425 NE Broadway Ave · Des Moines, IA 50313

$128,500

2 bd · 1.0 ba · 1,038 sqft · SingleFamily · 144 Days on market

Built 1939 Good condition 0.42 ac lot $124/sqft · 21% below area Est $163k · 21% under ↓ 13% since listing

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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 +20.0/30.0
• ARV discount +15.0/15.0
• DSCR +6.4/10.0
• 1% rule +5.3/10.0
• Rent growth +5.0/5.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover a rare mixed-use investment opportunity on a spacious lot. This home is ideal for both traditional buyers and investors seeking rental income or space for a side business. With mixed-use zoning, you can build a shop or small commercial space behind the house making it perfect for a workshop, storage, office, or boutique-style venture. Much of the remodeling is already done, making it rental-ready with lower upfront maintenance costs. Low county taxes add even more value. This property offers the best of both worlds: a turn-key home for tenants plus the flexibility to expand or create additional income on the rear lot. A solid, versatile option for anyone looking to grow their portfolio or launch a new project. Property being sold As-Is.

Key facts

• Rental income
• Turn-key home
• Mixed-use zoning

Tags

• MIXED-USE ZONING
• RENTAL INCOME
• SPACE FOR A SIDE BUSINESS
• WORKSHOP STORAGE OFFICE
• TURN-KEY HOME
• FLEXIBILITY TO EXPAND

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $128k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $158 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $128k).
• Recommended offer: $113k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.8% 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.
• Saydel Community School District (suburban): math 46% / reading 51% proficiency, ranked #283 of 289 in IA (top 98%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+13.1%/yr); 154 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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 $888 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $36k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 144 days — a 12% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $113,080 (12.0% below list)

Questions for the listing agent

1. It's been on market 144 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 1.03% ✓
• Cap rate: 7.77%
• Cash-on-cash: 5.29%
• DSCR: 1.24
• GRM: 8.1

CMA / ARV

• ARV (median comp): $162,840
• List price: $128,500
• Delta: -21.09%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5027 NE 3rd St	0.55mi	3/1.0 (+1)	1,035 (-0%)	4mo	$175,000	$169	66
4012 Amherst St	0.72mi	2/1.0	1,008 (-3%)	1mo	$70,000	$69	60
4129 5th Ave	0.74mi	2/1.0	1,032 (-1%)	5mo	$177,500	$172	60
580 NE 48th Pl	0.35mi	2/1.0	1,152 (+11%)	8mo	$53,000	$46	59
4220 NE 10th St	0.63mi	2/1.0	967 (-7%)	2mo	$89,000	$92	58
1215 NE 43rd Ave	0.68mi	3/1.5 (+1)	1,097 (+6%)	0mo	$199,999	$182	51
4041 Columbia St	0.65mi	3/2.0 (+1)	1,076 (+4%)	10mo	$200,000	$186	47
1140 NE 43rd Ave	0.62mi	3/1.0 (+1)	924 (-11%)	4mo	$140,000	$152	44
1022 Trisha Ave	0.73mi	3/1.0 (+1)	948 (-9%)	5mo	$215,000	$227	42
4132 1st St	0.60mi	2/1.0	884 (-15%)	7mo	$138,000	$156	41
4031 E 8th St	0.73mi	2/1.0	887 (-14%)	2mo	$125,000	$141	40
900 NE 51st Ave	0.72mi	3/2.0 (+1)	922 (-11%)	4mo	$224,000	$243	35

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: -2.6%
• Equity multiple: 0.90×
• Total profit: $-3,709
• Equity at exit: $19,160

10-year hold

• IRR: 11.9%
• Equity multiple: 2.16×
• Total profit: $41,710
• Equity at exit: $11,110

Cash invested: $35,980 (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: 154
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,325 medium
• Mortgage (P&I): −$674
• Tax est. 1.5%: −$161 /mo · $1,928/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$278
• Net cashflow: $158

