824 E 22nd Ct · Des Moines, IA 50317

$138,500

3 bd · 1.0 ba · 844 sqft · SingleFamily public records · 76 Days on market

Built 1912 6,550 sqft lot $164/sqft · 20% below area Est $174k · 20% under

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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 +17.1/30.0
• ARV discount +15.0/15.0
• DSCR +5.3/10.0
• 1% rule +4.6/10.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Price Improvement on this charming Des Moines home! This is a warm and inviting 3 bedroom-1 bath home filled with updates and value! Now offered at 139,900 this home has passed inspection and appraisal at its higher price giving buyers peace of mind. You'll love the large kitchen with all newer stainless steel appliances included-newer Maytag washer and dryer stay as well. Outside this property also includes a garden shed for extra storage or hobbies. Great potential with the larger back yard and alley access. Located in a convenient Des Moines location close to Anderson Erickson, this home offers comfort, practicality, and affordability all in one.

Key facts

• Expanded mud room
• Large bright kitchen
• Garden shed

Tags

• LARGE BRIGHT KITCHEN
• EXPANDED MUD ROOM
• GARDEN SHED
• NEW ROOF

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 $96 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $133k (3.8% below list).
• Recommended offer: $130k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.1% 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-, 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.
• Zoned schools: Capitol View Elementary School (math 43% / reading 31%, grade F, #589 of 616 statewide, top 96%, 505 students, 94% FRL); Hiatt Middle School (math 31% / reading 35%, grade F, #244 of 246 statewide, top 99%, 529 students, 95% FRL); East High School (math 38% / reading 51%, grade F, #324 of 336 statewide, top 97%, 2,040 students, 79% FRL) — zoned schools average 89% FRL vs 63% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.3%/yr); 362 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 55% 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 $958 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 76 days — a 6% lower offer ($130k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 8y 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.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $130,189 (6.0% below list)

Questions for the listing agent

1. It's been on market 76 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 0.96% ✗
• Cap rate: 7.13%
• Cash-on-cash: 2.99%
• DSCR: 1.13
• GRM: 8.7

CMA / ARV

• ARV (median comp): $173,928
• List price: $138,500
• Delta: -20.37%
• 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
2057 Maple St	0.17mi	2/1.0 (-1)	780 (-8%)	1mo	$165,000	$212	74
2428 Des Moines St	0.32mi	2/1.5 (-1)	832 (-1%)	2mo	$140,000	$168	74
815 E 25th St	0.33mi	2/1.0 (-1)	800 (-5%)	2mo	$165,000	$206	69
1410 E 23rd St	0.39mi	2/1.0 (-1)	874 (+4%)	3mo	$164,500	$188	68
1807 E Walnut St	0.67mi	3/2.0	840 (-0%)	3mo	$122,500	$146	62
2805 Des Moines St	0.74mi	2/1.0 (-1)	832 (-1%)	2mo	$101,000	$121	57
1305 Stewart St	0.64mi	4/1.5 (+1)	800 (-5%)	1mo	$120,000	$150	54
2638 E Grand Ave	0.58mi	2/1.0 (-1)	768 (-9%)	2mo	$180,000	$234	51
1527 De Wolf St	0.73mi	3/2.0	798 (-6%)	4mo	$186,000	$233	50
2814 Des Moines St	0.75mi	2/1.0 (-1)	788 (-7%)	1mo	$154,000	$195	48
509 E 28th St	0.73mi	2/1.0 (-1)	768 (-9%)	1mo	$159,900	$208	45
1519 E 24th St	0.58mi	2/2.0 (-1)	945 (+12%)	2mo	$140,000	$148	43

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 · 2.29% rent growth · sell at horizon

5-year hold

• IRR: -12.4%
• Equity multiple: 0.56×
• Total profit: $-17,223
• Equity at exit: $20,651

10-year hold

• IRR: -4.4%
• Equity multiple: 0.72×
• Total profit: $-10,829
• Equity at exit: $11,975

Cash invested: $38,780 (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 50317

• Rents YoY: 2.3%
• Active inventory: 362
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,332 high
• Mortgage (P&I): −$726
• Tax from tax record: −$172 /mo · $2,060/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$280
• Net cashflow: $96

Break-even live

Break-even rent $1,210

Max offer price $138,500

Occupancy floor 88%

Sensitivity live

Price	-10% $175	-5% $136	+0% $96	+5% $57	+10% $18
Rent	-10% $-9	-5% $44	+0% $96	+5% $149	+10% $202
Rate	-1.0pp $166	-0.5pp $132	base $96	+0.5pp $61	+1.0pp $24

