1144 27th St · Des Moines, IA 50311

$135,000

3 bd · 1.0 ba · 1,408 sqft · SingleFamily public records · 4 Days on market

Built 1903 5,760 sqft lot $96/sqft · 34% below area Est $205k · 34% 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 +19.0/30.0
• ARV discount +15.0/15.0
• DSCR +6.0/10.0
• 1% rule +5.0/10.0
• 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

Key facts

• 5,760 sq ft lot
• Garage
• Built 1903

Property features AI

Exterior

• Parking: Detached one-car garage
• Utilities: Public water; Public sewer
• Home design: 2 stories; Residential zoning (RES)
• Construction: Frame construction; Brick/mortar foundation; Asphalt shingle roof
• Exterior features: Chain-link partial fence; Concrete road access; Rectangular lot

Interior

• Kitchen: Dishwasher; Microwave; Stove; Refrigerator; Additional items noted in remarks
• Bedrooms: 2 main-level bedrooms
• Flooring: Carpet; Hardwood; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Natural gas
• Interior features: Separate formal dining room; Window treatments; Grab bars
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $142 ($2k/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 $134k (0.5% below list).
• Recommended offer: $134k (0.5% below list) — sets the bar for 1% rule.
• Cap rate 7.6% 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; 38 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 $933 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 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1903 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $134,390 (0.5% below list)

Questions for the listing agent

1. Built in 1903 — 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: 1.00% ✗
• Cap rate: 7.55%
• Cash-on-cash: 4.51%
• DSCR: 1.20
• GRM: 8.4

CMA / ARV

• ARV (median comp): $204,967
• List price: $135,000
• Delta: -34.14%
• 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
1144 27th St	0.00mi	3/2.0	1,408 (0%)	1mo	$120,000	$85	95
2830 Rutland Ave	0.18mi	3/1.5	1,392 (-1%)	1mo	$333,000	$239	87
2305 Drake Park Ave	0.27mi	4/1.5 (+1)	1,356 (-4%)	0mo	$150,000	$111	74
1010 24th St	0.31mi	3/2.5	1,354 (-4%)	2mo	$345,000	$255	72
827 26th St	0.46mi	3/2.5	1,476 (+5%)	2mo	$297,000	$201	63
1601 32nd St	0.70mi	3/2.5	1,366 (-3%)	0mo	$379,000	$277	56
994 25th St	0.32mi	3/2.5	1,605 (+14%)	1mo	$380,000	$237	55
710 31st St	0.69mi	3/1.0	1,289 (-8%)	1mo	$269,900	$209	52
3408 Rutland Ave	0.52mi	3/3.0	1,265 (-10%)	1mo	$251,500	$199	50
683 25th St	0.71mi	3/2.0	1,507 (+7%)	2mo	$315,000	$209	50
1559 23rd St	0.65mi	3/1.0	1,223 (-13%)	1mo	$167,500	$137	47
3406 School St	0.57mi	3/2.5	1,589 (+13%)	0mo	$295,900	$186	46

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: -12.7%
• Equity multiple: 0.56×
• Total profit: $-16,760
• Equity at exit: $20,129

10-year hold

• IRR: -8.9%
• Equity multiple: 0.52×
• Total profit: $-18,121
• Equity at exit: $11,672

Cash invested: $37,800 (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: 8.4×

Monthly cashflow live

• Estimated rent: $1,344 high
• Mortgage (P&I): −$708
• Tax from tax record: −$156 /mo · $1,866/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $142

Break-even live

Break-even rent $1,164

Max offer price $135,000

Occupancy floor 84%

Sensitivity live

Price	-10% $218	-5% $180	+0% $142	+5% $104	+10% $66
Rent	-10% $36	-5% $89	+0% $142	+5% $195	+10% $248
Rate	-1.0pp $210	-0.5pp $176	base $142	+0.5pp $107	+1.0pp $71

