1175 21st St · Des Moines, IA 50311

$210,000

2 bd · 2.0 ba · 1,568 sqft · Townhouse public records · 224 Days on market

Built 1909 9,100 sqft lot Est $419k · 50% 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 +8.9/30.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• DSCR +2.5/10.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0
• Rent growth +1.8/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Excellent investment opportunity just steps from the Drake University campus! This spacious 2-story duplex offers strong rental potential with two generously sized units. Unit 1 features 2 bedrooms and 1 bath, while Unit 2 offers 4 bedrooms and 2 baths, perfect for student housing or multi-generational living. Both units have access to the shared basement, which includes laundry hookups and ample storage space. Property holds a current rental certificate. Don't miss your chance to own an income-producing property in a prime location. Schedule your showing today!

Key facts

• Ample storage space
• Laundry hookups
• 2 garage spots

Tags

• INVESTMENT OPPORTUNITY
• STRONG RENTAL POTENTIAL
• LAUNDRY HOOKUPS
• AMPLE STORAGE SPACE
• CURRENT RENTAL CERTIFICATE
• INCOME PRODUCING PROPERTY

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath townhouse listed at $210k.

Deal economics

• At list price, monthly cash flow is $-169 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $180k (14.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $147k (29.8% below list).
• Recommended offer: $147k (29.8% below list) — sets the bar for 1% rule.
• Cap rate 5.3% 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.
• 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 soft (-2.7%/yr); 122 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $1k of loan paydown is wiped out by about $6k 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 224 days — a 12% lower offer ($185k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 19y 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.
• Current owner paid $130k; list at $210k implies a 62% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1909 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $147,327 (29.8% 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 224 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
3. Built in 1909 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.70% ✗
• Cap rate: 5.33%
• Cash-on-cash: -3.45%
• DSCR: 0.85
• GRM: 11.9

CMA / ARV

• ARV (on-the-fly): $418,656
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1363 Keosauqua Way	0.69mi	2/2.5	1,365 (-13%)	13mo	$358,000	$262	33
1351 Keosauqua Way	0.68mi	2/2.5	1,365 (-13%)	17mo	$365,000	$267	30

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -25.2%
• Equity multiple: 0.16×
• Total profit: $-49,153
• Equity at exit: $31,312

10-year hold

• IRR: -32.6%
• Equity multiple: -0.25×
• Total profit: $-73,543
• Equity at exit: $18,157

Cash invested: $58,800 (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 50311

• Rents YoY: -2.7%
• Active inventory: 122
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $1,473 high
• Mortgage (P&I): −$1,101
• Tax from tax record: −$144 /mo · $1,728/yr
• Insurance: −$88
• HOA: −$0
• Vacancy / Maint / Mgmt: −$309
• Net cashflow: $-169

Break-even live

Break-even rent $1,687

Max offer price $180,167

Occupancy floor —

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1717 Olive Ave Unit B6 Des Moines, IA	2.0	2.0	1092	$1,700	$1.56	44d	1	0.44mi
1314 Harrison Ave Des Moines, IA	3.0	1.0	1150	$1,195	$1.04	23d	1	0.61mi
1345 Keosauqua Way Des Moines, IA	2.0	2.5	1550	$2,045	$1.32	44d	1	0.70mi
2717 Meek Ave Des Moines, IA	2.0	2.0	1128	$1,550	$1.37	14d	1	0.70mi
2940 Brattleboro Ave Unit 2 Des Moines, IA	3.0	2.0	1250	$1,300	$1.04	14d	1	0.73mi
1821 Woodland Ave Des Moines, IA	2.0	2.0	1200	$1,472	$1.23	44d	2	0.81mi
641 19th St Unit WP 1 Des Moines, IA	2.0	2.0	1200	$1,550	$1.29	44d	1	0.82mi
641 19th St Unit WP 5 Des Moines, IA	2.0	2.0	1200	$1,395	$1.16	44d	1	0.82mi
1201 Center St Des Moines, IA	2.0	2.5	2141	$2,450	$1.14	21d	5	0.83mi
3103 Forest Ave Des Moines, IA	1.0–2.0	1.0–1.5	900	$1,550	$1.72	14d	1	0.84mi
3005 Woodland Ave Unit 36 Des Moines, IA	2.0	1.0	1080	$1,030	$0.95	21d	1	0.98mi
2301 Ingersoll Ave Des Moines, IA	2.0	1.0–2.0	784	$1,815	$2.32	14d	14	0.98mi
1260 34th St Unit 401 Des Moines, IA	3.0	2.0	1088	$1,335	$1.23	44d	1	0.99mi
707 35th St Des Moines, IA	3.0	1.0	1546	$1,995	$1.29	14d	1	1.19mi
9066 Burkwood Dr West Des Moines, IA	3.0	2.5–3.5	1783	$1,960	$1.10	23d	2	1.22mi
405 6th Ave Des Moines, IA	2.0	1.0–2.0	737	$1,200	$1.63	14d	14	1.37mi
604 Locust St Des Moines, IA	1.0–2.0	1.0–2.0	902	$1,743	$1.93	14d	5	1.39mi
544 36th St Unit 2 Des Moines, IA	2.0	1.0	1152	$1,500	$1.30	44d	1	1.44mi
218 6th Ave Unit 401 Des Moines, IA	2.0	1.0	1085	$1,295	$1.19	44d	1	1.45mi

