2644 Chicago Ave · Des Moines, IA 50317

$105,000

2 bd · 1.0 ba · 599 sqft · SingleFamily public records · 101 Days on market

Built 1916 4,880 sqft lot $175/sqft · 29% below area Est $149k · 29% 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
• DSCR +5.1/10.0
• 1% rule +5.0/10.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

NEW ROOF WILL BE INSTALLED PRIOR TO CLOSE. If you’re looking for a smart investment, a high-demand rental, or just want to live more affordably than renting an apartment, you have to see this 2-bedroom, 1-bath in Northeast Des Moines. At 599 sq. ft. , every inch of this home has been maximized. The big stuff has been taken care of so you don't have to. Outside, you get the privacy of a fully fenced backyard and the huge bonus of a 1-car detached garage with extra parking off to the side as well. This is the perfect opportunity to ditch the rent cycle and own a move-in-ready, modernized home.

Key facts

• Modernized home
• Move-in-ready
• 4,880 sq ft lot

Tags

• FULLY FENCED BACKYARD
• 1-CAR DETACHED GARAGE
• MOVE-IN-READY
• MODERNIZED HOME

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $105k.

Deal economics

• At list price, monthly cash flow is $59 ($712/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 $105k (0.4% below list).
• Recommended offer: $96k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.0% 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; 2 comparable units currently listed for rent nearby; 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 $726 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 101 days — a 9% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 7y ago; this cycle's ask has dropped $25k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $95,550 (9.0% below list)

Questions for the listing agent

1. It's been on market 101 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 1916 — 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: 1.00% ✗
• Cap rate: 6.97%
• Cash-on-cash: 2.42%
• DSCR: 1.11
• GRM: 8.4

CMA / ARV

• ARV (median comp): $148,833
• List price: $105,000
• Delta: -29.45%
• 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
1312 E 27th Ct	0.12mi	2/1.0	616 (+3%)	1mo	$68,100	$111	88
2710 E Washington Ave	0.24mi	2/1.0	616 (+3%)	1mo	$75,000	$122	83
1904 E 27th St	0.44mi	2/2.0	572 (-4%)	1mo	$139,900	$245	67
2021 E 25th St	0.58mi	2/1.0	635 (+6%)	6mo	$124,900	$197	58
2924 E Washington Ave	0.39mi	1/1.0 (-1)	549 (-8%)	6mo	$105,000	$191	58
3121 Mahaska Ave	0.56mi	2/1.0	660 (+10%)	2mo	$154,000	$233	55
2420 Maple St	0.53mi	1/1.0 (-1)	560 (-6%)	6mo	$88,000	$157	55
1219 E 32nd St	0.62mi	2/1.0	660 (+10%)	2mo	$125,000	$189	52
823 E 23rd Ct	0.56mi	2/1.0	669 (+12%)	3mo	$160,000	$239	52
2916 Walker St	0.45mi	2/2.0	672 (+12%)	4mo	$175,000	$260	52
3108 Kinsey Ave	0.52mi	3/1.0 (+1)	672 (+12%)	6mo	$152,500	$227	45
1603 E 22nd St	0.63mi	3/1.0 (+1)	672 (+12%)	1mo	$174,000	$259	45

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: -13.3%
• Equity multiple: 0.53×
• Total profit: $-13,938
• Equity at exit: $15,656

10-year hold

• IRR: -5.5%
• Equity multiple: 0.66×
• Total profit: $-10,108
• Equity at exit: $9,078

Cash invested: $29,400 (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: 8.4×

Monthly cashflow live

• Estimated rent: $1,046 medium
• Mortgage (P&I): −$551
• Tax from tax record: −$172 /mo · $2,070/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$220
• Net cashflow: $59

Break-even live

Break-even rent $971

Max offer price $105,000

Occupancy floor 89%

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1220 E 37th Ct Des Moines, IA	2.0	1.0	560	$950	$1.70	23d	1	1.24mi
2555 Wedgewood Rd Des Moines, IA	1.0	1.0	650	$750	$1.15	14d	1	1.46mi

Listing history 31 events

1. 2026-05-08
   status Active 604-char remark

   Show marketing remark (604 chars)

   NEW ROOF WILL BE INSTALLED PRIOR TO CLOSE. If you’re looking for a smart investment, a high-demand rental, or just want to live more affordably than renting an apartment, you have to see this 2-bedroom, 1-bath in Northeast Des Moines. At 599 sq. ft. , every inch of this home has been maximized. The big stuff has been taken care of so you don't have to. Outside, you get the privacy of a fully fenced backyard and the huge bonus of a 1-car detached garage with extra parking off to the side as well. This is the perfect opportunity to ditch the rent cycle and own a move-in-ready, modernized home.

