1502 17th St · Des Moines, IA 50314

$115,000

3 bd · 1.0 ba · 1,352 sqft · SingleFamily public records · 55 Days on market

Built 1910 4,000 sqft lot Est $188k · 39% under ↓ 8% 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 +24.3/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +7.8/10.0
• 1% rule +6.3/10.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• Condition / age +2.5/5.0

Listing remarks

Stop by and check out this solid 3 bedroom home on the north side of Des Moines. Outside you'll find a fully fenced yard and a storage shed out back. The home sits right across the street from King Elementary School providing plenty of open space and playground equipment for local children. The open front porch is great place to relax on a summer evening. Inside you will find a large entry room and staircase. The living room and dining room have tons of space and full of natural light from the large windows. The kitchen has a good amount of space and opportunities for updating. Upstairs you will find 3 large bedrooms, plenty of closets, and a good sized bathroom. The interior of the home ha

Key facts

• Large windows
• Large entry room
• Storage shed

Tags

• FULLY FENCED YARD
• STORAGE SHED
• OPEN FRONT PORCH
• LARGE ENTRY ROOM
• LARGE WINDOWS
• FRESHLY PAINTED INTERIOR

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $231 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $112k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 45% 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 39% 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 $12k of equity ($795 loan paydown + $12k appreciation (10.0% local appreciation)).
• Polk County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $32k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, 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 55 days — a 3% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $111,550 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — 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. 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.
7. 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.
8. 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: 1.13% ✓
• Cap rate: 8.70%
• Cash-on-cash: 8.59%
• DSCR: 1.38
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $187,928
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1502 17th St	0.00mi	3/1.0	1,352 (0%)	0mo	$90,025	$67	100
1534 18th St	0.09mi	4/2.5 (+1)	1,440 (+6%)	2mo	$200,000	$139	72
1526 Harrison Ave	0.13mi	4/2.0 (+1)	1,456 (+8%)	2mo	$230,000	$158	71
1656 Martin Luther King Jr Pkwy	0.32mi	3/1.0	1,442 (+7%)	4mo	$188,000	$130	71
1559 23rd St	0.39mi	3/1.0	1,223 (-10%)	1mo	$167,500	$137	65
1534 12th St	0.38mi	3/1.5	1,220 (-10%)	1mo	$201,000	$165	63
2305 Drake Park Ave	0.68mi	4/1.5 (+1)	1,356 (+0%)	0mo	$150,000	$111	60
1103 18th St	0.59mi	3/2.0	1,431 (+6%)	3mo	$285,000	$199	56
1107 18th St	0.58mi	3/2.0	1,431 (+6%)	4mo	$285,000	$199	56
1510 11th St	0.44mi	3/1.5	1,536 (+14%)	0mo	$179,000	$117	55
2009 10th St	0.71mi	4/1.5 (+1)	1,376 (+2%)	3mo	$55,000	$40	54
2001 10th St	0.70mi	2/1.0 (-1)	1,180 (-13%)	1mo	$194,500	$165	40

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: 32.7%
• Equity multiple: 3.61×
• Total profit: $84,193
• Equity at exit: $103,601

10-year hold

• IRR: 30.0%
• Equity multiple: 8.87×
• Total profit: $253,418
• Equity at exit: $223,420

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 50314

• Home prices YoY: 9.8%
• Rents YoY: 8.2%
• Active inventory: 64
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,298 high
• Mortgage (P&I): −$603
• Tax est. 1.5%: −$144 /mo · $1,725/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$273
• Net cashflow: $231

