1812 SE 2nd St · Des Moines, IA 50315

$114,900

3 bd · 2.0 ba · 1,361 sqft · SingleFamily public records · 22 Days on market

Built 1902 5,280 sqft lot $84/sqft · 35% below area Est $176k · 35% 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
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This updated 2 story home is in move in condition. NFC mortgage money is available and includes a $10,000 forgivable loan that could be used to build a garage, You might even qualify for their $2500 closing costs assistance program. The 1 st floor is home to a ¾ bathroom with with laundry hookup. An updated kitchen with plenty of cabinetry and counter space. There is a formal dining space and a large living room. Upstairs has a loft for office or sitting area with storage closets, 3 bedrooms and a full bath. The huge covered front deck looks out to Columbus Park only 2 doors to the South. The entire inside has fresh paint and new flooring, and some newer vinyl windows, this is a must see home. Bank responses are prompt. Electricity is on.

Key facts

• 5,280 sq ft lot
• Built 1902
• Listed 22 days

Property features AI

Exterior

• Security: Smoke detectors
• Utilities: Public water; Public sewer
• Home design: 2-story stucco home; Brick/mortar foundation; Asphalt shingle roof; Residential zoning; Concrete road access; Lot dimensions approximately 40 x 132
• Construction: Stucco exterior; Brick/mortar foundation; Asphalt shingle roof; Built with standard residential construction
• Exterior features: Fully fenced yard; Storage

Interior

• Flooring: Hardwood floors; Laminate floors
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Forced-air heating (natural gas); Central air conditioning
• Interior features: Dining area; Unfinished basement
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $435 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $113k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.8% 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 (+3.5%/yr); 227 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 2,953 units permitted in Polk County in 2024 (540 in 5+ unit buildings).
• This rent runs 32% of the median local income ($61k/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 $794 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 + 3.5% rent growth), your $32k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 15y 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 $98k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1902 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $113,176 (1.5% below list)

Questions for the listing agent

1. Built in 1902 — 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: 1.40% ✓
• Cap rate: 10.83%
• Cash-on-cash: 16.22%
• DSCR: 1.72
• GRM: 6.0

CMA / ARV

• ARV (median comp): $176,431
• List price: $114,900
• Delta: -34.88%
• 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
1812 SE 2nd St	0.00mi	3/2.0	1,361 (0%)	1mo	$97,500	$72	100
217 E Edison Ave	0.07mi	3/1.0	1,554 (+14%)	1mo	$180,000	$116	68
1989 SW 9th St	0.50mi	3/2.0	1,447 (+6%)	2mo	$215,000	$149	65
2000 SW 1st St	0.30mi	2/2.0 (-1)	1,240 (-9%)	2mo	$218,000	$176	64
205 E Livingston Ave	0.22mi	4/2.0 (+1)	1,530 (+12%)	0mo	$268,499	$175	64
1944 SW 1st St	0.24mi	4/1.0 (+1)	1,244 (-9%)	3mo	$165,500	$133	63
202 E Olinda Ave	0.35mi	2/1.5 (-1)	1,257 (-8%)	1mo	$166,000	$132	63
316 E Jackson Ave	0.25mi	3/1.0	1,548 (+14%)	1mo	$230,000	$149	61
441 E Dunham Ave	0.35mi	3/2.0	1,158 (-15%)	4mo	$250,000	$216	56
307 Davis Ave	0.57mi	3/1.0	1,248 (-8%)	5mo	$200,000	$160	52
80 Lacona Ave	0.70mi	2/1.0 (-1)	1,428 (+5%)	0mo	$262,500	$184	50
843 Hartford Ave	0.71mi	4/1.0 (+1)	1,279 (-6%)	7mo	$155,000	$121	42

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 · 3.48% rent growth · sell at horizon

5-year hold

• IRR: 7.8%
• Equity multiple: 1.31×
• Total profit: $9,910
• Equity at exit: $17,132

