1143 Rittenhouse St · Des Moines, IA 50315

$137,500

3 bd · 1.0 ba · 760 sqft · SingleFamily public records · 17 Days on market

Built 1940 6,120 sqft lot $181/sqft · 27% below area Est $190k · 27% 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 +8.2/30.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• Rent growth +3.4/5.0
• 1% rule +3.0/10.0
• Condition / age +2.5/5.0
• DSCR +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

THE nicest 3 bedroom house on the southside of Des Moines under $140,000! This charming home is move-in ready and looking for new owners. The interior features a nice living room, 3 bedrooms and 1 partial bathroom with a brand new shower. Step outside to enjoy the fully fenced in backyard (brand new fence) perfect for relaxing evenings, pets, gardening, or summer gatherings. Conveniently located near shopping, dining, parks, and major commuter routes, this home combines neighborhood charm with easy access to everything Des Moines has to offer. Whether you're a first-time buyer, downsizing, or looking for your next investment opportunity, 1143 Rittenhouse is a property you won't want to miss. Schedule your private showing today!

Key facts

• Brand new shower
• Easy access to parks
• 6,120 sq ft lot

Tags

• FULLY FENCED BACKYARD
• BRAND NEW SHOWER
• EASY ACCESS TO PARKS

Property features AI

Exterior

• Parking: Concrete surface access
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: Single-story home
• Construction: Vinyl siding; Asphalt shingle roof; Poured foundation; Built on a rectangular lot (approx. 45 x 136)
• Exterior features: Deck; Storage; Wood fencing; Concrete driveway/road surface

Interior

• Kitchen: Cooktop; Dishwasher; Microwave; Refrigerator; Stove
• Bedrooms: 3 main level bedrooms
• Flooring: Carpet; Laminate
• Bathrooms: 1 three-quarter bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Dining area; Unfinished basement
• Laundry & utility: Main level laundry; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $138k.

Deal economics

• At list price, monthly cash flow is $-128 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $115k (16.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $109k (20.4% below list).
• Recommended offer: $109k (20.4% below list) — sets the bar for 1% rule.
• Cap rate 5.2% 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; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $951 of loan paydown is wiped out by about $4k 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 17 days — a 2% lower offer ($135k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 20y ago 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.
• Current owner paid $95k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $109,433 (20.4% 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. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
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: 0.80% ✗
• Cap rate: 5.18%
• Cash-on-cash: -3.98%
• DSCR: 0.82
• GRM: 10.5

CMA / ARV

• ARV (median comp): $189,511
• List price: $137,500
• Delta: -27.44%
• 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
1208 Burnham Ave	0.05mi	2/1.0 (-1)	768 (+1%)	3mo	$169,500	$221	88
6811 SW 13th St	0.10mi	2/1.0 (-1)	748 (-2%)	0mo	$203,000	$271	88
6825 SW 15th St	0.30mi	2/1.0 (-1)	768 (+1%)	1mo	$113,248	$147	78
6824 SW 15th St	0.33mi	2/1.0 (-1)	768 (+1%)	2mo	$140,000	$182	76
6912 SW 15th St	0.33mi	2/1.0 (-1)	768 (+1%)	2mo	$156,500	$204	76
1199 Mason Ave	0.27mi	3/2.0	696 (-8%)	1mo	$226,000	$325	68
1328 Johnson St	0.22mi	3/2.0	672 (-12%)	0mo	$175,000	$260	66
1159 Mason Ave	0.27mi	2/1.0 (-1)	672 (-12%)	0mo	$166,500	$248	63
1352 Johnson St	0.25mi	2/1.0 (-1)	672 (-12%)	2mo	$146,000	$217	62
700 Payton Ave	0.64mi	3/1.0	848 (+12%)	2mo	$215,000	$254	49
7611 SW 11th St	0.52mi	3/2.0	864 (+14%)	4mo	$216,000	$250	46
7707 SW 10th Pl	0.57mi	3/1.5	864 (+14%)	8mo	$111,000	$128	42

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: -22.4%
• Equity multiple: 0.22×
• Total profit: $-29,839
• Equity at exit: $20,502

10-year hold

• IRR: -15.3%
• Equity multiple: 0.11×
• Total profit: $-34,081
• Equity at exit: $11,888

Cash invested: $38,500 (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: 10.5×

Monthly cashflow live

• Estimated rent: $1,094 high
• Mortgage (P&I): −$721
• Tax from tax record: −$214 /mo · $2,566/yr
• Insurance: −$57
• HOA: −$0
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $-128

Break-even live

Break-even rent $1,256

Max offer price $114,947

Occupancy floor —

Sensitivity live

Price	-10% $-50	-5% $-89	+0% $-128	+5% $-167	+10% $-206
Rent	-10% $-214	-5% $-171	+0% $-128	+5% $-84	+10% $-41
Rate	-1.0pp $-58	-0.5pp $-93	base $-128	+0.5pp $-163	+1.0pp $-200

