179,000	$117	100
1456 4th St	0.44mi	3/1.0	1,477 (-4%)	2mo	$152,000	$103	70
1347 Forest Ave	0.26mi	4/2.0 (+1)	1,460 (-5%)	4mo	$260,000	$178	69
1816 8th St	0.37mi	3/1.5	1,658 (+8%)	2mo	$225,000	$136	68
1526 Harrison Ave	0.36mi	4/2.0 (+1)	1,456 (-5%)	2mo	$230,000	$158	66
1168 11th St	0.46mi	4/2.0 (+1)	1,597 (+4%)	4mo	$154,900	$97	62
1502 17th St	0.44mi	3/1.0	1,352 (-12%)	0mo	$90,025	$67	57
1534 18th St	0.50mi	4/2.5 (+1)	1,440 (-6%)	2mo	$200,000	$139	56
2009 10th St	0.46mi	4/1.5 (+1)	1,376 (-10%)	3mo	$55,000	$40	53
1656 Martin Luther King Jr Pkwy	0.68mi	3/1.0	1,442 (-6%)	4mo	$188,000	$130	53
1505 University Ave	0.48mi	4/1.0 (+1)	1,395 (-9%)	5mo	$118,000	$85	51
1128 10th St	0.55mi	4/3.0 (+1)	1,655 (+8%)	2mo	$245,000	$148	49

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: 24.2%
• Equity multiple: 2.97×
• Total profit: $98,693
• Equity at exit: $161,257

10-year hold

• IRR: 22.7%
• Equity multiple: 7.29×
• Total profit: $315,098
• Equity at exit: $347,758

Cash invested: $50,120 (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: 10.2×

Monthly cashflow live

• Estimated rent: $1,467 high
• Mortgage (P&I): −$939
• Tax from tax record: −$249 /mo · $2,990/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$308
• Net cashflow: $-103

Break-even live

Break-even rent $1,598

Max offer price $160,733

Occupancy floor —

Sensitivity live

Price	-10% $-2	-5% $-53	+0% $-103	+5% $-154	+10% $-205
Rent	-10% $-219	-5% $-161	+0% $-103	+5% $-45	+10% $12
Rate	-1.0pp $-13	-0.5pp $-58	base $-103	+0.5pp $-150	+1.0pp $-197

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1314 Harrison Ave Des Moines, IA	3.0	1.0	1150	$1,195	$1.04	24d	1	0.19mi
1171 21st St Unit 2 Des Moines, IA	4.0	1.0	1210	$1,300	$1.07	44d	1	0.78mi
1345 Keosauqua Way Des Moines, IA	2.0	2.5	1550	$2,045	$1.32	44d	1	0.78mi
1637 23rd St Des Moines, IA	4.0	2.0	1743	$1,595	$0.92	44d	1	0.84mi
1717 Olive Ave Unit B6 Des Moines, IA	2.0	2.0	1092	$1,700	$1.56	44d	1	0.89mi
1201 Center St Des Moines, IA	2.0	2.5	2141	$2,450	$1.14	21d	5	0.94mi
2501 24th St Apt 106 Des Moines, IA	4.0	2.0	1175	$1,245	$1.06	44d	1	1.15mi
2717 Meek Ave Des Moines, IA	2.0	2.0	1128	$1,550	$1.37	14d	1	1.16mi
220 Maple St Des Moines, IA	1.0–3.0	1.0–3.0	1158	$2,673	$2.31	14d	9	1.19mi
9066 Burkwood Dr West Des Moines, IA	3.0	2.5–3.5	1783	$1,960	$1.10	24d	2	1.25mi
1821 Woodland Ave Des Moines, IA	2.0	2.0	1200	$1,472	$1.23	44d	2	1.33mi
641 19th St Unit WP 1 Des Moines, IA	2.0	2.0	1200	$1,550	$1.29	44d	1	1.33mi
641 19th St Unit WP 5 Des Moines, IA	2.0	2.0	1200	$1,395	$1.16	44d	1	1.33mi
405 6th Ave Des Moines, IA	2.0	1.0–2.0	737	$1,200	$1.63	14d	14	1.35mi
915 E Washington Ave Des Moines, IA	3.0	1.0	1457	$1,450	$1.00	24d	1	1.39mi
604 Locust St Des Moines, IA	1.0–2.0	1.0–2.0	902	$1,743	$1.93	14d	5	1.39mi
1354 E 12th St Des Moines, IA	2.0	1.0	1300	$925	$0.71	44d	1	1.40mi
300 E Grand Ave Des Moines, IA	2.0	1.0–2.0	734	$1,500	$2.04	14d	4	1.43mi
218 6th Ave Unit 401 Des Moines, IA	2.0	1.0	1085	$1,295	$1.19	44d	1	1.46mi
3103 Forest Ave Des Moines, IA	1.0–2.0	1.0–1.5	900	$1,550	$1.72	14d	1	1.46mi
3410 5th Ave Des Moines, IA	4.0	2.0	1474	$1,550	$1.05	44d	1	1.47mi
2940 Brattleboro Ave Unit 2 Des Moines, IA	3.0	2.0	1250	$1,300	$1.04	14d	1	1.47mi

