4707 NW Piekenbrock Dr

Des Moines, IA 50310

$224,900C-

5 bd · 2.0 ba · 1,540 sqft · Built 1960 · SingleFamily · Pending · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,966/mo
• Mortgage (P&I): −$1,179
• Tax + insurance: −$375
• HOA: −$0
• Vac / Maint / Mgmt: −$413
• Net cashflow: $-1/mo
• Annual: $-14/yr
• Cap rate: 6.29%
• Cash-on-cash: -0.02%
• DSCR: 1.00
• 1% rule: 0.87%
• Cash to close: $62,972

Investor read

• This is a 5-bed/2.0-bath single-family listed at $225k. Condition is rated average.
• 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).
• It's been on market 26 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $197k (12.6% below list) — sets the bar for 1% rule.
• 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.
• 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).
• Polk County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• This rent runs 31% of the median local income ($76k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• 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