3022 S Union St · Des Moines, IA 50315

$130,000

3 bd · 1.0 ba · 998 sqft · SingleFamily public records · 7 Days on market

Built 1955 8,645 sqft lot $130/sqft · 20% below area Est $163k · 20% under

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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 +15.4/30.0
• ARV discount +15.0/15.0
• DSCR +4.7/10.0
• 1% rule +4.4/10.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Loved by the same owner for decades, this classic 1955 South Side home is ready for its next chapter. This home boasts a large kitchen & dining area, open to a spacious living room, providing ample space to entertain friends & family. Throughout the home, you will find original hardwood floors, three bedrooms, a bathroom, and the kind of character that is hard to find today. Outside, you will find an additional 2-car garage with 10 foot doors, and a fully fenced yard for added security and peace of mind. With some updating, this home will truly shine again. Some recent updates include a furnace replacement in 2020 and a new water heater installed in 2025. This is a great opportu

Key facts

• Large kitchen
• 2 car garage
• Fully fenced yard

Tags

• LARGE KITCHEN
• SPACIOUS LIVING ROOM
• ORIGINAL HARDWOOD FLOORS
• FULLY FENCED YARD
• 2 CAR GARAGE

Property features AI

Finance

• HOA & community: Sidewalks in the community

Exterior

• Parking: Attached garage; Detached garage; One- and two-car garage options (1 garage space listed)
• Utilities: Public water; Public sewer
• Home design: Single-story home; Asphalt shingle roof; Vinyl siding; Block foundation; Zoned residential
• Construction: Vinyl siding construction; Asphalt shingle roof; Block foundation; Built on one story
• Exterior features: Fully fenced yard; Chain-link full fencing; Rectangular lot; Asphalt road frontage; Lot dimensions approximately 65 x 133

Interior

• Bedrooms: 3 main-level bedrooms
• Flooring: Hardwood flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Dining area; Grab bars

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $51 ($612/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $122k (6.2% below list).
• Recommended offer: $122k (6.2% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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 (+3.5%/yr); 227 active listings in the ZIP; 33 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 $899 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

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $121,883 (6.2% below list)

Questions for the listing agent

1. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.94% ✗
• Cap rate: 6.76%
• Cash-on-cash: 1.68%
• DSCR: 1.07
• GRM: 8.9

CMA / ARV

• ARV (median comp): $162,542
• List price: $130,000
• Delta: -20.02%
• 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
3216 SE 3rd St	0.31mi	3/1.0	924 (-7%)	0mo	$175,000	$189	73
605 Loomis Ave	0.40mi	3/2.0	1,058 (+6%)	0mo	$180,000	$170	67
801 Boulder Ave	0.43mi	3/2.0	892 (-11%)	1mo	$218,000	$244	57
3225 SW 2nd St	0.21mi	4/2.0 (+1)	864 (-13%)	2mo	$220,000	$255	57
102 E Thornton Ave	0.43mi	3/2.0	888 (-11%)	1mo	$210,000	$236	57
404 Lacona Ave	0.44mi	3/2.0	1,115 (+12%)	0mo	$240,000	$215	56
820 Creston Ave	0.49mi	2/1.0 (-1)	902 (-10%)	1mo	$164,500	$182	55
504 Watrous Ave	0.70mi	3/1.0	926 (-7%)	2mo	$168,000	$181	54
3822 SW 2nd St	0.58mi	2/1.5 (-1)	1,080 (+8%)	2mo	$195,000	$181	51
343 E Bell Ave	0.54mi	3/2.0	864 (-13%)	0mo	$153,500	$178	48
4101 SE 2nd St	0.73mi	3/1.0	884 (-11%)	1mo	$127,000	$144	46
2420 SE 6th St	0.71mi	3/1.0	874 (-12%)	2mo	$215,000	$246	45

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 · 3.48% rent growth · sell at horizon

5-year hold

• IRR: -13.1%
• Equity multiple: 0.53×
• Total profit: $-17,200
• Equity at exit: $19,383

10-year hold

• IRR: -3.3%
• Equity multiple: 0.77×
• Total profit: $-8,237
• Equity at exit: $11,240

Cash invested: $36,400 (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 50315

• Rents YoY: 3.5%
• Active inventory: 227
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,219 high
• Mortgage (P&I): −$682
• Tax from tax record: −$176 /mo · $2,112/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $51

