310 Jacob St SE · Grimes, IA 50111

$140,000

2 bd · 2.0 ba · 776 sqft · SingleFamily public records · 29 Days on market

Built 1948 8,712 sqft lot $180/sqft · 31% below area Est $202k · 31% 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 +7.5/30.0
• Schools +7.0/10.0
• Livability +4.0/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• DSCR +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Do yourself a favor and stop the rent cycle! Start building equity in this adorable ranch home perfect for first time buyer or investor. Located in the heart of Grimes featuring 2bedrooms and 2 baths, family room, dinette area on corner lot with mature trees. Close to shopping, restaurants, schools, parks and more. Call today for your appointment.

Key facts

• High-growth area
• Functional layout
• Corner lot

Tags

• CORNER LOT
• FUNCTIONAL LAYOUT
• POTENTIAL FOR FULL BATH
• HIGH-GROWTH AREA

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-story; Residential zoning (RES)
• Construction: Block foundation; Asphalt shingle roof
• Exterior features: Rectangular lot; Concrete road access

Interior

• Kitchen: Refrigerator; Stove
• Bedrooms: One main-level bedroom
• Bathrooms: One three-quarter bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Finished basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $-172 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $110k (21.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $102k (27.0% below list).
• Recommended offer: $102k (27.0% below list) — sets the bar for 1% rule.
• Cap rate 4.8% vs local median 2.3% in Grimes — 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 79/100 on livability (#106 in IA, #2,080 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F.
• Dallas Center-Grimes Community School District (rural): math 78% / reading 82% proficiency, ranked #19 of 289 in IA (top 7%) — strong family-tenant draw, lease renewals of 3-5y typical; only 12% free/reduced lunch — higher-income household profile.
• Market conditions: Rents flat; 327 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 2,953 units permitted in Polk County in 2024 (540 in 5+ unit buildings).
• This rent is only 10% of the median local income ($121k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 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 29 days — a 2% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 13y 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 $112k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $102,137 (27.0% 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. Built in 1948 — 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. 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?
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: 0.73% ✗
• Cap rate: 4.81%
• Cash-on-cash: -5.28%
• DSCR: 0.77
• GRM: 11.4

CMA / ARV

• ARV (median comp): $201,810
• List price: $140,000
• Delta: -30.63%
• Verdict: UNDERPRICED
• Comps: 14 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
211 S James St	0.24mi	2/1.0	810 (+4%)	14mo	$174,900	$216	66
621 NE 4th St	0.39mi	3/2.0 (+1)	852 (+10%)	1mo	$270,000	$317	59
319 SE Little Beaver Dr	0.24mi	3/1.0 (+1)	864 (+11%)	22mo	$231,000	$267	42
612 NE 7th St	0.53mi	3/1.5 (+1)	880 (+13%)	6mo	$254,000	$289	41
704 NE 7th St	0.55mi	3/1.0 (+1)	810 (+4%)	22mo	$236,000	$291	40
712 NE 9th St	0.66mi	3/1.5 (+1)	880 (+13%)	2mo	$227,000	$258	38
509 NE 9th St	0.66mi	2/1.5	880 (+13%)	14mo	$205,000	$233	33
616 NE 9th St	0.64mi	3/2.0 (+1)	880 (+13%)	12mo	$272,000	$309	33
705 NE 9th St	0.68mi	2/1.5	880 (+13%)	21mo	$230,000	$261	27
901 NE Harvey St	0.64mi	3/1.5 (+1)	880 (+13%)	23mo	$225,000	$256	22

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 · 0.71% rent growth · sell at horizon

5-year hold

• IRR: -27.9%
• Equity multiple: 0.08×
• Total profit: $-35,948
• Equity at exit: $20,874

10-year hold

• IRR: -38.0%
• Equity multiple: -0.39×
• Total profit: $-54,372
• Equity at exit: $12,105

Cash invested: $39,200 (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 50111

