208 SE 3rd St · Grimes, IA 50111

$244,900

3 bd · 1.5 ba · 1,571 sqft · SingleFamily public records · 23 Days on market

Built 1900 8,158 sqft lot Est $328k · 25% 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 +11.9/30.0
• Schools +7.0/10.0
• Livability +4.0/5.0
• DSCR +3.5/10.0
• 1% rule +3.3/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this well-maintained, cozy 3-bedroom, 2-bath home offering nearly 1,600 sq ft in the heart of Grimes! Ideally located near parks, schools, and everyday amenities, many updates throughout. A cozy bump out in the living room with a window that lets in a ton of natural light! The functional layout features spacious living areas and a kitchen with a ton of counter space and cabinetry This extra cozy home has an open floor plan and a large family room. Enjoy the convenience of main floor laundry, along with wheelchair accessibility-friendly features in the primary bedroom and bath, including wider doorways and grab bars. Step outside to a nice, large deck - perfect for relaxing or

Key facts

• Large deck
• Open floor plan
• Natural light

Tags

• NATURAL LIGHT
• OPEN FLOOR PLAN
• MAIN FLOOR LAUNDRY
• LARGE DECK
• STORAGE SHEDS

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $245k.

Deal economics

• At list price, monthly cash flow is $-64 ($-774/yr) — negative.
• To cash-flow at today's rent, offer at most $234k (4.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $203k (17.2% below list).
• Recommended offer: $203k (17.2% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 2.3% in Grimes — 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 (#106 in IA, #2,080 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F.
• Dallas Center-Grimes Community School District (rural): math 78% / reading 82% proficiency, ranked #19 of 289 in IA (top 7%) — strong family-tenant draw, lease renewals of 3-5y typical; only 12% free/reduced lunch — higher-income household profile.
• Market conditions: Rents flat; 327 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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 23 days — a 2% lower offer ($241k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $202,723 (17.2% 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. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 0.83% ✗
• Cap rate: 5.98%
• Cash-on-cash: -1.13%
• DSCR: 0.95
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $328,339
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
208 SE 3rd St	0.00mi	3/2.0	1,571 (0%)	0mo	$248,900	$158	98
280 NW Prairie Creek Dr	0.52mi	4/2.5 (+1)	1,568 (-0%)	2mo	$325,000	$207	65
401 NW Valley View Dr	0.47mi	3/1.5	1,440 (-8%)	1mo	$272,000	$189	63
712 SE 13th St	0.64mi	3/2.5	1,456 (-7%)	1mo	$306,000	$210	53
617 SE Meadowlark Dr	0.37mi	4/2.5 (+1)	1,772 (+13%)	0mo	$369,990	$209	52
500 SE 13th St	0.64mi	4/3.0 (+1)	1,498 (-5%)	0mo	$354,500	$237	51
1208 SW 4th St	0.74mi	3/3.0	1,478 (-6%)	0mo	$305,000	$206	50
108 NW 10th Cir	0.67mi	3/3.5	1,668 (+6%)	3mo	$355,000	$213	48
405 SE 13th St	0.62mi	4/2.5 (+1)	1,736 (+10%)	0mo	$335,000	$193	45
500 SE 14th St	0.71mi	4/3.0 (+1)	1,703 (+8%)	0mo	$461,500	$271	42
1105 SW 6th St	0.72mi	4/3.0 (+1)	1,386 (-12%)	1mo	$395,000	$285	35
901 SE Woodbine Dr	0.73mi	4/2.5 (+1)	1,780 (+13%)	3mo	$350,000	$197	32

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 · 0.71% rent growth · sell at horizon

5-year hold

• IRR: -20.7%
• Equity multiple: 0.29×
• Total profit: $-48,343
• Equity at exit: $36,515

10-year hold

• IRR: -20.0%
• Equity multiple: 0.05×
• Total profit: $-65,225
• Equity at exit: $21,174

Cash invested: $68,572 (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 50111

