401 S 3rd St · Polk City, IA 50226

$139,900

2 bd · 1.0 ba · 850 sqft · SingleFamily public records · 93 Days on market

Built 1903 5,321 sqft lot $165/sqft · 34% below area Est $213k · 34% under

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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 +16.4/30.0
• ARV discount +15.0/15.0
• Schools +7.5/10.0
• DSCR +5.1/10.0
• 1% rule +4.3/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This adorable two-bedroom, one-bathroom home features a bright, open floor plan with thoughtful updates throughout, creating a comfortable and functional living space. The inviting layout allows seamless flow between the living, dining, and kitchen areas, enhancing the home’s open and welcoming feel. With its manageable size and appealing updates, this property is ideal for first-time home buyers, investors seeking a solid rental, or buyers considering USDA financing. Located just steps from the Polk City square and centrally situated near Big Creek and Saylorville Lake, this home offers plenty of dining, shopping, and outdoor activities to enjoy. Charming, cozy, and full of character, it lets you embrace small-town living while keeping downtown Des Moines just a short drive away! Don’t miss the opportunity to make this wonderful property your own!

Key facts

• Open floor plan
• Thoughtful updates
• Seamless flow

Tags

• OPEN FLOOR PLAN
• THOUGHTFUL UPDATES
• SEAMLESS FLOW
• STEPS FROM POLK CITY SQUARE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $78 ($940/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 $130k (7.2% below list).
• Recommended offer: $127k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.0% vs local median 1.4% in Polk City — 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 79/100 on livability (#109 in IA, #2,099 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F.
• North Polk Community School District (rural): math 87% / reading 84% proficiency, ranked #7 of 289 in IA (top 2%) — strong family-tenant draw, lease renewals of 3-5y typical; only 9% free/reduced lunch — higher-income household profile.
• Market conditions: 219 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 2,953 units permitted in Polk County in 2024 (540 in 5+ unit buildings).
• This rent is only 10% of the median local income ($153k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 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 93 days — a 9% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 17y ago; this cycle's ask has dropped $25k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $104k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1903 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $127,309 (9.0% below list)

Questions for the listing agent

1. It's been on market 93 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1903 — 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 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?
6. 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.
7. 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.
8. 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: 6.96%
• Cash-on-cash: 2.40%
• DSCR: 1.11
• GRM: 9.0

CMA / ARV

• ARV (median comp): $213,240
• List price: $139,900
• Delta: -34.39%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
710 Waldo St	0.20mi	3/1.0 (+1)	864 (+2%)	1mo	$180,000	$208	82
208 1st St	0.11mi	3/2.0 (+1)	770 (-9%)	3mo	$204,500	$266	68
207 Forest St	0.32mi	3/1.0 (+1)	908 (+7%)	2mo	$208,000	$229	68
706 Phillips St	0.18mi	3/1.5 (+1)	952 (+12%)	16mo	$198,000	$208	51
904 W Broadway St	0.38mi	3/2.0 (+1)	960 (+13%)	3mo	$282,500	$294	49
305 E Wood St	0.22mi	3/2.0 (+1)	960 (+13%)	12mo	$277,000	$289	49
509 Lincoln St	0.40mi	3/3.0 (+1)	892 (+5%)	15mo	$190,000	$213	47
1212 W Broadway St	0.59mi	3/2.0 (+1)	936 (+10%)	11mo	$280,000	$299	38

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -12.5%
• Equity multiple: 0.55×
• Total profit: $-17,673
• Equity at exit: $20,860

10-year hold

• IRR: -3.4%
• Equity multiple: 0.77×
• Total profit: $-8,936
• Equity at exit: $12,096

Cash invested: $39,172 (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 50226

• Home prices YoY: -17.8%
• Active inventory: 219
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,298 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$155 /mo · $1,858/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$272
• Net cashflow: $78

Break-even live

Break-even rent $1,198

Max offer price $139,900

Occupancy floor 89%

Sensitivity live

Price	-10% $158	-5% $118	+0% $78	+5% $39	+10% $-1
Rent	-10% $-24	-5% $27	+0% $78	+5% $130	+10% $181
Rate	-1.0pp $149	-0.5pp $114	base $78	+0.5pp $42	+1.0pp $5

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1810 NW Savannah Ln Polk City, IA	1.0–2.0	1.0–2.0	1091	$2,045	$1.87	15d	25	0.18mi

