1112 49th St #2 · West Des Moines, IA 50266

$142,500

2 bd · 2.0 ba · 1,152 sqft · Condo public records · 39 Days on market

Built 1985 $124/sqft · 14% below area Est $167k · 14% under $285/mo HOA · 22% of rent

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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 +14.0/15.0
• Cash flow +7.2/30.0
• Schools +6.0/10.0
• Livability +4.4/5.0
• 1% rule +4.3/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• DSCR +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Ground-floor 2BR/2BA condo in one of West Des Moines' most desirable neighborhoods -- and the $285/month HOA. Exterior maintenance, lawn care, snow removal, and trash are all covered. The 2022 building roof replacement was fully handled by the association at zero cost to the owner. Walk right in and start living. Inside, you'll find new LVP flooring throughout, quartz countertops, and a freshly updated hall bath. The primary suite features a walk-in tub/shower -- an accessibility upgrade that buyers often wait years to find already installed. All appliances stay: dishwasher, microwave, range, refrigerator, washer, and dryer. Ground-level patio off the living room. 1-car attached garage assigned to this unit. Minutes from Jordan Creek, restaurants, parks, shopping, and every West Des Moines amenity. ESA and service animals only. Schedule your showing today.

Key facts

• Quartz countertops
• Ground floor condo
• Attached garage

Tags

• GROUND FLOOR CONDO
• NEW LVP FLOORING
• QUARTZ COUNTERTOPS
• WALK IN TUB SHOWER
• GROUND LEVEL PATIO
• ATTACHED GARAGE

Property features AI

Finance

• HOA & community: Part of Jefferson Court Condominiums; Monthly association fee of $285 covering grounds maintenance, structure maintenance, snow removal, and trash

Exterior

• Parking: Attached one-car garage
• Utilities: Public water; Public sewer
• Home design: Single-story building; Brick construction; Zoned RM
• Construction: Brick construction
• Exterior features: Public sewer; Public water

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove
• Bedrooms: 2 main-level bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air; Electric forced-air heating
• Interior features: Central air conditioning; Forced air electric heating
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $142k.

Deal economics

• At list price, monthly cash flow is $-195 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $108k (24.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $132k (7.5% below list).
• Recommended offer: $108k (24.2% below list) — sets the bar for cash-flow.
• Cap rate 4.7% vs local median 2.5% in West 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 87/100 on livability (#11 in IA, #336 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: commute F.
• West Des Moines Community School District (urban): math 66% / reading 71% proficiency, ranked #133 of 289 in IA (top 46%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Crossroads Park Elementary School (math 72% / reading 72%, grade A-, #181 of 616 statewide, top 34%, 521 students, 33% FRL); Indian Hills Junior High School (math 65% / reading 72%, grade A, #126 of 246 statewide, top 53%, 696 students, 45% FRL); Valley High School (math 71% / reading 81%, grade A-, #75 of 336 statewide, top 23%, 2,152 students, 36% FRL).
• Market conditions: Rents rising (+1.9%/yr); 591 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 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 $985 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 39 days — a 3% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 19y 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 $119k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.

Recommended offer $108,081 (24.2% 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 39 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.93% ✗
• Cap rate: 4.65%
• Cash-on-cash: -5.86%
• DSCR: 0.74
• GRM: 9.0

CMA / ARV

• ARV (median comp): $166,614
• List price: $142,500
• Delta: -14.47%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.94% rent growth · sell at horizon

5-year hold

• IRR: -27.7%
• Equity multiple: 0.08×
• Total profit: $-36,717
• Equity at exit: $21,247

10-year hold

• IRR: -31.4%
• Equity multiple: -0.32×
• Total profit: $-52,832
• Equity at exit: $12,321

Cash invested: $39,900 (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 50266

• Home prices YoY: -17.5%
• Rents YoY: 1.9%
• Active inventory: 591
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,318 high
• Mortgage (P&I): −$747
• Tax from tax record: −$145 /mo · $1,736/yr
• Insurance: −$59
• HOA: −$285
• Vacancy / Maint / Mgmt: −$277
• Net cashflow: $-195

Break-even live

Break-even rent $1,565

Max offer price $108,081

Occupancy floor —

Sensitivity live

Price	-10% $-114	-5% $-155	+0% $-195	+5% $-235	+10% $-276
Rent	-10% $-299	-5% $-247	+0% $-195	+5% $-143	+10% $-91
Rate	-1.0pp $-123	-0.5pp $-159	base $-195	+0.5pp $-232	+1.0pp $-269

