1224 9th St · Des Moines, IA 50314

$279,000

5 bd · 2.0 ba · 2,407 sqft · SingleFamily public records · 4 Days on market

Built 1886 7,840 sqft lot Est $255k · 9% over

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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 +16.6/30.0
• Appreciation +10.0/10.0
• DSCR +5.2/10.0
• Rent growth +4.5/5.0
• 1% rule +4.3/10.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• ARV discount +3.3/15.0
• Condition / age +2.5/5.0

Listing remarks MLS

Special programs through Neighborhood Finance and the City of DM make this home adorable. Details available on request. This is a professionally restored 5 BR home with 2400+ sq ft. Main floor features a large living room with fireplace and beautiful hardwood floors plus a large formal dining room. The kitchen has been completely updated with new oak cabinets and a center island with extended counter for casual dining. New stainless steel appliances (stove, refrigerator, dishwasher, and microwave) are included and only 5 years old. There is also a first floor MBR with three-quarter bath. Take the front or back stairway to the 2nd level where you will find 4 more BRs and the 2nd bath. Other features include covered front porch, full attic and basement (both unfinished) new furnace/AC and a 2 car garage. Sellers have lived here for 5 years.

Key facts

• Fenced yard
• Raised garden beds
• Abundant perennials

Tags

• RESTORED VICTORIAN HOME
• LARGE WELCOMING FRONT PORCH
• FENCED YARD
• RAISED GARDEN BEDS
• ABUNDANT PERENNIALS
• PATIO

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $279k.

Deal economics

• At list price, monthly cash flow is $169 ($2k/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 $260k (6.8% below list).
• Recommended offer: $260k (6.8% below list) — sets the bar for 1% rule.
• Cap rate 7.0% 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 (+8.2%/yr); 64 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 2,953 units permitted in Polk County in 2024 (540 in 5+ unit buildings).
• At $2,599/mo this rent would consume 78% of the median local household income ($40k/yr) (locally 903% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $30k of equity ($2k loan paydown + $28k appreciation (10.0% local appreciation)).
• Polk County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $78k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$48k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 17y 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 $142k; list at $279k implies a 96% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1886 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $259,944 (6.8% below list)

Questions for the listing agent

1. Built in 1886 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.93% ✗
• Cap rate: 7.02%
• Cash-on-cash: 2.60%
• DSCR: 1.12
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $255,142
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1239 7th St	0.16mi	4/2.0 (-1)	2,242 (-7%)	13mo	$60,000	$27	65
1530 9th St	0.38mi	5/2.5	2,212 (-8%)	6mo	$239,500	$108	62
1830 8th St	0.68mi	5/2.0	2,453 (+2%)	15mo	$260,000	$106	52
1212 15th St	0.41mi	5/1.5	2,166 (-10%)	12mo	$173,000	$80	52
1507 12th St	0.36mi	4/3.0 (-1)	2,203 (-8%)	15mo	$300,000	$136	48
1910 7th St	0.74mi	5/2.0	2,612 (+8%)	8mo	$123,900	$47	44
1814 7th St	0.66mi	5/2.5	2,268 (-6%)	17mo	$80,000	$35	44
1729 10th St	0.60mi	4/2.0 (-1)	2,105 (-12%)	4mo	$245,000	$116	43
1609 Arlington Ave	0.62mi	5/2.0	2,106 (-12%)	24mo	$280,000	$133	30
1715 Arlington Ave	0.70mi	4/2.0 (-1)	2,141 (-11%)	19mo	$140,000	$65	28

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 28.0%
• Equity multiple: 3.26×
• Total profit: $176,467
• Equity at exit: $251,345

10-year hold

• IRR: 25.9%
• Equity multiple: 7.98×
• Total profit: $545,257
• Equity at exit: $542,036

Cash invested: $78,120 (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 50314

• Home prices YoY: 9.8%
• Rents YoY: 8.2%
• Active inventory: 64
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $2,599 medium
• Mortgage (P&I): −$1,463
• Tax from tax record: −$305 /mo · $3,662/yr
• Insurance: −$116
• HOA: −$0
• Vacancy / Maint / Mgmt: −$546
• Net cashflow: $169

Break-even live

Break-even rent $2,385

Max offer price $279,000

Occupancy floor 88%

Sensitivity live

Price	-10% $327	-5% $248	+0% $169	+5% $90	+10% $11
Rent	-10% $-36	-5% $66	+0% $169	+5% $272	+10% $374
Rate	-1.0pp $310	-0.5pp $240	base $169	+0.5pp $97	+1.0pp $23

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: $69,750
• Closing costs: $8,370
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
669 17th St Unit 667 Des Moines, IA	6.0	3.5	3300	$4,200	$1.27	44d	1	0.97mi
663 17th St Unit 667 Des Moines, IA	6.0	4.0	3300	$3,800	$1.15	19d	1	0.97mi
1637 23rd St Des Moines, IA	4.0	2.0	1743	$1,595	$0.92	44d	1	1.07mi
1087 28th St Des Moines, IA	5.0	2.0	2104	$2,300	$1.09	44d	1	1.27mi

Listing history 8 events

1. 2026-04-14
   status Pending
2. 2026-04-10
   listed $279,000 Active
3. 2015-07-28
   soldstatus $142,500 850-char remark

   Show marketing remark (850 chars)

   Special programs through Neighborhood Finance and the City of DM make this home adorable. Details available on request. This is a professionally restored 5 BR home with 2400+ sq ft. Main floor features a large living room with fireplace and beautiful hardwood floors plus a large formal dining room. The kitchen has been completely updated with new oak cabinets and a center island with extended counter for casual dining. New stainless steel appliances (stove, refrigerator, dishwasher, and microwave) are included and only 5 years old. There is also a first floor MBR with three-quarter bath. Take the front or back stairway to the 2nd level where you will find 4 more BRs and the 2nd bath. Other features include covered front porch, full attic and basement (both unfinished) new furnace/AC and a 2 car garage. Sellers have lived here for 5 years.