10-year hold

• IRR: 17.5%
• Equity multiple: 2.48×
• Total profit: $47,735
• Equity at exit: $9,934

Cash invested: $32,172 (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 50315

• Rents YoY: 3.5%
• Active inventory: 227
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,609 high
• Mortgage (P&I): −$603
• Tax from tax record: −$186 /mo · $2,230/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$338
• Net cashflow: $435

Break-even live

Break-even rent $1,059

Max offer price $114,900

Occupancy floor 68%

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
240 E Dunham Ave Des Moines, IA	4.0	1.0	1462	$1,795	$1.23	14d	1	0.13mi
100 Jackson Ave Des Moines, IA	3.0	1.0–2.0	885	$1,718	$1.94	14d	21	0.24mi
1405 SE 1st St Des Moines, IA	1.0–2.0	1.0–2.0	802	$1,435	$1.79	14d	8	0.30mi
700 Monona Ave Des Moines, IA	1.0–2.0	1.0	875	$1,100	$1.26	23d	3	0.40mi
425 SW 11th St Des Moines, IA	2.0	1.0–2.0	879	$2,384	$2.71	14d	38	0.74mi
320 SW 7th St Des Moines, IA	1.0–2.0	1.0–2.0	920	$1,459	$1.59	14d	10	0.76mi
103 SW 3rd St Des Moines, IA	2.0	1.0–2.0	725	$2,043	$2.82	14d	17	0.78mi
100 2nd Ave Des Moines, IA	1.0–2.0	1.0–2.0	836	$1,150	$1.37	21d	23	0.84mi
101 2nd Ave Des Moines, IA	1.0–2.0	1.0–2.0	948	$1,224	$1.29	14d	21	0.84mi
119 4th St #110 Des Moines, IA	2.0	2.0	1158	$1,900	$1.64	43d	1	0.86mi
201 SE 6th St Des Moines, IA	2.0	1.0–2.0	835	$1,660	$1.99	14d	11	0.88mi
308 Court Ave Des Moines, IA	1.0–2.0	1.0–2.0	844	$1,350	$1.60	14d	11	0.90mi
312 Court Ave Des Moines, IA	1.0–2.0	1.0–2.0	771	$1,347	$1.75	14d	6	0.91mi
601 E Vine St Des Moines, IA	2.0	1.0–2.0	730	$1,595	$2.18	18d	19	0.95mi
210 SW 11th St Des Moines, IA	3.0	1.0–2.5	947	$2,827	$2.98	14d	90	0.95mi
218 6th Ave Unit 401 Des Moines, IA	2.0	1.0	1085	$1,295	$1.19	43d	1	1.03mi
1201 E Bell Ave Des Moines, IA	3.0	2.0	1107	$1,100	$0.99	14d	1	1.07mi
604 Locust St Des Moines, IA	1.0–2.0	1.0–2.0	902	$1,743	$1.93	14d	5	1.10mi
404 E Pleasant View Dr Des Moines, IA	3.0	2.0	936	$1,125	$1.20	43d	1	1.11mi
405 6th Ave Des Moines, IA	2.0	1.0–2.0	737	$1,200	$1.63	14d	14	1.12mi
1328 Thomas Beck Rd Des Moines, IA	2.0	2.5	1616	$2,350	$1.45	23d	3	1.13mi
333 E Grand Ave Des Moines, IA	2.0	1.0–2.0	668	$1,450	$2.17	23d	4	1.17mi
300 E Grand Ave Des Moines, IA	2.0	1.0–2.0	734	$1,500	$2.04	14d	4	1.21mi
9066 Burkwood Dr West Des Moines, IA	3.0	2.5–3.5	1783	$1,960	$1.10	23d	2	1.26mi
1440 Locust St Des Moines, IA	2.0	1.0	957	$1,385	$1.45	14d	1	1.38mi
3130 Indianola Ave Des Moines, IA	1.0–2.0	1.0	900	$1,495	$1.66	43d	1	1.38mi
700 E 5th St Des Moines, IA	4.0	1.0–1.5	686	$1,092	$1.59	14d	25	1.39mi
315 Miller Ave Des Moines, IA	3.0	1.0	1018	$1,595	$1.57	43d	1	1.42mi
220 Maple St Des Moines, IA	1.0–3.0	1.0–3.0	1158	$2,673	$2.31	14d	9	1.48mi