• Home prices YoY: -11.1%
• Rents YoY: 0.7%
• Active inventory: 327
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $1,021 high
• Mortgage (P&I): −$734
• Tax from tax record: −$187 /mo · $2,242/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$214
• Net cashflow: $-172

Break-even live

Break-even rent $1,240

Max offer price $109,534

Occupancy floor —

Sensitivity live

Price	-10% $-93	-5% $-133	+0% $-172	+5% $-212	+10% $-252
Rent	-10% $-253	-5% $-213	+0% $-172	+5% $-132	+10% $-92
Rate	-1.0pp $-102	-0.5pp $-137	base $-172	+0.5pp $-209	+1.0pp $-246

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
410 SE 4th St Grimes, IA	2.0–3.0	1.0	875	$885	$1.01	14d	2	0.05mi
401 SE Main St Apt 2 Grimes, IA	2.0	1.0	675	$850	$1.26	44d	1	0.06mi
401 SE Main St Unit 7 Grimes, IA	2.0	1.0	675	$850	$1.26	24d	1	0.07mi
501 NE Jacob St Grimes, IA	2.0	1.0	700	$900	$1.29	44d	1	0.42mi
310 SE Gateway Dr Grimes, IA	2.0–3.0	1.5–2.0	900	$1,119	$1.24	14d	3	0.48mi
411 W 1st St Grimes, IA	1.0–2.0	1.0	666	$825	$1.24	14d	4	0.50mi
104 NW 8th St Unit D1 Grimes, IA	2.0	2.0	900	$995	$1.11	44d	1	0.65mi
104 NW 8th St Unit E1 Grimes, IA	2.0	2.0	900	$995	$1.11	19d	1	0.65mi
1250 SE 11th St Grimes, IA	1.0–3.0	1.0–2.0	921	$1,196	$1.30	14d	15	0.67mi
805 SE Gateway Dr Grimes, IA	1.0	1.0	630	$850	$1.35	44d	1	0.78mi
935 SE Silkwood Ln Grimes, IA	1.0–2.0	1.0–2.0	914	$1,436	$1.57	14d	27	1.12mi
1704 NE Gateway Ct Grimes, IA	3.0	1.0–2.0	945	$1,606	$1.70	14d	50	1.23mi
1360 NE Primrose Ln Grimes, IA	3.0	1.0–2.5	893	$1,432	$1.60	14d	37	1.29mi

Listing history 15 events

1. 2026-04-28
   listed $140,000 Active 556-char remark
2. 2025-05-26
   historical
3. 2025-05-18
   historical $1,295
4. 2025-05-05
   price $180,000
5. 2025-05-01
   listed $1,295
6. 2025-04-17
   listed $190,000 Active
7. 2020-03-25
   soldstatus $112,000 Closed

   Show marketing remark (349 chars)

   Do yourself a favor and stop the rent cycle! Start building equity in this adorable ranch home perfect for first time buyer or investor. Located in the heart of Grimes featuring 2bedrooms and 2 baths, family room, dinette area on corner lot with mature trees. Close to shopping, restaurants, schools, parks and more. Call today for your appointment.

8. 2020-03-25
   soldstatus $112,000

   Show marketing remark (349 chars)

   Do yourself a favor and stop the rent cycle! Start building equity in this adorable ranch home perfect for first time buyer or investor. Located in the heart of Grimes featuring 2bedrooms and 2 baths, family room, dinette area on corner lot with mature trees. Close to shopping, restaurants, schools, parks and more. Call today for your appointment.

9. 2020-02-12
   status Pending

   Show marketing remark (349 chars)

   Do yourself a favor and stop the rent cycle! Start building equity in this adorable ranch home perfect for first time buyer or investor. Located in the heart of Grimes featuring 2bedrooms and 2 baths, family room, dinette area on corner lot with mature trees. Close to shopping, restaurants, schools, parks and more. Call today for your appointment.

