2021 E 22nd St · Des Moines, IA 50317

$165,000

3 bd · 1.0 ba · 1,216 sqft · SingleFamily public records · 1 Days on market

Built 1958 5,819 sqft lot Est $218k · 24% 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 +12.8/30.0
• Livability +4.0/5.0
• DSCR +3.8/10.0
• Schools +3.8/10.0
• 1% rule +3.6/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• New furnace
• New water heater
• Corner lot

Tags

• CORNER LOT
• SPACIOUS EAT-IN KITCHEN
• NEW FURNACE
• NEW WATER HEATER
• NEW ROOF
• HARDWOOD FLOORS

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Resale property
• Construction: Metal siding; Asphalt shingle roof; Poured foundation; Has unfinished basement
• Exterior features: Open patio

Interior

• Kitchen: Microwave; Refrigerator; Stove
• Bedrooms: 3 main-level bedrooms
• Flooring: Carpet; Laminate; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Eat-in kitchen; Window treatments
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $-16 ($-195/yr) — negative.
• To cash-flow at today's rent, offer at most $162k (1.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $142k (14.0% below list).
• Recommended offer: $142k (14.0% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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 rising (+2.3%/yr); 357 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $1k of loan paydown is wiped out by about $5k 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

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $141,852 (14.0% 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 1958 — 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 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?
5. 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?
6. 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?
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: 0.86% ✗
• Cap rate: 6.17%
• Cash-on-cash: -0.42%
• DSCR: 0.98
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $217,664
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1905 Searle St	0.12mi	3/1.0	1,209 (-1%)	4mo	$165,000	$136	90
2124 E 23rd St	0.14mi	3/2.0	1,214 (-0%)	6mo	$170,000	$140	84
2324 E 23rd St	0.27mi	4/1.0 (+1)	1,222 (+0%)	4mo	$189,000	$155	78
2113 Boyd St	0.57mi	3/1.5	1,248 (+3%)	1mo	$223,045	$179	66
1520 E 26th St	0.59mi	2/1.0 (-1)	1,200 (-1%)	0mo	$206,000	$172	65
2419 E 23rd St	0.32mi	4/2.0 (+1)	1,092 (-10%)	2mo	$245,000	$224	57
2520 E 25th St	0.48mi	3/1.5	1,380 (+14%)	2mo	$285,000	$207	51
1460 E 22nd St	0.44mi	3/2.0	1,037 (-15%)	1mo	$189,900	$183	50
2560 E Sheridan Ave	0.66mi	3/2.0	1,320 (+9%)	7mo	$245,000	$186	45
1520 Stewart St	0.68mi	2/1.0 (-1)	1,106 (-9%)	7mo	$125,000	$113	42
1531 Stewart St	0.64mi	3/1.5	1,062 (-13%)	6mo	$175,000	$165	42
1312 E 25th Ct	0.73mi	4/2.0 (+1)	1,080 (-11%)	2mo	$265,000	$245	36

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 · 2.29% rent growth · sell at horizon

5-year hold

• IRR: -17.8%
• Equity multiple: 0.38×
• Total profit: $-28,758
• Equity at exit: $24,602

10-year hold

• IRR: -11.3%
• Equity multiple: 0.34×
• Total profit: $-30,365
• Equity at exit: $14,266

Cash invested: $46,200 (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 50317

• Rents YoY: 2.3%
• Active inventory: 357
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,419 high
• Mortgage (P&I): −$865
• Tax from tax record: −$203 /mo · $2,434/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$298
• Net cashflow: $-16

Break-even live

Break-even rent $1,439

Max offer price $162,133

Occupancy floor 96%

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2121 E 23rd St Des Moines, IA	3.0	1.0	972	$1,395	$1.44	43d	1	0.17mi
1726 E 24th St Des Moines, IA	3.0	1.0	850	$1,295	$1.52	43d	1	0.32mi
1364 Idaho St Des Moines, IA	2.0	1.0	804	$1,195	$1.49	23d	1	1.24mi
1530 E 14th St Des Moines, IA	3.0	2.0	1428	$1,900	$1.33	14d	1	1.25mi
1713 Lyon St Des Moines, IA	3.0	1.0	834	$1,045	$1.25	21d	1	1.26mi
2120 Capitol Ave Des Moines, IA	3.0	1.0	973	$1,395	$1.43	43d	1	1.27mi
2726 Des Moines St Des Moines, IA	2.0	1.0	975	$1,295	$1.33	43d	1	1.33mi
2925 Maple St Des Moines, IA	3.0	1.0	1270	$1,500	$1.18	23d	1	1.37mi
410 E 17th St Des Moines, IA	3.0	1.0	1000	$1,695	$1.70	43d	1	1.42mi
3947 E 23rd St Des Moines, IA	2.0	1.0	800	$872	$1.09	14d	2	1.43mi
915 E Washington Ave Des Moines, IA	3.0	1.0	1457	$1,450	$1.00	23d	1	1.46mi

Listing history 2 events

1. 2026-06-19
   status $165,000 Pending 1 DOM
2. 2026-06-17
   listed $165,000 Active 1 DOM

ⓘ 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: $2,434 · $203/mo
• Projected year-2 tax: $2,512 · $209/mo
• Expected delta: +$78/yr (+$7/mo · 3.2%)

ⓘ 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: $17,022
• − Mortgage interest: −$9,243
• − Property taxes: −$2,434
• − Insurance: −$825
• − Repairs & maintenance: −$1,362
• − Management: −$1,362
• − Depreciation: −$4,800
• Taxable loss: −$3,003
• Est. tax savings @ 24.0%: +$721
• After-tax cash flow: $526/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): 36,548
• Household income: $65,617
• Rent vs Own: 27.5% rent · 72.5% own
• Severe rent burden: 716.0

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: Majority White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 19% Two or more races 10% Black 10% Asian 3%
• Hispanic origin (detail): Mexican 15% Puerto Rican 1%
• Common ancestry: Portuguese 3% Iranian 2% Swiss 1%
• Foreign-born: 12% · Canada
• Languages at home: 80% English-only · Spanish 13% 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: ▼ -235.00%
• Current HPI: 281.7409
• Rent YoY: ▲ 2.29%
• 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

1 event — show timeline

• 2026-06-17 Listed $165,000 DMMLS

Property tax history

+1.3%/yr

Latest (2025): $2,434 · -3.1% YoY. Source: county tax records.