2023 SE 6th St · Des Moines, IA 50315

$105,500

3 bd · 2.0 ba · 1,255 sqft · SingleFamily public records · 17 Days on market

Built 1912 5,500 sqft lot

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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 +29.3/30.0
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• 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

Welcome to this centrally located Bungalow just a hop skip and jump away from Downtown Des Moines attractions and shopping. This the perfect size home for any stage of life with 2 bedrooms and 3/4 Bath on the main level, perfect for your guest. The finished attic has a 1 large bedroom, Full bathroom and large walk in closet with built in storage. The kitchen was recently updated and the fridge is like brand new! Separate dining area with a bar top pass through from the kitchen. Keep the dirt outside when entering through the mudroom/Laundry off the back of the house or the nice enclosed front porch. Large partially fenced back yard could be used for anything your heart desires! I love all the original woodwork come see for yourself! This is located in a “Green” NFC Lending area and qualifies for a $10,000 forgivable grant think of all the possibilities here! Ask agent for more info!

Key facts

• Oak kitchen
• Large lot
• Fenced backyard

Tags

• LARGE LOT
• OAK KITCHEN
• FENCED BACKYARD
• PROXIMITY TO PRINCIPAL PARK

Property features AI

Exterior

• Utilities: Public sewer
• Home design: Single-family residence zoning (R)
• Construction: Metal siding; Brick/mortar foundation; Asphalt shingle roof
• Exterior features: Wood fencing; Asphalt road access; Lot dimensions approximately 44 x 265

Interior

• Bedrooms: 2 main-level bedrooms
• Flooring: Hardwood; Tile
• Bathrooms: One three-quarter bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Dining area; Hardwood flooring; Tile flooring; Unfinished basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $106k.

Deal economics

• At list price, monthly cash flow is $371 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $106k).
• Recommended offer: $104k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.5% 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; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 14d 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 30% 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 $729 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 $30k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($104k) is reasonable based on typical stale-listing flexibility.
• 7 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 $91k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $103,917 (1.5% below list)

Questions for the listing agent

1. Built in 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.44% ✓
• Cap rate: 10.51%
• Cash-on-cash: 15.07%
• DSCR: 1.67
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $220,880
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
202 E Olinda Ave	0.41mi	2/1.5 (-1)	1,257 (+0%)	1mo	$166,000	$132	73
441 E Dunham Ave	0.24mi	3/2.0	1,158 (-8%)	4mo	$250,000	$216	73
843 Hartford Ave	0.22mi	4/1.0 (+1)	1,279 (+2%)	7mo	$155,000	$121	72
816 E Dunham Ave	0.29mi	3/2.0	1,142 (-9%)	7mo	$227,500	$199	66
2000 SW 1st St	0.64mi	2/2.0 (-1)	1,240 (-1%)	2mo	$218,000	$176	61
1812 SE 2nd St	0.53mi	3/2.0	1,361 (+8%)	1mo	$97,500	$72	61
336 E Broad St	0.71mi	2/1.0 (-1)	1,255 (0%)	0mo	$135,000	$108	58
2325 SE 6th St	0.27mi	4/2.5 (+1)	1,096 (-13%)	4mo	$260,000	$237	56
1944 SW 1st St	0.68mi	4/1.0 (+1)	1,244 (-1%)	3mo	$165,500	$133	56
226 E Bell Ave	0.53mi	3/2.0	1,094 (-13%)	4mo	$175,200	$160	51
323 E Broad St	0.75mi	3/3.5	1,372 (+9%)	2mo	$270,000	$197	42
80 Lacona Ave	0.74mi	2/1.0 (-1)	1,428 (+14%)	0mo	$262,500	$184	33

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: 6.4%
• Equity multiple: 1.25×
• Total profit: $7,358
• Equity at exit: $15,730

10-year hold

• IRR: 16.2%
• Equity multiple: 2.36×
• Total profit: $40,228
• Equity at exit: $9,122

Cash invested: $29,540 (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: 5.8×

Monthly cashflow live

• Estimated rent: $1,517 high
• Mortgage (P&I): −$553
• Tax from tax record: −$230 /mo · $2,764/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$319
• Net cashflow: $371

