2803 Boston Ave · Des Moines, IA 50310

$218,750

4 bd · 2.0 ba · 1,525 sqft · Townhouse · 89 Days on market

Built 1968 9,352 sqft lot $143/sqft · 30% below area Est $313k · 30% 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 +7.8/30.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• DSCR +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

The KataLYST Team by KW Commercial Realty is pleased to exclusively present the opportunity to acquire eight standalone duplexes in the Des Moines marketplace, offered as a single package for sale. Positioned in the heart of one of the Midwest’s most stable workforce housing markets, this portfolio delivers immediate cash flow, with rents currently averaging 6.8% below market. This provides a new buyer with both day-one cash flow and clear upside potential.

Key facts

• Built 1968
• Listed 89 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath townhouse listed at $219k.

Deal economics

• At list price, monthly cash flow is $-246 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $183k (16.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $160k (26.7% below list).
• Recommended offer: $160k (26.7% below list) — sets the bar for 1% rule.
• Cap rate 4.9% 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 (+3.7%/yr); 256 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 $2k of loan paydown is wiped out by about $7k 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 89 days — a 6% lower offer ($206k) is reasonable based on typical stale-listing flexibility.

Recommended offer $160,255 (26.7% 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 89 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
3. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 4.94%
• Cash-on-cash: -4.81%
• DSCR: 0.79
• GRM: 11.4

CMA / ARV

• ARV (median comp): $312,966
• List price: $218,750
• Delta: -30.10%
• Verdict: UNDERPRICED
• Comps: 12 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.74% rent growth · sell at horizon

5-year hold

• IRR: -23.6%
• Equity multiple: 0.19×
• Total profit: $-49,871
• Equity at exit: $32,616

10-year hold

• IRR: -16.7%
• Equity multiple: 0.05×
• Total profit: $-58,473
• Equity at exit: $18,914

Cash invested: $61,250 (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 50310

• Rents YoY: 3.7%
• Active inventory: 256
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $1,603 high
• Mortgage (P&I): −$1,147
• Tax est. 1.5%: −$273 /mo · $3,281/yr
• Insurance: −$91
• HOA: −$0
• Vacancy / Maint / Mgmt: −$337
• Net cashflow: $-246

Break-even live

Break-even rent $1,914

Max offer price $183,194

Occupancy floor —

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: $54,688
• Closing costs: $6,562
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2715 Douglas Ave Des Moines, IA	3.0	2.0	1109	$1,408	$1.27	14d	1	0.36mi
2501 24th St Apt 106 Des Moines, IA	4.0	2.0	1175	$1,245	$1.06	44d	1	0.57mi
3915 Lawnwoods Dr Des Moines, IA	3.0	1.5	1192	$1,850	$1.55	44d	1	0.69mi
2403 36th St Des Moines, IA	3.0	2.0	1324	$1,600	$1.21	23d	1	0.69mi
1637 23rd St Des Moines, IA	4.0	2.0	1743	$1,595	$0.92	44d	1	1.06mi
1546 33rd St Des Moines, IA	4.0	2.0	1540	$1,850	$1.20	14d	1	1.12mi
3215 44th St Des Moines, IA	4.0	1.5	2000	$2,350	$1.18	14d	1	1.13mi
4322 Northwest Dr Unit 1 Des Moines, IA	3.0	1.5	1386	$1,895	$1.37	44d	1	1.44mi

Listing history 17 events

1. 2026-06-18
   days on market $218,750 Active 89 DOM
2. 2026-06-17
   days on market $218,750 Active 88 DOM
3. 2026-06-16
   days on market $218,750 Active 87 DOM
4. 2026-06-15
   days on market $218,750 Active 86 DOM
5. 2026-06-14
   days on market $218,750 Active 84 DOM
6. 2026-06-13
   days on market $218,750 Active 83 DOM
7. 2026-06-10
   days on market $218,750 Active 81 DOM
8. 2026-06-09
   days on market $218,750 Active 80 DOM
9. 2026-06-08
   days on market $218,750 Active 79 DOM
10. 2026-06-07
    days on market $218,750 Active 78 DOM
11. 2026-06-05
    days on market $218,750 Active 75 DOM
12. 2026-06-03
    days on market $218,750 Active 74 DOM
13. 2026-06-02
    days on market $218,750 Active 73 DOM
14. 2026-06-01
    days on market $218,750 Active 72 DOM
15. 2026-05-31
    days on market $218,750 Active 71 DOM
16. 2026-05-31
    days on market $218,750 Active 70 DOM
17. 2026-03-20
    listed $218,750 Active 467-char remark

    Show marketing remark (467 chars)

    The KataLYST Team by KW Commercial Realty is pleased to exclusively present the opportunity to acquire eight standalone duplexes in the Des Moines marketplace, offered as a single package for sale. Positioned in the heart of one of the Midwest’s most stable workforce housing markets, this portfolio delivers immediate cash flow, with rents currently averaging 6.8% below market. This provides a new buyer with both day-one cash flow and clear upside potential.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,231
• − Mortgage interest: −$12,253
• − Property taxes: −$3,281
• − Insurance: −$1,094
• − Repairs & maintenance: −$1,538
• − Management: −$1,538
• − Depreciation: −$6,364
• Taxable loss: −$6,838
• Est. tax savings @ 24.0%: +$1,641
• After-tax cash flow: $-1,307/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): 31,177
• Household income: $76,381
• Rent vs Own: 30.4% rent · 69.6% own
• Severe rent burden: 928.0

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% Black 14% Asian 9% Hispanic / Latino 8% Two or more races 7%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Ukrainian 3% Iranian 3% Italian 2%
• Foreign-born: 19% · Canada, Philippines, Vietnam
• Languages at home: 77% English-only · Other Asian/Pacific 6% Spanish 6% Russian/Polish/Slavic 3%

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: ▼ -197.92%
• Current HPI: 248.07
• Rent YoY: ▲ 3.74%
• 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

1 event — show timeline

• 2026-03-20 Listed $218,750 DMMLS