3215 7th St · Des Moines, IA 50313

$144,900

4 bd · 3.0 ba · 2,881 sqft · Other public records · 107 Days on market

Built 1896 6,500 sqft lot

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Why this score? — see what drove the B- 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 +27.6/30.0
• DSCR +9.7/10.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor special! This property is a Single-family house but is set up with 3 separate units. Unlimited potential here based on the property and the location! (Walking distance to Riverview Park & Amphitheater & Des Moines River Bike Trail) This could be a great income property for a live-in short-term rental. 1st and 2nd-floor units are finished with the 3rd unit ready to finish. All the ductwork is ready for central A/C to be installed. NO CURRENT RENTAL CERTIFICATE. See attached doc for repairs done. Only showing Fridays Saturdays and Sundays

Key facts

• Multi-unit rental
• 6,500 sq ft lot
• 2 garage spots

Tags

• TRIPLEX CONVERSION OPPORTUNITY
• VALUE-ADD OPPORTUNITY
• MULTI-UNIT RENTAL

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath other listed at $145k.

Deal economics

• At list price, monthly cash flow is $433 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $132k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.9% 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; 1 comparable units currently listed for rent nearby; 2,953 units permitted in Polk County in 2024 (540 in 5+ unit buildings).
• This rent runs 31% of the median local income ($68k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $41k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 107 days — a 9% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 18y 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 $114k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1896 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $131,859 (9.0% below list)

Questions for the listing agent

1. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1896 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.20% ✓
• Cap rate: 9.88%
• Cash-on-cash: 12.80%
• DSCR: 1.57
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 7.9%
• Equity multiple: 1.33×
• Total profit: $13,282
• Equity at exit: $21,605

10-year hold

• IRR: 21.0%
• Equity multiple: 3.19×
• Total profit: $88,946
• Equity at exit: $12,528

Cash invested: $40,572 (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: 6.9×

Monthly cashflow live

• Estimated rent: $1,743 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$124 /mo · $1,490/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$366
• Net cashflow: $433

Break-even live

Break-even rent $1,195

Max offer price $144,900

Occupancy floor 70%

Sensitivity live

Price	-10% $515	-5% $474	+0% $433	+5% $392	+10% $351
Rent	-10% $295	-5% $364	+0% $433	+5% $502	+10% $570
Rate	-1.0pp $506	-0.5pp $470	base $433	+0.5pp $395	+1.0pp $357

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: $36,225
• Closing costs: $4,347
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3416 2nd Ave Des Moines, IA	5.0	2.0	2275	$1,581	$0.69	44d	1	0.32mi

Listing history 12 events

1. 2026-03-25
   status Pending
2. 2026-01-28
   price $144,900
3. 2025-12-08
   listed $149,900 Active
4. 2022-07-18
   soldstatus $114,000
5. 2022-07-14
   soldstatus $114,000 Closed 565-char remark

   Show marketing remark (565 chars)

   Investor special! This property is a Single-family house but is set up with 3 separate units. Unlimited potential here based on the property and the location! (Walking distance to Riverview Park & Amphitheater & Des Moines River Bike Trail) This could be a great income property for a live-in short-term rental. 1st and 2nd-floor units are finished with the 3rd unit ready to finish. All the ductwork is ready for central A/C to be installed. NO CURRENT RENTAL CERTIFICATE. See attached doc for repairs done. Only showing Fridays Saturdays and Sundays

6. 2022-05-12
   status Pending 565-char remark

   Show marketing remark (565 chars)

   Investor special! This property is a Single-family house but is set up with 3 separate units. Unlimited potential here based on the property and the location! (Walking distance to Riverview Park & Amphitheater & Des Moines River Bike Trail) This could be a great income property for a live-in short-term rental. 1st and 2nd-floor units are finished with the 3rd unit ready to finish. All the ductwork is ready for central A/C to be installed. NO CURRENT RENTAL CERTIFICATE. See attached doc for repairs done. Only showing Fridays Saturdays and Sundays