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: $35,625
• Closing costs: $4,275
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1120 49th St #4 West Des Moines, IA	2.0	2.0	1152	$1,500	$1.30	25d	1	0.05mi
4957 Woodland Ave Unit 20 West Des Moines, IA	2.0	1.0	865	$1,200	$1.39	45d	1	0.14mi
1340 42nd St West Des Moines, IA	1.0–3.0	1.0–2.0	1125	$952	$0.85	16d	15	0.36mi
3861 Woodland Ave West Des Moines, IA	1.0–2.0	1.0–2.0	844	$1,199	$1.42	16d	15	0.61mi
716 Knolls Ct West Des Moines, IA	3.0	2.5	1448	$2,095	$1.45	45d	1	0.69mi
5901 Vista Dr West Des Moines, IA	3.0	2.0	830	$1,269	$1.53	16d	130	1.08mi
11428 Forest Ave Apt 224 Clive, IA	2.0	2.0	947	$1,225	$1.29	45d	1	1.08mi
11428 Forest Ave Clive, IA	2.0	2.0	947	$1,199	$1.27	16d	1	1.09mi
11428 Forest Ave Unit 0924 Clive, IA	2.0	2.0	947	$1,225	$1.29	25d	1	1.09mi
238 52nd St Unit 117 West Des Moines, IA	2.0	1.0	850	$960	$1.13	45d	1	1.12mi
238 52nd St Unit 61 West Des Moines, IA	2.0	2.0	850	$945	$1.11	45d	1	1.12mi
238 52nd St Unit 065 West Des Moines, IA	2.0	1.0	850	$985	$1.16	45d	1	1.12mi
238 52nd St Unit 36 West Des Moines, IA	2.0	2.0	850	$1,050	$1.24	45d	1	1.12mi
238 52nd St Unit 59 West Des Moines, IA	2.0	2.0	850	$1,025	$1.21	45d	1	1.12mi
4700 Ep True Pkwy West Des Moines, IA	1.0–2.0	1.0–2.0	852	$1,707	$2.00	16d	25	1.16mi
4001 EP True Pkwy West Des Moines, IA	2.0	2.0	950	$1,250	$1.32	25d	3	1.26mi
3000 University Ave West Des Moines, IA	2.0	1.0	583	$1,136	$1.95	16d	46	1.30mi

HOA detail condo

• Monthly dues: $285 · $3,420/yr
• Likely covers: trashlandscapingsnow removalexterior maint.
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 29 events

1. 2026-06-22
   days on market $142,500 Active 39 DOM
2. 2026-06-18
   days on market $142,500 Active 36 DOM
3. 2026-06-17
   days on market $142,500 Active 35 DOM
4. 2026-06-16
   days on market $142,500 Active 34 DOM
5. 2026-06-15
   days on market $142,500 Active 33 DOM
6. 2026-06-14
   days on market $142,500 Active 31 DOM
7. 2026-06-10
   days on market $142,500 Active 28 DOM
8. 2026-06-09
   days on market $142,500 Active 27 DOM
9. 2026-06-08
   days on market $142,500 Active 26 DOM
10. 2026-06-07
    days on market $142,500 Active 25 DOM
11. 2026-06-03
    days on market $142,500 Active 21 DOM
12. 2026-06-02
    days on market $142,500 Active 20 DOM
13. 2026-06-01
    days on market $142,500 Active 19 DOM
14. 2026-05-31
    days on market $142,500 Active 18 DOM
15. 2026-05-31
    days on market $142,500 Active 17 DOM
16. 2026-05-13
    listed $142,500 Active 878-char remark

    Show marketing remark (868 chars)

    Ground-floor 2BR/2BA condo in one of West Des Moines' most desirable neighborhoods -- and the $285/month HOA. Exterior maintenance, lawn care, snow removal, and trash are all covered. The 2022 building roof replacement was fully handled by the association at zero cost to the owner. Walk right in and start living. Inside, you'll find new LVP flooring throughout, quartz countertops, and a freshly updated hall bath. The primary suite features a walk-in tub/shower -- an accessibility upgrade that buyers often wait years to find already installed. All appliances stay: dishwasher, microwave, range, refrigerator, washer, and dryer. Ground-level patio off the living room. 1-car attached garage assigned to this unit. Minutes from Jordan Creek, restaurants, parks, shopping, and every West Des Moines amenity. ESA and service animals only. Schedule your showing today.