Listing history 32 events

1. 2026-06-21
   days on market $139,900 Active 93 DOM
2. 2026-06-18
   days on market $139,900 Active 90 DOM
3. 2026-06-17
   days on market $139,900 Active 89 DOM
4. 2026-06-16
   pricedays on market $139,900 Active 88 DOM
5. 2026-06-15
   days on market $149,900 Active 87 DOM
6. 2026-06-14
   days on market $149,900 Active 85 DOM
7. 2026-06-13
   days on market $149,900 Active 84 DOM
8. 2026-06-10
   days on market $149,900 Active 82 DOM
9. 2026-06-09
   days on market $149,900 Active 81 DOM
10. 2026-06-08
    days on market $149,900 Active 80 DOM
11. 2026-06-07
    days on market $149,900 Active 79 DOM
12. 2026-06-05
    days on market $149,900 Active 76 DOM
13. 2026-06-03
    days on market $149,900 Active 75 DOM
14. 2026-06-02
    days on market $149,900 Active 74 DOM
15. 2026-06-01
    days on market $149,900 Active 73 DOM
16. 2026-05-31
    days on market $149,900 Active 72 DOM
17. 2026-05-31
    days on market $149,900 Active 71 DOM
18. 2026-05-16
    price $149,900 873-char remark

    Show marketing remark (873 chars)

    This adorable two-bedroom, one-bathroom home features a bright, open floor plan with thoughtful updates throughout, creating a comfortable and functional living space. The inviting layout allows seamless flow between the living, dining, and kitchen areas, enhancing the home’s open and welcoming feel. With its manageable size and appealing updates, this property is ideal for first-time home buyers, investors seeking a solid rental, or buyers considering USDA financing. Located just steps from the Polk City square and centrally situated near Big Creek and Saylorville Lake, this home offers plenty of dining, shopping, and outdoor activities to enjoy. Charming, cozy, and full of character, it lets you embrace small-town living while keeping downtown Des Moines just a short drive away! Don’t miss the opportunity to make this wonderful property your own!

19. 2026-04-14
    price $160,000 873-char remark

    Show marketing remark (873 chars)

    This adorable two-bedroom, one-bathroom home features a bright, open floor plan with thoughtful updates throughout, creating a comfortable and functional living space. The inviting layout allows seamless flow between the living, dining, and kitchen areas, enhancing the home’s open and welcoming feel. With its manageable size and appealing updates, this property is ideal for first-time home buyers, investors seeking a solid rental, or buyers considering USDA financing. Located just steps from the Polk City square and centrally situated near Big Creek and Saylorville Lake, this home offers plenty of dining, shopping, and outdoor activities to enjoy. Charming, cozy, and full of character, it lets you embrace small-town living while keeping downtown Des Moines just a short drive away! Don’t miss the opportunity to make this wonderful property your own!

20. 2026-03-20
    listed $165,000 Active 873-char remark

    Show marketing remark (873 chars)

    This adorable two-bedroom, one-bathroom home features a bright, open floor plan with thoughtful updates throughout, creating a comfortable and functional living space. The inviting layout allows seamless flow between the living, dining, and kitchen areas, enhancing the home’s open and welcoming feel. With its manageable size and appealing updates, this property is ideal for first-time home buyers, investors seeking a solid rental, or buyers considering USDA financing. Located just steps from the Polk City square and centrally situated near Big Creek and Saylorville Lake, this home offers plenty of dining, shopping, and outdoor activities to enjoy. Charming, cozy, and full of character, it lets you embrace small-town living while keeping downtown Des Moines just a short drive away! Don’t miss the opportunity to make this wonderful property your own!

21. 2023-06-14
    soldstatus $104,000
22. 2023-06-12
    soldstatus $104,000 Closed 273-char remark

    Show marketing remark (273 chars)

    Cozy 2 bedroom/ 1 bathroom ranch home located on the main road into Polk City. This is a perfect starter home or investment property. New siding and trim. Centrally located within minutes of Saylorville marina, Big Creek State Park and Beach. Call to schedule your showing!

23. 2023-04-24
    status Pending 273-char remark

    Show marketing remark (273 chars)

    Cozy 2 bedroom/ 1 bathroom ranch home located on the main road into Polk City. This is a perfect starter home or investment property. New siding and trim. Centrally located within minutes of Saylorville marina, Big Creek State Park and Beach. Call to schedule your showing!

24. 2023-04-17
    price $100,000 273-char remark

    Show marketing remark (273 chars)

    Cozy 2 bedroom/ 1 bathroom ranch home located on the main road into Polk City. This is a perfect starter home or investment property. New siding and trim. Centrally located within minutes of Saylorville marina, Big Creek State Park and Beach. Call to schedule your showing!

