2803 E Grand Ave · Des Moines, IA 50317

$185,000

5 bd · 2.0 ba · 2,081 sqft · SingleFamily public records · 42 Days on market

Built 1930 7,500 sqft lot $89/sqft · 12% below area Est $211k · 12% under

---

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 +16.9/30.0
• ARV discount +13.1/15.0
• DSCR +5.3/10.0
• 1% rule +4.9/10.0
• 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

Large craftsman style brick 1 1/2 story home with 5 plus bedrooms and 2 bathrooms! The main level features 2 bedrooms, full bathroom, kitchen, formal dining room, huge family room w/ fireplace and built-ins and large enclosed front porch. Upstairs you find 3 more bedrooms plus a bonus 4th room and another full bathroom. The basement is huge with tall ceilings and lots of additional space for storage or to finish additional living areas. All appliances stay including washer & dryer. Pool table in basement stays. Hardwood floors throughout. Brand new H/E furnace & central air. Brand new H/E water heater. Brand new roof on house and garage. Newer windows throughout much of home. Lots of original character. Newer 24 X 30 detached garage. This home has all the space you could ever want and is ready for a new owner!

Key facts

• 7,500 sq ft lot
• 2 garage spots
• Built 1930

Property features AI

Exterior

• Parking: Detached two-car garage
• Utilities: Public water; Public sewer
• Home design: Brick exterior
• Construction: Brick construction; Asphalt shingle roof; Brick/mortar foundation; Built on a 50 x 150 lot (0.172 acres)
• Exterior features: Rectangular lot; Concrete road access

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove
• Bedrooms: 2 main-level bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating (natural gas)
• Interior features: Basement (unfinished); Fireplace (1)
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $122 ($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 $183k (1.1% below list).
• Recommended offer: $179k (3.0% 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-, 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 (+2.3%/yr); 357 active listings in the ZIP; 2,953 units permitted in Polk County in 2024 (540 in 5+ unit buildings).
• This rent runs 33% of the median local income ($66k/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 $1k of loan paydown is wiped out by about $6k 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 42 days — a 3% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 14y ago; this cycle's ask has dropped $20k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $105k; list at $185k implies a 76% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $179,450 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — 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 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: 0.99% ✗
• Cap rate: 7.09%
• Cash-on-cash: 2.83%
• DSCR: 1.13
• GRM: 8.4

CMA / ARV

• ARV (median comp): $211,149
• List price: $185,000
• Delta: -12.38%
• Verdict: UNDERPRICED
• Comps: 11 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3268 State Ave	0.71mi	4/2.0 (-1)	2,118 (+2%)	13mo	$203,000	$96	48
3225 State Ave	0.61mi	4/2.0 (-1)	1,824 (-12%)	11mo	$237,500	$130	37
1313 E 26th St	0.63mi	4/2.0 (-1)	1,776 (-15%)	14mo	$220,000	$124	30
2210 E Walnut St	0.74mi	4/3.0 (-1)	2,192 (+5%)	22mo	$125,000	$57	29

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: -12.6%
• Equity multiple: 0.55×
• Total profit: $-23,431
• Equity at exit: $27,584

10-year hold

• IRR: -4.7%
• Equity multiple: 0.70×
• Total profit: $-15,401
• Equity at exit: $15,995

Cash invested: $51,800 (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: 357
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,830 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$276 /mo · $3,318/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$384
• Net cashflow: $122

Break-even live

Break-even rent $1,676

Max offer price $185,000

Occupancy floor 88%

Sensitivity live

Price	-10% $227	-5% $175	+0% $122	+5% $70	+10% $18
Rent	-10% $-22	-5% $50	+0% $122	+5% $195	+10% $267
Rate	-1.0pp $215	-0.5pp $169	base $122	+0.5pp $74	+1.0pp $26

