1843 Walker St · Des Moines, IA 50316

$85,000

2 bd · 1.0 ba · 1,085 sqft · SingleFamily public records · 12 Days on market

Built 1900 5,410 sqft lot Est $167k · 49% under

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

Listing remarks

Attention Investors: This charming 2-bedroom, 1-bath property in Des Moines is the fixer-upper you?ve been waiting for. Located just minutes from downtown and highway 235, this property is a handyman special priced as a bargain for those ready to build equity. Being sold as-is, this home is a prime candidate for a rehab or flip. Whether you are looking for a renovation project or a high-potential investment, the cozy layout provides a solid foundation for your vision. Ideal TLC project bring your tools and your vision to this high-potential fixer and capitalize on one of the city's most convenient locations.

Key facts

• 5,410 sq ft lot
• 2 garage spots
• Built 1900

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water
• Home design: Facing information not provided; Entry level not provided
• Construction: Metal siding; Brick/mortar foundation; Asphalt shingle roof; Built year not provided
• Exterior features: Rectangular lot; 50 x 108 lot dimensions; Concrete road/access

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Eat-in kitchen; 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 $479 ($6k/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 13.0% 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-, 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.
• Zoned schools: Capitol View Elementary School (math 43% / reading 31%, grade F, #589 of 616 statewide, top 96%, 505 students, 94% FRL); Hiatt Middle School (math 31% / reading 35%, grade F, #244 of 246 statewide, top 99%, 529 students, 95% FRL); East High School (math 38% / reading 51%, grade F, #324 of 336 statewide, top 97%, 2,040 students, 79% FRL) — zoned schools average 89% FRL vs 63% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 106 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 47% 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 13y 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: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $85,000

Questions for the listing agent

1. Built in 1900 — 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: 1.54% ✓
• Cap rate: 13.05%
• Cash-on-cash: 24.13%
• DSCR: 2.07
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $167,090
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1804 Capitol Ave	0.34mi	2/2.0	1,126 (+4%)	4mo	$164,900	$146	71
1804 Des Moines St	0.21mi	3/1.0 (+1)	1,193 (+10%)	7mo	$168,000	$141	63
2069 E Grand Ave	0.42mi	3/2.0 (+1)	1,125 (+4%)	4mo	$117,500	$104	61
2224 Capitol Ave	0.58mi	3/2.0 (+1)	1,082 (-0%)	3mo	$110,000	$102	61
807 E 23rd Ct	0.60mi	3/2.0 (+1)	1,105 (+2%)	1mo	$250,000	$226	59
1531 Stewart St	0.57mi	3/1.5 (+1)	1,062 (-2%)	6mo	$175,000	$165	58
1460 E 22nd St	0.59mi	3/2.0 (+1)	1,037 (-4%)	1mo	$189,900	$183	55
1429 E 17th St	0.55mi	3/1.0 (+1)	957 (-12%)	6mo	$147,000	$154	45
2432 Maple St	0.73mi	2/2.0	980 (-10%)	2mo	$209,000	$213	44
2334 Des Moines St	0.64mi	2/1.5	1,242 (+14%)	2mo	$183,000	$147	43
2403 Lyon St	0.68mi	2/1.5	960 (-12%)	7mo	$145,000	$151	41
1709 E Walnut St	0.49mi	3/1.5 (+1)	927 (-15%)	6mo	$205,000	$221	40

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.4%
• Equity multiple: 1.70×
• Total profit: $16,704
• Equity at exit: $12,674

10-year hold

• IRR: 25.9%
• Equity multiple: 3.26×
• Total profit: $53,788
• 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 50316

• Home prices YoY: -29.5%
• Active inventory: 106
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,307 high
• Mortgage (P&I): −$446
• Tax from tax record: −$73 /mo · $876/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$275
• Net cashflow: $479

Break-even live

Break-even rent $701

Max offer price $85,000

Occupancy floor 58%

Sensitivity live

Price	-10% $527	-5% $503	+0% $479	+5% $454	+10% $430
Rent	-10% $375	-5% $427	+0% $479	+5% $530	+10% $582
Rate	-1.0pp $521	-0.5pp $500	base $479	+0.5pp $457	+1.0pp $434

