717 Franklin Ave · Des Moines, IA 50314

$269,000

None bd · None ba · 4,233 sqft · MultiFamily · 78 Days on market

Built 1901 Poor condition 0.30 ac lot $64/sqft · 29% above area Est $209k · 29% over

---

Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• Condition / age +1.0/5.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

This 6-unit multi family property is income producing. All units are rented and rents totall $3850/mo. Room for rent increase. Huge basement for landlord storage. Large parking lot. See agent notes for link to proforma info.

Key facts

• Rented units
• Landlord storage
• Large parking lot

Tags

• MULTI FAMILY PROPERTY
• INCOME PRODUCING
• RENTED UNITS
• LANDLORD STORAGE
• LARGE PARKING LOT

What this means for you Summary

Snapshot

• This is a 6 × 1-bed/1-bath units multifamily listed at $269k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $367/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $269k).
• Recommended offer: $253k (6.0% below list) — sets the bar for market timing.
• Cap rate 16.1% 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: Moulton Elementary School (math 31% / reading 21%, grade F, #612 of 616 statewide, top 99%, 420 students, 95% FRL); Harding Middle School (math 31% / reading 30%, grade F, #245 of 246 statewide, top 100%, 655 students, 90% FRL); North High School (math 33% / reading 45%, grade F, #326 of 336 statewide, top 97%, 1,458 students, 87% FRL) — zoned schools average 90% FRL vs 63% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 32% at this address vs 44% district-wide (-13 pts) — the specific schools serving this property underperform the Des Moines Independent Community School District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+8.2%/yr); 64 active listings in the ZIP; lower-income renter base — watch delinquency; 2,953 units permitted in Polk County in 2024 (540 in 5+ unit buildings).

Forward outlook

• In year one you build about $29k of equity ($2k loan paydown + $27k appreciation (10.0% local appreciation)).
• Polk County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $75k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($253k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 14y 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 1901 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $252,860 (6.0% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1901 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.91% ✓
• Cap rate: 16.12%
• Cash-on-cash: 35.10%
• DSCR: 2.56
• GRM: 4.4

CMA / ARV

• ARV (median comp): $208,608
• List price: $269,000
• Delta: 28.95%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 54.5%
• Equity multiple: 5.17×
• Total profit: $314,078
• Equity at exit: $242,337

10-year hold

• IRR: 50.2%
• Equity multiple: 12.71×
• Total profit: $882,035
• Equity at exit: $522,608

Cash invested: $75,320 (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 50314

• Home prices YoY: 9.8%
• Rents YoY: 8.2%
• Active inventory: 64
• Price-to-rent: 26.2×

Monthly cashflow live

• Estimated rent: $5,142 high
• Mortgage (P&I): −$1,411
• Tax est. 1.5%: −$336 /mo · $4,035/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,080
• Net cashflow: $2,203

Break-even live

Break-even rent $2,353

Max offer price $269,000

Occupancy floor 52%

Sensitivity live

Price	-10% $2,389	-5% $2,296	+0% $2,203	+5% $2,110	+10% $2,017
Rent	-10% $1,797	-5% $2,000	+0% $2,203	+5% $2,406	+10% $2,609
Rate	-1.0pp $2,339	-0.5pp $2,272	base $2,203	+0.5pp $2,133	+1.0pp $2,063

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 6× units	1	1	$5,142
Total (6 units)			$5,142

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: $67,250
• Closing costs: $8,070
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-21
   days on market $269,000 Active 78 DOM
2. 2026-06-18
   days on market $269,000 Active 75 DOM
3. 2026-06-17
   days on market $269,000 Active 74 DOM
4. 2026-06-16
   days on market $269,000 Active 73 DOM
5. 2026-06-15
   days on market $269,000 Active 72 DOM
6. 2026-06-14
   days on market $269,000 Active 70 DOM
7. 2026-06-13
   days on market $269,000 Active 69 DOM
8. 2026-06-10
   days on market $269,000 Active 67 DOM
9. 2026-06-09
   days on market $269,000 Active 66 DOM
10. 2026-06-08
    days on market $269,000 Active 65 DOM
11. 2026-06-07
    days on market $269,000 Active 64 DOM
12. 2026-06-05
    days on market $269,000 Active 61 DOM
13. 2026-06-03
    days on market $269,000 Active 60 DOM
14. 2026-06-02
    days on market $269,000 Active 59 DOM
15. 2026-06-01
    days on market $269,000 Active 58 DOM
16. 2026-05-31
    days on market $269,000 Active 57 DOM
17. 2026-05-31
    days on market $269,000 Active 56 DOM
18. 2026-04-10
    price $269,000 224-char remark

    Show marketing remark (224 chars)

    This 6-unit multi family property is income producing. All units are rented and rents totall $3850/mo. Room for rent increase. Huge basement for landlord storage. Large parking lot. See agent notes for link to proforma info.