Listing history 10 events

1. 2026-05-04
   status Pending 941-char remark

   Show marketing remark (941 chars)

   Move-in ready and fully remodeled, this 3-bedroom home offers a smart opportunity for both owner-occupants and investors. The main floor features a bedroom/office and half bath for convenience. The updated kitchen features new cabinets and countertops (2025), stainless steel appliances, and LVP flooring in the kitchen and dining area. Upper level is home to 2 large bedrooms and a full bath. Fresh paint, new carpet, vinyl siding, and a new water heater (2025) add to the turnkey appeal. Major updates over time include roof, HVAC (new 2026), windows, and exterior improvements—helping minimize future maintenance. Bonus - washer and dryer are included! Enjoy outdoor space with a welcoming front porch and expansive back deck. A large rear concrete parking pad provides off-street parking and future garage potential. Low property taxes support affordability and strong rental potential. Ready to move into or add to your portfolio.

2. 2026-04-27
   price $179,000 941-char remark

   Show marketing remark (941 chars)

   Move-in ready and fully remodeled, this 3-bedroom home offers a smart opportunity for both owner-occupants and investors. The main floor features a bedroom/office and half bath for convenience. The updated kitchen features new cabinets and countertops (2025), stainless steel appliances, and LVP flooring in the kitchen and dining area. Upper level is home to 2 large bedrooms and a full bath. Fresh paint, new carpet, vinyl siding, and a new water heater (2025) add to the turnkey appeal. Major updates over time include roof, HVAC (new 2026), windows, and exterior improvements—helping minimize future maintenance. Bonus - washer and dryer are included! Enjoy outdoor space with a welcoming front porch and expansive back deck. A large rear concrete parking pad provides off-street parking and future garage potential. Low property taxes support affordability and strong rental potential. Ready to move into or add to your portfolio.

3. 2026-03-26
   price $184,900 941-char remark

   Show marketing remark (941 chars)

   Move-in ready and fully remodeled, this 3-bedroom home offers a smart opportunity for both owner-occupants and investors. The main floor features a bedroom/office and half bath for convenience. The updated kitchen features new cabinets and countertops (2025), stainless steel appliances, and LVP flooring in the kitchen and dining area. Upper level is home to 2 large bedrooms and a full bath. Fresh paint, new carpet, vinyl siding, and a new water heater (2025) add to the turnkey appeal. Major updates over time include roof, HVAC (new 2026), windows, and exterior improvements—helping minimize future maintenance. Bonus - washer and dryer are included! Enjoy outdoor space with a welcoming front porch and expansive back deck. A large rear concrete parking pad provides off-street parking and future garage potential. Low property taxes support affordability and strong rental potential. Ready to move into or add to your portfolio.

