215 Clark St · Des Moines, IA 50314

$110,000

2 bd · 1.0 ba · 736 sqft · SingleFamily public records · 152 Days on market

Built 1906 4,796 sqft lot $149/sqft · 18% below area Est $135k · 18% 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 +15.7/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +4.8/10.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• 1% rule +3.7/10.0
• Condition / age +2.5/5.0

Listing remarks MLS

Discover the charm of 215 Clark Street — a bungalow that combines historic character with modern comfort. This 2-bedroom, 1-bath gem offers 736 sq. ft. of inviting living space with laminate flooring, and kitchen with newer appliances. Enjoy the convenience of main-level laundry and peace of mind with a newer furnace and central A/C. Has a detached 1-car garage. Nestled in the vibrant River Bend neighborhood, you're just minutes from downtown Des Moines, local parks, and trendy dining spots. Whether you're a first-time buyer or looking for a smart investment, this home is move-in ready and full of potential.

Key facts

• Modern comfort
• Newer furnace
• Central a/c

Tags

• HISTORIC CHARACTER
• MODERN COMFORT
• MAIN-LEVEL LAUNDRY
• NEWER FURNACE
• CENTRAL A/C
• DETACHED GARAGE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $47 ($569/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 $96k (13.0% below list).
• Recommended offer: $96k (13.0% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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 (+8.2%/yr); 64 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 2,953 units permitted in Polk County in 2024 (540 in 5+ unit buildings).

Forward outlook

• In year one you build about $12k of equity ($761 loan paydown + $11k appreciation (10.0% local appreciation)).
• Polk County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $31k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 152 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 4y ago; this cycle's ask has dropped $20k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $50k; list at $110k implies a 120% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $95,728 (13.0% below list)

Questions for the listing agent

1. It's been on market 152 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
2. Built in 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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. 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: 0.87% ✗
• Cap rate: 6.81%
• Cash-on-cash: 1.85%
• DSCR: 1.08
• GRM: 9.6

CMA / ARV

• ARV (median comp): $134,923
• List price: $110,000
• Delta: -18.47%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
229 Clark St	0.05mi	2/1.0	748 (+2%)	7mo	$130,000	$174	89
1512 2nd Pl	0.05mi	2/1.0	704 (-4%)	10mo	$139,900	$199	82
1401 2nd Pl	0.16mi	2/1.0	712 (-3%)	13mo	$70,000	$98	76
1910 10th St	0.66mi	2/1.0	710 (-4%)	5mo	$108,000	$152	59
1127 10th St	0.73mi	2/1.0	742 (+1%)	11mo	$107,750	$145	56
1906 10th St	0.66mi	2/1.0	695 (-6%)	13mo	$123,500	$178	49
1929 10th St	0.67mi	3/1.5 (+1)	774 (+5%)	10mo	$136,588	$176	45
222 Watson Ave	0.71mi	1/1.5 (-1)	800 (+9%)	7mo	$119,000	$149	40
1547 13th St	0.70mi	2/1.0	648 (-12%)	15mo	$83,500	$129	35

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 27.3%
• Equity multiple: 3.21×
• Total profit: $67,970
• Equity at exit: $99,097

10-year hold

• IRR: 25.2%
• Equity multiple: 7.83×
• Total profit: $210,284
• Equity at exit: $213,706

Cash invested: $30,800 (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 50314

• Home prices YoY: 9.8%
• Rents YoY: 8.2%
• Active inventory: 64
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $957 high
• Mortgage (P&I): −$577
• Tax from tax record: −$86 /mo · $1,034/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$201
• Net cashflow: $47

Break-even live

Break-even rent $897

Max offer price $110,000

Occupancy floor 90%

Sensitivity live

Price	-10% $110	-5% $79	+0% $47	+5% $16	+10% $-15
Rent	-10% $-28	-5% $10	+0% $47	+5% $85	+10% $123
Rate	-1.0pp $103	-0.5pp $75	base $47	+0.5pp $19	+1.0pp $-10