4. 2015-07-28
   soldstatus $142,500

   Show marketing remark (850 chars)

   Special programs through Neighborhood Finance and the City of DM make this home adorable. Details available on request. This is a professionally restored 5 BR home with 2400+ sq ft. Main floor features a large living room with fireplace and beautiful hardwood floors plus a large formal dining room. The kitchen has been completely updated with new oak cabinets and a center island with extended counter for casual dining. New stainless steel appliances (stove, refrigerator, dishwasher, and microwave) are included and only 5 years old. There is also a first floor MBR with three-quarter bath. Take the front or back stairway to the 2nd level where you will find 4 more BRs and the 2nd bath. Other features include covered front porch, full attic and basement (both unfinished) new furnace/AC and a 2 car garage. Sellers have lived here for 5 years.

5. 2015-04-06
   listed $160,000 850-char remark

   Show marketing remark (850 chars)

   Special programs through Neighborhood Finance and the City of DM make this home adorable. Details available on request. This is a professionally restored 5 BR home with 2400+ sq ft. Main floor features a large living room with fireplace and beautiful hardwood floors plus a large formal dining room. The kitchen has been completely updated with new oak cabinets and a center island with extended counter for casual dining. New stainless steel appliances (stove, refrigerator, dishwasher, and microwave) are included and only 5 years old. There is also a first floor MBR with three-quarter bath. Take the front or back stairway to the 2nd level where you will find 4 more BRs and the 2nd bath. Other features include covered front porch, full attic and basement (both unfinished) new furnace/AC and a 2 car garage. Sellers have lived here for 5 years.

6. 2010-04-27
   soldstatus $110,000
7. 2010-04-26
   soldstatus $110,000 937-char remark

   Show marketing remark (937 chars)

   Families earning less than 80% of area median income ($57,350/yr for family of 4) can buy this $200,000 home for $134,900. Special programs through Neighborhood Finance and the City of DM make this home affordable. Details available on request. This is a professionally restored 5 BR home with 2400+ sq ft. Main floor features a large living room with fireplace and beautiful hardwood floors plus a large formal dining room. The kitchen has been completely updated with new oak cabinets and a center island with extended counter for casual dining. New stainless steel appliances (stove, refrigerator, dishwasher, and microwave) are included. There is also a first floor MBR with three-quarter bath. Take the front or back stairway to the 2nd level where you will find 4 more BRs and the 2nd bath. Other features include covered front porch, full attic and basement (both unfinished), new furnace/AC, and a cement slab for a 2 car garage.

8. 2009-10-20
   listed $129,900 937-char remark

   Show marketing remark (937 chars)

   Families earning less than 80% of area median income ($57,350/yr for family of 4) can buy this $200,000 home for $134,900. Special programs through Neighborhood Finance and the City of DM make this home affordable. Details available on request. This is a professionally restored 5 BR home with 2400+ sq ft. Main floor features a large living room with fireplace and beautiful hardwood floors plus a large formal dining room. The kitchen has been completely updated with new oak cabinets and a center island with extended counter for casual dining. New stainless steel appliances (stove, refrigerator, dishwasher, and microwave) are included. There is also a first floor MBR with three-quarter bath. Take the front or back stairway to the 2nd level where you will find 4 more BRs and the 2nd bath. Other features include covered front porch, full attic and basement (both unfinished), new furnace/AC, and a cement slab for a 2 car garage.

ⓘ 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: $3,662 · $305/mo
• Projected year-2 tax: $4,021 · $335/mo
• Expected delta: +$359/yr (+$30/mo · 9.8%)

ⓘ 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: $31,193
• − Mortgage interest: −$15,628
• − Property taxes: −$3,662
• − Insurance: −$1,395
• − Repairs & maintenance: −$2,495
• − Management: −$2,495
• − Depreciation: −$8,116
• Taxable loss: −$2,599
• Est. tax savings @ 24.0%: +$624
• After-tax cash flow: $2,652/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): 10,438
• Household income: $39,950
• Rent vs Own: 52.3% rent · 47.7% own
• Severe rent burden: 903.0

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: Highly diverse neighborhood (Simpson 0.73)
• Race & ethnicity: Black 37% White 29% Hispanic / Latino 20% Asian 12% Two or more races 10%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Ukrainian 6% Iranian 2% Swiss 1%
• Foreign-born: 26% · Canada, Vietnam, Philippines
• Languages at home: 60% English-only · Spanish 16% Vietnamese 6% Other Asian/Pacific 4%

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: ▲ 30.18%
• Current HPI: 338.8301
• Rent YoY: ▲ 8.17%
• 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

+114.8% since first listed

8 events — show timeline

• 2026-04-14 Pending — DMMLS
• 2026-04-10 Listed $279,000 DMMLS
• 2015-07-28 Sold (Public Records) $142,500 Public Records
• 2015-07-28 Sold (MLS) $142,500 DMMLS
• 2015-04-06 Listed $160,000 DMMLS
• 2010-04-27 Sold (Public Records) $110,000 Public Records
• 2010-04-26 Sold (MLS) $110,000 DMMLS
• 2009-10-20 Listed $129,900 DMMLS

Property tax history

+32.2%/yr

Latest (2025): $3,662 · -1.4% YoY. Source: county tax records.