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 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1713 Lyon St Des Moines, IA	3.0	1.0	834	$1,045	$1.25	23d	1	0.29mi
410 E 17th St Des Moines, IA	3.0	1.0	1000	$1,695	$1.70	45d	1	0.41mi
2120 Capitol Ave Des Moines, IA	3.0	1.0	973	$1,395	$1.43	45d	1	0.43mi
1525 Des Moines St Des Moines, IA	3.0	1.0	928	$1,195	$1.29	45d	1	0.56mi
1513 Des Moines St Des Moines, IA	3.0	1.0	900	$995	$1.11	25d	1	0.58mi
1364 Idaho St Des Moines, IA	2.0	1.0	804	$1,195	$1.49	25d	1	0.85mi
1726 E 24th St Des Moines, IA	3.0	1.0	850	$1,295	$1.52	45d	1	0.93mi
1530 E 14th St Des Moines, IA	3.0	2.0	1428	$1,900	$1.33	16d	1	1.01mi
1301 E 12th St Unit 2 Des Moines, IA	2.0	1.0	995	$795	$0.80	25d	1	1.04mi
922 Walker St Des Moines, IA	3.0	1.0	864	$1,295	$1.50	25d	1	1.07mi
2726 Des Moines St Des Moines, IA	2.0	1.0	975	$1,295	$1.33	45d	1	1.08mi
1354 E 12th St Des Moines, IA	2.0	1.0	1300	$925	$0.71	45d	1	1.10mi
2121 E 23rd St Des Moines, IA	3.0	1.0	972	$1,395	$1.44	45d	1	1.14mi
915 E Washington Ave Des Moines, IA	3.0	1.0	1457	$1,450	$1.00	25d	1	1.20mi
2925 Maple St Des Moines, IA	3.0	1.0	1270	$1,500	$1.18	25d	1	1.30mi
601 E Vine St Des Moines, IA	2.0	1.0–2.0	730	$1,595	$2.18	21d	19	1.48mi
309 E 5th St #406 Des Moines, IA	1.0	1.0	1057	$1,700	$1.61	45d	1	1.49mi

Listing history 12 events

1. 2026-06-13
   status $85,000 Pending 12 DOM
2. 2026-06-10
   days on market $85,000 Active 12 DOM
3. 2026-06-09
   days on market $85,000 Active 11 DOM
4. 2026-06-08
   days on market $85,000 Active 10 DOM
5. 2026-06-07
   days on market $85,000 Active 9 DOM
6. 2026-06-05
   days on market $85,000 Active 6 DOM
7. 2026-06-03
   days on market $85,000 Active 5 DOM
8. 2026-06-02
   days on market $85,000 Active 4 DOM
9. 2026-06-01
   days on market $85,000 Active 3 DOM
10. 2026-05-31
    days on market $85,000 Active 2 DOM
11. 2026-05-31
    remarks 615-char remark
12. 2026-05-31
    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: $876 · $73/mo
• Projected year-2 tax: $1,105 · $92/mo
• Expected delta: +$229/yr (+$19/mo · 26.2%)

ⓘ 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: $15,687
• − Mortgage interest: −$4,761
• − Property taxes: −$876
• − Insurance: −$425
• − Repairs & maintenance: −$1,255
• − Management: −$1,255
• − Depreciation: −$2,473
• Taxable income: $4,642
• Est. tax owed @ 24.0%: −$1,114
• After-tax cash flow: $4,628/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
• City population: 203,612
• Population (ZIP): 16,188

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 0.68)
• Race & ethnicity: White 48% Hispanic / Latino 27% Black 12% Two or more races 12% Asian 7% Native American 1%
• Hispanic origin (detail): Mexican 21% Puerto Rican 1%
• Common ancestry: Portuguese 2% Slovak 1% Iranian 1%
• Foreign-born: 16% · Canada, Vietnam, Philippines
• Languages at home: 69% English-only · Spanish 20% Other Asian/Pacific 3% Vietnamese 2%

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: ▼ -121.34%
• Current HPI: 290.3838
• Rent YoY: —
• Metro: —
• 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

+70.0% since first listed

3 events — show timeline

• 2026-05-29 Listed $85,000 DMMLS
• 2013-08-26 Listing Removed — DMMLS
• 2013-05-23 Listed $50,000 DMMLS

Property tax history

+10.0%/yr

Latest (2025): $876 · +4.3% YoY. Source: county tax records.