1927 22nd St · Des Moines, IA 50310

$110,000

2 bd · 1.0 ba · 855 sqft · SingleFamily public records · 32 Days on market

Built 1913 10,450 sqft lot Est $151k · 27% 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 +13.1/30.0
• Livability +4.0/5.0
• DSCR +3.9/10.0
• Schools +3.8/10.0
• 1% rule +3.6/10.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 1927 22nd St in Des Moines a home full of space, comfort, and endless possibilities. From the moment you walk in, you’ll notice the generous storage areas and functional layout designed for everyday living. Step through the patio door onto a cozy deck, the perfect spot to enjoy your morning coffee, relax after work, or unwind on a peaceful evening. The unfinished basement offers incredible potential for extra storage, a workshop, gym, entertainment area, or the ultimate man cave. Sitting on nearly a quarter-acre lot, this property gives you more breathing room and privacy than many homes in the area, while still being just minutes from MLK Boulevard for quick access through

Key facts

• Unfinished basement
• Quick access
• Functional layout

Tags

• GENEROUS STORAGE AREAS
• FUNCTIONAL LAYOUT
• COZY DECK
• UNFINISHED BASEMENT
• QUARTER-ACRE LOT
• QUICK ACCESS

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family property
• Construction: Brick/mortar foundation; Asphalt shingle roof
• Exterior features: Asphalt road frontage; Lot dimensions roughly 50 x 209

Interior

• Bedrooms: 2 main-level bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Natural gas heating; Electric heating; Window unit cooling
• Interior features: Window air conditioning units; Forced air heating; Natural gas heating; Electric heating

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $-5 ($-58/yr) — negative.
• To cash-flow at today's rent, offer at most $109k (0.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $95k (13.8% below list).
• Recommended offer: $95k (13.8% 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-, 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.
• Zoned schools: Monroe Elementary School (math 30% / reading 27%, grade F, #606 of 616 statewide, top 98%, 423 students, 95% FRL); Meredith Middle School (math 40% / reading 40%, grade F, #239 of 246 statewide, top 97%, 664 students, 84% FRL); Hoover High School (math 46% / reading 55%, grade D+, #311 of 336 statewide, top 93%, 991 students, 78% FRL) — zoned schools average 86% FRL vs 63% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.7%/yr); 260 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 15% of the median local income ($76k/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 $761 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 32 days — a 3% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 21y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1913 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $94,874 (13.8% 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. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. Built in 1913 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.86% ✗
• Cap rate: 6.24%
• Cash-on-cash: -0.19%
• DSCR: 0.99
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $151,335
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2112 Martin Luther King Jr Pkwy	0.07mi	2/1.0	795 (-7%)	2mo	$77,000	$97	83
2021 22nd St	0.03mi	2/1.0	952 (+11%)	3mo	$150,000	$158	77
2619 Prospect Rd	0.59mi	2/2.0	831 (-3%)	1mo	$156,000	$188	63
2730 Sheridan Ave	0.61mi	3/1.0 (+1)	864 (+1%)	3mo	$189,900	$220	62
2418 Boston Ave	0.71mi	3/1.0 (+1)	864 (+1%)	2mo	$180,000	$208	59
1341 Clark St	0.70mi	2/1.0	884 (+3%)	4mo	$133,000	$150	58
3111 Lincoln Ave	0.70mi	3/1.0 (+1)	864 (+1%)	4mo	$100,000	$116	57
2713 Meek Ave	0.52mi	2/1.0	768 (-10%)	2mo	$68,000	$89	57
1457 17th St	0.58mi	3/1.0 (+1)	910 (+6%)	0mo	$161,195	$177	57
1821 Washington Ave	0.31mi	3/2.0 (+1)	977 (+14%)	1mo	$165,500	$169	52
2615 30th St	0.70mi	3/2.0 (+1)	918 (+7%)	1mo	$210,000	$229	45
2413 Adams Ave	0.68mi	2/1.0	748 (-12%)	3mo	$175,000	$234	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 · 3.74% rent growth · sell at horizon

5-year hold

• IRR: -15.8%
• Equity multiple: 0.43×
• Total profit: $-17,411
• Equity at exit: $16,401

10-year hold

• IRR: -6.1%
• Equity multiple: 0.59×
• Total profit: $-12,551
• Equity at exit: $9,511

Cash invested: $30,800 (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 50310

