5920 Hickman Rd · Des Moines, IA 50322

$95,000

2 bd · 1.0 ba · 572 sqft · SingleFamily public records · 102 Days on market

Built 1947 8,400 sqft lot $166/sqft · 51% below area

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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).

• Cash flow +17.3/30.0
• ARV discount +7.5/15.0
• DSCR +5.4/10.0
• 1% rule +5.3/10.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investors, the hard work has already been done for you. This 2 bedroom, 1 bathroom home is the perfect opportunity to finish it your way and add instant value. Major updates are already complete, including electrical, plumbing, and a newer roof, giving you a solid foundation to move forward with confidence. Located in a prime Des Moines location, this property offers quick access to shopping centers, gas stations, restaurants, grocery stores, and so much more of what Des Moines has to offer. Convenience and potential come together here. Bring your vision and finish the final touches to match your style or maximize your return. Whether you are looking for your next flip or a long term rental, this property delivers opportunity in a location investors love. All information obtained from seller and public records.

Key facts

• Newer roof
• Major updates
• 8,400 sq ft lot

Tags

• MAJOR UPDATES
• NEWER ROOF
• PRIME DES MOINES LOCATION
• QUICK ACCESS TO GAS STATIONS
• QUICK ACCESS TO RESTAURANTS
• QUICK ACCESS TO GROCERY STORES

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $95k.

Deal economics

• At list price, monthly cash flow is $70 ($835/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($981 rent vs $95k).
• Recommended offer: $86k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.2% 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 soft (-0.9%/yr); 280 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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).
• This rent is only 13% of the median local income ($92k/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 $657 of loan paydown is wiped out by about $3k 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 102 days — a 9% lower offer ($86k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 14y ago; this cycle's ask has dropped $15k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $73k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $86,450 (9.0% below list)

Questions for the listing agent

1. It's been on market 102 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 1947 — 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. 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?
8. 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.
9. 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.
10. 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: 7.17%
• Cash-on-cash: 3.14%
• DSCR: 1.14
• GRM: 8.1

CMA / ARV

• ARV (median comp): $195,856
• List price: $95,000
• Delta: -51.49%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5920 Hickman Rd	0.00mi	2/1.0	572 (0%)	0mo	$85,000	$149	100
5705 Holcomb Ave	0.23mi	2/2.0	612 (+7%)	15mo	$197,000	$322	61
6010 Hickman Rd	0.05mi	2/1.0	637 (+11%)	22mo	$145,000	$228	60
5616 New York Ave	0.44mi	2/1.0	636 (+11%)	3mo	$180,000	$283	58
2741 57th St	0.42mi	2/1.0	636 (+11%)	9mo	$142,000	$223	54
2311 61st St	0.09mi	2/1.0	656 (+15%)	21mo	$149,900	$229	54
1707 Merle Hay Rd	0.40mi	2/1.0	651 (+14%)	16mo	$135,000	$207	46
5625 New York Ave	0.46mi	2/1.0	653 (+14%)	22mo	$145,000	$222	37
1415 Merle Hay Rd	0.69mi	3/1.0 (+1)	651 (+14%)	14mo	$195,000	$300	28

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -15.0%
• Equity multiple: 0.48×
• Total profit: $-13,790
• Equity at exit: $14,165

10-year hold

• IRR: -12.9%
• Equity multiple: 0.35×
• Total profit: $-17,224
• Equity at exit: $8,214

Cash invested: $26,600 (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 50322

• Rents YoY: -0.9%
• Active inventory: 280
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $981 high
• Mortgage (P&I): −$498
• Tax from tax record: −$167 /mo · $2,008/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$206
• Net cashflow: $70