7. 2022-04-07
   status Active 565-char remark

   Show marketing remark (565 chars)

   Investor special! This property is a Single-family house but is set up with 3 separate units. Unlimited potential here based on the property and the location! (Walking distance to Riverview Park & Amphitheater & Des Moines River Bike Trail) This could be a great income property for a live-in short-term rental. 1st and 2nd-floor units are finished with the 3rd unit ready to finish. All the ductwork is ready for central A/C to be installed. NO CURRENT RENTAL CERTIFICATE. See attached doc for repairs done. Only showing Fridays Saturdays and Sundays

8. 2022-03-29
   status Pending 565-char remark

   Show marketing remark (565 chars)

   Investor special! This property is a Single-family house but is set up with 3 separate units. Unlimited potential here based on the property and the location! (Walking distance to Riverview Park & Amphitheater & Des Moines River Bike Trail) This could be a great income property for a live-in short-term rental. 1st and 2nd-floor units are finished with the 3rd unit ready to finish. All the ductwork is ready for central A/C to be installed. NO CURRENT RENTAL CERTIFICATE. See attached doc for repairs done. Only showing Fridays Saturdays and Sundays

9. 2022-03-23
   listed $129,000 Active 565-char remark

   Show marketing remark (565 chars)

   Investor special! This property is a Single-family house but is set up with 3 separate units. Unlimited potential here based on the property and the location! (Walking distance to Riverview Park & Amphitheater & Des Moines River Bike Trail) This could be a great income property for a live-in short-term rental. 1st and 2nd-floor units are finished with the 3rd unit ready to finish. All the ductwork is ready for central A/C to be installed. NO CURRENT RENTAL CERTIFICATE. See attached doc for repairs done. Only showing Fridays Saturdays and Sundays

10. 2009-01-22
    soldstatus $27,133 271-char remark

    Show marketing remark (271 chars)

    Conversion home. 4 bedroom 3 bathrooms. 3 car garage. Nice size lot. Needs work. Sold as is. Home inspection is for buyers knowledge only. Water will not be turned on. Purchaser should utilize alternative means to determine plumbing condition such as an air presure test.

11. 2008-08-22
    listed $29,900 271-char remark

    Show marketing remark (271 chars)

    Conversion home. 4 bedroom 3 bathrooms. 3 car garage. Nice size lot. Needs work. Sold as is. Home inspection is for buyers knowledge only. Water will not be turned on. Purchaser should utilize alternative means to determine plumbing condition such as an air presure test.

12. 1997-09-14
    soldstatus $82,000

ⓘ 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: $1,490 · $124/mo
• Projected year-2 tax: $1,882 · $157/mo
• Expected delta: +$392/yr (+$33/mo · 26.3%)

ⓘ 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: $20,918
• − Mortgage interest: −$8,117
• − Property taxes: −$1,490
• − Insurance: −$724
• − Repairs & maintenance: −$1,673
• − Management: −$1,673
• − Depreciation: −$4,215
• Taxable income: $3,025
• Est. tax owed @ 24.0%: −$726
• After-tax cash flow: $4,466/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

+76.7% since first listed

12 events — show timeline

• 2026-03-25 Pending — DMMLS
• 2026-01-28 Price Changed $144,900 DMMLS
• 2025-12-08 Listed $149,900 DMMLS
• 2022-07-18 Sold (Public Records) $114,000 Public Records
• 2022-07-14 Sold (MLS) $114,000 DMMLS
• 2022-05-12 Pending — DMMLS
• 2022-04-07 Relisted — DMMLS
• 2022-03-29 Pending — DMMLS
• 2022-03-23 Listed $129,000 DMMLS
• 2009-01-22 Sold (MLS) $27,133 DMMLS
• 2008-08-22 Listed $29,900 DMMLS
• 1997-09-14 Sold (Public Records) $82,000 Public Records

Property tax history

-0.3%/yr

Latest (2025): $1,490 · +2.1% YoY. Source: county tax records.