124 E Bell Ave · Des Moines, IA 50315

$155,000

2 bd · 1.0 ba · 840 sqft · SingleFamily public records · 83 Days on market

Built 1908 0.61 ac lot $185/sqft · 20% below area Est $194k · 20% 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 +2.5/10.0
• Condition / age +2.5/5.0
• DSCR +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nice south side gem features 2 beds, 1 bath, over 800 SF, an oversized 2 car garage and sets on over half an acre lot. Home is in solid condition. Big ticket items such as HVAC, roof, windows, carpet and asphalt driveway all done within the last several years. Conveniently located a few minutes from downtown, I-235 and all other amenities. Perfect starter home, come check it out!

Key facts

• 0.61 acre lot
• 2 garage spots
• Built 1908

Tags

• OVERSIZED 2 CAR GARAGE
• OVER HALF AN ACRE LOT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $-144 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $130k (16.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $117k (24.6% below list).
• Recommended offer: $117k (24.6% 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; 38 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 $1k of loan paydown is wiped out by about $5k 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 83 days — a 6% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $85k; list at $155k implies a 82% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $116,919 (24.6% 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 83 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. Built in 1908 — 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. 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?
9. 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.
10. 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.
11. 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: 0.75% ✗
• Cap rate: 5.18%
• Cash-on-cash: -3.97%
• DSCR: 0.82
• GRM: 11.0

CMA / ARV

• ARV (median comp): $193,708
• List price: $155,000
• Delta: -19.98%
• 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
343 E Bell Ave	0.20mi	3/2.0 (+1)	864 (+3%)	0mo	$153,500	$178	77
2505 SE 8th St	0.55mi	2/1.0	852 (+1%)	2mo	$120,000	$141	71
101 Lacona Ave	0.21mi	2/2.0	768 (-9%)	3mo	$174,000	$227	70
2420 SE 6th St	0.39mi	3/1.0 (+1)	874 (+4%)	2mo	$215,000	$246	69
412 Fulton Dr	0.48mi	2/2.0	880 (+5%)	1mo	$167,500	$190	65
505 Kirkwood Ave	0.38mi	2/1.0	720 (-14%)	3mo	$122,000	$169	56
820 Creston Ave	0.67mi	2/1.0	902 (+7%)	1mo	$164,500	$182	55
3111 SE 6th St	0.66mi	2/1.0	912 (+9%)	5mo	$167,000	$183	51
3216 SE 3rd St	0.62mi	3/1.0 (+1)	924 (+10%)	0mo	$175,000	$189	49
309 E Park Ave	0.59mi	3/1.5 (+1)	912 (+9%)	4mo	$210,000	$230	48
206 E Hughes Cir	0.61mi	3/1.5 (+1)	922 (+10%)	4mo	$230,000	$249	45
801 Boulder Ave	0.75mi	3/2.0 (+1)	892 (+6%)	1mo	$218,000	$244	45

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: $-33,690
• Equity at exit: $23,111

10-year hold

• IRR: -15.5%
• Equity multiple: 0.11×
• Total profit: $-38,714
• Equity at exit: $13,402

Cash invested: $43,400 (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: 11.0×

Monthly cashflow live

• Estimated rent: $1,169 high
• Mortgage (P&I): −$813
• Tax from tax record: −$190 /mo · $2,280/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$246
• Net cashflow: $-144