Break-even live

Break-even rent $893

Max offer price $95,000

Occupancy floor 88%

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6319 Hickman Rd Unit 6319-20 Des Moines, IA	2.0	1.0	750	$765	$1.02	18d	1	0.25mi
6319 Hickman Rd Unit 6319-24 Des Moines, IA	2.0	1.0	750	$800	$1.07	18d	1	0.25mi
6319 Hickman Rd Unit 14 Des Moines, IA	2.0	1.0	750	$875	$1.17	43d	1	0.25mi
6319 Hickman Rd Des Moines, IA	2.0	1.0	750	$900	$1.20	43d	3	0.25mi
6319 Hickman Rd Unit 6315-2 Des Moines, IA	2.0	1.0	750	$775	$1.03	18d	1	0.25mi
5612 New York Ave Des Moines, IA	2.0	2.0	636	$1,595	$2.51	14d	1	0.43mi
5250 Franklin Ave Des Moines, IA	1.0	1.0	640	$850	$1.33	43d	1	0.52mi
1534 63rd St Windsor Heights, IA	2.0	1.0	592	$895	$1.51	43d	1	0.60mi
4925 Franklin Ave Des Moines, IA	1.0–2.0	1.0	606	$1,015	$1.67	14d	4	0.73mi
3710 57th St Des Moines, IA	1.0–2.0	1.0	787	$899	$1.14	23d	3	0.97mi
3710 56th St Des Moines, IA	1.0	1.0	528	$825	$1.56	21d	2	0.98mi
5626 Douglas Ave Des Moines, IA	1.0	1.0	360	$750	$2.08	14d	6	0.99mi
1148 63rd St Windsor Heights, IA	1.0–2.0	1.0–2.0	802	$1,700	$2.12	14d	3	1.06mi
4326 Hickman Rd Unit 307 Des Moines, IA	1.0	1.0	697	$1,420	$2.04	43d	1	1.16mi
4326 Hickman Rd Unit 405 Des Moines, IA	1.0	1.0	728	$1,440	$1.98	43d	1	1.17mi
2510 Canterbury Rd Urbandale, IA	3.0	1.0–1.5	1192	$1,335	$1.12	14d	25	1.19mi
3934 54th St Des Moines, IA	1.0	1.0	504	$1,295	$2.57	14d	1	1.26mi
4801 University Ave Unit 1 Des Moines, IA	1.0	1.0	700	$995	$1.42	43d	1	1.33mi
2929 Beaver Ave Des Moines, IA	1.0	1.0	575	$950	$1.65	43d	1	1.46mi
900 65th St Windsor Heights, IA	1.0–2.0	1.0–2.0	832	$1,475	$1.77	14d	5	1.48mi

Listing history 34 events

1. 2026-04-13
   price $95,000 822-char remark

   Show marketing remark (822 chars)

   Investors, the hard work has already been done for you. This 2 bedroom, 1 bathroom home is the perfect opportunity to finish it your way and add instant value. Major updates are already complete, including electrical, plumbing, and a newer roof, giving you a solid foundation to move forward with confidence. Located in a prime Des Moines location, this property offers quick access to shopping centers, gas stations, restaurants, grocery stores, and so much more of what Des Moines has to offer. Convenience and potential come together here. Bring your vision and finish the final touches to match your style or maximize your return. Whether you are looking for your next flip or a long term rental, this property delivers opportunity in a location investors love. All information obtained from seller and public records.

2. 2026-03-11
   price $105,000 822-char remark

   Show marketing remark (822 chars)

   Investors, the hard work has already been done for you. This 2 bedroom, 1 bathroom home is the perfect opportunity to finish it your way and add instant value. Major updates are already complete, including electrical, plumbing, and a newer roof, giving you a solid foundation to move forward with confidence. Located in a prime Des Moines location, this property offers quick access to shopping centers, gas stations, restaurants, grocery stores, and so much more of what Des Moines has to offer. Convenience and potential come together here. Bring your vision and finish the final touches to match your style or maximize your return. Whether you are looking for your next flip or a long term rental, this property delivers opportunity in a location investors love. All information obtained from seller and public records.

3. 2026-02-13
   listed $110,000 Active 822-char remark

   Show marketing remark (822 chars)

   Investors, the hard work has already been done for you. This 2 bedroom, 1 bathroom home is the perfect opportunity to finish it your way and add instant value. Major updates are already complete, including electrical, plumbing, and a newer roof, giving you a solid foundation to move forward with confidence. Located in a prime Des Moines location, this property offers quick access to shopping centers, gas stations, restaurants, grocery stores, and so much more of what Des Moines has to offer. Convenience and potential come together here. Bring your vision and finish the final touches to match your style or maximize your return. Whether you are looking for your next flip or a long term rental, this property delivers opportunity in a location investors love. All information obtained from seller and public records.

4. 2023-11-15
   soldstatus $73,000
5. 2023-11-14
   soldstatus $73,000 Closed 181-char remark

   Show marketing remark (181 chars)

   Good investment opportunity for first time buyer or investor. House has been gutted and ready for a remodel. Close to many restaurants, and shopping and an easy commute to downtown.

6. 2023-10-26
   status Pending 181-char remark

   Show marketing remark (181 chars)

   Good investment opportunity for first time buyer or investor. House has been gutted and ready for a remodel. Close to many restaurants, and shopping and an easy commute to downtown.

7. 2023-10-20
   listed $79,000 Active 181-char remark

   Show marketing remark (181 chars)

   Good investment opportunity for first time buyer or investor. House has been gutted and ready for a remodel. Close to many restaurants, and shopping and an easy commute to downtown.