• Home prices YoY: -11.1%
• Rents YoY: 0.7%
• Active inventory: 327
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $2,027 high
• Mortgage (P&I): −$1,284
• Tax from tax record: −$280 /mo · $3,356/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$426
• Net cashflow: $-64

Break-even live

Break-even rent $2,109

Max offer price $233,510

Occupancy floor 98%

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: $61,225
• Closing costs: $7,347
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
301 SE 4th St Grimes, IA	3.0	2.5	1619	$2,195	$1.36	44d	1	0.05mi
305 SE 4th St Grimes, IA	3.0	2.5	1651	$2,090	$1.27	14d	1	0.05mi
317 SE 4th St Grimes, IA	3.0	2.5	1619	$2,195	$1.36	14d	1	0.07mi
301 SE 11th St #706 Grimes, IA	2.0	2.5	1144	$1,750	$1.53	14d	1	0.46mi
301 SE 11th St #703 Grimes, IA	3.0	2.5	1568	$1,895	$1.21	14d	1	0.46mi
1250 SE 11th St Grimes, IA	1.0–3.0	1.0–2.0	921	$1,487	$1.61	14d	15	0.79mi
1951 N James St Unit 107 Grimes, IA	3.0	2.0	1150	$1,295	$1.13	14d	1	1.24mi
935 SE Silkwood Ln Grimes, IA	1.0–2.0	1.0–2.0	914	$1,436	$1.57	14d	27	1.27mi
1704 NE Gateway Ct Grimes, IA	3.0	1.0–2.0	945	$1,899	$2.01	14d	50	1.31mi
1851 NE Little Beaver Dr Grimes, IA	4.0	3.0	2165	$2,595	$1.20	14d	1	1.33mi
1360 NE Primrose Ln Grimes, IA	3.0	1.0–2.5	893	$1,700	$1.90	14d	37	1.41mi

Listing history 2 events

1. 2026-04-17
   status Pending
2. 2026-03-25
   listed $244,900 Active

ⓘ 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: $3,356 · $280/mo
• Projected year-2 tax: $3,600 · $300/mo
• Expected delta: +$244/yr (+$20/mo · 7.3%)

ⓘ 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 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,327
• − Mortgage interest: −$13,718
• − Property taxes: −$3,356
• − Insurance: −$1,224
• − Repairs & maintenance: −$1,946
• − Management: −$1,946
• − Depreciation: −$7,124
• Taxable loss: −$4,989
• Est. tax savings @ 24.0%: +$1,197
• After-tax cash flow: $424/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: Dallas Center-Grimes Community School District
• NCES district ID: 1908520
• Math proficiency: 78% ▼ -7.00%
• Reading proficiency: 82% ▼ -1.00%
• Median HH income: $73,781
• Composite: 69.92/100
• National rank: #285
• State rank: #19 of 289 in IA

Livability — Grimes

• Score: 79/100
• State rank: #106
• US rank: #2080

Category grades

Amenities F Commute F Cost of living A+ 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: Grimes, IA
• County: Polk County · 453,298 people
• City population: 16,865
• Metro: Des Moines-West Des Moines, IA
• Population (ZIP): 16,865
• Household income: $120,769
• Rent vs Own: 28.3% rent · 71.7% own
• Severe rent burden: 249.0

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 (85%)
• Race & ethnicity: White 85% Hispanic / Latino 6% Two or more races 5% Asian 3% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 3% Italian 3% Iranian 2%
• Foreign-born: 6% · China, Canada
• Languages at home: 92% English-only · Other Asian/Pacific 3% Spanish 2% Other Indo-European 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: ▼ -30.93%
• Current HPI: 249.0614
• Rent YoY: ▲ 0.71%
• 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

2 events — show timeline

• 2026-04-17 Pending — DMMLS
• 2026-03-25 Listed $244,900 DMMLS

Property tax history

+4.0%/yr

Latest (2025): $3,356 · -1.1% YoY. Source: county tax records.