3202 3rd St · Des Moines, IA 50313

$160,000

2 bd · 1.0 ba · 1,268 sqft · SingleFamily public records · 24 Days on market

Built 1911 6,500 sqft lot Est $217k · 26% 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 +12.5/30.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• DSCR +3.7/10.0
• 1% rule +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This cute bungalow on the north side offers a lot of upside potential. Carpet and paint will go a long way to make this the perfect rental or flipper.

Key facts

• Breakfast nook
• Vinyl windows
• Large living room

Tags

• LARGE LIVING ROOM
• EAT-IN KITCHEN
• BREAKFAST NOOK
• FLEX ROOM
• FULLY FENCED YARD
• VINYL WINDOWS

Property features AI

Exterior

• Parking: Detached one-car garage
• Utilities: Public water; Public sewer
• Home design: Single-story entry (implied by main-level bedroom)
• Construction: Frame and stucco exterior; Asphalt shingle roof; Brick/mortar foundation; Built on a 0.149-acre lot (approximately 50 x 130)
• Exterior features: Chain link and wood fencing; Rectangular lot; Concrete road/drive surface

Interior

• Kitchen: Built-in oven; Dishwasher; Microwave; Refrigerator; Stove
• Bedrooms: 1 main-level bedroom
• Flooring: Carpet
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Eat-in kitchen; See remarks
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $-23 ($-274/yr) — negative.
• To cash-flow at today's rent, offer at most $156k (2.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $132k (17.4% below list).
• Recommended offer: $132k (17.4% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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 fast (+13.1%/yr); 156 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $1k of loan paydown is wiped out by about $5k 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 24 days — a 2% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y ago; this cycle's ask has dropped $15k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; list at $160k implies a 167% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1911 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $132,096 (17.4% 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 1911 — 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. 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?
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: 0.83% ✗
• Cap rate: 6.12%
• Cash-on-cash: -0.61%
• DSCR: 0.97
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $216,828
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3006 3rd St	0.13mi	2/1.0	1,274 (+0%)	2mo	$227,000	$178	91
3109 4th St	0.07mi	2/1.0	1,156 (-9%)	2mo	$165,000	$143	80
3837 3rd St	0.45mi	3/1.0 (+1)	1,292 (+2%)	2mo	$229,900	$178	69
2919 1st St	0.23mi	3/1.0 (+1)	1,153 (-9%)	0mo	$135,000	$117	69
913 Clinton Ave	0.55mi	3/2.0 (+1)	1,254 (-1%)	2mo	$222,500	$177	62
1015 Euclid Ave	0.57mi	2/1.5	1,168 (-8%)	2mo	$60,000	$51	56
3421 Amherst St	0.55mi	3/2.0 (+1)	1,197 (-6%)	1mo	$205,000	$171	55
821 Douglas Ave	0.51mi	3/1.0 (+1)	1,396 (+10%)	2mo	$216,500	$155	53
914 Douglas Ave	0.58mi	3/2.0 (+1)	1,338 (+6%)	4mo	$312,000	$233	51
3841 Columbia St	0.61mi	3/2.0 (+1)	1,364 (+8%)	1mo	$160,000	$117	49
3836 8th Pl	0.59mi	3/1.5 (+1)	1,369 (+8%)	4mo	$248,500	$182	49
414 E Sheridan Ave	0.57mi	3/1.5 (+1)	1,456 (+15%)	5mo	$95,000	$65	37

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -12.0%
• Equity multiple: 0.54×
• Total profit: $-20,404
• Equity at exit: $23,857

10-year hold

• IRR: 3.1%
• Equity multiple: 1.27×
• Total profit: $12,116
• Equity at exit: $13,834

Cash invested: $44,800 (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 50313

• Rents YoY: 13.1%
• Active inventory: 156
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,321 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$161 /mo · $1,928/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$277
• Net cashflow: $-23

