2331 E 11th St · Des Moines, IA 50316

$69,000

2 bd · 1.0 ba · 768 sqft · SingleFamily public records · 2 Days on market

Built 1919 6,426 sqft lot

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Why this score? — see what drove the C+ 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 +26.0/30.0
• DSCR +8.7/10.0
• 1% rule +8.0/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Good 1st time buyer home. Close to Grandview University. Located in NFC area. Move in and do your updating when you are ready.

Key facts

• Rental property
• Resale investment
• Renovation

Tags

• BUNGALOW
• RENOVATION
• RENTAL PROPERTY
• RESALE INVESTMENT
• ACCESS TO DOWNTOWN DES MOINES
• MAJOR COMMUTER ROUTES

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Stucco exterior; Asphalt shingle roof; Brick/mortar foundation; Resale property
• Construction: Stucco construction; Asphalt shingle roof; Brick/mortar foundation; Built previously (resale)
• Exterior features: Concrete road access; Residential zoning

Interior

• Kitchen: Refrigerator; Stove
• Bedrooms: 2 main-level bedrooms
• Flooring: Hardwood
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Dining area; Basement (unfinished)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $69k.

Deal economics

• At list price, monthly cash flow is $172 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($900 rent vs $69k).
• Cap rate 9.3% 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: 105 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $477 of loan paydown is wiped out by about $2k 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

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 16y 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 $28k; list at $69k implies a 146% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1919 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $69,000

Questions for the listing agent

1. Built in 1919 — 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: 1.30% ✓
• Cap rate: 9.28%
• Cash-on-cash: 10.66%
• DSCR: 1.47
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $153,600
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2342 York St	0.16mi	2/1.0	775 (+1%)	0mo	$144,000	$186	90
2721 Cornell St	0.58mi	2/1.0	773 (+1%)	2mo	$169,900	$220	70
2818 Bowdoin St	0.53mi	2/1.0	788 (+3%)	3mo	$157,500	$200	68
1422 Hull Ave	0.53mi	3/1.0 (+1)	775 (+1%)	2mo	$177,000	$228	67
503 E Tiffin Ave	0.66mi	2/1.0	731 (-5%)	1mo	$120,000	$164	60
1424 Milton Ave	0.31mi	2/1.0	664 (-14%)	4mo	$128,500	$194	59
2800 Cambridge St	0.66mi	2/1.0	736 (-4%)	4mo	$170,000	$231	59
2364 Saylor Rd	0.46mi	2/1.0	856 (+12%)	4mo	$118,000	$138	56
3007 Cornell St	0.68mi	2/1.0	692 (-10%)	4mo	$89,000	$129	49
1544 Royer St	0.50mi	3/1.0 (+1)	878 (+14%)	1mo	$192,000	$219	47
2804 Cambridge St	0.66mi	3/1.0 (+1)	875 (+14%)	3mo	$185,000	$211	38
2811 Oxford St	0.69mi	1/1.0 (-1)	664 (-14%)	3mo	$107,500	$162	38

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -0.3%
• Equity multiple: 0.99×
• Total profit: $-198
• Equity at exit: $10,288

10-year hold

• IRR: 9.5%
• Equity multiple: 1.73×
• Total profit: $14,115
• Equity at exit: $5,966

Cash invested: $19,320 (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 50316

• Home prices YoY: -29.5%
• Active inventory: 105
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $900 high
• Mortgage (P&I): −$362
• Tax from tax record: −$149 /mo · $1,788/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$189
• Net cashflow: $172

Break-even live

Break-even rent $683

Max offer price $69,000

Occupancy floor 76%

Sensitivity live

Price	-10% $211	-5% $191	+0% $172	+5% $152	+10% $133
Rent	-10% $101	-5% $136	+0% $172	+5% $207	+10% $243
Rate	-1.0pp $206	-0.5pp $189	base $172	+0.5pp $154	+1.0pp $136

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: $17,250
• Closing costs: $2,070
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3103 E 7th St Des Moines, IA	2.0	1.0	960	$1,200	$1.25	44d	1	0.56mi
3315 E 15th St Des Moines, IA	1.0	1.0	610	$785	$1.29	21d	2	0.79mi
1364 Idaho St Des Moines, IA	2.0	1.0	804	$1,195	$1.49	24d	1	0.82mi
1301 E 12th St Unit 2 Des Moines, IA	2.0	1.0	995	$795	$0.80	24d	1	0.94mi
3419 1st St Unit 2 Des Moines, IA	1.0	1.0	546	$650	$1.19	44d	1	1.01mi
3623 Cambridge St Des Moines, IA	2.0	1.0	732	$1,145	$1.56	19d	1	1.04mi
1124 E Seneca Ave Apt 6 Des Moines, IA	1.0	1.0	550	$597	$1.09	24d	1	1.08mi
1124 E Seneca Ave Apt 8 Des Moines, IA	1.0	1.0	550	$597	$1.09	44d	1	1.08mi
1108 E Seneca Ave Apt 1 Des Moines, IA	1.0	1.0	680	$647	$0.95	44d	1	1.08mi
1108 E Seneca Ave Apt 5 Des Moines, IA	1.0	1.0	680	$647	$0.95	24d	1	1.08mi
922 Walker St Des Moines, IA	3.0	1.0	864	$1,295	$1.50	24d	1	1.34mi
1621 9th St Unit 1613-01 Des Moines, IA	1.0	1.0	717	$776	$1.08	44d	1	1.35mi
1621 9th St Unit 1621-15 Des Moines, IA	1.0	1.0	625	$743	$1.19	44d	1	1.35mi
1914 10th St Des Moines, IA	2.0	1.0	740	$1,050	$1.42	24d	1	1.37mi
1914 10th St Des Moines, IA	2.0	1.0	740	$1,050	$1.42	44d	1	1.37mi
1438 9th St Des Moines, IA	2.0	1.0	700	$745	$1.06	21d	1	1.47mi

Listing history 4 events

1. 2026-06-18
   days on market $69,000 Active 2 DOM
2. 2026-06-17
   remarks 453-char remark
3. 2026-06-16
   remarks 427-char remark
4. 2026-06-16
   listed $69,000 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: $1,788 · $149/mo
• Projected year-2 tax: $1,788 · $149/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 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: $10,803
• − Mortgage interest: −$3,865
• − Property taxes: −$1,788
• − Insurance: −$345
• − Repairs & maintenance: −$864
• − Management: −$864
• − Depreciation: −$2,007
• Taxable income: $1,069
• Est. tax owed @ 24.0%: −$257
• After-tax cash flow: $1,803/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
• City population: 203,612
• Population (ZIP): 16,188

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: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 48% Hispanic / Latino 27% Black 12% Two or more races 12% Asian 7% Native American 1%
• Hispanic origin (detail): Mexican 21% Puerto Rican 1%
• Common ancestry: Portuguese 2% Slovak 1% Iranian 1%
• Foreign-born: 16% · Canada, Vietnam, Philippines
• Languages at home: 69% English-only · Spanish 20% Other Asian/Pacific 3% Vietnamese 2%

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: ▼ -121.34%
• Current HPI: 290.3838
• Rent YoY: —
• Metro: —
• 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

+97.1% since first listed

3 events — show timeline

• 2026-06-13 Listed $69,000 DMMLS
• 2010-07-21 Sold (MLS) $28,000 DMMLS
• 2010-01-05 Listed $35,000 DMMLS

Property tax history

+2.5%/yr

Latest (2025): $1,788 · +2.1% YoY. Source: county tax records.