2. 2026-04-27
   status Pending 604-char remark

   Show marketing remark (604 chars)

   NEW ROOF WILL BE INSTALLED PRIOR TO CLOSE. If you’re looking for a smart investment, a high-demand rental, or just want to live more affordably than renting an apartment, you have to see this 2-bedroom, 1-bath in Northeast Des Moines. At 599 sq. ft. , every inch of this home has been maximized. The big stuff has been taken care of so you don't have to. Outside, you get the privacy of a fully fenced backyard and the huge bonus of a 1-car detached garage with extra parking off to the side as well. This is the perfect opportunity to ditch the rent cycle and own a move-in-ready, modernized home.

3. 2026-04-22
   price $105,000 604-char remark

   Show marketing remark (604 chars)

   NEW ROOF WILL BE INSTALLED PRIOR TO CLOSE. If you’re looking for a smart investment, a high-demand rental, or just want to live more affordably than renting an apartment, you have to see this 2-bedroom, 1-bath in Northeast Des Moines. At 599 sq. ft. , every inch of this home has been maximized. The big stuff has been taken care of so you don't have to. Outside, you get the privacy of a fully fenced backyard and the huge bonus of a 1-car detached garage with extra parking off to the side as well. This is the perfect opportunity to ditch the rent cycle and own a move-in-ready, modernized home.

4. 2026-04-19
   price $115,000 604-char remark

   Show marketing remark (604 chars)

   NEW ROOF WILL BE INSTALLED PRIOR TO CLOSE. If you’re looking for a smart investment, a high-demand rental, or just want to live more affordably than renting an apartment, you have to see this 2-bedroom, 1-bath in Northeast Des Moines. At 599 sq. ft. , every inch of this home has been maximized. The big stuff has been taken care of so you don't have to. Outside, you get the privacy of a fully fenced backyard and the huge bonus of a 1-car detached garage with extra parking off to the side as well. This is the perfect opportunity to ditch the rent cycle and own a move-in-ready, modernized home.

5. 2026-03-29
   price $119,900 604-char remark

   Show marketing remark (604 chars)

   NEW ROOF WILL BE INSTALLED PRIOR TO CLOSE. If you’re looking for a smart investment, a high-demand rental, or just want to live more affordably than renting an apartment, you have to see this 2-bedroom, 1-bath in Northeast Des Moines. At 599 sq. ft. , every inch of this home has been maximized. The big stuff has been taken care of so you don't have to. Outside, you get the privacy of a fully fenced backyard and the huge bonus of a 1-car detached garage with extra parking off to the side as well. This is the perfect opportunity to ditch the rent cycle and own a move-in-ready, modernized home.

6. 2026-02-18
   price $124,900 604-char remark

   Show marketing remark (604 chars)

   NEW ROOF WILL BE INSTALLED PRIOR TO CLOSE. If you’re looking for a smart investment, a high-demand rental, or just want to live more affordably than renting an apartment, you have to see this 2-bedroom, 1-bath in Northeast Des Moines. At 599 sq. ft. , every inch of this home has been maximized. The big stuff has been taken care of so you don't have to. Outside, you get the privacy of a fully fenced backyard and the huge bonus of a 1-car detached garage with extra parking off to the side as well. This is the perfect opportunity to ditch the rent cycle and own a move-in-ready, modernized home.

7. 2026-01-30
   listed $129,900 Active 604-char remark

   Show marketing remark (604 chars)

   NEW ROOF WILL BE INSTALLED PRIOR TO CLOSE. If you’re looking for a smart investment, a high-demand rental, or just want to live more affordably than renting an apartment, you have to see this 2-bedroom, 1-bath in Northeast Des Moines. At 599 sq. ft. , every inch of this home has been maximized. The big stuff has been taken care of so you don't have to. Outside, you get the privacy of a fully fenced backyard and the huge bonus of a 1-car detached garage with extra parking off to the side as well. This is the perfect opportunity to ditch the rent cycle and own a move-in-ready, modernized home.