Break-even live

Break-even rent $1,124

Max offer price $128,500

Occupancy floor 83%

Sensitivity live

Price	-10% $247	-5% $203	+0% $158	+5% $114	+10% $70
Rent	-10% $54	-5% $106	+0% $158	+5% $211	+10% $263
Rate	-1.0pp $223	-0.5pp $191	base $158	+0.5pp $125	+1.0pp $91

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: $32,125
• Closing costs: $3,855
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4124 3rd St Des Moines, IA	3.0	1.0	996	$1,595	$1.60	15d	1	0.68mi
3623 Cambridge St Des Moines, IA	2.0	1.0	732	$1,145	$1.56	20d	1	1.07mi
3103 E 7th St Des Moines, IA	2.0	1.0	960	$1,200	$1.25	44d	1	1.45mi

Listing history 23 events

1. 2026-06-18
   days on market $128,500 Active 144 DOM
2. 2026-06-17
   days on market $128,500 Active 143 DOM
3. 2026-06-16
   days on market $128,500 Active 142 DOM
4. 2026-06-15
   days on market $128,500 Active 141 DOM
5. 2026-06-14
   days on market $128,500 Active 139 DOM
6. 2026-06-13
   days on market $128,500 Active 138 DOM
7. 2026-06-10
   days on market $128,500 Active 136 DOM
8. 2026-06-09
   days on market $128,500 Active 135 DOM
9. 2026-06-08
   days on market $128,500 Active 134 DOM
10. 2026-06-07
    days on market $128,500 Active 133 DOM
11. 2026-06-03
    days on market $128,500 Active 129 DOM
12. 2026-06-02
    days on market $128,500 Active 128 DOM
13. 2026-06-01
    days on market $128,500 Active 127 DOM
14. 2026-05-31
    days on market $128,500 Active 126 DOM
15. 2026-05-31
    days on market $128,500 Active 125 DOM
16. 2026-05-12
    price $128,500 755-char remark

    Show marketing remark (755 chars)

    Discover a rare mixed-use investment opportunity on a spacious lot. This home is ideal for both traditional buyers and investors seeking rental income or space for a side business. With mixed-use zoning, you can build a shop or small commercial space behind the house making it perfect for a workshop, storage, office, or boutique-style venture. Much of the remodeling is already done, making it rental-ready with lower upfront maintenance costs. Low county taxes add even more value. This property offers the best of both worlds: a turn-key home for tenants plus the flexibility to expand or create additional income on the rear lot. A solid, versatile option for anyone looking to grow their portfolio or launch a new project. Property being sold As-Is.

17. 2026-04-08
    price $133,000 755-char remark

    Show marketing remark (755 chars)

    Discover a rare mixed-use investment opportunity on a spacious lot. This home is ideal for both traditional buyers and investors seeking rental income or space for a side business. With mixed-use zoning, you can build a shop or small commercial space behind the house making it perfect for a workshop, storage, office, or boutique-style venture. Much of the remodeling is already done, making it rental-ready with lower upfront maintenance costs. Low county taxes add even more value. This property offers the best of both worlds: a turn-key home for tenants plus the flexibility to expand or create additional income on the rear lot. A solid, versatile option for anyone looking to grow their portfolio or launch a new project. Property being sold As-Is.

18. 2026-04-02
    status Active 755-char remark

    Show marketing remark (755 chars)

    Discover a rare mixed-use investment opportunity on a spacious lot. This home is ideal for both traditional buyers and investors seeking rental income or space for a side business. With mixed-use zoning, you can build a shop or small commercial space behind the house making it perfect for a workshop, storage, office, or boutique-style venture. Much of the remodeling is already done, making it rental-ready with lower upfront maintenance costs. Low county taxes add even more value. This property offers the best of both worlds: a turn-key home for tenants plus the flexibility to expand or create additional income on the rear lot. A solid, versatile option for anyone looking to grow their portfolio or launch a new project. Property being sold As-Is.