Break-even live

Break-even rent $1,350

Max offer price $155,967

Occupancy floor 97%

Sensitivity live

Price	-10% $68	-5% $22	+0% $-23	+5% $-68	+10% $-113
Rent	-10% $-127	-5% $-75	+0% $-23	+5% $29	+10% $82
Rate	-1.0pp $58	-0.5pp $18	base $-23	+0.5pp $-64	+1.0pp $-106

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 3 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	0.60mi
4124 3rd St Des Moines, IA	3.0	1.0	996	$1,595	$1.60	15d	1	0.82mi
915 E Washington Ave Des Moines, IA	3.0	1.0	1457	$1,450	$1.00	24d	1	1.40mi

Listing history 17 events

1. 2026-06-13
   statusdays on market $160,000 Pending 24 DOM
2. 2026-06-10
   days on market $160,000 Active 22 DOM
3. 2026-06-09
   days on market $160,000 Active 21 DOM
4. 2026-06-08
   days on market $160,000 Active 20 DOM
5. 2026-06-07
   days on market $160,000 Active 19 DOM
6. 2026-06-05
   days on market $160,000 Active 16 DOM
7. 2026-06-03
   days on market $160,000 Active 15 DOM
8. 2026-06-03
   price $160,000 Active 14 DOM
9. 2026-06-02
   days on market $175,000 Active 14 DOM
10. 2026-06-01
    days on market $175,000 Active 13 DOM
11. 2026-05-31
    days on market $175,000 Active 12 DOM
12. 2026-05-31
    days on market $175,000 Active 11 DOM
13. 2026-05-19
    listed $175,000 Active
14. 2009-02-24
    soldstatus $59,900 150-char remark

    Show marketing remark (150 chars)

    This cute bungalow on the north side offers a lot of upside potential. Carpet and paint will go a long way to make this the perfect rental or flipper.

15. 2009-01-14
    listed $59,900 150-char remark

    Show marketing remark (150 chars)

    This cute bungalow on the north side offers a lot of upside potential. Carpet and paint will go a long way to make this the perfect rental or flipper.

16. 2006-10-18
    soldstatus $66,500 29-char remark

    Show marketing remark (29 chars)

    Very good home for the money.

17. 2006-08-18
    listed $68,500 29-char remark

    Show marketing remark (29 chars)

    Very good home for the money.

ⓘ 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: $1,928 · $161/mo
• Projected year-2 tax: $2,220 · $185/mo
• Expected delta: +$292/yr (+$24/mo · 15.1%)

ⓘ 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: $15,852
• − Mortgage interest: −$8,962
• − Property taxes: −$1,928
• − Insurance: −$800
• − Repairs & maintenance: −$1,268
• − Management: −$1,268
• − Depreciation: −$4,655
• Taxable loss: −$3,030
• Est. tax savings @ 24.0%: +$727
• After-tax cash flow: $453/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): 17,440
• Household income: $68,361
• Rent vs Own: 23.1% rent · 76.9% own
• Severe rent burden: 454.0

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: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 61% Hispanic / Latino 17% Black 11% Two or more races 8% Asian 6%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Iranian 3% Portuguese 2% Scotch-Irish 2%
• Foreign-born: 16% · Canada, Philippines, Vietnam
• Languages at home: 75% English-only · Spanish 14% Other Asian/Pacific 4% Russian/Polish/Slavic 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: ▼ -162.17%
• Current HPI: 285.5708
• Rent YoY: ▲ 13.11%
• 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

+155.5% since first listed

5 events — show timeline

• 2026-05-19 Listed $175,000 DMMLS
• 2009-02-24 Sold (MLS) $59,900 DMMLS
• 2009-01-14 Listed $59,900 DMMLS
• 2006-10-18 Sold (MLS) $66,500 DMMLS
• 2006-08-18 Listed $68,500 DMMLS

Property tax history

+3.6%/yr

Latest (2025): $1,928 · +2.1% YoY. Source: county tax records.