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: $34,375
• Closing costs: $4,125
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6920 SW 9th St Apt 11 Des Moines, IA	2.0	1.0	750	$775	$1.03	44d	1	0.20mi
6920 SW 9th St Apt 12 Des Moines, IA	2.0	1.0	750	$750	$1.00	44d	1	0.20mi
7440 Southview Dr Des Moines, IA	3.0	1.0	960	$1,525	$1.59	15d	1	0.37mi
6924 Chaffee Rd Des Moines, IA	1.0–2.0	1.0	796	$1,038	$1.30	15d	14	0.63mi
6514 Chaffee Rd Des Moines, IA	1.0–2.0	1.0	683	$960	$1.40	15d	19	0.67mi
23 E Lally St Des Moines, IA	2.0	1.0	844	$1,245	$1.48	21d	1	0.87mi
1013 1/2 Kenyon Ave Des Moines, IA	2.0	1.0	768	$875	$1.14	44d	1	0.95mi
939 Kenyon Ave Des Moines, IA	3.0	1.5	950	$1,350	$1.42	44d	1	0.96mi
204 E Leland Ave Des Moines, IA	3.0	1.0	1040	$1,595	$1.53	15d	1	0.99mi
5016 SW 13th St Des Moines, IA	2.0	1.0	676	$1,395	$2.06	44d	1	1.15mi
5015 SW 9th St Des Moines, IA	1.0–2.0	1.0	682	$910	$1.33	15d	5	1.16mi
12 E Kenyon Ave Des Moines, IA	3.0	1.5	1000	$1,395	$1.40	24d	1	1.21mi
5000 SW 8th St Des Moines, IA	3.0	1.0	956	$1,340	$1.40	24d	1	1.22mi
7201 SE 5th St Des Moines, IA	1.0–2.0	1.0	749	$780	$1.04	15d	3	1.27mi
5201 S Union St Apt 208 Des Moines, IA	2.0	1.0	800	$845	$1.06	44d	1	1.27mi
5201 S Union St Unit 302 Des Moines, IA	2.0	1.0	800	$845	$1.06	21d	1	1.27mi
6209 SE 5th St Unit 6205-35 Des Moines, IA	2.0	1.0	900	$905	$1.01	19d	1	1.34mi
521 Hart Ave Des Moines, IA	2.0	1.0	950	$1,150	$1.21	15d	1	1.40mi
501 E Porter Ave Des Moines, IA	2.0	1.0	812	$975	$1.20	44d	1	1.47mi
201 McKinley Ave Des Moines, IA	3.0	1.0	840	$1,350	$1.61	44d	1	1.47mi
4805 South Union St Des Moines, IA	2.0	1.0	720	$1,245	$1.73	24d	1	1.48mi

Listing history 13 events

1. 2026-06-02
   status $137,500 Pending 17 DOM
2. 2026-06-01
   days on market $137,500 Active 17 DOM

   Show marketing remark (742 chars)

   THE nicest 3 bedroom house on the southside of Des Moines under $140,000! This charming home is move-in ready and looking for new owners. The interior features a nice living room, 3 bedrooms and 1 partial bathroom with a brand new shower. Step outside to enjoy the fully fenced in backyard (brand new fence) perfect for relaxing evenings, pets, gardening, or summer gatherings. Conveniently located near shopping, dining, parks, and major commuter routes, this home combines neighborhood charm with easy access to everything Des Moines has to offer. Whether you're a first-time buyer, downsizing, or looking for your next investment opportunity, 1143 Rittenhouse is a property you won't want to miss. Schedule your private showing today!

3. 2026-05-31
   days on market $137,500 Active 16 DOM
4. 2026-05-31
   days on market $137,500 Active 15 DOM
5. 2026-05-15
   listed $137,500 Active 737-char remark
6. 2026-05-14
   listed $137,500 Active 742-char remark

   Show marketing remark (742 chars)

   THE nicest 3 bedroom house on the southside of Des Moines under $140,000! This charming home is move-in ready and looking for new owners. The interior features a nice living room, 3 bedrooms and 1 partial bathroom with a brand new shower. Step outside to enjoy the fully fenced in backyard (brand new fence) perfect for relaxing evenings, pets, gardening, or summer gatherings. Conveniently located near shopping, dining, parks, and major commuter routes, this home combines neighborhood charm with easy access to everything Des Moines has to offer. Whether you're a first-time buyer, downsizing, or looking for your next investment opportunity, 1143 Rittenhouse is a property you won't want to miss. Schedule your private showing today!

7. 2022-07-27
   soldstatus $95,000
8. 2022-07-26
   soldstatus $95,000

   Show marketing remark (9 chars)

   FSBO SALE

9. 2022-07-26
   listed $95,000

   Show marketing remark (9 chars)

   FSBO SALE

10. 2015-01-20
    soldstatus $82,000
11. 2007-04-02
    soldstatus $80,000
12. 2007-03-30
    soldstatus $79,900
13. 2006-10-09
    listed $79,900

ⓘ 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: $2,566 · $214/mo
• Projected year-2 tax: $2,566 · $214/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 6/10 Major FEMA zone X (unshaded) · 70% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,132
• − Mortgage interest: −$7,702
• − Property taxes: −$2,566
• − Insurance: −$688
• − Repairs & maintenance: −$1,051
• − Management: −$1,051
• − Depreciation: −$4,000
• Taxable loss: −$3,925
• Est. tax savings @ 24.0%: +$942
• After-tax cash flow: $-590/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

+72.1% since first listed

11 events — show timeline

• 2026-06-01 Pending — CIBOR
• 2026-06-01 Pending — DMMLS
• 2026-05-15 Listed $137,500 DMMLS
• 2026-05-14 Listed $137,500 CIBOR
• 2022-07-27 Sold (Public Records) $95,000 Public Records
• 2022-07-26 Listed $95,000 DMMLS
• 2022-07-26 Sold (MLS) $95,000 DMMLS
• 2015-01-20 Sold (Public Records) $82,000 Public Records
• 2007-04-02 Sold (Public Records) $80,000 Public Records
• 2007-03-30 Sold (MLS) $79,900 DMMLS
• 2006-10-09 Listed $79,900 DMMLS

Property tax history

+2.6%/yr

Latest (2025): $2,566 · +2.1% YoY. Source: county tax records.