4707 NW Piekenbrock Dr · Des Moines, IA 50310

$224,900

5 bd · 2.0 ba · 1,540 sqft · SingleFamily · 26 Days on market

Built 1960 Average condition 1.01 ac lot $146/sqft · 28% below area Est $311k · 28% under ↓ 4% since listing

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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).

• ARV discount +15.0/15.0
• Cash flow +13.3/30.0
• Schools +6.9/10.0
• DSCR +4.0/10.0
• Livability +4.0/5.0
• 1% rule +3.7/10.0
• Rent growth +3.4/5.0
• Condition / age +2.8/5.0
• Appreciation +0.0/10.0

Listing remarks

Packed with possibilities, this versatile up/down duplex offers the option to generate rental income or easily convert back into a spacious single-family home. Featuring 5 bedrooms and 2 bathrooms, the property includes multiple kitchens, flexible living spaces, and separate parking areas—ideal for multi-generational living or investment use. All set on a large yard with plenty of room to enjoy or expand.

Key facts

• Up down duplex
• Multiple kitchens
• Large yard

Tags

• UP DOWN DUPLEX
• MULTIPLE KITCHENS
• FLEXIBLE LIVING SPACES
• SEPARATE PARKING AREAS
• LARGE YARD

Property features AI

Exterior

• Parking: Detached one-car garage; Carport
• Utilities: Public water; Public sewer
• Home design: Single-story home
• Construction: Metal siding; Asphalt shingle roof; Block foundation; Below-grade finished area included
• Exterior features: Irregular-shaped lot; Concrete road access

Interior

• Bedrooms: Three main-level bedrooms
• Bathrooms: Two full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating (natural gas)
• Interior features: Partially finished walk-out basement; Basement present

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $225k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $-1 ($-14/yr) — negative.
• To cash-flow at today's rent, offer at most $225k (0.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $197k (12.6% below list).
• Recommended offer: $197k (12.6% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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.
• Johnston Community School District (suburban): math 78% / reading 78% proficiency, ranked #24 of 289 in IA (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical; only 14% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+3.7%/yr); 256 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,953 units permitted in Polk County in 2024 (540 in 5+ unit buildings).
• This rent runs 31% of the median local income ($76k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 26 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.

Recommended offer $196,587 (12.6% 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 1960 — 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. 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: 0.87% ✗
• Cap rate: 6.29%
• Cash-on-cash: -0.02%
• DSCR: 1.00
• GRM: 9.5

CMA / ARV

• ARV (median comp): $310,788
• List price: $224,900
• Delta: -27.64%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4503 62nd St	0.64mi	4/1.5 (-1)	1,470 (-4%)	5mo	$277,500	$189	52
4402 62nd St	0.72mi	4/1.5 (-1)	1,470 (-4%)	4mo	$302,500	$206	49
4414 63rd St	0.73mi	4/2.0 (-1)	1,700 (+10%)	4mo	$215,000	$126	40
4512 48th St	0.56mi	4/3.0 (-1)	1,670 (+8%)	15mo	$335,000	$201	38

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: -15.5%
• Equity multiple: 0.44×
• Total profit: $-35,016
• Equity at exit: $33,533

10-year hold

• IRR: -5.8%
• Equity multiple: 0.61×
• Total profit: $-24,326
• Equity at exit: $19,445

Cash invested: $62,972 (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: 256
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,966 high
• Mortgage (P&I): −$1,179
• Tax est. 1.5%: −$281 /mo · $3,374/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$413
• Net cashflow: $-1

Break-even live

Break-even rent $1,967

Max offer price $224,727

Occupancy floor 95%

Sensitivity live

Price	-10% $154	-5% $77	+0% $-1	+5% $-79	+10% $-157
Rent	-10% $-156	-5% $-79	+0% $-1	+5% $76	+10% $154
Rate	-1.0pp $112	-0.5pp $56	base $-1	+0.5pp $-59	+1.0pp $-119

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5315 Merced St Des Moines, IA	4.0	2.0	1500	$1,995	$1.33	24d	1	0.51mi
4117 64th St Urbandale, IA	4.0	2.0	1812	$2,150	$1.19	15d	1	0.98mi
3815 Hillcrest Dr Des Moines, IA	4.0	2.0	1743	$1,995	$1.14	19d	1	1.18mi
3610 64th St Urbandale, IA	4.0	2.0	1658	$2,200	$1.33	44d	1	1.40mi
3610 64th St Urbandale, IA	4.0	2.0	1658	$2,200	$1.33	15d	1	1.40mi

Listing history 1 events

1. 2026-04-30
   listed $234,900 Active 414-char remark

ⓘ 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 2/10 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,590
• − Mortgage interest: −$12,598
• − Property taxes: −$3,374
• − Insurance: −$1,124
• − Repairs & maintenance: −$1,887
• − Management: −$1,887
• − Depreciation: −$6,543
• Taxable loss: −$3,822
• Est. tax savings @ 24.0%: +$917
• After-tax cash flow: $903/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 · 12 photos

Average 55/100 Moderate rehab

This home presents as a moderate rehab project with average condition. It has potential for significant value increase with updates to interior walls, backsplash, and exterior siding.

Repairs flagged

• Minor kitchen backsplash — tiled backsplash in need of cleaning
• Minor bathroom backsplash — black tile in need of cleaning
• Minor exterior siding — gray siding in need of cleaning

Value-add opportunities

• Both paint interior walls — Fresh paint can make a significant difference in the home's appearance and value
• Both update kitchen backsplash — A fresh backsplash can improve the kitchen's aesthetic and functionality
• Both update bathroom backsplash — A fresh backsplash can improve the bathroom's aesthetic and functionality
• Both update exterior siding — A fresh coat of paint can improve the home's curb appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen backsplash · tiled backsplash in need of cleaning	Minor	$500–3,000
bathroom backsplash · black tile in need of cleaning	Minor	$500–3,000
exterior siding · gray siding in need of cleaning	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both paint interior walls — Fresh paint can make a significant difference in the home's appearance and value ↑
• Both update kitchen backsplash — A fresh backsplash can improve the kitchen's aesthetic and functionality ↑
• Both update bathroom backsplash — A fresh backsplash can improve the bathroom's aesthetic and functionality ↑
• Both update exterior siding — A fresh coat of paint can improve the home's curb appeal and 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: Johnston Community School District
• NCES district ID: 1915450
• Math proficiency: 78% ▼ -6.00%
• Reading proficiency: 78% ▼ -3.00%
• Median HH income: $85,758
• Composite: 69.43/100
• National rank: #309
• State rank: #24 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

• 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

-4.3% since first listed

3 events — show timeline

• 2026-05-26 Pending — DMMLS
• 2026-05-19 Price Changed $224,900 DMMLS
• 2026-04-30 Listed $234,900 DMMLS