19. 2026-03-16
    status Pending 755-char remark

    Show marketing remark (755 chars)

    Discover a rare mixed-use investment opportunity on a spacious lot. This home is ideal for both traditional buyers and investors seeking rental income or space for a side business. With mixed-use zoning, you can build a shop or small commercial space behind the house making it perfect for a workshop, storage, office, or boutique-style venture. Much of the remodeling is already done, making it rental-ready with lower upfront maintenance costs. Low county taxes add even more value. This property offers the best of both worlds: a turn-key home for tenants plus the flexibility to expand or create additional income on the rear lot. A solid, versatile option for anyone looking to grow their portfolio or launch a new project. Property being sold As-Is.

20. 2026-01-07
    listed $139,000 Active 755-char remark

    Show marketing remark (755 chars)

    Discover a rare mixed-use investment opportunity on a spacious lot. This home is ideal for both traditional buyers and investors seeking rental income or space for a side business. With mixed-use zoning, you can build a shop or small commercial space behind the house making it perfect for a workshop, storage, office, or boutique-style venture. Much of the remodeling is already done, making it rental-ready with lower upfront maintenance costs. Low county taxes add even more value. This property offers the best of both worlds: a turn-key home for tenants plus the flexibility to expand or create additional income on the rear lot. A solid, versatile option for anyone looking to grow their portfolio or launch a new project. Property being sold As-Is.

21. 2026-01-07
    historical

    Show marketing remark (755 chars)

    Discover a rare mixed-use investment opportunity on a spacious lot. This home is ideal for both traditional buyers and investors seeking rental income or space for a side business. With mixed-use zoning, you can build a shop or small commercial space behind the house making it perfect for a workshop, storage, office, or boutique-style venture. Much of the remodeling is already done, making it rental-ready with lower upfront maintenance costs. Low county taxes add even more value. This property offers the best of both worlds: a turn-key home for tenants plus the flexibility to expand or create additional income on the rear lot. A solid, versatile option for anyone looking to grow their portfolio or launch a new project. Property being sold As-Is.

22. 2025-12-12
    price $139,000
23. 2025-11-24
    listed $147,000 Active

ⓘ 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 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: $15,896
• − Mortgage interest: −$7,198
• − Property taxes: −$1,928
• − Insurance: −$642
• − Repairs & maintenance: −$1,272
• − Management: −$1,272
• − Depreciation: −$3,738
• Taxable loss: −$153
• Est. tax savings @ 24.0%: +$37
• After-tax cash flow: $1,938/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This home is in good condition with cosmetic updates, making it move-in ready for both traditional buyers and investors seeking rental income or space for a side business.

Value-add opportunities

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics
• Both Landscaping and curb appeal improvements — Improves curb appeal and can attract more tenants
• Both Upgrading kitchen appliances — Modernizes the kitchen and can attract more tenants
• Both Upgrading bathroom fixtures — Modernizes the bathroom and can attract more tenants

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Landscaping and curb appeal improvements — Improves curb appeal and can attract more tenants ↑
• Both Upgrading kitchen appliances — Modernizes the kitchen and can attract more tenants ↑
• Both Upgrading bathroom fixtures — Modernizes the bathroom and can attract more tenants ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Saydel Community School District
• NCES district ID: 1925320
• Math proficiency: 46% ▼ -13.00%
• Reading proficiency: 51% ▼ -8.00%
• Median HH income: $54,193
• Composite: 41.93/100
• National rank: #3354
• State rank: #283 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

• 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

-12.6% since first listed

8 events — show timeline

• 2026-05-12 Price Changed $128,500 DMMLS
• 2026-04-08 Price Changed $133,000 DMMLS
• 2026-04-02 Relisted — DMMLS
• 2026-03-16 Pending — DMMLS
• 2026-01-07 Listing Removed — DMMLS
• 2026-01-07 Listed $139,000 DMMLS
• 2025-12-12 Price Changed $139,000 DMMLS
• 2025-11-24 Listed $147,000 DMMLS