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-18
   days on market $185,000 Active 42 DOM
2. 2026-06-17
   days on market $185,000 Active 41 DOM
3. 2026-06-16
   days on market $185,000 Active 40 DOM
4. 2026-06-15
   days on market $185,000 Active 39 DOM
5. 2026-06-14
   days on market $185,000 Active 37 DOM
6. 2026-06-13
   days on market $185,000 Active 36 DOM
7. 2026-06-10
   days on market $185,000 Active 34 DOM
8. 2026-06-09
   days on market $185,000 Active 33 DOM
9. 2026-06-08
   days on market $185,000 Active 32 DOM
10. 2026-06-07
    days on market $185,000 Active 31 DOM
11. 2026-06-05
    days on market $185,000 Active 28 DOM
12. 2026-06-03
    days on market $185,000 Active 27 DOM
13. 2026-06-02
    pricedays on market $185,000 Active 26 DOM
14. 2026-06-01
    days on market $199,900 Active 25 DOM
15. 2026-05-31
    days on market $199,900 Active 24 DOM
16. 2026-05-31
    days on market $199,900 Active 23 DOM
17. 2026-05-13
    price $199,900 734-char remark
18. 2026-05-07
    listed $205,000 Active 734-char remark
19. 2017-11-07
    soldstatus $105,000
20. 2013-07-12
    soldstatus $99,000
21. 2013-07-12
    soldstatus $105,000
22. 2013-07-10
    soldstatus $99,000 834-char remark

    Show marketing remark (834 chars)

    Large craftsman style brick 1 1/2 story home with 5 plus bedrooms and 2 bathrooms! The main level features 2 bedrooms, full bathroom, kitchen, formal dining room, huge family room w/ fireplace and built-ins and large enclosed front porch. Upstairs you find 3 more bedrooms plus a bonus 4th room and another full bathroom. The basement is huge with tall ceilings and lots of additional space for storage or to finish additional living areas. All appliances stay including washer & dryer. Pool table in basement stays. Hardwood floors throughout. Brand new H/E furnace & central air. Brand new H/E water heater. Brand new roof on house and garage. Newer windows throughout much of home. Lots of original character. Newer 24 X 30 detached garage. This home has all the space you could ever want and is ready for a new owner!

23. 2013-03-04
    listed $105,000 834-char remark

    Show marketing remark (834 chars)

    Large craftsman style brick 1 1/2 story home with 5 plus bedrooms and 2 bathrooms! The main level features 2 bedrooms, full bathroom, kitchen, formal dining room, huge family room w/ fireplace and built-ins and large enclosed front porch. Upstairs you find 3 more bedrooms plus a bonus 4th room and another full bathroom. The basement is huge with tall ceilings and lots of additional space for storage or to finish additional living areas. All appliances stay including washer & dryer. Pool table in basement stays. Hardwood floors throughout. Brand new H/E furnace & central air. Brand new H/E water heater. Brand new roof on house and garage. Newer windows throughout much of home. Lots of original character. Newer 24 X 30 detached garage. This home has all the space you could ever want and is ready for a new owner!

24. 2013-02-13
    historical
25. 2012-08-13
    listed $110,000

ⓘ 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: $3,318 · $276/mo
• Projected year-2 tax: $3,318 · $276/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 3/10 Moderate
• 🌡 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: $21,965
• − Mortgage interest: −$10,363
• − Property taxes: −$3,318
• − Insurance: −$925
• − Repairs & maintenance: −$1,757
• − Management: −$1,757
• − Depreciation: −$5,382
• Taxable loss: −$1,537
• Est. tax savings @ 24.0%: +$369
• After-tax cash flow: $1,836/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

+68.2% since first listed

10 events — show timeline

• 2026-06-01 Price Changed $185,000 DMMLS
• 2026-05-13 Price Changed $199,900 DMMLS
• 2026-05-07 Listed $205,000 DMMLS
• 2017-11-07 Sold (Public Records) $105,000 Public Records
• 2013-07-12 Sold (Public Records) $105,000 Public Records
• 2013-07-12 Sold (Public Records) $99,000 Public Records
• 2013-07-10 Sold (MLS) $99,000 DMMLS
• 2013-03-04 Listed $105,000 DMMLS
• 2013-02-13 Listing Removed — DMMLS
• 2012-08-13 Listed $110,000 DMMLS

Property tax history

+4.9%/yr

Latest (2025): $3,318 · +2.2% YoY. Source: county tax records.