1204 Walker St · Des Moines, IA 50316

$135,900

2 bd · 1.5 ba · 1,422 sqft · SingleFamily public records · 50 Days on market

Built 1908 5,625 sqft lot $96/sqft · 9% below area Est $149k · 9% under ↓ 22% since listing

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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 +22.8/30.0
• ARV discount +11.3/15.0
• DSCR +7.3/10.0
• 1% rule +6.1/10.0
• 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

This 2 story home showcases the view of the Capitol. Spacious family room and kitchen with original woodwork, 2 bedrooms upstairs with a full bath. Unfinished basement. Conveniently located close to schools, parks, downtown Des Moines and the interstate.

Key facts

• View of the capitol
• Original woodwork
• 5,625 sq ft lot

Tags

• VIEW OF THE CAPITOL
• ORIGINAL WOODWORK

Property features AI

Finance

• HOA & community: Sidewalks

Exterior

• Utilities: Public water; Public sewer
• Home design: 2-story home
• Construction: Vinyl siding; Brick/mortar foundation; Asphalt shingle roof
• Exterior features: Deck; Storage structure; Concrete road access; Rectangular lot

Interior

• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating; Natural gas
• Interior features: Dining area; Carpet flooring; Vinyl flooring; Unfinished basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $136k.

Deal economics

• At list price, monthly cash flow is $235 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $136k).
• Recommended offer: $132k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.4% 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: 105 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $940 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

• It's been on market 50 days — a 3% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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 1908 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $131,823 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.11% ✓
• Cap rate: 8.37%
• Cash-on-cash: 7.42%
• DSCR: 1.33
• GRM: 7.5

CMA / ARV

• ARV (median comp): $148,577
• List price: $135,900
• Delta: -8.53%
• 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
1225 E 13th St	0.28mi	3/1.0 (+1)	1,408 (-1%)	6mo	$165,000	$117	73
1213 Fremont St	0.12mi	3/1.0 (+1)	1,310 (-8%)	5mo	$145,000	$111	70
1018 E 9th St	0.20mi	3/2.0 (+1)	1,409 (-1%)	17mo	$260,000	$185	68
833 Walker St	0.22mi	3/1.0 (+1)	1,348 (-5%)	7mo	$175,000	$130	68
1334 E 13th St	0.44mi	3/2.0 (+1)	1,409 (-1%)	10mo	$232,000	$165	62
840 Walker St	0.21mi	3/2.0 (+1)	1,358 (-4%)	17mo	$118,000	$87	62
1236 York St	0.32mi	3/1.5 (+1)	1,303 (-8%)	9mo	$126,500	$97	58
1245 E 16th St	0.57mi	3/2.0 (+1)	1,285 (-10%)	1mo	$277,000	$216	49
1218 Mccormick St	0.55mi	3/2.5 (+1)	1,324 (-7%)	8mo	$265,000	$200	47
1657 Walker St	0.61mi	3/2.0 (+1)	1,344 (-6%)	10mo	$65,000	$48	47
1322 York St	0.42mi	3/1.0 (+1)	1,560 (+10%)	16mo	$102,000	$65	44
1431 E 15th St	0.69mi	3/1.0 (+1)	1,295 (-9%)	7mo	$144,000	$111	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: -4.9%
• Equity multiple: 0.82×
• Total profit: $-7,011
• Equity at exit: $20,263

10-year hold

• IRR: 4.8%
• Equity multiple: 1.35×
• Total profit: $13,321
• Equity at exit: $11,750

Cash invested: $38,052 (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: 105
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,512 high
• Mortgage (P&I): −$713
• Tax from tax record: −$190 /mo · $2,278/yr
• Insurance: −$57
• HOA: −$0
• Vacancy / Maint / Mgmt: −$317
• Net cashflow: $235

