2342 Amherst St · Des Moines, IA 50313

$129,900

2 bd · 1.0 ba · 1,000 sqft · SingleFamily public records · 44 Days on market

Built 1900 6,860 sqft lot $130/sqft · 30% below area Est $186k · 30% under ↓ 13% since listing

---

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 +12.8/30.0
• Rent growth +5.0/5.0
• 1% rule +4.0/10.0
• Livability +4.0/5.0
• DSCR +3.8/10.0
• Schools +3.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity knocks! Priced to sell, this 3-bedroom, 1-bath home near Union Park offers great potential for buyers looking to build equity. Exterior updates are needed, including a new roof, but a major improvement is already in progress with a full sewer replacement scheduled for the second week of May. Located near the revitalization of Birdland Park, this home is close to expanding trails, green space, and updated recreational amenities, adding long-term appeal to the area. Approximately 21 years ago, the home saw over $50,000 in improvements, including updates to the kitchen, windows, siding, and more. The water heater and electrical panel were also updated at that time. Inside, you'll find a 3-season porch leading into a cozy living space, along with an HVAC system that is just 3 years old and a refrigerator replaced in 2025. The basement includes a finished room, shower, and additional storage. This home is a great opportunity to make your own in an established neighborhood close to parks, shopping, and everyday conveniences. Home is being sold AS-IS. All inspections are for buyers knowledge only. Seller will not mitigate for radon. All information obtained from seller and public record.

Key facts

• Updated windows
• Updated countertops
• Updated flooring

Tags

• UPDATED KITCHEN CABINETS
• UPDATED COUNTERTOPS
• UPDATED WINDOWS
• UPDATED DOORS
• UPDATED FLOORING
• UPDATED INSULATION

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $-12 ($-141/yr) — negative.
• To cash-flow at today's rent, offer at most $128k (1.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $117k (9.7% below list).
• Recommended offer: $117k (9.7% 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-, 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 rising fast (+13.1%/yr); 154 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $898 of loan paydown is wiped out by about $4k 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 44 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $19k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $117,356 (9.7% 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 44 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — 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. 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.
8. 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.
9. 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: 0.90% ✗
• Cap rate: 6.18%
• Cash-on-cash: -0.39%
• DSCR: 0.98
• GRM: 9.2

CMA / ARV

• ARV (median comp): $185,812
• List price: $129,900
• Delta: -30.09%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2327 E 9th St	0.28mi	2/1.0	1,034 (+3%)	1mo	$220,000	$213	80
2415 E 13th St	0.47mi	2/1.0	960 (-4%)	1mo	$165,000	$172	70
2701 Cornell St	0.26mi	3/1.0 (+1)	1,056 (+6%)	4mo	$163,000	$154	70
2915 3rd St	0.61mi	3/1.0 (+1)	1,030 (+3%)	2mo	$173,000	$168	60
3007 E 8th St	0.46mi	3/2.0 (+1)	1,065 (+6%)	1mo	$181,000	$170	58
2915 4th St	0.66mi	3/1.0 (+1)	1,042 (+4%)	1mo	$161,500	$155	56
2804 Cambridge St	0.37mi	3/1.0 (+1)	875 (-12%)	3mo	$185,000	$211	54
1400 Mattern Ave	0.69mi	3/2.0 (+1)	988 (-1%)	3mo	$187,500	$190	54
3507 Bowdoin St	0.73mi	2/1.0	940 (-6%)	2mo	$168,000	$179	54
3301 Amherst St	0.59mi	2/1.0	894 (-11%)	2mo	$191,000	$214	53
3218 2nd Ave	0.72mi	2/1.0	904 (-10%)	3mo	$122,000	$135	48
1448 Thompson Ave	0.73mi	2/1.0	1,138 (+14%)	2mo	$161,900	$142	42

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -11.2%
• Equity multiple: 0.57×
• Total profit: $-15,551
• Equity at exit: $19,369

10-year hold

• IRR: 4.3%
• Equity multiple: 1.38×
• Total profit: $13,900
• Equity at exit: $11,231

Cash invested: $36,372 (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 50313

• Rents YoY: 13.1%
• Active inventory: 154
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,174 high
• Mortgage (P&I): −$681
• Tax from tax record: −$204 /mo · $2,442/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$246
• Net cashflow: $-12