8. 2022-11-02
   soldstatus $85,000
9. 2022-10-31
   soldstatus $85,000 Closed
10. 2022-10-03
    status Pending
11. 2022-09-28
    price $95,000
12. 2022-09-13
    status Active
13. 2022-09-12
    historical
14. 2022-08-29
    price $99,000
15. 2022-08-16
    listed $105,000 Active
16. 2021-03-01
    soldstatus $61,000 Closed
17. 2021-02-17
    status Pending
18. 2021-02-15
    price $65,000
19. 2021-02-02
    price $69,900
20. 2021-01-27
    price $72,500
21. 2021-01-19
    price $74,900
22. 2020-12-30
    listed $80,000 Active
23. 2019-10-12
    historical
24. 2019-05-22
    price $75,000
25. 2019-05-09
    listed $80,000 Active
26. 2019-04-02
    soldstatus $147,000
27. 2017-08-11
    historical
28. 2017-04-20
    listed $69,987
29. 2016-05-26
    historical
30. 2015-05-26
    listed $59,900
31. 2014-10-28
    soldstatus $33,333
32. 2014-06-06
    listed $30,000
33. 2012-12-02
    historical
34. 2012-06-01
    listed $57,500

ⓘ 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: $2,008 · $167/mo
• Projected year-2 tax: $2,008 · $167/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,768
• − Mortgage interest: −$5,321
• − Property taxes: −$2,008
• − Insurance: −$475
• − Repairs & maintenance: −$941
• − Management: −$941
• − Depreciation: −$2,764
• Taxable loss: −$683
• Est. tax savings @ 24.0%: +$164
• After-tax cash flow: $999/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): 31,931
• Household income: $92,085
• Rent vs Own: 27.2% rent · 72.8% own
• Severe rent burden: 885.0

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 (75%)
• Race & ethnicity: White 75% Hispanic / Latino 9% Black 8% Asian 5% Two or more races 4%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2%
• Common ancestry: Portuguese 5% Italian 4% Slovak 3%
• Foreign-born: 11% · Canada, Philippines, Vietnam
• Languages at home: 85% English-only · Spanish 6% Russian/Polish/Slavic 2% Other Asian/Pacific 2%

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: ▼ -201.49%
• Current HPI: 219.4557
• Rent YoY: ▼ -0.92%
• 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

+65.2% since first listed

34 events — show timeline

• 2026-04-13 Price Changed $95,000 DMMLS
• 2026-03-11 Price Changed $105,000 DMMLS
• 2026-02-13 Listed $110,000 DMMLS
• 2023-11-15 Sold (Public Records) $73,000 Public Records
• 2023-11-14 Sold (MLS) $73,000 DMMLS
• 2023-10-26 Pending — DMMLS
• 2023-10-20 Listed $79,000 DMMLS
• 2022-11-02 Sold (Public Records) $85,000 Public Records
• 2022-10-31 Sold (MLS) $85,000 DMMLS
• 2022-10-03 Pending — DMMLS
• 2022-09-28 Price Changed $95,000 DMMLS
• 2022-09-13 Relisted — DMMLS
• 2022-09-12 Listing Removed — DMMLS
• 2022-08-29 Price Changed $99,000 DMMLS
• 2022-08-16 Listed $105,000 DMMLS
• 2021-03-01 Sold (MLS) $61,000 DMMLS
• 2021-02-17 Pending — DMMLS
• 2021-02-15 Price Changed $65,000 DMMLS
• 2021-02-02 Price Changed $69,900 DMMLS
• 2021-01-27 Price Changed $72,500 DMMLS
• 2021-01-19 Price Changed $74,900 DMMLS
• 2020-12-30 Listed $80,000 DMMLS
• 2019-10-12 Listing Removed — DMMLS
• 2019-05-22 Price Changed $75,000 DMMLS
• 2019-05-09 Listed $80,000 DMMLS
• 2019-04-02 Sold (Public Records) $147,000 Public Records
• 2017-08-11 Listing Removed — DMMLS
• 2017-04-20 Listed $69,987 DMMLS
• 2016-05-26 Listing Removed — DMMLS
• 2015-05-26 Listed $59,900 DMMLS
• 2014-10-28 Sold (MLS) $33,333 DMMLS
• 2014-06-06 Listed $30,000 DMMLS
• 2012-12-02 Listing Removed — DMMLS
• 2012-06-01 Listed $57,500 DMMLS

Property tax history

+2.5%/yr

Latest (2025): $2,008 · +2.0% YoY. Source: county tax records.