1422 NW 3rd Ln · Grimes, IA 50111

$312,000

4 bd · 2.5 ba · 1,714 sqft · SingleFamily · 91 Days on market

Built 2026 $182/sqft · 31% below area Est $450k · 31% under

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Why this score? — see what drove the D- 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
• Schools +7.0/10.0
• Cash flow +6.4/30.0
• Livability +4.0/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• 1% rule +1.5/10.0
• DSCR +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Destiny Homes presents its Cali plan in Grimes' Hope Timber Villas. The Cali plan features 4 bedrooms, 2.5 baths and just over 1,700 sq ft of living space. This two story home has everything a home should. The main level features beautiful open concept living, quartz countertops, center island and corner pantry. Upstairs, the primary ensuite includes a walk-in closet, 3 additional bedrooms, bathroom and laundry room. Hope Timber Villas is located just east of Dallas Center Grimes High School. Enjoy the comfort of a close-knit community while being just minutes from schools, shopping, dining, and everything Grimes has to offer. All Destiny Homes have a 2 year builder warranty. Striking the perfect balance between quality and efficiency, your path to homeownership starts right now! Ask about $2,000 in closing costs provided by the preferred lender. All information obtained from seller and public record.

Key facts

• Quartz countertops
• Open concept living
• Walk-in closet

Tags

• OPEN CONCEPT LIVING
• QUARTZ COUNTERTOPS
• CENTER ISLAND
• CORNER PANTRY
• WALK-IN CLOSET
• MINUTES FROM SCHOOLS

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $312k.

Deal economics

• At list price, monthly cash flow is $-545 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $233k (25.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $204k (34.6% below list).
• Recommended offer: $204k (34.6% below list) — sets the bar for 1% rule.
• Cap rate 4.2% vs local median 2.3% in Grimes — 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 79/100 on livability (#106 in IA, #2,080 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F.
• Dallas Center-Grimes Community School District (rural): math 78% / reading 82% proficiency, ranked #19 of 289 in IA (top 7%) — strong family-tenant draw, lease renewals of 3-5y typical; only 12% free/reduced lunch — higher-income household profile.
• Zoned schools: South Prairie Elementary (math 74% / reading 76%, grade A, #128 of 616 statewide, top 21%, 452 students, 24% FRL); Dallas Center-Grimes Middle School (math 79% / reading 81%, grade A+, #32 of 246 statewide, top 13%, 527 students, 19% FRL); Dallas Center-Grimes High School (math 73% / reading 82%, grade A-, #56 of 336 statewide, top 17%, 978 students, 18% FRL).
• Market conditions: Rents flat; 329 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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 $2k of loan paydown is wiped out by about $9k 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 91 days — a 9% lower offer ($284k) is reasonable based on typical stale-listing flexibility.

Recommended offer $203,964 (34.6% 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 91 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.65% ✗
• Cap rate: 4.20%
• Cash-on-cash: -7.48%
• DSCR: 0.67
• GRM: 12.7

CMA / ARV

• ARV (median comp): $450,235
• List price: $312,000
• Delta: -30.70%
• 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
1004 NW 5th St	0.30mi	5/3.0 (+1)	1,741 (+2%)	1mo	$475,000	$273	76
715 SW Cattail Rd	0.57mi	4/3.0	1,717 (+0%)	2mo	$620,000	$361	70
1023 SW Cattail Rd	0.67mi	4/2.5	1,699 (-1%)	0mo	$527,900	$311	67
280 NW Prairie Creek Dr	0.48mi	4/2.5	1,568 (-8%)	2mo	$325,000	$207	62
905 NW 3rd Ct	0.33mi	4/3.0	1,903 (+11%)	3mo	$557,500	$293	61
508 NW 8th St	0.62mi	4/3.0	1,864 (+9%)	0mo	$399,900	$215	54
1208 SW 4th St	0.34mi	3/3.0 (-1)	1,478 (-14%)	0mo	$305,000	$206	54
975 SW Boulder Dr	0.68mi	4/3.0	1,579 (-8%)	1mo	$509,900	$323	52
873 SW Cattail Rd	0.62mi	5/3.0 (+1)	1,610 (-6%)	3mo	$549,900	$342	52
847 SW Cattail Rd	0.61mi	5/3.0 (+1)	1,586 (-8%)	2mo	$555,000	$350	50
781 SW Cattail Rd	0.59mi	4/3.0	1,492 (-13%)	1mo	$556,000	$373	48
726 SW Cattail Rd	0.59mi	3/2.0 (-1)	1,463 (-15%)	1mo	$405,000	$277	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 · 0.71% rent growth · sell at horizon

5-year hold

• IRR: -31.9%
• Equity multiple: -0.03×
• Total profit: $-89,823
• Equity at exit: $46,520

10-year hold

• IRR: -51.7%
• Equity multiple: -0.61×
• Total profit: $-140,783
• Equity at exit: $26,976

Cash invested: $87,360 (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 50111