8. 2021-06-22
   soldstatus $92,000
9. 2021-06-18
   soldstatus $92,000 Closed 389-char remark

   Show marketing remark (389 chars)

   Tiny Living at its finest. Looking for an investment, a great home for a rental property? Or live cheaper than renting by buying this home. Check out this two bedroom, one full bath in Northeast Des Moines with a fenced in backyard and one car detached garage. Updates include gutted and remodeled kitchen and bathroom, electrical, fixtures, outlets, switches, flooring and interior paint.

10. 2021-05-12
    status Pending 389-char remark

    Show marketing remark (389 chars)

    Tiny Living at its finest. Looking for an investment, a great home for a rental property? Or live cheaper than renting by buying this home. Check out this two bedroom, one full bath in Northeast Des Moines with a fenced in backyard and one car detached garage. Updates include gutted and remodeled kitchen and bathroom, electrical, fixtures, outlets, switches, flooring and interior paint.

11. 2021-05-07
    listed $94,500 Active 389-char remark

    Show marketing remark (389 chars)

    Tiny Living at its finest. Looking for an investment, a great home for a rental property? Or live cheaper than renting by buying this home. Check out this two bedroom, one full bath in Northeast Des Moines with a fenced in backyard and one car detached garage. Updates include gutted and remodeled kitchen and bathroom, electrical, fixtures, outlets, switches, flooring and interior paint.

12. 2021-03-29
    status Pending
13. 2021-03-05
    status Active
14. 2021-03-01
    historical
15. 2021-02-19
    status Pending
16. 2021-02-19
    historical
17. 2021-02-15
    price $94,500
18. 2020-12-28
    status Active
19. 2020-12-22
    status Pending
20. 2020-12-15
    price $98,500
21. 2020-12-02
    listed $105,000 Active
22. 2019-10-22
    soldstatus $40,000
23. 2019-10-21
    soldstatus $40,000 Sold
24. 2019-10-04
    status Pending
25. 2019-09-16
    price $44,900
26. 2019-09-10
    status Active
27. 2019-08-28
    status Pending
28. 2019-08-09
    price $46,900
29. 2019-07-19
    listed $49,900 Active
30. 2019-06-07
    soldstatus $31,500
31. 2008-08-27
    soldstatus $44,000

ⓘ 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: $2,070 · $172/mo
• Projected year-2 tax: $2,070 · $172/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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,550
• − Mortgage interest: −$5,882
• − Property taxes: −$2,070
• − Insurance: −$525
• − Repairs & maintenance: −$1,004
• − Management: −$1,004
• − Depreciation: −$3,055
• Taxable loss: −$990
• Est. tax savings @ 24.0%: +$237
• After-tax cash flow: $949/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

+138.6% since first listed

31 events — show timeline

• 2026-05-08 Relisted — DMMLS
• 2026-04-27 Pending — DMMLS
• 2026-04-22 Price Changed $105,000 DMMLS
• 2026-04-19 Price Changed $115,000 DMMLS
• 2026-03-29 Price Changed $119,900 DMMLS
• 2026-02-18 Price Changed $124,900 DMMLS
• 2026-01-30 Listed $129,900 DMMLS
• 2021-06-22 Sold (Public Records) $92,000 Public Records
• 2021-06-18 Sold (MLS) $92,000 DMMLS
• 2021-05-12 Pending — DMMLS
• 2021-05-07 Listed $94,500 DMMLS
• 2021-03-29 Pending — DMMLS
• 2021-03-05 Relisted — DMMLS
• 2021-03-01 Listing Removed — DMMLS
• 2021-02-19 Pending — DMMLS
• 2021-02-19 Listing Removed — DMMLS
• 2021-02-15 Price Changed $94,500 DMMLS
• 2020-12-28 Relisted — DMMLS
• 2020-12-22 Pending — DMMLS
• 2020-12-15 Price Changed $98,500 DMMLS
• 2020-12-02 Listed $105,000 DMMLS
• 2019-10-22 Sold (Public Records) $40,000 Public Records
• 2019-10-21 Sold (MLS) $40,000 DMMLS
• 2019-10-04 Pending — DMMLS
• 2019-09-16 Price Changed $44,900 DMMLS
• 2019-09-10 Relisted — DMMLS
• 2019-08-28 Pending — DMMLS
• 2019-08-09 Price Changed $46,900 DMMLS
• 2019-07-19 Listed $49,900 DMMLS
• 2019-06-07 Sold (Public Records) $31,500 Public Records
• 2008-08-27 Sold (Public Records) $44,000 Public Records

Property tax history

+5.6%/yr

Latest (2025): $2,070 · +2.1% YoY. Source: county tax records.