Break-even live

Break-even rent $1,351

Max offer price $129,604

Occupancy floor —

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
404 E Pleasant View Dr Des Moines, IA	3.0	2.0	936	$1,125	$1.20	43d	1	0.44mi
701 Loomis Ave Unit 7011 Des Moines, IA	2.0	1.0	600	$800	$1.33	14d	1	0.56mi
116 Park Ave Des Moines, IA	2.0	1.0	728	$1,200	$1.65	43d	1	0.58mi
612 Bancroft St Unit 618-2 Des Moines, IA	1.0	1.0	525	$775	$1.48	19d	1	0.60mi
2440 SW 9th St Unit 5 Des Moines, IA	2.0	1.0	780	$1,100	$1.41	43d	1	0.63mi
1201 E Bell Ave Des Moines, IA	3.0	2.0	1107	$1,100	$0.99	14d	1	0.71mi
3310 SE 5th St Des Moines, IA	2.0	1.0	700	$1,150	$1.64	43d	1	0.71mi
700 Monona Ave Des Moines, IA	1.0–2.0	1.0	875	$1,100	$1.26	23d	3	0.75mi
822 Hartford Ave Des Moines, IA	2.0	1.0	710	$975	$1.37	43d	1	0.75mi
824 Hartford Ave Des Moines, IA	2.0	1.0	730	$975	$1.34	23d	1	0.75mi
703 Monona Ave Des Moines, IA	2.0	1.0	850	$1,100	$1.29	14d	3	0.75mi
828 Hartford Ave Des Moines, IA	2.0	1.0	710	$975	$1.37	43d	1	0.76mi
701 Monona Ave Des Moines, IA	1.0–2.0	1.0	825	$1,100	$1.33	23d	2	0.76mi
815 Boulder Ave Des Moines, IA	1.0	1.0	800	$745	$0.93	43d	1	0.76mi
315 Miller Ave Des Moines, IA	3.0	1.0	1018	$1,595	$1.57	43d	1	0.78mi
3130 Indianola Ave Des Moines, IA	1.0–2.0	1.0	900	$1,495	$1.66	43d	1	0.84mi
100 Jackson Ave Des Moines, IA	3.0	1.0–2.0	885	$1,461	$1.65	14d	21	0.92mi
3200 Indianola Ave Des Moines, IA	2.0	1.0	850	$900	$1.06	14d	8	0.95mi
1405 SE 1st St Des Moines, IA	1.0–2.0	1.0–2.0	802	$1,435	$1.79	14d	8	0.95mi
580 SW 9th St Unit 302 Des Moines, IA	1.0	1.0	650	$1,275	$1.96	23d	1	1.14mi
1085 Dart Way Unit 204 Des Moines, IA	1.0	1.0	595	$1,200	$2.02	23d	1	1.16mi
3712 SE 14th St Unit 3708-36 Des Moines, IA	2.0	1.0	850	$855	$1.01	14d	1	1.18mi
550 SW 9th St Unit 407 Des Moines, IA	1.0	1.0	694	$1,375	$1.98	14d	1	1.19mi
1627 E Glenwood Dr Des Moines, IA	3.0	1.0	1040	$1,295	$1.25	43d	1	1.20mi
1512 Evergreen Ave Des Moines, IA	1.0–2.0	1.0–2.0	756	$970	$1.28	19d	3	1.24mi
425 SW 11th St Des Moines, IA	2.0	1.0–2.0	879	$2,384	$2.71	14d	38	1.25mi
910 E Railroad Ave Des Moines, IA	2.0	1.0	768	$925	$1.20	43d	1	1.27mi
1300 E Watrous Ave Des Moines, IA	1.0	1.0	650	$756	$1.16	14d	3	1.27mi
3810 SW 12th St Des Moines, IA	2.0	1.0	790	$1,095	$1.39	23d	1	1.30mi
400 SW 11th St Des Moines, IA	1.0	1.0	841	$1,544	$1.83	14d	9	1.33mi
320 SW 7th St Des Moines, IA	1.0–2.0	1.0–2.0	920	$1,459	$1.59	14d	10	1.36mi
100 Market St #405 Des Moines, IA	1.0	1.0	733	$1,275	$1.74	23d	1	1.40mi
900 Elder Ln Unit 9 Des Moines, IA	1.0	1.0	575	$675	$1.17	14d	1	1.41mi
4221 SE 13th St Des Moines, IA	1.0	1.0	650	$650	$1.00	23d	1	1.42mi
1012 Carrie Ave Des Moines, IA	2.0	1.0	1100	$1,700	$1.55	21d	1	1.44mi
401 SE 6th St Des Moines, IA	1.0–2.0	1.0	764	$1,397	$1.83	14d	6	1.45mi
103 SW 3rd St Des Moines, IA	2.0	1.0–2.0	725	$2,043	$2.82	14d	17	1.45mi
210 SW 11th St Des Moines, IA	3.0	1.0–2.5	947	$2,283	$2.41	14d	90	1.48mi