10. 2019-12-31
    price $115,900

    Show marketing remark (349 chars)

    Do yourself a favor and stop the rent cycle! Start building equity in this adorable ranch home perfect for first time buyer or investor. Located in the heart of Grimes featuring 2bedrooms and 2 baths, family room, dinette area on corner lot with mature trees. Close to shopping, restaurants, schools, parks and more. Call today for your appointment.

11. 2019-10-28
    price $119,900

    Show marketing remark (349 chars)

    Do yourself a favor and stop the rent cycle! Start building equity in this adorable ranch home perfect for first time buyer or investor. Located in the heart of Grimes featuring 2bedrooms and 2 baths, family room, dinette area on corner lot with mature trees. Close to shopping, restaurants, schools, parks and more. Call today for your appointment.

12. 2019-09-11
    listed $124,900 Active

    Show marketing remark (349 chars)

    Do yourself a favor and stop the rent cycle! Start building equity in this adorable ranch home perfect for first time buyer or investor. Located in the heart of Grimes featuring 2bedrooms and 2 baths, family room, dinette area on corner lot with mature trees. Close to shopping, restaurants, schools, parks and more. Call today for your appointment.

13. 2013-06-20
    soldstatus $84,000
14. 2013-06-19
    soldstatus $83,900
15. 2013-03-07
    listed $79,900

ⓘ 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: $2,242 · $187/mo
• Projected year-2 tax: $2,242 · $187/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 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,256
• − Mortgage interest: −$7,842
• − Property taxes: −$2,242
• − Insurance: −$700
• − Repairs & maintenance: −$981
• − Management: −$981
• − Depreciation: −$4,073
• Taxable loss: −$4,561
• Est. tax savings @ 24.0%: +$1,095
• After-tax cash flow: $-975/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: Dallas Center-Grimes Community School District
• NCES district ID: 1908520
• Math proficiency: 78% ▼ -7.00%
• Reading proficiency: 82% ▼ -1.00%
• Median HH income: $73,781
• Composite: 69.92/100
• National rank: #285
• State rank: #19 of 289 in IA

Livability — Grimes

• Score: 79/100
• State rank: #106
• US rank: #2080

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment A+ Housing A+ Health & safety A- User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Grimes, IA
• County: Polk County · 453,298 people
• City population: 16,865
• Metro: Des Moines-West Des Moines, IA
• Population (ZIP): 16,865
• Household income: $120,769
• Rent vs Own: 28.3% rent · 71.7% own
• Severe rent burden: 249.0

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 (85%)
• Race & ethnicity: White 85% Hispanic / Latino 6% Two or more races 5% Asian 3% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 3% Italian 3% Iranian 2%
• Foreign-born: 6% · China, Canada
• Languages at home: 92% English-only · Other Asian/Pacific 3% Spanish 2% Other Indo-European 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: ▼ -30.93%
• Current HPI: 249.0614
• Rent YoY: ▲ 0.71%
• 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

+75.2% since first listed

16 events — show timeline

• 2026-05-27 Pending — DMMLS
• 2026-04-28 Listed $140,000 DMMLS
• 2025-05-26 Listing Removed — DMMLS
• 2025-05-18 Rental Removed $1,295 TENANTTURNER2
• 2025-05-05 Price Changed $180,000 DMMLS
• 2025-05-01 Listed for Rent $1,295 TENANTTURNER2
• 2025-04-17 Listed $190,000 DMMLS
• 2020-03-25 Sold (Public Records) $112,000 Public Records
• 2020-03-25 Sold (MLS) $112,000 DMMLS
• 2020-02-12 Pending — DMMLS
• 2019-12-31 Price Changed $115,900 DMMLS
• 2019-10-28 Price Changed $119,900 DMMLS
• 2019-09-11 Listed $124,900 DMMLS
• 2013-06-20 Sold (Public Records) $84,000 Public Records
• 2013-06-19 Sold (MLS) $83,900 DMMLS
• 2013-03-07 Listed $79,900 DMMLS

Property tax history

+6.3%/yr

Latest (2025): $2,242 · -1.1% YoY. Source: county tax records.