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: $34,625
• Closing costs: $4,155
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2120 Capitol Ave Des Moines, IA	3.0	1.0	973	$1,395	$1.43	45d	1	0.33mi
2726 Des Moines St Des Moines, IA	2.0	1.0	975	$1,295	$1.33	45d	1	0.67mi
1713 Lyon St Des Moines, IA	3.0	1.0	834	$1,045	$1.25	22d	1	0.69mi
410 E 17th St Des Moines, IA	3.0	1.0	1000	$1,695	$1.70	45d	1	0.74mi
1726 E 24th St Des Moines, IA	3.0	1.0	850	$1,295	$1.52	45d	1	0.75mi
1525 Des Moines St Des Moines, IA	3.0	1.0	928	$1,195	$1.29	45d	1	0.94mi
1513 Des Moines St Des Moines, IA	3.0	1.0	900	$995	$1.11	25d	1	0.97mi
2121 E 23rd St Des Moines, IA	3.0	1.0	972	$1,395	$1.44	45d	1	1.01mi
1364 Idaho St Des Moines, IA	2.0	1.0	804	$1,195	$1.49	25d	1	1.23mi
1301 E 12th St Unit 2 Des Moines, IA	2.0	1.0	995	$795	$0.80	25d	1	1.44mi
922 Walker St Des Moines, IA	3.0	1.0	864	$1,295	$1.50	25d	1	1.48mi

Listing history 33 events

1. 2026-06-21
   days on market $138,500 Active 76 DOM
2. 2026-06-18
   days on market $138,500 Active 73 DOM
3. 2026-06-17
   days on market $138,500 Active 72 DOM
4. 2026-06-16
   days on market $138,500 Active 71 DOM
5. 2026-06-15
   days on market $138,500 Active 70 DOM
6. 2026-06-14
   days on market $138,500 Active 68 DOM
7. 2026-06-13
   days on market $138,500 Active 67 DOM
8. 2026-06-10
   days on market $138,500 Active 65 DOM
9. 2026-06-09
   days on market $138,500 Active 64 DOM
10. 2026-06-08
    days on market $138,500 Active 63 DOM
11. 2026-06-07
    days on market $138,500 Active 62 DOM
12. 2026-06-05
    days on market $138,500 Active 59 DOM
13. 2026-06-03
    days on market $138,500 Active 58 DOM
14. 2026-06-03
    price $138,500 Active 57 DOM
15. 2026-06-02
    days on market $139,900 Active 57 DOM
16. 2026-06-01
    days on market $139,900 Active 56 DOM
17. 2026-05-31
    days on market $139,900 Active 55 DOM
18. 2026-05-31
    days on market $139,900 Active 54 DOM
19. 2026-04-27
    price $139,900 657-char remark

    Show marketing remark (657 chars)

    Price Improvement on this charming Des Moines home! This is a warm and inviting 3 bedroom-1 bath home filled with updates and value! Now offered at 139,900 this home has passed inspection and appraisal at its higher price giving buyers peace of mind. You'll love the large kitchen with all newer stainless steel appliances included-newer Maytag washer and dryer stay as well. Outside this property also includes a garden shed for extra storage or hobbies. Great potential with the larger back yard and alley access. Located in a convenient Des Moines location close to Anderson Erickson, this home offers comfort, practicality, and affordability all in one.

20. 2026-04-15
    status Active 657-char remark

    Show marketing remark (657 chars)

    Price Improvement on this charming Des Moines home! This is a warm and inviting 3 bedroom-1 bath home filled with updates and value! Now offered at 139,900 this home has passed inspection and appraisal at its higher price giving buyers peace of mind. You'll love the large kitchen with all newer stainless steel appliances included-newer Maytag washer and dryer stay as well. Outside this property also includes a garden shed for extra storage or hobbies. Great potential with the larger back yard and alley access. Located in a convenient Des Moines location close to Anderson Erickson, this home offers comfort, practicality, and affordability all in one.

21. 2026-03-11
    status Pending 657-char remark

    Show marketing remark (657 chars)

    Price Improvement on this charming Des Moines home! This is a warm and inviting 3 bedroom-1 bath home filled with updates and value! Now offered at 139,900 this home has passed inspection and appraisal at its higher price giving buyers peace of mind. You'll love the large kitchen with all newer stainless steel appliances included-newer Maytag washer and dryer stay as well. Outside this property also includes a garden shed for extra storage or hobbies. Great potential with the larger back yard and alley access. Located in a convenient Des Moines location close to Anderson Erickson, this home offers comfort, practicality, and affordability all in one.

22. 2026-03-02
    listed $142,000 Active 657-char remark

    Show marketing remark (657 chars)

    Price Improvement on this charming Des Moines home! This is a warm and inviting 3 bedroom-1 bath home filled with updates and value! Now offered at 139,900 this home has passed inspection and appraisal at its higher price giving buyers peace of mind. You'll love the large kitchen with all newer stainless steel appliances included-newer Maytag washer and dryer stay as well. Outside this property also includes a garden shed for extra storage or hobbies. Great potential with the larger back yard and alley access. Located in a convenient Des Moines location close to Anderson Erickson, this home offers comfort, practicality, and affordability all in one.