Break-even live

Break-even rent $1,188

Max offer price $127,829

Occupancy floor 96%

Sensitivity live

Price	-10% $62	-5% $25	+0% $-12	+5% $-48	+10% $-85
Rent	-10% $-104	-5% $-58	+0% $-12	+5% $35	+10% $81
Rate	-1.0pp $54	-0.5pp $21	base $-12	+0.5pp $-45	+1.0pp $-80

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3103 E 7th St Des Moines, IA	2.0	1.0	960	$1,200	$1.25	44d	1	0.46mi
915 E Washington Ave Des Moines, IA	3.0	1.0	1457	$1,450	$1.00	24d	1	0.74mi
3623 Cambridge St Des Moines, IA	2.0	1.0	732	$1,145	$1.56	19d	1	0.83mi
1530 E 14th St Des Moines, IA	3.0	2.0	1428	$1,900	$1.33	14d	1	0.88mi
1354 E 12th St Des Moines, IA	2.0	1.0	1300	$925	$0.71	44d	1	0.94mi
1914 10th St Des Moines, IA	2.0	1.0	740	$1,050	$1.42	44d	1	1.04mi
1914 10th St Des Moines, IA	2.0	1.0	740	$1,050	$1.42	24d	1	1.04mi
1364 Idaho St Des Moines, IA	2.0	1.0	804	$1,195	$1.49	24d	1	1.06mi
1621 9th St Unit 1613-01 Des Moines, IA	1.0	1.0	717	$776	$1.08	44d	1	1.06mi
1301 E 12th St Unit 2 Des Moines, IA	2.0	1.0	995	$795	$0.80	24d	1	1.08mi
1438 9th St Des Moines, IA	2.0	1.0	700	$745	$1.06	21d	1	1.21mi
4124 3rd St Des Moines, IA	3.0	1.0	996	$1,595	$1.60	14d	1	1.39mi
922 Walker St Des Moines, IA	3.0	1.0	864	$1,295	$1.50	24d	1	1.45mi
1314 Harrison Ave Des Moines, IA	3.0	1.0	1150	$1,195	$1.04	24d	1	1.47mi

Listing history 5 events

1. 2026-05-18
   price $129,900 1212-char remark

   Show marketing remark (1212 chars)

   Opportunity knocks! Priced to sell, this 3-bedroom, 1-bath home near Union Park offers great potential for buyers looking to build equity. Exterior updates are needed, including a new roof, but a major improvement is already in progress with a full sewer replacement scheduled for the second week of May. Located near the revitalization of Birdland Park, this home is close to expanding trails, green space, and updated recreational amenities, adding long-term appeal to the area. Approximately 21 years ago, the home saw over $50,000 in improvements, including updates to the kitchen, windows, siding, and more. The water heater and electrical panel were also updated at that time. Inside, you'll find a 3-season porch leading into a cozy living space, along with an HVAC system that is just 3 years old and a refrigerator replaced in 2025. The basement includes a finished room, shower, and additional storage. This home is a great opportunity to make your own in an established neighborhood close to parks, shopping, and everyday conveniences. Home is being sold AS-IS. All inspections are for buyers knowledge only. Seller will not mitigate for radon. All information obtained from seller and public record.

2. 2026-04-13
   status Active 1212-char remark

   Show marketing remark (1212 chars)

   Opportunity knocks! Priced to sell, this 3-bedroom, 1-bath home near Union Park offers great potential for buyers looking to build equity. Exterior updates are needed, including a new roof, but a major improvement is already in progress with a full sewer replacement scheduled for the second week of May. Located near the revitalization of Birdland Park, this home is close to expanding trails, green space, and updated recreational amenities, adding long-term appeal to the area. Approximately 21 years ago, the home saw over $50,000 in improvements, including updates to the kitchen, windows, siding, and more. The water heater and electrical panel were also updated at that time. Inside, you'll find a 3-season porch leading into a cozy living space, along with an HVAC system that is just 3 years old and a refrigerator replaced in 2025. The basement includes a finished room, shower, and additional storage. This home is a great opportunity to make your own in an established neighborhood close to parks, shopping, and everyday conveniences. Home is being sold AS-IS. All inspections are for buyers knowledge only. Seller will not mitigate for radon. All information obtained from seller and public record.