Listing history 29 events

1. 2026-06-18
   days on market $210,000 Active 224 DOM
2. 2026-06-17
   days on market $210,000 Active 223 DOM
3. 2026-06-16
   days on market $210,000 Active 222 DOM
4. 2026-06-15
   days on market $210,000 Active 221 DOM
5. 2026-06-14
   days on market $210,000 Active 219 DOM
6. 2026-06-13
   days on market $210,000 Active 218 DOM
7. 2026-06-10
   days on market $210,000 Active 216 DOM
8. 2026-06-09
   days on market $210,000 Active 215 DOM
9. 2026-06-08
   days on market $210,000 Active 214 DOM
10. 2026-06-07
    days on market $210,000 Active 213 DOM
11. 2026-06-05
    days on market $210,000 Active 210 DOM
12. 2026-06-03
    days on market $210,000 Active 209 DOM
13. 2026-06-02
    days on market $210,000 Active 208 DOM
14. 2026-06-01
    days on market $210,000 Active 207 DOM
15. 2026-05-31
    days on market $210,000 Active 206 DOM
16. 2026-05-31
    days on market $210,000 Active 205 DOM
17. 2025-11-12
    price $210,000 568-char remark

    Show marketing remark (568 chars)

    Excellent investment opportunity just steps from the Drake University campus! This spacious 2-story duplex offers strong rental potential with two generously sized units. Unit 1 features 2 bedrooms and 1 bath, while Unit 2 offers 4 bedrooms and 2 baths, perfect for student housing or multi-generational living. Both units have access to the shared basement, which includes laundry hookups and ample storage space. Property holds a current rental certificate. Don't miss your chance to own an income-producing property in a prime location. Schedule your showing today!

18. 2025-11-06
    listed $212,500 Active 568-char remark

    Show marketing remark (568 chars)

    Excellent investment opportunity just steps from the Drake University campus! This spacious 2-story duplex offers strong rental potential with two generously sized units. Unit 1 features 2 bedrooms and 1 bath, while Unit 2 offers 4 bedrooms and 2 baths, perfect for student housing or multi-generational living. Both units have access to the shared basement, which includes laundry hookups and ample storage space. Property holds a current rental certificate. Don't miss your chance to own an income-producing property in a prime location. Schedule your showing today!

19. 2025-10-31
    historical
20. 2025-08-01
    price $212,500
21. 2025-07-03
    price $215,000
22. 2025-04-29
    listed $220,000 Active
23. 2024-09-06
    historical
24. 2024-03-18
    listed $235,000 Active
25. 2007-11-20
    soldstatus $130,000
26. 2007-11-19
    soldstatus $130,000
27. 2007-06-15
    listed $134,888
28. 2005-07-06
    soldstatus $223,500
29. 1999-05-06
    soldstatus $30,000

ⓘ 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: $1,728 · $144/mo
• Projected year-2 tax: $2,512 · $209/mo
• Expected delta: +$784/yr (+$65/mo · 45.4%)

ⓘ 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: $17,679
• − Mortgage interest: −$11,763
• − Property taxes: −$1,728
• − Insurance: −$1,050
• − Repairs & maintenance: −$1,414
• − Management: −$1,414
• − Depreciation: −$6,109
• Taxable loss: −$5,800
• Est. tax savings @ 24.0%: +$1,392
• After-tax cash flow: $-635/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): 14,574
• Household income: $61,957
• Rent vs Own: 51.6% rent · 48.4% own
• Severe rent burden: 762.0

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: Predominantly White (69%)
• Race & ethnicity: White 69% Black 14% Two or more races 9% Hispanic / Latino 8% Asian 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 4% Iranian 2% Slovak 2%
• Foreign-born: 10% · Canada, Vietnam
• Languages at home: 88% English-only · Spanish 6% Vietnamese 1% Arabic 1%

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: ▼ -205.66%
• Current HPI: 261.0863
• Rent YoY: ▼ -2.69%
• 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

+600.0% since first listed

13 events — show timeline

• 2025-11-12 Price Changed $210,000 DMMLS
• 2025-11-06 Listed $212,500 DMMLS
• 2025-10-31 Listing Removed — DMMLS
• 2025-08-01 Price Changed $212,500 DMMLS
• 2025-07-03 Price Changed $215,000 DMMLS
• 2025-04-29 Listed $220,000 DMMLS
• 2024-09-06 Listing Removed — DMMLS
• 2024-03-18 Listed $235,000 DMMLS
• 2007-11-20 Sold (Public Records) $130,000 Public Records
• 2007-11-19 Sold (MLS) $130,000 DMMLS
• 2007-06-15 Listed $134,888 DMMLS
• 2005-07-06 Sold (Public Records) $223,500 Public Records
• 1999-05-06 Sold (Public Records) $30,000 Public Records

Property tax history

-2.5%/yr

Latest (2018): $1,728 · +2.6% YoY. Source: county tax records.