3505 6th Ave · Des Moines, IA 50313

$189,900

3 bd · 2.0 ba · 1,870 sqft · SingleFamily public records · 41 Days on market

Built 1924 6,500 sqft lot $102/sqft · 5% below area Est $200k · 5% 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).

• Cash flow +11.3/30.0
• ARV discount +9.9/15.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• 1% rule +3.5/10.0
• DSCR +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

3505 6th Avenue presents a unique opportunity for investors, flippers, or buyers looking to build equity. This property has been used as an investment property and is now ready for its next chapter. Offered at the current “as-is” price, this home provides the chance to renovate and customize while taking advantage of strong upside potential. The seller has also provided a vision for what this property could become, with proposed remodel photos included alongside the current condition photos. The remodeled price is $250,000, giving buyers a clear picture of the home’s future possibilities and value-add opportunity. Whether you’re searching for your next investment pro

Key facts

• 6,500 sq ft lot
• 2 garage spots
• Built 1924

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public sewer
• Home design: 2-story house; Frame construction
• Construction: Shingle/asphalt roof; Block foundation; Built with frame construction
• Exterior features: Concrete road access; Zoned NX1

Interior

• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Central air conditioning; Forced air heating (natural gas)
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $-70 ($-845/yr) — negative.
• To cash-flow at today's rent, offer at most $177k (6.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $161k (15.4% below list).
• Recommended offer: $161k (15.4% below list) — sets the bar for 1% rule.
• Cap rate 5.8% 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 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 41 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 21y 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 $126k; list at $190k implies a 51% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $160,641 (15.4% 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 41 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
8. 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.
9. 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.
10. 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: 0.85% ✗
• Cap rate: 5.85%
• Cash-on-cash: -1.59%
• DSCR: 0.93
• GRM: 9.9

CMA / ARV

• ARV (median comp): $200,376
• List price: $189,900
• Delta: -5.23%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1102 Clinton Ave	0.42mi	3/2.5	1,624 (-13%)	0mo	$365,000	$225	56
3835 9th St	0.37mi	4/3.0 (+1)	1,704 (-9%)	4mo	$325,000	$191	55
3417 Oxford St	0.37mi	3/3.0	1,654 (-12%)	12mo	$235,000	$142	50
3918 11th St	0.54mi	3/2.5	1,685 (-10%)	10mo	$267,000	$158	49
829 Clinton Ave	0.26mi	4/2.0 (+1)	1,614 (-14%)	14mo	$222,000	$138	49
1018 Euclid Ave	0.38mi	4/2.0 (+1)	1,974 (+6%)	24mo	$170,000	$86	48
1140 Clinton Ave	0.50mi	4/2.5 (+1)	1,997 (+7%)	14mo	$361,500	$181	47
3907 10th St St	0.45mi	4/2.0 (+1)	1,719 (-8%)	19mo	$222,500	$129	44
3223 3rd St	0.23mi	4/2.0 (+1)	1,626 (-13%)	23mo	$175,000	$108	44
4020 11th Pl	0.68mi	3/1.0	1,637 (-12%)	5mo	$228,000	$139	40
4015 11th Pl	0.64mi	3/1.5	1,634 (-13%)	19mo	$227,500	$139	31
4000 Columbia St	0.69mi	4/2.0 (+1)	1,600 (-14%)	15mo	$267,000	$167	26

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -13.3%
• Equity multiple: 0.50×
• Total profit: $-26,726
• Equity at exit: $28,315

10-year hold

• IRR: 2.1%
• Equity multiple: 1.18×
• Total profit: $9,757
• Equity at exit: $16,419

Cash invested: $53,172 (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: 9.9×

Monthly cashflow live

• Estimated rent: $1,606 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$264 /mo · $3,174/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$337
• Net cashflow: $-70

Break-even live

Break-even rent $1,696

Max offer price $177,460

Occupancy floor 99%

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3410 5th Ave Des Moines, IA	4.0	2.0	1474	$1,550	$1.05	43d	1	0.04mi

Listing history 19 events

1. 2026-06-18
   days on market $189,900 Active 41 DOM
2. 2026-06-17
   days on market $189,900 Active 40 DOM
3. 2026-06-16
   days on market $189,900 Active 39 DOM
4. 2026-06-15
   days on market $189,900 Active 38 DOM
5. 2026-06-14
   days on market $189,900 Active 36 DOM
6. 2026-06-13
   days on market $189,900 Active 35 DOM
7. 2026-06-10
   days on market $189,900 Active 33 DOM
8. 2026-06-09
   days on market $189,900 Active 32 DOM
9. 2026-06-08
   days on market $189,900 Active 31 DOM
10. 2026-06-07
    days on market $189,900 Active 30 DOM
11. 2026-06-05
    days on market $189,900 Active 27 DOM
12. 2026-06-03
    days on market $189,900 Active 26 DOM
13. 2026-06-02
    days on market $189,900 Active 25 DOM
14. 2026-06-01
    days on market $189,900 Active 24 DOM
15. 2026-05-31
    days on market $189,900 Active 23 DOM
16. 2026-05-31
    days on market $189,900 Active 22 DOM
17. 2026-05-08
    listed $189,900 Active 1010-char remark
18. 2025-03-04
    soldstatus $126,000
19. 2005-10-26
    listed $54,900

ⓘ 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: $3,174 · $264/mo
• Projected year-2 tax: $3,174 · $264/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 3/10 Moderate
• 🌡 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: $19,277
• − Mortgage interest: −$10,637
• − Property taxes: −$3,174
• − Insurance: −$950
• − Repairs & maintenance: −$1,542
• − Management: −$1,542
• − Depreciation: −$5,524
• Taxable loss: −$4,093
• Est. tax savings @ 24.0%: +$982
• After-tax cash flow: $137/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

+245.9% since first listed

3 events — show timeline

• 2026-05-08 Listed $189,900 DMMLS
• 2025-03-04 Sold (Public Records) $126,000 Public Records
• 2005-10-26 Listed $54,900 DMMLS

Property tax history

+2.5%/yr

Latest (2025): $3,174 · +2.1% YoY. Source: county tax records.