302 E Bell Ave · Des Moines, IA 50315

$115,000

4 bd · 2.0 ba · 1,804 sqft · SingleFamily public records · 128 Days on market

Built 1918 0.75 ac lot $64/sqft · 52% below area ↓ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Prime investment opportunity just minutes from downtown Des Moines. This 4-bedroom, 2-bath home offers 1,804 sq ft and sits on an expansive . 75 acre lot providing ample room to build a garage, shop, or large Morton-style building, with plenty of space left to spare. Rare chance to secure a large parcel so close to city amenities, employment, dining, and entertainment. Strong potential for those with vision.

Key facts

• Expansive lot
• Large parcel
• 0.75 acre lot

Tags

• EXPANSIVE LOT
• LARGE PARCEL
• CLOSE TO CITY AMENITIES

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $695 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.5% 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 (+3.5%/yr); 227 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 2,953 units permitted in Polk County in 2024 (540 in 5+ unit buildings).
• This rent runs 37% of the median local income ($61k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 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 + 3.5% rent growth), your $32k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 128 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $101,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 128 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 1.64% ✓
• Cap rate: 13.54%
• Cash-on-cash: 25.88%
• DSCR: 2.15
• GRM: 5.1

CMA / ARV

• ARV (median comp): $239,630
• List price: $115,000
• Delta: -52.01%
• 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
103 E Olinda Ave	0.33mi	4/2.0	1,788 (-1%)	7mo	$241,000	$135	77
2717 S Union St	0.33mi	4/2.0	1,577 (-13%)	11mo	$245,000	$155	55
405 E Granger Ave	0.70mi	3/2.5 (-1)	1,724 (-4%)	4mo	$325,000	$189	50
816 E Edison Ave	0.74mi	3/2.5 (-1)	1,750 (-3%)	4mo	$340,000	$194	50
409 E Granger Ave	0.70mi	3/2.5 (-1)	1,724 (-4%)	5mo	$325,000	$189	49
436 E Granger Ave	0.72mi	3/3.0 (-1)	1,729 (-4%)	8mo	$375,000	$217	44
217 E Edison Ave	0.62mi	3/1.0 (-1)	1,554 (-14%)	1mo	$180,000	$116	38
814 E Edison Ave	0.73mi	3/2.5 (-1)	1,585 (-12%)	2mo	$345,000	$218	37
450 E Granger Ave	0.72mi	4/2.5	2,011 (+12%)	10mo	$425,000	$211	36
421 E Granger Ave	0.69mi	4/3.5	2,057 (+14%)	5mo	$430,000	$209	34
440 E Granger Ave	0.72mi	3/3.0 (-1)	1,585 (-12%)	10mo	$380,000	$240	29
200 Indianola Rd	0.72mi	3/3.0 (-1)	1,553 (-14%)	12mo	$391,750	$252	24

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 · 3.48% rent growth · sell at horizon

5-year hold

• IRR: 20.1%
• Equity multiple: 1.82×
• Total profit: $26,543
• Equity at exit: $17,147

10-year hold

• IRR: 28.7%
• Equity multiple: 3.61×
• Total profit: $83,972
• Equity at exit: $9,943

Cash invested: $32,200 (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 50315

• Rents YoY: 3.5%
• Active inventory: 227
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,882 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$142 /mo · $1,698/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$395
• Net cashflow: $695

Break-even live

Break-even rent $1,003

Max offer price $115,000

Occupancy floor 58%

Sensitivity live

Price	-10% $760	-5% $727	+0% $695	+5% $662	+10% $629
Rent	-10% $546	-5% $620	+0% $695	+5% $769	+10% $843
Rate	-1.0pp $752	-0.5pp $724	base $695	+0.5pp $665	+1.0pp $634

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
715 Kirkwood Ave Des Moines, IA	5.0	2.0	2295	$1,995	$0.87	19d	1	0.60mi
240 E Dunham Ave Des Moines, IA	4.0	1.0	1462	$1,795	$1.23	14d	1	0.65mi
100 Jackson Ave Des Moines, IA	3.0	1.0–2.0	885	$1,718	$1.94	14d	21	0.88mi
522 SW 12th St Des Moines, IA	3.0	3.0	2288	$2,495	$1.09	44d	1	1.37mi
210 SW 11th St Des Moines, IA	3.0	1.0–2.5	947	$2,827	$2.98	14d	90	1.48mi