• Rents YoY: 3.7%
• Active inventory: 260
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $949 high
• Mortgage (P&I): −$577
• Tax from tax record: −$132 /mo · $1,580/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$199
• Net cashflow: $-5

Break-even live

Break-even rent $955

Max offer price $109,144

Occupancy floor 96%

Sensitivity live

Price	-10% $57	-5% $26	+0% $-5	+5% $-36	+10% $-67
Rent	-10% $-80	-5% $-42	+0% $-5	+5% $33	+10% $70
Rate	-1.0pp $51	-0.5pp $23	base $-5	+0.5pp $-33	+1.0pp $-62

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1718 22nd St Des Moines, IA	2.0	1.0	840	$995	$1.18	16d	1	0.20mi
2413 24th St Unit 3 Des Moines, IA	2.0	1.0	600	$725	$1.21	45d	1	0.26mi
2501 24th St Unit 121 Des Moines, IA	3.0	2.0	950	$995	$1.05	25d	1	0.26mi
2501 24th St Apt 107 Des Moines, IA	3.0	2.0	950	$1,045	$1.10	16d	1	0.27mi
2501 24th St Unit 101 Des Moines, IA	2.0	1.0	750	$725	$0.97	25d	1	0.27mi
2501 24th St Unit 113 Des Moines, IA	2.0	1.0	750	$945	$1.26	45d	1	0.27mi
2501 24th St Des Moines, IA	2.0	1.0	910	$795	$0.87	25d	1	0.27mi
2501 24th St Unit 111 Des Moines, IA	2.0	1.0	750	$760	$1.01	25d	1	0.27mi
2110 26th St Apt 11 Des Moines, IA	2.0	1.0	628	$925	$1.47	21d	1	0.27mi
1714 College Ave Des Moines, IA	3.0	1.0	1015	$1,050	$1.03	45d	1	0.49mi
1313 21st St Unit 7 Des Moines, IA	1.0	1.0	600	$695	$1.16	45d	1	0.72mi
1313 21st St Unit 2 Des Moines, IA	1.0	1.0	600	$695	$1.16	16d	1	0.72mi
1314 22nd St Unit 1 Des Moines, IA	1.0	1.0	535	$725	$1.36	25d	1	0.73mi
1312 22nd St Unit 2 Des Moines, IA	2.0	1.0	841	$825	$0.98	25d	1	0.74mi
1312 22nd St Des Moines, IA	2.0	1.0	841	$825	$0.98	45d	1	0.74mi
1312 22nd St Unit 2 Des Moines, IA	2.0	1.0	841	$850	$1.01	45d	1	0.74mi
2411 Welbeck Rd #11 Des Moines, IA	2.0	1.0	750	$745	$0.99	45d	1	0.77mi
2411 Welbeck Rd #7 Des Moines, IA	2.0	1.0	750	$845	$1.13	45d	1	0.77mi
1217 24th St Des Moines, IA	2.0	1.0–2.0	618	$1,400	$2.26	16d	4	0.83mi
1914 10th St Des Moines, IA	2.0	1.0	740	$1,050	$1.42	45d	1	0.84mi
1914 10th St Des Moines, IA	2.0	1.0	740	$1,050	$1.42	25d	1	0.84mi
1215 25th St Unit 1 Des Moines, IA	1.0	1.0	610	$1,200	$1.97	45d	1	0.85mi
2002 34th St Des Moines, IA	2.0	1.0	897	$1,350	$1.51	23d	1	0.87mi
2901 Boston Ave Des Moines, IA	1.0–2.0	1.0–1.5	707	$1,300	$1.84	16d	7	0.88mi
3103 Forest Ave Des Moines, IA	1.0–2.0	1.0–1.5	900	$1,550	$1.72	16d	1	0.90mi
1171 21st St Unit 1 Des Moines, IA	2.0	1.0	1028	$1,150	$1.12	45d	1	0.91mi
2530 University Ave Des Moines, IA	2.0	1.0	647	$1,750	$2.70	16d	36	0.93mi
3201 Forest Ave Des Moines, IA	3.0	1.0–2.0	717	$1,356	$1.89	16d	16	0.96mi
1621 9th St Unit 1613-01 Des Moines, IA	1.0	1.0	717	$776	$1.08	45d	1	0.97mi
1621 9th St Unit 1621-15 Des Moines, IA	1.0	1.0	625	$743	$1.19	45d	1	0.97mi
1501 University Ave Unit 4 Des Moines, IA	1.0	1.0	572	$595	$1.04	45d	1	0.99mi
1501 University Ave Unit 3 Des Moines, IA	1.0	1.0	572	$595	$1.04	25d	1	0.99mi
1123 24th St Unit 1 Des Moines, IA	3.0	1.0	850	$1,185	$1.39	45d	1	0.99mi
1100 24th St Des Moines, IA	2.0	1.0	748	$1,050	$1.40	16d	1	1.02mi
1100 24th St Unit DT 22 Des Moines, IA	2.0	1.0	737	$1,095	$1.49	45d	1	1.02mi
1101 25th St Apt 2 Des Moines, IA	1.0	1.0	631	$900	$1.43	45d	1	1.03mi
1101 25th St Unit DP 24 Des Moines, IA	1.0	1.0	623	$870	$1.40	45d	1	1.03mi
1101 25th St Unit DP 11 Des Moines, IA	2.0	2.0	850	$1,315	$1.55	45d	1	1.03mi
1108 25th St Apt 2 Des Moines, IA	1.0	1.0	750	$700	$0.93	45d	1	1.03mi
1101 25th St Des Moines, IA	1.0	1.0	561	$835	$1.49	16d	1	1.03mi