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1438 9th St Des Moines, IA	2.0	1.0	700	$745	$1.06	22d	1	0.45mi
1621 9th St Unit 1621-15 Des Moines, IA	1.0	1.0	625	$743	$1.19	44d	1	0.46mi
1621 9th St Unit 1613-01 Des Moines, IA	1.0	1.0	717	$776	$1.08	44d	1	0.46mi
1914 10th St Des Moines, IA	2.0	1.0	740	$1,050	$1.42	44d	1	0.65mi
1914 10th St Des Moines, IA	2.0	1.0	740	$1,050	$1.42	24d	1	0.65mi
1501 University Ave Unit 3 Des Moines, IA	1.0	1.0	572	$595	$1.04	24d	1	0.93mi
1501 University Ave Unit 4 Des Moines, IA	1.0	1.0	572	$595	$1.04	44d	1	0.93mi
700 E 5th St Des Moines, IA	4.0	1.0–1.5	686	$1,008	$1.47	15d	25	0.98mi
2303 E 9th St Des Moines, IA	1.0	1.0	500	$675	$1.35	44d	1	0.99mi
660 E 5th St Des Moines, IA	1.0	1.0	507	$1,197	$2.36	15d	21	1.03mi
615 Park St Des Moines, IA	2.0	1.0	611	$1,215	$1.99	45d	10	1.09mi
615 Park St Des Moines, IA	2.0	1.0	611	$1,180	$1.93	44d	13	1.09mi
300 E Grand Ave Des Moines, IA	2.0	1.0–2.0	734	$1,500	$2.04	15d	4	1.13mi
418 E Grand Ave Des Moines, IA	2.0	1.0	499	$1,495	$2.99	15d	9	1.14mi
2342 E 13th St Unit C Des Moines, IA	1.0	1.0	450	$700	$1.56	44d	1	1.17mi
333 E Grand Ave Des Moines, IA	2.0	1.0–2.0	668	$1,450	$2.17	24d	4	1.18mi
1313 21st St Unit 2 Des Moines, IA	1.0	1.0	600	$695	$1.16	15d	1	1.26mi
1313 21st St Unit 7 Des Moines, IA	1.0	1.0	600	$695	$1.16	44d	1	1.26mi
933 18th St Des Moines, IA	1.0	1.0	550	$796	$1.45	24d	1	1.30mi
317 E 6th St Apt 115 Des Moines, IA	1.0	1.0	655	$1,375	$2.10	44d	1	1.31mi
405 6th Ave Des Moines, IA	2.0	1.0–2.0	737	$1,200	$1.63	15d	14	1.31mi
1333 22nd St Unit 5 Des Moines, IA	1.0	1.0	368	$725	$1.97	24d	1	1.34mi
604 Locust St Des Moines, IA	1.0–2.0	1.0–2.0	902	$1,743	$1.93	15d	5	1.36mi
1314 22nd St Unit 1 Des Moines, IA	1.0	1.0	535	$725	$1.36	24d	1	1.37mi
718 15th St Unit 5 Des Moines, IA	1.0	1.0	560	$795	$1.42	44d	1	1.38mi
1076 21st St Unit 4 Des Moines, IA	1.0	1.0	700	$695	$0.99	44d	1	1.38mi
218 6th Ave Unit 1007 Des Moines, IA	1.0	1.0	635	$995	$1.57	44d	1	1.42mi
3419 1st St Unit 2 Des Moines, IA	1.0	1.0	546	$650	$1.19	44d	1	1.43mi
708 16th St Des Moines, IA	1.0	1.0	575	$799	$1.39	24d	6	1.45mi
308 Court Ave Des Moines, IA	1.0–2.0	1.0–2.0	844	$1,350	$1.60	15d	11	1.45mi
312 Court Ave Des Moines, IA	1.0–2.0	1.0–2.0	771	$1,347	$1.75	15d	6	1.45mi
101 2nd Ave Des Moines, IA	1.0–2.0	1.0–2.0	948	$1,224	$1.29	15d	21	1.47mi
100 2nd Ave Des Moines, IA	1.0–2.0	1.0–2.0	836	$1,150	$1.37	22d	23	1.49mi

Listing history 24 events

1. 2026-06-05
   days on market $110,000 Active 152 DOM
2. 2026-06-03
   days on market $110,000 Active 151 DOM
3. 2026-06-02
   days on market $110,000 Active 150 DOM
4. 2026-06-01
   days on market $110,000 Active 149 DOM
5. 2026-05-31
   days on market $110,000 Active 148 DOM
6. 2026-05-31
   days on market $110,000 Active 147 DOM
7. 2026-05-11
   status Pending 621-char remark

   Show marketing remark (621 chars)

   Discover the charm of 215 Clark Street — a bungalow that combines historic character with modern comfort. This 2-bedroom, 1-bath gem offers 736 sq. ft. of inviting living space with laminate flooring, and kitchen with newer appliances. Enjoy the convenience of main-level laundry and peace of mind with a newer furnace and central A/C. Has a detached 1-car garage. Nestled in the vibrant River Bend neighborhood, you're just minutes from downtown Des Moines, local parks, and trendy dining spots. Whether you're a first-time buyer or looking for a smart investment, this home is move-in ready and full of potential.