Listing history 20 events

1. 2026-06-18
   days on market $115,000 Active 128 DOM
2. 2026-06-17
   days on market $115,000 Active 127 DOM
3. 2026-06-16
   days on market $115,000 Active 126 DOM
4. 2026-06-15
   days on market $115,000 Active 125 DOM
5. 2026-06-14
   days on market $115,000 Active 123 DOM
6. 2026-06-13
   days on market $115,000 Active 122 DOM
7. 2026-06-10
   days on market $115,000 Active 120 DOM
8. 2026-06-09
   days on market $115,000 Active 119 DOM
9. 2026-06-08
   days on market $115,000 Active 118 DOM
10. 2026-06-07
    days on market $115,000 Active 117 DOM
11. 2026-06-05
    days on market $115,000 Active 114 DOM
12. 2026-06-03
    days on market $115,000 Active 113 DOM
13. 2026-06-02
    days on market $115,000 Active 112 DOM
14. 2026-06-01
    days on market $115,000 Active 111 DOM
15. 2026-05-31
    days on market $115,000 Active 110 DOM
16. 2026-05-31
    days on market $115,000 Active 109 DOM
17. 2026-03-23
    price $115,000 411-char remark

    Show marketing remark (411 chars)

    Prime investment opportunity just minutes from downtown Des Moines. This 4-bedroom, 2-bath home offers 1,804 sq ft and sits on an expansive . 75 acre lot providing ample room to build a garage, shop, or large Morton-style building, with plenty of space left to spare. Rare chance to secure a large parcel so close to city amenities, employment, dining, and entertainment. Strong potential for those with vision.

18. 2026-03-09
    price $120,000 411-char remark

    Show marketing remark (411 chars)

    Prime investment opportunity just minutes from downtown Des Moines. This 4-bedroom, 2-bath home offers 1,804 sq ft and sits on an expansive . 75 acre lot providing ample room to build a garage, shop, or large Morton-style building, with plenty of space left to spare. Rare chance to secure a large parcel so close to city amenities, employment, dining, and entertainment. Strong potential for those with vision.

19. 2026-02-23
    price $125,000 411-char remark

    Show marketing remark (411 chars)

    Prime investment opportunity just minutes from downtown Des Moines. This 4-bedroom, 2-bath home offers 1,804 sq ft and sits on an expansive . 75 acre lot providing ample room to build a garage, shop, or large Morton-style building, with plenty of space left to spare. Rare chance to secure a large parcel so close to city amenities, employment, dining, and entertainment. Strong potential for those with vision.

20. 2026-02-10
    listed $130,000 Active 411-char remark

    Show marketing remark (411 chars)

    Prime investment opportunity just minutes from downtown Des Moines. This 4-bedroom, 2-bath home offers 1,804 sq ft and sits on an expansive . 75 acre lot providing ample room to build a garage, shop, or large Morton-style building, with plenty of space left to spare. Rare chance to secure a large parcel so close to city amenities, employment, dining, and entertainment. Strong potential for those with vision.

ⓘ 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: $1,698 · $142/mo
• Projected year-2 tax: $1,752 · $146/mo
• Expected delta: +$54/yr (+$4/mo · 3.2%)

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°F today · 14 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: $22,588
• − Mortgage interest: −$6,442
• − Property taxes: −$1,698
• − Insurance: −$575
• − Repairs & maintenance: −$1,807
• − Management: −$1,807
• − Depreciation: −$3,345
• Taxable income: $6,914
• Est. tax owed @ 24.0%: −$1,659
• After-tax cash flow: $6,676/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): 34,816
• Household income: $60,590
• Rent vs Own: 38.5% rent · 61.5% own
• Severe rent burden: 1072.0

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: Predominantly White (66%)
• Race & ethnicity: White 66% Hispanic / Latino 19% Two or more races 11% Black 9% Asian 2%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Iranian 2% Portuguese 2% Italian 2%
• Foreign-born: 10% · Canada, Philippines
• Languages at home: 83% English-only · Spanish 13% Other Asian/Pacific 1%

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: ▼ -259.03%
• Current HPI: 269.7231
• Rent YoY: ▲ 3.48%
• 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

-11.5% since first listed

4 events — show timeline

• 2026-03-23 Price Changed $115,000 DMMLS
• 2026-03-09 Price Changed $120,000 DMMLS
• 2026-02-23 Price Changed $125,000 DMMLS
• 2026-02-10 Listed $130,000 DMMLS

Property tax history

+6.3%/yr

Latest (2025): $1,698 · +2.0% YoY. Source: county tax records.