19. 2026-04-10
    status Active 224-char remark

    Show marketing remark (224 chars)

    This 6-unit multi family property is income producing. All units are rented and rents totall $3850/mo. Room for rent increase. Huge basement for landlord storage. Large parking lot. See agent notes for link to proforma info.

20. 2026-04-08
    historical 224-char remark

    Show marketing remark (224 chars)

    This 6-unit multi family property is income producing. All units are rented and rents totall $3850/mo. Room for rent increase. Huge basement for landlord storage. Large parking lot. See agent notes for link to proforma info.

21. 2025-10-10
    listed $275,000 Active 224-char remark

    Show marketing remark (224 chars)

    This 6-unit multi family property is income producing. All units are rented and rents totall $3850/mo. Room for rent increase. Huge basement for landlord storage. Large parking lot. See agent notes for link to proforma info.

22. 2013-05-15
    historical
23. 2012-08-31
    listed $134,888

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $61,704
• − Mortgage interest: −$15,068
• − Property taxes: −$4,035
• − Insurance: −$1,345
• − Repairs & maintenance: −$4,936
• − Management: −$4,936
• − Depreciation: −$7,825
• Taxable income: $23,558
• Est. tax owed @ 24.0%: −$5,654
• After-tax cash flow: $20,784/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.

Condition & rehab AI · 3 photos

Poor 20/100 Extensive rehab

This 6-unit multi-family property requires extensive repairs and maintenance to bring it up to a livable condition. Immediate focus should be on the exterior, roof, and HVAC systems.

Repairs flagged

• Major siding — Severe weathering and peeling
• Major paint — Severe peeling and discoloration
• Major roof — Aged appearance
• Major windows — Older appearance
• Major HVAC/mechanicals — Older appearance
• Major landscaping — Overgrown and unkempt

Value-add opportunities

• Both exterior paint job — Fresh paint would improve curb appeal and property value
• Both new roof — A new roof would significantly increase the property's value
• Both HVAC upgrade — Modern HVAC would improve comfort and energy efficiency
• Both landscaping — A well-maintained lawn and landscaping would improve curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
siding · Severe weathering and peeling	Major	$15,000–50,000
paint · Severe peeling and discoloration	Major	$15,000–50,000
roof · Aged appearance	Major	$15,000–50,000
windows · Older appearance	Major	$15,000–50,000
HVAC/mechanicals · Older appearance	Major	$15,000–50,000
landscaping · Overgrown and unkempt	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both exterior paint job — Fresh paint would improve curb appeal and property value ↑
• Both new roof — A new roof would significantly increase the property's value ↑
• Both HVAC upgrade — Modern HVAC would improve comfort and energy efficiency ↑
• Both landscaping — A well-maintained lawn and landscaping would improve curb appeal and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 10,438
• Household income: $39,950
• Rent vs Own: 52.3% rent · 47.7% own
• Severe rent burden: 903.0

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: Highly diverse neighborhood (Simpson 0.73)
• Race & ethnicity: Black 37% White 29% Hispanic / Latino 20% Asian 12% Two or more races 10%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Ukrainian 6% Iranian 2% Swiss 1%
• Foreign-born: 26% · Canada, Vietnam, Philippines
• Languages at home: 60% English-only · Spanish 16% Vietnamese 6% Other Asian/Pacific 4%

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: ▲ 30.18%
• Current HPI: 338.8301
• Rent YoY: ▲ 8.17%
• 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

+99.4% since first listed

6 events — show timeline

• 2026-04-10 Price Changed $269,000 CIBOR
• 2026-04-10 Relisted — CIBOR
• 2026-04-08 Delisted — CIBOR
• 2025-10-10 Listed $275,000 CIBOR
• 2013-05-15 Listing Removed — DMMLS
• 2012-08-31 Listed $134,888 DMMLS