Break-even live

Break-even rent $1,006

Max offer price $115,000

Occupancy floor 77%

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 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1714 College Ave Des Moines, IA	3.0	1.0	1015	$1,050	$1.03	44d	1	0.11mi
1314 Harrison Ave Des Moines, IA	3.0	1.0	1150	$1,195	$1.04	23d	1	0.31mi
1637 23rd St Des Moines, IA	4.0	2.0	1743	$1,595	$0.92	44d	1	0.41mi
1171 21st St Unit 2 Des Moines, IA	4.0	1.0	1210	$1,300	$1.07	44d	1	0.46mi
1171 21st St Unit 1 Des Moines, IA	2.0	1.0	1028	$1,150	$1.12	44d	1	0.46mi
2530 University Ave Des Moines, IA	2.0	1.0	647	$1,750	$2.70	14d	36	0.70mi
2717 Meek Ave Des Moines, IA	2.0	2.0	1128	$1,550	$1.37	14d	1	0.70mi
1717 Olive Ave Unit B6 Des Moines, IA	2.0	2.0	1092	$1,700	$1.56	44d	1	0.78mi
2501 24th St Unit 121 Des Moines, IA	3.0	2.0	950	$995	$1.05	23d	1	0.84mi
2501 24th St Apt 106 Des Moines, IA	4.0	2.0	1175	$1,245	$1.06	44d	1	0.84mi
2501 24th St Apt 107 Des Moines, IA	3.0	2.0	950	$1,045	$1.10	14d	1	0.84mi
2501 24th St Des Moines, IA	2.0	1.0	910	$795	$0.87	23d	1	0.84mi
1345 Keosauqua Way Des Moines, IA	2.0	2.5	1550	$2,045	$1.32	44d	1	0.87mi
2813 Cottage Grove Ave Unit 2 Des Moines, IA	3.0	1.0	900	$1,200	$1.33	44d	1	0.92mi
3103 Forest Ave Des Moines, IA	1.0–2.0	1.0–1.5	900	$1,550	$1.72	14d	1	1.00mi
2940 Brattleboro Ave Unit 2 Des Moines, IA	3.0	2.0	1250	$1,300	$1.04	14d	1	1.04mi
3201 Forest Ave Des Moines, IA	3.0	1.0–2.0	717	$1,600	$2.23	14d	16	1.05mi
1546 33rd St Des Moines, IA	4.0	2.0	1540	$1,850	$1.20	14d	1	1.11mi
1821 Woodland Ave Des Moines, IA	2.0	2.0	1200	$1,472	$1.23	44d	2	1.22mi
737 28th St Des Moines, IA	3.0	2.0	1037	$1,800	$1.74	44d	1	1.22mi
1260 34th St Unit 401 Des Moines, IA	3.0	2.0	1088	$1,335	$1.23	44d	1	1.22mi
641 19th St Unit WP 1 Des Moines, IA	2.0	2.0	1200	$1,550	$1.29	44d	1	1.23mi
641 19th St Unit WP 5 Des Moines, IA	2.0	2.0	1200	$1,395	$1.16	44d	1	1.23mi
2002 34th St Des Moines, IA	2.0	1.0	897	$1,350	$1.51	21d	1	1.26mi
3519 University Ave Apt 103 Des Moines, IA	2.0	1.0	900	$915	$1.02	23d	1	1.29mi
9066 Burkwood Dr West Des Moines, IA	3.0	2.5–3.5	1783	$1,960	$1.10	23d	2	1.42mi
3005 Woodland Ave Unit 36 Des Moines, IA	2.0	1.0	1080	$1,030	$0.95	21d	1	1.43mi
2301 Ingersoll Ave Des Moines, IA	2.0	1.0–2.0	784	$1,815	$2.32	14d	14	1.43mi
2403 36th St Des Moines, IA	3.0	2.0	1324	$1,600	$1.21	23d	1	1.44mi

Listing history 7 events

1. 2026-03-10
   status Pending
2. 2026-03-06
   price $115,000
3. 2026-01-29
   price $125,000
4. 2026-01-20
   status Active
5. 2026-01-12
   status Pending
6. 2026-01-08
   price $135,000
7. 2026-01-05
   listed $125,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $15,574
• − Mortgage interest: −$6,442
• − Property taxes: −$1,725
• − Insurance: −$575
• − Repairs & maintenance: −$1,246
• − Management: −$1,246
• − Depreciation: −$3,345
• Taxable income: $995
• Est. tax owed @ 24.0%: −$239
• After-tax cash flow: $2,528/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

-8.0% since first listed

7 events — show timeline

• 2026-03-10 Pending — DMMLS
• 2026-03-06 Price Changed $115,000 DMMLS
• 2026-01-29 Price Changed $125,000 DMMLS
• 2026-01-20 Relisted — DMMLS
• 2026-01-12 Pending — DMMLS
• 2026-01-08 Price Changed $135,000 DMMLS
• 2026-01-05 Listed $125,000 DMMLS