25. 2023-04-11
    price $110,000 273-char remark

    Show marketing remark (273 chars)

    Cozy 2 bedroom/ 1 bathroom ranch home located on the main road into Polk City. This is a perfect starter home or investment property. New siding and trim. Centrally located within minutes of Saylorville marina, Big Creek State Park and Beach. Call to schedule your showing!

26. 2023-04-04
    price $122,000 273-char remark

    Show marketing remark (273 chars)

    Cozy 2 bedroom/ 1 bathroom ranch home located on the main road into Polk City. This is a perfect starter home or investment property. New siding and trim. Centrally located within minutes of Saylorville marina, Big Creek State Park and Beach. Call to schedule your showing!

27. 2023-03-21
    price $125,000 273-char remark

    Show marketing remark (273 chars)

    Cozy 2 bedroom/ 1 bathroom ranch home located on the main road into Polk City. This is a perfect starter home or investment property. New siding and trim. Centrally located within minutes of Saylorville marina, Big Creek State Park and Beach. Call to schedule your showing!

28. 2023-03-16
    price $140,000 273-char remark

    Show marketing remark (273 chars)

    Cozy 2 bedroom/ 1 bathroom ranch home located on the main road into Polk City. This is a perfect starter home or investment property. New siding and trim. Centrally located within minutes of Saylorville marina, Big Creek State Park and Beach. Call to schedule your showing!

29. 2023-03-09
    listed $150,000 Active 273-char remark

    Show marketing remark (273 chars)

    Cozy 2 bedroom/ 1 bathroom ranch home located on the main road into Polk City. This is a perfect starter home or investment property. New siding and trim. Centrally located within minutes of Saylorville marina, Big Creek State Park and Beach. Call to schedule your showing!

30. 2009-11-20
    soldstatus $49,900
31. 2009-11-20
    soldstatus $50,000
32. 2009-06-18
    listed $50,000

ⓘ 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: $1,858 · $155/mo
• Projected year-2 tax: $2,027 · $169/mo
• Expected delta: +$169/yr (+$14/mo · 9.1%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,571
• − Mortgage interest: −$7,837
• − Property taxes: −$1,858
• − Insurance: −$700
• − Repairs & maintenance: −$1,246
• − Management: −$1,246
• − Depreciation: −$4,070
• Taxable loss: −$1,384
• Est. tax savings @ 24.0%: +$332
• After-tax cash flow: $1,272/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: North Polk Community School District
• NCES district ID: 1920910
• Math proficiency: 87% ▼ -2.00%
• Reading proficiency: 84% ▼ -3.00%
• Median HH income: $80,205
• Composite: 75.13/100
• National rank: #140
• State rank: #7 of 289 in IA

Livability — Polk City

• Score: 79/100
• State rank: #109
• US rank: #2099

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Polk City, IA
• County: Polk County · 453,298 people
• City population: 7,759
• Metro: Des Moines-West Des Moines, IA
• Population (ZIP): 7,759
• Household income: $153,011
• Rent vs Own: 10.5% rent · 89.5% own
• Severe rent burden: 59.0

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 (96%)
• Race & ethnicity: White 96% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Portuguese 8% Slovak 4% Lithuanian 3%
• Languages at home: 99% English-only · Spanish 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: ▼ -53.89%
• Current HPI: 248.8751
• Rent YoY: —
• 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

+199.8% since first listed

15 events — show timeline

• 2026-05-16 Price Changed $149,900 DMMLS
• 2026-04-14 Price Changed $160,000 DMMLS
• 2026-03-20 Listed $165,000 DMMLS
• 2023-06-14 Sold (Public Records) $104,000 Public Records
• 2023-06-12 Sold (MLS) $104,000 DMMLS
• 2023-04-24 Pending — DMMLS
• 2023-04-17 Price Changed $100,000 DMMLS
• 2023-04-11 Price Changed $110,000 DMMLS
• 2023-04-04 Price Changed $122,000 DMMLS
• 2023-03-21 Price Changed $125,000 DMMLS
• 2023-03-16 Price Changed $140,000 DMMLS
• 2023-03-09 Listed $150,000 DMMLS
• 2009-11-20 Sold (Public Records) $50,000 Public Records
• 2009-11-20 Sold (MLS) $49,900 DMMLS
• 2009-06-18 Listed $50,000 DMMLS

Property tax history

+6.1%/yr

Latest (2025): $1,858 · +11.7% YoY. Source: county tax records.