Break-even live

Break-even rent $1,154

Max offer price $130,000

Occupancy floor 91%

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
116 Park Ave Des Moines, IA	2.0	1.0	728	$1,200	$1.65	43d	1	0.14mi
315 Miller Ave Des Moines, IA	3.0	1.0	1018	$1,595	$1.57	43d	1	0.35mi
404 E Pleasant View Dr Des Moines, IA	3.0	2.0	936	$1,125	$1.20	43d	1	0.38mi
701 Loomis Ave Unit 7011 Des Moines, IA	2.0	1.0	600	$800	$1.33	14d	1	0.48mi
3310 SE 5th St Des Moines, IA	2.0	1.0	700	$1,150	$1.64	43d	1	0.53mi
2440 SW 9th St Unit 5 Des Moines, IA	2.0	1.0	780	$1,100	$1.41	43d	1	0.65mi
3130 Indianola Ave Des Moines, IA	1.0–2.0	1.0	900	$1,495	$1.66	43d	1	0.84mi
3200 Indianola Ave Des Moines, IA	2.0	1.0	850	$900	$1.06	14d	8	0.91mi
3810 SW 12th St Des Moines, IA	2.0	1.0	790	$1,095	$1.39	23d	1	0.92mi
1201 E Bell Ave Des Moines, IA	3.0	2.0	1107	$1,100	$0.99	14d	1	0.92mi
1012 Carrie Ave Des Moines, IA	2.0	1.0	1100	$1,700	$1.55	21d	1	1.02mi
700 Monona Ave Des Moines, IA	1.0–2.0	1.0	875	$1,100	$1.26	23d	3	1.05mi
3712 SE 14th St Unit 3708-36 Des Moines, IA	2.0	1.0	850	$855	$1.01	14d	1	1.06mi
703 Monona Ave Des Moines, IA	2.0	1.0	850	$1,100	$1.29	14d	3	1.08mi
701 Monona Ave Des Moines, IA	1.0–2.0	1.0	825	$1,100	$1.33	23d	2	1.09mi
201 McKinley Ave Des Moines, IA	3.0	1.0	840	$1,350	$1.61	43d	1	1.10mi
4805 South Union St Des Moines, IA	2.0	1.0	720	$1,245	$1.73	23d	1	1.13mi
311 E McKinley Ave Des Moines, IA	2.0	2.0	884	$785	$0.89	43d	1	1.15mi
211 E McKinley Ave Des Moines, IA	2.0–3.0	1.5–2.0	875	$997	$1.14	14d	4	1.15mi
824 Hartford Ave Des Moines, IA	2.0	1.0	730	$975	$1.34	23d	1	1.16mi
822 Hartford Ave Des Moines, IA	2.0	1.0	710	$975	$1.37	43d	1	1.16mi
828 Hartford Ave Des Moines, IA	2.0	1.0	710	$975	$1.37	43d	1	1.16mi
1512 Evergreen Ave Des Moines, IA	1.0–2.0	1.0–2.0	756	$970	$1.28	19d	3	1.22mi
5000 SW 8th St Des Moines, IA	3.0	1.0	956	$1,340	$1.40	23d	1	1.30mi
100 Jackson Ave Des Moines, IA	3.0	1.0–2.0	885	$1,718	$1.94	14d	21	1.31mi
1627 E Glenwood Dr Des Moines, IA	3.0	1.0	1040	$1,295	$1.25	43d	1	1.32mi
5015 SW 9th St Des Moines, IA	1.0–2.0	1.0	682	$910	$1.33	14d	5	1.36mi
1914 Casady Dr Des Moines, IA	2.0	1.0	800	$798	$1.00	14d	3	1.37mi
1405 SE 1st St Des Moines, IA	1.0–2.0	1.0–2.0	802	$1,435	$1.79	14d	8	1.39mi
1910 Casady Dr Des Moines, IA	2.0	1.0	800	$795	$0.99	43d	1	1.39mi
5201 S Union St Unit 302 Des Moines, IA	2.0	1.0	800	$845	$1.06	21d	1	1.40mi
5201 S Union St Apt 208 Des Moines, IA	2.0	1.0	800	$845	$1.06	43d	1	1.40mi
12 E Kenyon Ave Des Moines, IA	3.0	1.5	1000	$1,395	$1.40	23d	1	1.47mi

Listing history 1 events

1. 2026-05-15
   listed $130,000 Active 849-char remark

ⓘ 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: $2,112 · $176/mo
• Projected year-2 tax: $2,112 · $176/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: $14,626
• − Mortgage interest: −$7,282
• − Property taxes: −$2,112
• − Insurance: −$650
• − Repairs & maintenance: −$1,170
• − Management: −$1,170
• − Depreciation: −$3,782
• Taxable loss: −$1,540
• Est. tax savings @ 24.0%: +$370
• After-tax cash flow: $981/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): 34,816
• Household income: $60,590
• Rent vs Own: 38.5% rent · 61.5% own
• Severe rent burden: 1072.0

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 (66%)
• Race & ethnicity: White 66% Hispanic / Latino 19% Two or more races 11% Black 9% Asian 2%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Iranian 2% Portuguese 2% Italian 2%
• Foreign-born: 10% · Canada, Philippines
• Languages at home: 83% English-only · Spanish 13% Other Asian/Pacific 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: ▼ -259.03%
• Current HPI: 269.7231
• Rent YoY: ▲ 3.48%
• 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

2 events — show timeline

• 2026-05-22 Pending — DMMLS
• 2026-05-15 Listed $130,000 DMMLS

Property tax history

-0.2%/yr

Latest (2025): $2,112 · -3.7% YoY. Source: county tax records.