17. 2026-05-13
    listed $142,500 Active 868-char remark

    Show marketing remark (868 chars)

    Ground-floor 2BR/2BA condo in one of West Des Moines' most desirable neighborhoods -- and the $285/month HOA. Exterior maintenance, lawn care, snow removal, and trash are all covered. The 2022 building roof replacement was fully handled by the association at zero cost to the owner. Walk right in and start living. Inside, you'll find new LVP flooring throughout, quartz countertops, and a freshly updated hall bath. The primary suite features a walk-in tub/shower -- an accessibility upgrade that buyers often wait years to find already installed. All appliances stay: dishwasher, microwave, range, refrigerator, washer, and dryer. Ground-level patio off the living room. 1-car attached garage assigned to this unit. Minutes from Jordan Creek, restaurants, parks, shopping, and every West Des Moines amenity. ESA and service animals only. Schedule your showing today.

18. 2026-02-24
    historical
19. 2025-10-31
    listed $150,000 Active
20. 2022-08-05
    soldstatus $119,000
21. 2022-08-03
    soldstatus $119,000 Closed
22. 2022-06-24
    status Pending
23. 2022-06-21
    listed $124,900 Active
24. 2013-11-08
    soldstatus $78,000
25. 2013-11-07
    soldstatus $78,000
26. 2009-12-28
    listed $89,900
27. 2007-07-02
    soldstatus $110,000
28. 2007-06-29
    soldstatus $110,000
29. 2007-01-16
    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: $1,736 · $145/mo
• Projected year-2 tax: $1,987 · $166/mo
• Expected delta: +$251/yr (+$21/mo · 14.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $15,820
• − Mortgage interest: −$7,982
• − Property taxes: −$1,736
• − Insurance: −$712
• − Repairs & maintenance: −$1,266
• − Management: −$1,266
• − HOA: −$3,420
• − Depreciation: −$4,145
• Taxable loss: −$4,707
• Est. tax savings @ 24.0%: +$1,130
• After-tax cash flow: $-1,208/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: West Des Moines Community School District
• NCES district ID: 1930930
• Math proficiency: 66% ▼ -9.00%
• Reading proficiency: 71% ▬ 0.00%
• Median HH income: $69,043
• Composite: 59.93/100
• National rank: #878
• State rank: #133 of 289 in IA

Livability — West Des Moines

• Score: 87/100
• State rank: #11
• US rank: #336

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Des Moines, IA
• County: Dallas County · 77,082 people
• City population: 71,011
• Metro: Des Moines-West Des Moines, IA
• Population (ZIP): 37,523
• Household income: $87,025
• Rent vs Own: 50.2% rent · 49.8% own
• Severe rent burden: 1561.0

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 (80%)
• Race & ethnicity: White 80% Asian 8% Two or more races 6% Hispanic / Latino 5% Black 3%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Portuguese 5% Italian 3% Iranian 2%
• Foreign-born: 12% · Canada, South Korea, Vietnam
• Languages at home: 86% English-only · Spanish 4% Other Asian/Pacific 3% Other Indo-European 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: ▼ -43.24%
• Current HPI: 203.6979
• Rent YoY: ▲ 1.94%
• 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

+29.5% since first listed

14 events — show timeline

• 2026-05-13 Listed $142,500 CIBOR
• 2026-05-13 Listed $142,500 DMMLS
• 2026-02-24 Listing Removed — DMMLS
• 2025-10-31 Listed $150,000 DMMLS
• 2022-08-05 Sold (Public Records) $119,000 Public Records
• 2022-08-03 Sold (MLS) $119,000 DMMLS
• 2022-06-24 Pending — DMMLS
• 2022-06-21 Listed $124,900 DMMLS
• 2013-11-08 Sold (Public Records) $78,000 Public Records
• 2013-11-07 Sold (MLS) $78,000 DMMLS
• 2009-12-28 Listed $89,900 DMMLS
• 2007-07-02 Sold (Public Records) $110,000 Public Records
• 2007-06-29 Sold (MLS) $110,000 DMMLS
• 2007-01-16 Listed $110,000 DMMLS

Property tax history

-1.5%/yr

Latest (2025): $1,736 · -3.7% YoY. Source: county tax records.