3. 2026-04-13
   price $139,900 1212-char remark

   Show marketing remark (1212 chars)

   Opportunity knocks! Priced to sell, this 3-bedroom, 1-bath home near Union Park offers great potential for buyers looking to build equity. Exterior updates are needed, including a new roof, but a major improvement is already in progress with a full sewer replacement scheduled for the second week of May. Located near the revitalization of Birdland Park, this home is close to expanding trails, green space, and updated recreational amenities, adding long-term appeal to the area. Approximately 21 years ago, the home saw over $50,000 in improvements, including updates to the kitchen, windows, siding, and more. The water heater and electrical panel were also updated at that time. Inside, you'll find a 3-season porch leading into a cozy living space, along with an HVAC system that is just 3 years old and a refrigerator replaced in 2025. The basement includes a finished room, shower, and additional storage. This home is a great opportunity to make your own in an established neighborhood close to parks, shopping, and everyday conveniences. Home is being sold AS-IS. All inspections are for buyers knowledge only. Seller will not mitigate for radon. All information obtained from seller and public record.

4. 2026-03-24
   status Pending 1212-char remark

   Show marketing remark (1212 chars)

   Opportunity knocks! Priced to sell, this 3-bedroom, 1-bath home near Union Park offers great potential for buyers looking to build equity. Exterior updates are needed, including a new roof, but a major improvement is already in progress with a full sewer replacement scheduled for the second week of May. Located near the revitalization of Birdland Park, this home is close to expanding trails, green space, and updated recreational amenities, adding long-term appeal to the area. Approximately 21 years ago, the home saw over $50,000 in improvements, including updates to the kitchen, windows, siding, and more. The water heater and electrical panel were also updated at that time. Inside, you'll find a 3-season porch leading into a cozy living space, along with an HVAC system that is just 3 years old and a refrigerator replaced in 2025. The basement includes a finished room, shower, and additional storage. This home is a great opportunity to make your own in an established neighborhood close to parks, shopping, and everyday conveniences. Home is being sold AS-IS. All inspections are for buyers knowledge only. Seller will not mitigate for radon. All information obtained from seller and public record.

5. 2026-03-19
   listed $148,900 Active 1212-char remark

   Show marketing remark (1212 chars)

   Opportunity knocks! Priced to sell, this 3-bedroom, 1-bath home near Union Park offers great potential for buyers looking to build equity. Exterior updates are needed, including a new roof, but a major improvement is already in progress with a full sewer replacement scheduled for the second week of May. Located near the revitalization of Birdland Park, this home is close to expanding trails, green space, and updated recreational amenities, adding long-term appeal to the area. Approximately 21 years ago, the home saw over $50,000 in improvements, including updates to the kitchen, windows, siding, and more. The water heater and electrical panel were also updated at that time. Inside, you'll find a 3-season porch leading into a cozy living space, along with an HVAC system that is just 3 years old and a refrigerator replaced in 2025. The basement includes a finished room, shower, and additional storage. This home is a great opportunity to make your own in an established neighborhood close to parks, shopping, and everyday conveniences. Home is being sold AS-IS. All inspections are for buyers knowledge only. Seller will not mitigate for radon. All information obtained from seller and public record.

ⓘ 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: $2,442 · $204/mo
• Projected year-2 tax: $2,442 · $204/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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: $14,083
• − Mortgage interest: −$7,276
• − Property taxes: −$2,442
• − Insurance: −$650
• − Repairs & maintenance: −$1,127
• − Management: −$1,127
• − Depreciation: −$3,779
• Taxable loss: −$2,317
• Est. tax savings @ 24.0%: +$556
• After-tax cash flow: $415/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): 17,440
• Household income: $68,361
• Rent vs Own: 23.1% rent · 76.9% own
• Severe rent burden: 454.0

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: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 61% Hispanic / Latino 17% Black 11% Two or more races 8% Asian 6%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Iranian 3% Portuguese 2% Scotch-Irish 2%
• Foreign-born: 16% · Canada, Philippines, Vietnam
• Languages at home: 75% English-only · Spanish 14% Other Asian/Pacific 4% Russian/Polish/Slavic 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: ▼ -162.17%
• Current HPI: 285.5708
• Rent YoY: ▲ 13.11%
• 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

-12.8% since first listed

5 events — show timeline

• 2026-05-18 Price Changed $129,900 DMMLS
• 2026-04-13 Relisted — DMMLS
• 2026-04-13 Price Changed $139,900 DMMLS
• 2026-03-24 Pending — DMMLS
• 2026-03-19 Listed $148,900 DMMLS

Property tax history

+2.7%/yr

Latest (2025): $2,442 · -3.1% YoY. Source: county tax records.