23. 2023-11-15
    soldstatus $130,000
24. 2023-11-14
    soldstatus $130,000 Closed 530-char remark

    Show marketing remark (530 chars)

    Welcome home to this cozy 3 Bed 1 bath in Des Moines! Close to shopping, schools, parks, and more! With easy access to Interstate 235, you can be anywhere in the metro in minutes! You will enjoy cooking in the large open kitchen, and keeping things organized with a large mudroom off the back of the house! Nice updates throughout! New roof in 2022!! Schedule a showing today! All information obtained from seller and public​​‌​​​​‌​​‌‌​‌‌​​​‌‌​​‌​​​‌‌​​‌​ records.

25. 2023-10-11
    status Pending 530-char remark

    Show marketing remark (530 chars)

    Welcome home to this cozy 3 Bed 1 bath in Des Moines! Close to shopping, schools, parks, and more! With easy access to Interstate 235, you can be anywhere in the metro in minutes! You will enjoy cooking in the large open kitchen, and keeping things organized with a large mudroom off the back of the house! Nice updates throughout! New roof in 2022!! Schedule a showing today! All information obtained from seller and public​​‌​​​​‌​​‌‌​‌‌​​​‌‌​​‌​​​‌‌​​‌​ records.

26. 2023-10-09
    listed $132,990 Active 530-char remark

    Show marketing remark (530 chars)

    Welcome home to this cozy 3 Bed 1 bath in Des Moines! Close to shopping, schools, parks, and more! With easy access to Interstate 235, you can be anywhere in the metro in minutes! You will enjoy cooking in the large open kitchen, and keeping things organized with a large mudroom off the back of the house! Nice updates throughout! New roof in 2022!! Schedule a showing today! All information obtained from seller and public​​‌​​​​‌​​‌‌​‌‌​​​‌‌​​‌​​​‌‌​​‌​ records.

27. 2018-07-02
    soldstatus $106,000
28. 2018-06-28
    soldstatus $106,000 Sold
29. 2018-04-27
    status Pending
30. 2018-03-12
    listed $107,900 Active
31. 2016-12-08
    soldstatus $63,100
32. 2014-10-31
    soldstatus $33,000
33. 2014-10-31
    soldstatus $55,500

ⓘ 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: $2,060 · $172/mo
• Projected year-2 tax: $2,117 · $176/mo
• Expected delta: +$57/yr (+$5/mo · 2.8%)

ⓘ 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 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: $15,982
• − Mortgage interest: −$7,758
• − Property taxes: −$2,060
• − Insurance: −$692
• − Repairs & maintenance: −$1,279
• − Management: −$1,279
• − Depreciation: −$4,029
• Taxable loss: −$1,115
• Est. tax savings @ 24.0%: +$268
• After-tax cash flow: $1,425/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): 36,548
• Household income: $65,617
• Rent vs Own: 27.5% rent · 72.5% own
• Severe rent burden: 716.0

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: Majority White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 19% Two or more races 10% Black 10% Asian 3%
• Hispanic origin (detail): Mexican 15% Puerto Rican 1%
• Common ancestry: Portuguese 3% Iranian 2% Swiss 1%
• Foreign-born: 12% · Canada
• Languages at home: 80% English-only · Spanish 13% Other Asian/Pacific 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: ▼ -235.00%
• Current HPI: 281.7409
• Rent YoY: ▲ 2.29%
• 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

+323.9% since first listed

15 events — show timeline

• 2026-04-27 Price Changed $139,900 DMMLS
• 2026-04-15 Relisted — DMMLS
• 2026-03-11 Pending — DMMLS
• 2026-03-02 Listed $142,000 DMMLS
• 2023-11-15 Sold (Public Records) $130,000 Public Records
• 2023-11-14 Sold (MLS) $130,000 DMMLS
• 2023-10-11 Pending — DMMLS
• 2023-10-09 Listed $132,990 DMMLS
• 2018-07-02 Sold (Public Records) $106,000 Public Records
• 2018-06-28 Sold (MLS) $106,000 DMMLS
• 2018-04-27 Pending — DMMLS
• 2018-03-12 Listed $107,900 DMMLS
• 2016-12-08 Sold (Public Records) $63,100 Public Records
• 2014-10-31 Sold (Public Records) $55,500 Public Records
• 2014-10-31 Sold (Public Records) $33,000 Public Records

Property tax history

+4.9%/yr

Latest (2025): $2,060 · +2.1% YoY. Source: county tax records.