Listing history 23 events

1. 2026-06-21
   days on market $110,000 Active 32 DOM
2. 2026-06-18
   days on market $110,000 Active 29 DOM
3. 2026-06-17
   days on market $110,000 Active 28 DOM
4. 2026-06-16
   days on market $110,000 Active 27 DOM
5. 2026-06-15
   days on market $110,000 Active 26 DOM
6. 2026-06-14
   days on market $110,000 Active 24 DOM
7. 2026-06-13
   days on market $110,000 Active 23 DOM
8. 2026-06-10
   days on market $110,000 Active 21 DOM
9. 2026-06-09
   days on market $110,000 Active 20 DOM
10. 2026-06-08
    days on market $110,000 Active 19 DOM
11. 2026-06-07
    days on market $110,000 Active 18 DOM
12. 2026-06-05
    days on market $110,000 Active 15 DOM
13. 2026-06-03
    days on market $110,000 Active 14 DOM
14. 2026-06-02
    days on market $110,000 Active 13 DOM
15. 2026-06-01
    days on market $110,000 Active 12 DOM
16. 2026-05-31
    days on market $110,000 Active 11 DOM
17. 2026-05-31
    days on market $110,000 Active 10 DOM
18. 2026-05-20
    listed $110,000 Active
19. 2025-07-23
    historical
20. 2025-06-05
    status Active
21. 2025-05-20
    status Pending
22. 2025-05-12
    listed $119,000 Active
23. 2005-09-14
    listed $29,900

ⓘ 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: $1,580 · $132/mo
• Projected year-2 tax: $1,654 · $138/mo
• Expected delta: +$74/yr (+$6/mo · 4.7%)

ⓘ 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: $11,385
• − Mortgage interest: −$6,162
• − Property taxes: −$1,580
• − Insurance: −$550
• − Repairs & maintenance: −$911
• − Management: −$911
• − Depreciation: −$3,200
• Taxable loss: −$1,928
• Est. tax savings @ 24.0%: +$463
• After-tax cash flow: $405/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): 31,177
• Household income: $76,381
• Rent vs Own: 30.4% rent · 69.6% own
• Severe rent burden: 928.0

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% Black 14% Asian 9% Hispanic / Latino 8% Two or more races 7%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Ukrainian 3% Iranian 3% Italian 2%
• Foreign-born: 19% · Canada, Philippines, Vietnam
• Languages at home: 77% English-only · Other Asian/Pacific 6% Spanish 6% Russian/Polish/Slavic 3%

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: ▼ -197.92%
• Current HPI: 248.07
• Rent YoY: ▲ 3.74%
• 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

+267.9% since first listed

6 events — show timeline

• 2026-05-20 Listed $110,000 DMMLS
• 2025-07-23 Listing Removed — DMMLS
• 2025-06-05 Relisted — DMMLS
• 2025-05-20 Pending — DMMLS
• 2025-05-12 Listed $119,000 DMMLS
• 2005-09-14 Listed $29,900 DMMLS

Property tax history

+2.4%/yr

Latest (2025): $1,580 · +2.1% YoY. Source: county tax records.