Listing history 16 events

1. 2026-06-09
   status $155,000 Pending 83 DOM
2. 2026-06-08
   days on market $155,000 Active 83 DOM
3. 2026-06-07
   days on market $155,000 Active 82 DOM
4. 2026-06-05
   days on market $155,000 Active 79 DOM
5. 2026-06-03
   days on market $155,000 Active 78 DOM
6. 2026-06-02
   days on market $155,000 Active 77 DOM
7. 2026-06-01
   days on market $155,000 Active 76 DOM
8. 2026-05-31
   days on market $155,000 Active 75 DOM
9. 2026-05-31
   days on market $155,000 Active 74 DOM
10. 2026-04-24
    price $160,000 382-char remark

    Show marketing remark (382 chars)

    Nice south side gem features 2 beds, 1 bath, over 800 SF, an oversized 2 car garage and sets on over half an acre lot. Home is in solid condition. Big ticket items such as HVAC, roof, windows, carpet and asphalt driveway all done within the last several years. Conveniently located a few minutes from downtown, I-235 and all other amenities. Perfect starter home, come check it out!

11. 2026-04-06
    price $162,500 382-char remark

    Show marketing remark (382 chars)

    Nice south side gem features 2 beds, 1 bath, over 800 SF, an oversized 2 car garage and sets on over half an acre lot. Home is in solid condition. Big ticket items such as HVAC, roof, windows, carpet and asphalt driveway all done within the last several years. Conveniently located a few minutes from downtown, I-235 and all other amenities. Perfect starter home, come check it out!

12. 2026-03-20
    status Active 382-char remark

    Show marketing remark (382 chars)

    Nice south side gem features 2 beds, 1 bath, over 800 SF, an oversized 2 car garage and sets on over half an acre lot. Home is in solid condition. Big ticket items such as HVAC, roof, windows, carpet and asphalt driveway all done within the last several years. Conveniently located a few minutes from downtown, I-235 and all other amenities. Perfect starter home, come check it out!

13. 2026-03-13
    status Pending 382-char remark

    Show marketing remark (382 chars)

    Nice south side gem features 2 beds, 1 bath, over 800 SF, an oversized 2 car garage and sets on over half an acre lot. Home is in solid condition. Big ticket items such as HVAC, roof, windows, carpet and asphalt driveway all done within the last several years. Conveniently located a few minutes from downtown, I-235 and all other amenities. Perfect starter home, come check it out!

14. 2026-03-10
    listed $165,000 Active 382-char remark

    Show marketing remark (382 chars)

    Nice south side gem features 2 beds, 1 bath, over 800 SF, an oversized 2 car garage and sets on over half an acre lot. Home is in solid condition. Big ticket items such as HVAC, roof, windows, carpet and asphalt driveway all done within the last several years. Conveniently located a few minutes from downtown, I-235 and all other amenities. Perfect starter home, come check it out!

15. 2016-04-18
    soldstatus $85,000
16. 2012-02-08
    soldstatus $85,000

ⓘ 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: $2,280 · $190/mo
• Projected year-2 tax: $2,357 · $196/mo
• Expected delta: +$77/yr (+$6/mo · 3.4%)

ⓘ 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: $14,030
• − Mortgage interest: −$8,682
• − Property taxes: −$2,280
• − Insurance: −$775
• − Repairs & maintenance: −$1,122
• − Management: −$1,122
• − Depreciation: −$4,509
• Taxable loss: −$4,461
• Est. tax savings @ 24.0%: +$1,071
• After-tax cash flow: $-654/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

+88.2% since first listed

7 events — show timeline

• 2026-04-24 Price Changed $160,000 DMMLS
• 2026-04-06 Price Changed $162,500 DMMLS
• 2026-03-20 Relisted — DMMLS
• 2026-03-13 Pending — DMMLS
• 2026-03-10 Listed $165,000 DMMLS
• 2016-04-18 Sold (Public Records) $85,000 Public Records
• 2012-02-08 Sold (Public Records) $85,000 Public Records

Property tax history

+3.7%/yr

Latest (2025): $2,280 · +2.5% YoY. Source: county tax records.