Break-even live

Break-even rent $1,214

Max offer price $135,900

Occupancy floor 79%

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: $33,975
• Closing costs: $4,077
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1301 E 12th St Unit 2 Des Moines, IA	2.0	1.0	995	$795	$0.80	23d	1	0.38mi
1513 Des Moines St Des Moines, IA	3.0	1.0	900	$995	$1.11	23d	1	0.44mi
1525 Des Moines St Des Moines, IA	3.0	1.0	928	$1,195	$1.29	43d	1	0.46mi
1354 E 12th St Des Moines, IA	2.0	1.0	1300	$925	$0.71	43d	1	0.52mi
700 E 5th St Des Moines, IA	4.0	1.0–1.5	686	$1,008	$1.47	14d	25	0.58mi
220 Maple St Des Moines, IA	1.0–3.0	1.0–3.0	1158	$2,028	$1.75	14d	9	0.65mi
309 E 5th St #406 Des Moines, IA	1.0	1.0	1057	$1,700	$1.61	43d	1	0.68mi
300 E Grand Ave Des Moines, IA	2.0	1.0–2.0	734	$1,500	$2.04	14d	4	0.70mi
410 E 17th St Des Moines, IA	3.0	1.0	1000	$1,695	$1.70	43d	1	0.70mi
333 E Grand Ave Des Moines, IA	2.0	1.0–2.0	668	$1,450	$2.17	23d	4	0.73mi
1530 E 14th St Des Moines, IA	3.0	2.0	1428	$1,900	$1.33	14d	1	0.73mi
915 E Washington Ave Des Moines, IA	3.0	1.0	1457	$1,450	$1.00	23d	1	0.74mi
601 E Vine St Des Moines, IA	2.0	1.0–2.0	730	$1,595	$2.18	19d	19	0.81mi
201 SE 6th St Des Moines, IA	2.0	1.0–2.0	835	$1,660	$1.99	14d	11	0.87mi
101 2nd Ave Des Moines, IA	1.0–2.0	1.0–2.0	948	$1,224	$1.29	14d	21	1.16mi
100 2nd Ave Des Moines, IA	1.0–2.0	1.0–2.0	836	$1,150	$1.37	21d	23	1.22mi
308 Court Ave Des Moines, IA	1.0–2.0	1.0–2.0	844	$1,350	$1.60	14d	11	1.24mi
103 SW 3rd St Des Moines, IA	2.0	1.0–2.0	725	$2,043	$2.82	14d	17	1.25mi
2120 Capitol Ave Des Moines, IA	3.0	1.0	973	$1,395	$1.43	43d	1	1.25mi
312 Court Ave Des Moines, IA	1.0–2.0	1.0–2.0	771	$1,347	$1.75	14d	6	1.27mi
119 4th St #110 Des Moines, IA	2.0	2.0	1158	$1,900	$1.64	43d	1	1.29mi
405 6th Ave Des Moines, IA	2.0	1.0–2.0	737	$1,200	$1.63	14d	14	1.31mi
604 Locust St Des Moines, IA	1.0–2.0	1.0–2.0	902	$1,743	$1.93	14d	5	1.35mi
218 6th Ave Unit 401 Des Moines, IA	2.0	1.0	1085	$1,295	$1.19	43d	1	1.37mi
9066 Burkwood Dr West Des Moines, IA	3.0	2.5–3.5	1783	$1,960	$1.10	23d	2	1.40mi
1405 SE 1st St Des Moines, IA	1.0–2.0	1.0–2.0	802	$1,435	$1.79	14d	8	1.46mi

Listing history 22 events

1. 2026-06-18
   days on market $135,900 Active 50 DOM
2. 2026-06-17
   days on market $135,900 Active 49 DOM
3. 2026-06-16
   days on market $135,900 Active 48 DOM
4. 2026-06-15
   days on market $135,900 Active 47 DOM
5. 2026-06-14
   days on market $135,900 Active 45 DOM
6. 2026-06-13
   days on market $135,900 Active 44 DOM
7. 2026-06-10
   days on market $135,900 Active 42 DOM
8. 2026-06-09
   days on market $135,900 Active 41 DOM
9. 2026-06-08
   days on market $135,900 Active 40 DOM
10. 2026-06-07
    days on market $135,900 Active 39 DOM
11. 2026-06-05
    days on market $135,900 Active 36 DOM
12. 2026-06-03
    days on market $135,900 Active 35 DOM
13. 2026-06-02
    days on market $135,900 Active 34 DOM
14. 2026-06-01
    days on market $135,900 Active 33 DOM
15. 2026-05-31
    days on market $135,900 Active 32 DOM
16. 2026-05-31
    days on market $135,900 Active 31 DOM
17. 2026-04-29
    listed $135,900 Active 254-char remark
18. 2024-10-11
    historical
19. 2024-06-14
    price $173,900
20. 2024-05-13
    status Active
21. 2024-05-10
    historical
22. 2023-11-10
    listed $174,900 Active

ⓘ 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: $2,278 · $190/mo
• Projected year-2 tax: $2,278 · $190/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 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: $18,141
• − Mortgage interest: −$7,613
• − Property taxes: −$2,278
• − Insurance: −$680
• − Repairs & maintenance: −$1,451
• − Management: −$1,451
• − Depreciation: −$3,953
• Taxable income: $715
• Est. tax owed @ 24.0%: −$172
• After-tax cash flow: $2,650/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

-22.3% since first listed

6 events — show timeline

• 2026-04-29 Listed $135,900 DMMLS
• 2024-10-11 Listing Removed — DMMLS
• 2024-06-14 Price Changed $173,900 DMMLS
• 2024-05-13 Relisted — DMMLS
• 2024-05-10 Listing Removed — DMMLS
• 2023-11-10 Listed $174,900 DMMLS

Property tax history

+1.4%/yr

Latest (2025): $2,278 · -3.5% YoY. Source: county tax records.