2609 School St · Des Moines, IA 50311

$85,000

2 bd · 1.0 ba · 1,053 sqft · SingleFamily public records · 8 Days on market

Built 1913 3,960 sqft lot ↓ 32% 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).

• Cash flow +22.2/30.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• DSCR +7.1/10.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• Condition / age +2.5/5.0
• Rent growth +1.8/5.0
• Appreciation +0.0/10.0

Listing remarks

Craftsman-style 2-bed, 1.5-bath with original character and two enclosed front porches adding 224 sqft of bonus space not included in the living area. Inside, original hardwood floors run through the main level and upper bedrooms. The kitchen connects to a walk-in pantry with built-in shelving on three walls - a detail worth keeping. The home needs a full renovation: kitchen, baths, ceilings, roof, and foundation all require significant work. One-car detached garage. Bank-owned, selling in AS IS condition. Priced with condition in mind. Cash or conventional financing appropriate to condition of home. Call your agent to schedule a showing.

Key facts

• Built-in shelving
• Walk-in pantry
• 3,960 sq ft lot

Tags

• TWO ENCLOSED FRONT PORCHES
• WALK-IN PANTRY
• BUILT-IN SHELVING

Property features AI

Exterior

• Parking: Attached one-car garage
• Utilities: Public water; Public sewer
• Home design: Facing information not provided; Property type and stories not provided; Entry level not provided
• Construction: Wood siding exterior; Shingle/asphalt roof; Brick/mortar foundation; Built year not provided
• Exterior features: Rectangular lot; Concrete road/driveway

Interior

• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Central air conditioning; Forced air heating; Natural gas heating
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $138 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Cap rate 8.2% 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 soft (-2.7%/yr); 122 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 $588 of loan paydown is wiped out by about $3k 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

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 4y 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: property tax is 3.1% of price; built in 1913 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $85,000

Questions for the listing agent

1. Built in 1913 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.25% ✓
• Cap rate: 8.24%
• Cash-on-cash: 6.94%
• DSCR: 1.31
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $201,123
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
900 26th St	0.17mi	2/1.0	1,029 (-2%)	5mo	$80,000	$78	84
1006 26th St	0.01mi	3/1.5 (+1)	1,158 (+10%)	1mo	$217,000	$187	75
1327 23rd St	0.55mi	2/2.0	1,042 (-1%)	2mo	$140,000	$134	67
3318 School St	0.51mi	2/1.0	1,119 (+6%)	2mo	$250,000	$223	64
637 31st St	0.62mi	2/1.0	996 (-5%)	7mo	$189,000	$190	56
683 27th St	0.40mi	3/2.0 (+1)	1,154 (+10%)	1mo	$220,000	$191	55
1159 18th St	0.67mi	3/2.0 (+1)	1,029 (-2%)	1mo	$217,000	$211	55
1314 33rd St	0.71mi	2/1.0	971 (-8%)	3mo	$71,000	$73	51
1120 17th St	0.66mi	2/1.0	987 (-6%)	10mo	$77,000	$78	50
727 36th St	0.72mi	2/1.0	1,000 (-5%)	12mo	$210,000	$210	48
668 32nd St	0.61mi	3/1.0 (+1)	900 (-14%)	1mo	$240,000	$267	42
675 34th St	0.67mi	3/2.0 (+1)	966 (-8%)	5mo	$242,500	$251	41

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: -9.6%
• Equity multiple: 0.66×
• Total profit: $-8,034
• Equity at exit: $12,674

10-year hold

• IRR: -5.7%
• Equity multiple: 0.69×
• Total profit: $-7,396
• Equity at exit: $7,349

Cash invested: $23,800 (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: 6.7×

Monthly cashflow live

• Estimated rent: $1,064 high
• Mortgage (P&I): −$446
• Tax from tax record: −$221 /mo · $2,656/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$223
• Net cashflow: $138

Break-even live

Break-even rent $889

Max offer price $85,000

Occupancy floor 82%

Sensitivity live

Price	-10% $186	-5% $162	+0% $138	+5% $114	+10% $90
Rent	-10% $54	-5% $96	+0% $138	+5% $180	+10% $222
Rate	-1.0pp $181	-0.5pp $159	base $138	+0.5pp $116	+1.0pp $93