4. 2026-02-09
   listed $189,900 Active 941-char remark

   Show marketing remark (941 chars)

   Move-in ready and fully remodeled, this 3-bedroom home offers a smart opportunity for both owner-occupants and investors. The main floor features a bedroom/office and half bath for convenience. The updated kitchen features new cabinets and countertops (2025), stainless steel appliances, and LVP flooring in the kitchen and dining area. Upper level is home to 2 large bedrooms and a full bath. Fresh paint, new carpet, vinyl siding, and a new water heater (2025) add to the turnkey appeal. Major updates over time include roof, HVAC (new 2026), windows, and exterior improvements—helping minimize future maintenance. Bonus - washer and dryer are included! Enjoy outdoor space with a welcoming front porch and expansive back deck. A large rear concrete parking pad provides off-street parking and future garage potential. Low property taxes support affordability and strong rental potential. Ready to move into or add to your portfolio.

5. 2009-11-04
   soldstatus $88,500
6. 2009-11-03
   soldstatus $88,500 711-char remark

   Show marketing remark (711 chars)

   Totally and beautifully remodeled three bedrom home. HUGE master bedroom with 4 closets. Large open living room and large dining room. Newer everything: siding, roof, soffits, gutters, porch, deck, cement front walk, central air, high efficiency furnace, windows, window coverings, 6 ceiling fans/lights, oak kitchen, appliances, baths, carpet and vinyl. Nice sized front porch and really large back deck. Large concrete parking pad in back of home ready for garage. $10,000 NFC forgivable grant available plus closing costs. Super low taxes - only $400 a year with a 9-year partial abatement, so enjoy super low taxes for 9 years! Many new homes in the neighborhood. Don't miss this one--You've got to see it!!

7. 2009-10-01
   listed $89,900 711-char remark

   Show marketing remark (711 chars)

   Totally and beautifully remodeled three bedrom home. HUGE master bedroom with 4 closets. Large open living room and large dining room. Newer everything: siding, roof, soffits, gutters, porch, deck, cement front walk, central air, high efficiency furnace, windows, window coverings, 6 ceiling fans/lights, oak kitchen, appliances, baths, carpet and vinyl. Nice sized front porch and really large back deck. Large concrete parking pad in back of home ready for garage. $10,000 NFC forgivable grant available plus closing costs. Super low taxes - only $400 a year with a 9-year partial abatement, so enjoy super low taxes for 9 years! Many new homes in the neighborhood. Don't miss this one--You've got to see it!!

8. 2007-02-27
   soldstatus $19,500
9. 2006-11-21
   listed $27,777
10. 2004-08-26
    soldstatus $30,000

ⓘ 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: $2,990 · $249/mo
• Projected year-2 tax: $2,990 · $249/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 ≥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: $17,606
• − Mortgage interest: −$10,027
• − Property taxes: −$2,990
• − Insurance: −$895
• − Repairs & maintenance: −$1,408
• − Management: −$1,408
• − Depreciation: −$5,207
• Taxable loss: −$4,330
• Est. tax savings @ 24.0%: +$1,039
• After-tax cash flow: $-202/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

+496.7% since first listed

10 events — show timeline

• 2026-05-04 Pending — DMMLS
• 2026-04-27 Price Changed $179,000 DMMLS
• 2026-03-26 Price Changed $184,900 DMMLS
• 2026-02-09 Listed $189,900 DMMLS
• 2009-11-04 Sold (Public Records) $88,500 Public Records
• 2009-11-03 Sold (MLS) $88,500 DMMLS
• 2009-10-01 Listed $89,900 DMMLS
• 2007-02-27 Sold (MLS) $19,500 DMMLS
• 2006-11-21 Listed $27,777 DMMLS
• 2004-08-26 Sold (Public Records) $30,000 Public Records

Property tax history

+21.7%/yr

Latest (2025): $2,990 · +2.2% YoY. Source: county tax records.