Listing history 6 events

1. 2026-06-01
   status $114,900 Pending 22 DOM
2. 2026-05-31
   days on market $114,900 Active 22 DOM
3. 2026-05-31
   days on market $114,900 Active 21 DOM
4. 2026-05-09
   listed $114,900 Active 459-char remark
5. 2011-12-16
   soldstatus $53,500 756-char remark

   Show marketing remark (756 chars)

   This updated 2 story home is in move in condition. NFC mortgage money is available and includes a $10,000 forgivable loan that could be used to build a garage, You might even qualify for their $2500 closing costs assistance program. The 1 st floor is home to a ¾ bathroom with with laundry hookup. An updated kitchen with plenty of cabinetry and counter space. There is a formal dining space and a large living room. Upstairs has a loft for office or sitting area with storage closets, 3 bedrooms and a full bath. The huge covered front deck looks out to Columbus Park only 2 doors to the South. The entire inside has fresh paint and new flooring, and some newer vinyl windows, this is a must see home. Bank responses are prompt. Electricity is on.

6. 2011-10-10
   listed $60,000 756-char remark

   Show marketing remark (756 chars)

   This updated 2 story home is in move in condition. NFC mortgage money is available and includes a $10,000 forgivable loan that could be used to build a garage, You might even qualify for their $2500 closing costs assistance program. The 1 st floor is home to a ¾ bathroom with with laundry hookup. An updated kitchen with plenty of cabinetry and counter space. There is a formal dining space and a large living room. Upstairs has a loft for office or sitting area with storage closets, 3 bedrooms and a full bath. The huge covered front deck looks out to Columbus Park only 2 doors to the South. The entire inside has fresh paint and new flooring, and some newer vinyl windows, this is a must see home. Bank responses are prompt. Electricity is on.

ⓘ 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: $2,230 · $186/mo
• Projected year-2 tax: $2,230 · $186/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 6/10 Major FEMA zone X · 27% 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: $19,308
• − Mortgage interest: −$6,436
• − Property taxes: −$2,230
• − Insurance: −$574
• − Repairs & maintenance: −$1,545
• − Management: −$1,545
• − Depreciation: −$3,343
• Taxable income: $3,636
• Est. tax owed @ 24.0%: −$873
• After-tax cash flow: $4,346/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): 34,816
• Household income: $60,590
• Rent vs Own: 38.5% rent · 61.5% own
• Severe rent burden: 1072.0

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 (66%)
• Race & ethnicity: White 66% Hispanic / Latino 19% Two or more races 11% Black 9% Asian 2%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Iranian 2% Portuguese 2% Italian 2%
• Foreign-born: 10% · Canada, Philippines
• Languages at home: 83% English-only · Spanish 13% Other Asian/Pacific 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: ▼ -259.03%
• Current HPI: 269.7231
• Rent YoY: ▲ 3.48%
• 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

+62.5% since first listed

6 events — show timeline

• 2026-06-03 Sold (Public Records) $97,500 Public Records
• 2026-06-01 Sold (MLS) $97,500 DMMLS
• 2026-05-31 Pending — DMMLS
• 2026-05-09 Listed $114,900 DMMLS
• 2011-12-16 Sold (MLS) $53,500 DMMLS
• 2011-10-10 Listed $60,000 DMMLS

Property tax history

+0.7%/yr

Latest (2025): $2,230 · +2.0% YoY. Source: county tax records.