• Home prices YoY: -11.1%
• Rents YoY: 0.7%
• Active inventory: 329
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $2,040 high
• Mortgage (P&I): −$1,636
• Tax est. 1.5%: −$390 /mo · $4,680/yr
• Insurance: −$130
• HOA: −$0
• Vacancy / Maint / Mgmt: −$428
• Net cashflow: $-545

Break-even live

Break-even rent $2,729

Max offer price $233,160

Occupancy floor —

Sensitivity live

Price	-10% $-329	-5% $-437	+0% $-545	+5% $-653	+10% $-760
Rent	-10% $-706	-5% $-625	+0% $-545	+5% $-464	+10% $-384
Rate	-1.0pp $-388	-0.5pp $-465	base $-545	+0.5pp $-626	+1.0pp $-708

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: $78,000
• Closing costs: $9,360
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
301 SE 4th St Grimes, IA	3.0	2.5	1619	$2,195	$1.36	45d	1	0.97mi
305 SE 4th St Grimes, IA	3.0	2.5	1651	$2,090	$1.27	16d	1	0.97mi
317 SE 4th St Grimes, IA	3.0	2.5	1619	$2,195	$1.36	16d	1	0.99mi
301 SE 11th St #703 Grimes, IA	3.0	2.5	1568	$1,895	$1.21	16d	1	1.21mi
1951 N James St Unit 107 Grimes, IA	3.0	2.0	1150	$1,295	$1.13	16d	1	1.27mi

Listing history 18 events

1. 2026-06-21
   days on market $312,000 Active 91 DOM
2. 2026-06-18
   days on market $312,000 Active 88 DOM
3. 2026-06-17
   days on market $312,000 Active 87 DOM
4. 2026-06-16
   days on market $312,000 Active 86 DOM
5. 2026-06-15
   days on market $312,000 Active 85 DOM
6. 2026-06-14
   days on market $312,000 Active 83 DOM
7. 2026-06-13
   days on market $312,000 Active 82 DOM
8. 2026-06-10
   days on market $312,000 Active 80 DOM
9. 2026-06-09
   days on market $312,000 Active 79 DOM
10. 2026-06-08
    days on market $312,000 Active 78 DOM
11. 2026-06-07
    days on market $312,000 Active 77 DOM
12. 2026-06-05
    days on market $312,000 Active 74 DOM
13. 2026-06-03
    days on market $312,000 Active 73 DOM
14. 2026-06-02
    days on market $312,000 Active 72 DOM
15. 2026-06-01
    days on market $312,000 Active 71 DOM
16. 2026-05-31
    days on market $312,000 Active 70 DOM
17. 2026-05-31
    days on market $312,000 Active 69 DOM
18. 2026-03-22
    listed $312,000 Active 914-char remark

    Show marketing remark (914 chars)

    Destiny Homes presents its Cali plan in Grimes' Hope Timber Villas. The Cali plan features 4 bedrooms, 2.5 baths and just over 1,700 sq ft of living space. This two story home has everything a home should. The main level features beautiful open concept living, quartz countertops, center island and corner pantry. Upstairs, the primary ensuite includes a walk-in closet, 3 additional bedrooms, bathroom and laundry room. Hope Timber Villas is located just east of Dallas Center Grimes High School. Enjoy the comfort of a close-knit community while being just minutes from schools, shopping, dining, and everything Grimes has to offer. All Destiny Homes have a 2 year builder warranty. Striking the perfect balance between quality and efficiency, your path to homeownership starts right now! Ask about $2,000 in closing costs provided by the preferred lender. 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.

Taxation est. · year 1

• Rental income: $24,476
• − Mortgage interest: −$17,477
• − Property taxes: −$4,680
• − Insurance: −$1,560
• − Repairs & maintenance: −$1,958
• − Management: −$1,958
• − Depreciation: −$9,076
• Taxable loss: −$12,234
• Est. tax savings @ 24.0%: +$2,936
• After-tax cash flow: $-3,602/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: Dallas Center-Grimes Community School District
• NCES district ID: 1908520
• Math proficiency: 78% ▼ -7.00%
• Reading proficiency: 82% ▼ -1.00%
• Median HH income: $73,781
• Composite: 69.92/100
• National rank: #285
• State rank: #19 of 289 in IA

Livability — Grimes

• Score: 79/100
• State rank: #106
• US rank: #2080

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment A+ Housing A+ Health & safety A- User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Polk County · 453,298 people
• City population: 16,865
• Metro: Des Moines-West Des Moines, IA
• Population (ZIP): 16,865
• Household income: $120,769
• Rent vs Own: 28.3% rent · 71.7% own
• Severe rent burden: 249.0

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 (85%)
• Race & ethnicity: White 85% Hispanic / Latino 6% Two or more races 5% Asian 3% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 3% Italian 3% Iranian 2%
• Foreign-born: 6% · China, Canada
• Languages at home: 92% English-only · Other Asian/Pacific 3% Spanish 2% Other Indo-European 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: ▼ -30.93%
• Current HPI: 249.0614
• Rent YoY: ▲ 0.71%
• 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

1 event — show timeline

• 2026-03-22 Listed $312,000 Zillow