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2813 Cottage Grove Ave Unit 2 Des Moines, IA	3.0	1.0	900	$1,200	$1.33	44d	1	0.09mi
2530 University Ave Des Moines, IA	2.0	1.0	647	$1,750	$2.70	15d	36	0.13mi
2940 Brattleboro Ave Unit 2 Des Moines, IA	3.0	2.0	1250	$1,300	$1.04	15d	1	0.26mi
3103 Forest Ave Des Moines, IA	1.0–2.0	1.0–1.5	900	$1,550	$1.72	15d	1	0.49mi
1171 21st St Unit 2 Des Moines, IA	4.0	1.0	1210	$1,300	$1.07	44d	1	0.49mi
1171 21st St Unit 1 Des Moines, IA	2.0	1.0	1028	$1,150	$1.12	44d	1	0.49mi
3201 Forest Ave Des Moines, IA	3.0	1.0–2.0	717	$1,600	$2.23	15d	16	0.51mi
737 28th St Des Moines, IA	3.0	2.0	1037	$1,800	$1.74	44d	1	0.53mi
1260 34th St Unit 401 Des Moines, IA	3.0	2.0	1088	$1,335	$1.23	44d	1	0.55mi
3519 University Ave Apt 103 Des Moines, IA	2.0	1.0	900	$915	$1.02	24d	1	0.58mi
2717 Meek Ave Des Moines, IA	2.0	2.0	1128	$1,550	$1.37	15d	1	0.58mi
3005 Woodland Ave Unit 36 Des Moines, IA	2.0	1.0	1080	$1,030	$0.95	21d	1	0.67mi
1546 33rd St Des Moines, IA	4.0	2.0	1540	$1,850	$1.20	15d	1	0.73mi
1637 23rd St Des Moines, IA	4.0	2.0	1743	$1,595	$0.92	44d	1	0.76mi
1717 Olive Ave Unit B6 Des Moines, IA	2.0	2.0	1092	$1,700	$1.56	44d	1	0.76mi
707 35th St Des Moines, IA	3.0	1.0	1546	$1,995	$1.29	15d	1	0.79mi
641 35th St Unit 11 Des Moines, IA	2.0	1.5	1000	$1,030	$1.03	44d	1	0.89mi
1714 College Ave Des Moines, IA	3.0	1.0	1015	$1,050	$1.03	44d	1	0.90mi
2301 Ingersoll Ave Des Moines, IA	2.0	1.0–2.0	784	$1,815	$2.32	15d	14	0.91mi
2714 Ingersoll Ave Des Moines, IA	1.0–2.0	1.0	750	$1,085	$1.45	44d	1	0.94mi
1821 Woodland Ave Des Moines, IA	2.0	2.0	1200	$1,472	$1.23	44d	2	0.95mi
641 19th St Unit WP 5 Des Moines, IA	2.0	2.0	1200	$1,395	$1.16	44d	1	0.96mi
641 19th St Unit WP 1 Des Moines, IA	2.0	2.0	1200	$1,550	$1.29	44d	1	0.96mi
1314 Harrison Ave Des Moines, IA	3.0	1.0	1150	$1,195	$1.04	24d	1	1.05mi
2002 34th St Des Moines, IA	2.0	1.0	897	$1,350	$1.51	21d	1	1.06mi
544 36th St Unit 2 Des Moines, IA	2.0	1.0	1152	$1,500	$1.30	44d	1	1.08mi
1345 Keosauqua Way Des Moines, IA	2.0	2.5	1550	$2,045	$1.32	44d	1	1.11mi
2501 24th St Unit 121 Des Moines, IA	3.0	2.0	950	$995	$1.05	24d	1	1.22mi
3927 Ingersoll Ave Des Moines, IA	2.0	1.0	1050	$1,195	$1.14	44d	1	1.22mi
2501 24th St Des Moines, IA	2.0	1.0	910	$795	$0.87	24d	1	1.23mi
2501 24th St Apt 107 Des Moines, IA	3.0	2.0	950	$1,045	$1.10	15d	1	1.23mi
2501 24th St Apt 106 Des Moines, IA	4.0	2.0	1175	$1,245	$1.06	44d	1	1.23mi
4000 Ingersoll Ave Des Moines, IA	3.0	1.0–2.0	1263	$5,511	$4.36	15d	1	1.27mi
2403 36th St Des Moines, IA	3.0	2.0	1324	$1,600	$1.21	24d	1	1.31mi
1440 Locust St Des Moines, IA	2.0	1.0	957	$1,385	$1.45	15d	1	1.38mi
4322 Northwest Dr Unit 1 Des Moines, IA	3.0	1.5	1386	$1,895	$1.37	44d	1	1.41mi
4801 University Ave Unit 3 Des Moines, IA	2.0	1.0	900	$1,250	$1.39	44d	1	1.50mi
4801 University Ave Unit 2 Des Moines, IA	2.0	1.0	900	$1,195	$1.33	24d	1	1.50mi

Listing history 3 events

1. 2026-05-05
   status Pending 346-char remark
2. 2026-05-01
   listed $135,000 Active 346-char remark
3. 2006-06-13
   soldstatus $45,000

ⓘ 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: $1,866 · $156/mo
• Projected year-2 tax: $1,993 · $166/mo
• Expected delta: +$127/yr (+$11/mo · 6.8%)

ⓘ 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: $16,127
• − Mortgage interest: −$7,562
• − Property taxes: −$1,866
• − Insurance: −$675
• − Repairs & maintenance: −$1,290
• − Management: −$1,290
• − Depreciation: −$3,927
• Taxable loss: −$484
• Est. tax savings @ 24.0%: +$116
• After-tax cash flow: $1,820/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

+166.7% since first listed

5 events — show timeline

• 2026-06-02 Sold (Public Records) $120,000 Public Records
• 2026-06-01 Sold (MLS) $120,000 DMMLS
• 2026-05-05 Pending — DMMLS
• 2026-05-01 Listed $135,000 DMMLS
• 2006-06-13 Sold (Public Records) $45,000 Public Records

Property tax history

+2.4%/yr

Latest (2025): $1,866 · -4.6% YoY. Source: county tax records.