Break-even live

Break-even rent $1,048

Max offer price $105,500

Occupancy floor 71%

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: $26,375
• Closing costs: $3,165
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
240 E Dunham Ave Des Moines, IA	4.0	1.0	1462	$1,795	$1.23	14d	1	0.46mi
1201 E Bell Ave Des Moines, IA	3.0	2.0	1107	$1,100	$0.99	14d	1	0.57mi
1405 SE 1st St Des Moines, IA	1.0–2.0	1.0–2.0	802	$1,435	$1.79	14d	8	0.62mi
100 Jackson Ave Des Moines, IA	3.0	1.0–2.0	885	$1,718	$1.94	14d	21	0.76mi
404 E Pleasant View Dr Des Moines, IA	3.0	2.0	936	$1,125	$1.20	43d	1	0.82mi
700 Monona Ave Des Moines, IA	1.0–2.0	1.0	875	$1,100	$1.26	23d	3	0.87mi
3130 Indianola Ave Des Moines, IA	1.0–2.0	1.0	900	$1,495	$1.66	43d	1	0.94mi
1627 E Glenwood Dr Des Moines, IA	3.0	1.0	1040	$1,295	$1.25	43d	1	1.03mi
201 SE 6th St Des Moines, IA	2.0	1.0–2.0	835	$1,660	$1.99	14d	11	1.10mi
601 E Vine St Des Moines, IA	2.0	1.0–2.0	730	$1,595	$2.18	18d	19	1.17mi
103 SW 3rd St Des Moines, IA	2.0	1.0–2.0	725	$2,043	$2.82	14d	17	1.24mi
425 SW 11th St Des Moines, IA	2.0	1.0–2.0	879	$2,384	$2.71	14d	38	1.28mi
320 SW 7th St Des Moines, IA	1.0–2.0	1.0–2.0	920	$1,459	$1.59	14d	10	1.29mi
101 2nd Ave Des Moines, IA	1.0–2.0	1.0–2.0	948	$1,224	$1.29	14d	21	1.29mi
100 2nd Ave Des Moines, IA	1.0–2.0	1.0–2.0	836	$1,150	$1.37	21d	23	1.30mi
119 4th St #110 Des Moines, IA	2.0	2.0	1158	$1,900	$1.64	43d	1	1.34mi
315 Miller Ave Des Moines, IA	3.0	1.0	1018	$1,595	$1.57	43d	1	1.35mi
308 Court Ave Des Moines, IA	1.0–2.0	1.0–2.0	844	$1,350	$1.60	14d	11	1.37mi
312 Court Ave Des Moines, IA	1.0–2.0	1.0–2.0	771	$1,347	$1.75	14d	6	1.40mi
210 SW 11th St Des Moines, IA	3.0	1.0–2.5	947	$2,827	$2.98	14d	90	1.49mi

Listing history 14 events

1. 2026-06-18
   days on market $105,500 Active 17 DOM
2. 2026-06-17
   days on market $105,500 Active 16 DOM
3. 2026-06-16
   days on market $105,500 Active 15 DOM
4. 2026-06-15
   days on market $105,500 Active 14 DOM
5. 2026-06-14
   days on market $105,500 Active 12 DOM
6. 2026-06-13
   days on market $105,500 Active 11 DOM
7. 2026-06-10
   days on market $105,500 Active 9 DOM
8. 2026-06-09
   days on market $105,500 Active 8 DOM
9. 2026-06-08
   days on market $105,500 Active 7 DOM
10. 2026-06-07
    days on market $105,500 Active 6 DOM
11. 2026-06-05
    days on market $105,500 Active 3 DOM
12. 2026-06-03
    days on market $105,500 Active 2 DOM
13. 2026-06-01
    remarks 699-char remark
14. 2026-06-01
    listed $105,500 Active 1 DOM

ⓘ 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: $2,764 · $230/mo
• Projected year-2 tax: $2,764 · $230/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 4/10 Moderate FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 2/10 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: $18,207
• − Mortgage interest: −$5,910
• − Property taxes: −$2,764
• − Insurance: −$528
• − Repairs & maintenance: −$1,457
• − Management: −$1,457
• − Depreciation: −$3,069
• Taxable income: $3,023
• Est. tax owed @ 24.0%: −$726
• After-tax cash flow: $3,727/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

+95.4% since first listed

20 events — show timeline

• 2026-05-31 Listed $105,500 DMMLS
• 2025-12-02 Sold (Public Records) $91,372 Public Records
• 2018-04-20 Sold (Public Records) $107,000 Public Records
• 2018-04-19 Sold (MLS) $107,000 DMMLS
• 2018-03-21 Pending — DMMLS
• 2018-03-08 Listed $110,000 DMMLS
• 2016-08-29 Sold (MLS) $89,900 DMMLS
• 2016-05-26 Listed $89,900 DMMLS
• 2016-05-19 Listing Removed — DMMLS
• 2016-01-04 Listed $99,900 DMMLS
• 2015-04-02 Sold (Public Records) $32,000 Public Records
• 2015-04-01 Sold (MLS) $31,950 DMMLS
• 2015-01-27 Listed $33,999 DMMLS
• 2015-01-05 Sold (Public Records) $23,795 Public Records
• 2015-01-05 Sold (Public Records) $23,795 Public Records
• 2014-09-10 Listing Removed — DMMLS
• 2014-03-10 Listed $78,500 DMMLS
• 2006-04-20 Sold (Public Records) $50,000 Public Records
• 2006-02-16 Listed $47,900 DMMLS
• 2005-09-27 Sold (Public Records) $54,000 Public Records

Property tax history

+6.7%/yr

Latest (2025): $2,764 · +2.2% YoY. Source: county tax records.