8. 2026-02-19
   price $110,000 621-char remark

   Show marketing remark (621 chars)

   Discover the charm of 215 Clark Street — a bungalow that combines historic character with modern comfort. This 2-bedroom, 1-bath gem offers 736 sq. ft. of inviting living space with laminate flooring, and kitchen with newer appliances. Enjoy the convenience of main-level laundry and peace of mind with a newer furnace and central A/C. Has a detached 1-car garage. Nestled in the vibrant River Bend neighborhood, you're just minutes from downtown Des Moines, local parks, and trendy dining spots. Whether you're a first-time buyer or looking for a smart investment, this home is move-in ready and full of potential.

9. 2026-01-28
   price $115,000 621-char remark

   Show marketing remark (621 chars)

   Discover the charm of 215 Clark Street — a bungalow that combines historic character with modern comfort. This 2-bedroom, 1-bath gem offers 736 sq. ft. of inviting living space with laminate flooring, and kitchen with newer appliances. Enjoy the convenience of main-level laundry and peace of mind with a newer furnace and central A/C. Has a detached 1-car garage. Nestled in the vibrant River Bend neighborhood, you're just minutes from downtown Des Moines, local parks, and trendy dining spots. Whether you're a first-time buyer or looking for a smart investment, this home is move-in ready and full of potential.

10. 2025-12-23
    listed $129,500 Active 621-char remark

    Show marketing remark (621 chars)

    Discover the charm of 215 Clark Street — a bungalow that combines historic character with modern comfort. This 2-bedroom, 1-bath gem offers 736 sq. ft. of inviting living space with laminate flooring, and kitchen with newer appliances. Enjoy the convenience of main-level laundry and peace of mind with a newer furnace and central A/C. Has a detached 1-car garage. Nestled in the vibrant River Bend neighborhood, you're just minutes from downtown Des Moines, local parks, and trendy dining spots. Whether you're a first-time buyer or looking for a smart investment, this home is move-in ready and full of potential.

11. 2025-01-24
    status Active
12. 2025-01-23
    listed $145,000 Active
13. 2023-11-29
    price $124,900
14. 2023-11-17
    listed $149,900 Active
15. 2022-08-12
    soldstatus $50,000
16. 2022-08-10
    soldstatus $50,000 Closed
17. 2022-07-12
    status Pending
18. 2022-07-11
    price $65,000
19. 2022-07-07
    price $69,000
20. 2022-07-01
    status Active
21. 2022-06-24
    status Pending
22. 2022-06-22
    price $75,000
23. 2022-06-20
    price $80,000
24. 2022-06-17
    listed $90,000 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: $1,034 · $86/mo
• Projected year-2 tax: $1,380 · $115/mo
• Expected delta: +$346/yr (+$29/mo · 33.5%)

ⓘ 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: $11,487
• − Mortgage interest: −$6,162
• − Property taxes: −$1,034
• − Insurance: −$550
• − Repairs & maintenance: −$919
• − Management: −$919
• − Depreciation: −$3,200
• Taxable loss: −$1,296
• Est. tax savings @ 24.0%: +$311
• After-tax cash flow: $880/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): 10,438
• Household income: $39,950
• Rent vs Own: 52.3% rent · 47.7% own
• Severe rent burden: 903.0

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: Highly diverse neighborhood (Simpson 0.73)
• Race & ethnicity: Black 37% White 29% Hispanic / Latino 20% Asian 12% Two or more races 10%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Ukrainian 6% Iranian 2% Swiss 1%
• Foreign-born: 26% · Canada, Vietnam, Philippines
• Languages at home: 60% English-only · Spanish 16% Vietnamese 6% Other Asian/Pacific 4%

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: ▲ 30.18%
• Current HPI: 338.8301
• Rent YoY: ▲ 8.17%
• 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

+22.2% since first listed

18 events — show timeline

• 2026-05-11 Pending — DMMLS
• 2026-02-19 Price Changed $110,000 DMMLS
• 2026-01-28 Price Changed $115,000 DMMLS
• 2025-12-23 Listed $129,500 DMMLS
• 2025-01-24 Relisted — DMMLS
• 2025-01-23 Listed $145,000 DMMLS
• 2023-11-29 Price Changed $124,900 DMMLS
• 2023-11-17 Listed $149,900 DMMLS
• 2022-08-12 Sold (Public Records) $50,000 Public Records
• 2022-08-10 Sold (MLS) $50,000 DMMLS
• 2022-07-12 Pending — DMMLS
• 2022-07-11 Price Changed $65,000 DMMLS
• 2022-07-07 Price Changed $69,000 DMMLS
• 2022-07-01 Relisted — DMMLS
• 2022-06-24 Pending — DMMLS
• 2022-06-22 Price Changed $75,000 DMMLS
• 2022-06-20 Price Changed $80,000 DMMLS
• 2022-06-17 Listed $90,000 DMMLS

Property tax history

+5.9%/yr

Latest (2025): $1,034 · +2.0% YoY. Source: county tax records.