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1020 25th St Unit 3 Des Moines, IA	2.0	1.0	845	$1,150	$1.36	19d	1	0.11mi
2822 Kingman Blvd Des Moines, IA	1.0	1.0	750	$790	$1.05	24d	1	0.16mi
2600 Cottage Grove Ave Unit 5 Des Moines, IA	1.0	1.0	800	$795	$0.99	15d	1	0.18mi
1118 26th St Unit 3 Des Moines, IA	1.0	1.0	750	$825	$1.10	44d	1	0.24mi
1108 25th St Apt 2 Des Moines, IA	1.0	1.0	750	$700	$0.93	44d	1	0.25mi
737 28th St Des Moines, IA	3.0	2.0	1037	$1,800	$1.74	44d	1	0.26mi
1101 25th St Unit DP 11 Des Moines, IA	2.0	2.0	850	$1,315	$1.55	44d	1	0.26mi
1100 24th St Unit DT 22 Des Moines, IA	2.0	1.0	737	$1,095	$1.49	44d	1	0.28mi
1100 24th St Des Moines, IA	2.0	1.0	748	$1,050	$1.40	15d	1	0.28mi
2813 Cottage Grove Ave Des Moines, IA	1.0	1.0	700	$800	$1.14	44d	1	0.30mi
2813 Cottage Grove Ave Unit 2 Des Moines, IA	3.0	1.0	900	$1,200	$1.33	44d	1	0.30mi
1123 24th St Unit 1 Des Moines, IA	3.0	1.0	850	$1,185	$1.39	44d	1	0.32mi
2530 University Ave Des Moines, IA	2.0	1.0	647	$1,750	$2.70	15d	36	0.35mi
2940 Brattleboro Ave Unit 2 Des Moines, IA	3.0	2.0	1250	$1,300	$1.04	15d	1	0.43mi
3205 Kingman Blvd Apt 102 Des Moines, IA	2.0	1.0	750	$995	$1.33	19d	1	0.43mi
1076 21st St Unit 4 Des Moines, IA	1.0	1.0	700	$695	$0.99	44d	1	0.44mi
3005 Woodland Ave Unit 36 Des Moines, IA	2.0	1.0	1080	$1,030	$0.95	22d	1	0.45mi
1217 24th St Des Moines, IA	2.0	1.0–2.0	618	$1,400	$2.26	15d	4	0.46mi
1075 33rd St Unit 1075-1 Des Moines, IA	2.0	1.0	800	$777	$0.97	24d	1	0.48mi
1171 21st St Unit 1 Des Moines, IA	2.0	1.0	1028	$1,150	$1.12	44d	1	0.55mi
2905 High St Apt 4 Des Moines, IA	1.0	1.0	843	$875	$1.04	15d	1	0.57mi
1312 22nd St Des Moines, IA	2.0	1.0	841	$825	$0.98	44d	1	0.59mi
1312 22nd St Unit 2 Des Moines, IA	2.0	1.0	841	$825	$0.98	24d	1	0.59mi
1312 22nd St Unit 2 Des Moines, IA	2.0	1.0	841	$850	$1.01	44d	1	0.59mi
2701 Ingersoll Ave Des Moines, IA	1.0	1.0	800	$990	$1.24	24d	1	0.62mi
2701 Ingersoll Ave Unit 204 Des Moines, IA	1.0	1.0	800	$900	$1.12	24d	1	0.62mi
2301 Ingersoll Ave Des Moines, IA	2.0	1.0–2.0	784	$1,815	$2.32	15d	14	0.63mi
1211 34th St Des Moines, IA	1.0	1.0	924	$1,075	$1.16	44d	1	0.65mi
1717 Olive Ave Unit B6 Des Moines, IA	2.0	2.0	1092	$1,700	$1.56	44d	1	0.65mi
3436 University Ave Unit 3438-1 Des Moines, IA	2.0	1.0	734	$792	$1.08	15d	1	0.65mi
1219 34th St Unit 205 Des Moines, IA	2.0	1.0	767	$1,325	$1.73	24d	1	0.66mi
2714 Ingersoll Ave Des Moines, IA	1.0–2.0	1.0	750	$1,085	$1.45	44d	1	0.66mi
1821 Woodland Ave Des Moines, IA	2.0	2.0	1200	$1,472	$1.23	44d	2	0.72mi
641 35th St Unit 11 Des Moines, IA	2.0	1.5	1000	$1,030	$1.03	44d	1	0.72mi
641 19th St Unit WP 1 Des Moines, IA	2.0	2.0	1200	$1,550	$1.29	44d	1	0.73mi
641 19th St Unit WP 5 Des Moines, IA	2.0	2.0	1200	$1,395	$1.16	44d	1	0.73mi
3519 University Ave Apt 103 Des Moines, IA	2.0	1.0	900	$915	$1.02	24d	1	0.73mi
1260 34th St Unit 401 Des Moines, IA	3.0	2.0	1088	$1,335	$1.23	44d	1	0.74mi
3103 Forest Ave Des Moines, IA	1.0–2.0	1.0–1.5	900	$1,550	$1.72	15d	1	0.74mi
3517 University Ave Unit 008 Des Moines, IA	2.0	1.0	750	$799	$1.07	24d	1	0.74mi

Listing history 8 events

1. 2026-06-10
   status $85,000 Pending 8 DOM
2. 2026-06-09
   days on market $85,000 Active 8 DOM
3. 2026-06-08
   days on market $85,000 Active 7 DOM
4. 2026-06-07
   days on market $85,000 Active 6 DOM
5. 2026-06-05
   days on market $85,000 Active 3 DOM
6. 2026-06-03
   days on market $85,000 Active 2 DOM
7. 2026-06-02
   remarks 646-char remark
8. 2026-06-02
   listed $85,000 Active 1 DOM

ⓘ 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: $2,656 · $221/mo
• Projected year-2 tax: $2,656 · $221/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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,762
• − Mortgage interest: −$4,761
• − Property taxes: −$2,656
• − Insurance: −$425
• − Repairs & maintenance: −$1,021
• − Management: −$1,021
• − Depreciation: −$2,473
• Taxable income: $405
• Est. tax owed @ 24.0%: −$97
• After-tax cash flow: $1,555/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

-32.0% since first listed

9 events — show timeline

• 2026-06-01 Listed $85,000 DMMLS
• 2026-02-03 Listing Removed — DMMLS
• 2025-08-06 Listed $130,000 DMMLS
• 2022-06-27 Sold (MLS) $127,000 DMMLS
• 2022-06-04 Listed $127,000 DMMLS
• 2022-06-04 Listing Removed — DMMLS
• 2022-05-04 Sold (MLS) $125,000 DMMLS
• 2022-03-07 Pending — DMMLS
• 2022-03-03 Listed $125,000 DMMLS

Property tax history

+4.6%/yr

Latest (2025): $2,656 · +2.1% YoY. Source: county tax records.