2900 SE Liberty #110 · Grimes, IA 50111

$69,900

3 bd · 2.0 ba · 1,960 sqft · Manufactured · 27 Days on market

Built 2026 Good condition

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +6.9/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +2.7/5.0
• Appreciation +0.0/10.0

Listing remarks

* THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 2 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as a basketball court, community events, and a clubhouse, your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

Key facts

• Clubhouse
• Basketball court
• Built 2026

Tags

• BASKETBALL COURT
• CLUBHOUSE

Property features AI

Finance

• Financial info: List price $75,000

Exterior

• Utilities: Natural gas available; Central air conditioning
• Home design: Spec new construction, Plan 92098; Active listing
• Exterior features: Located at 2900 SE Liberty #110, Grimes, IA

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Living area of 1960 (listed)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $70k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $878 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Recommended offer: $69k (1.5% below list) — sets the bar for market timing.
• Cap rate 21.4% vs local median 2.3% in Grimes — 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 79/100 on livability (#106 in IA, #2,080 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F.
• Johnston Community School District (suburban): math 78% / reading 78% proficiency, ranked #24 of 289 in IA (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical; only 14% free/reduced lunch — higher-income household profile.
• Market conditions: Rents flat; 327 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 2,953 units permitted in Polk County in 2024 (540 in 5+ unit buildings).
• This rent is only 17% of the median local income ($121k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $483 of loan paydown is wiped out by about $2k 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 + 0.7% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($69k) is reasonable based on typical stale-listing flexibility.

Recommended offer $68,851 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
3. 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.
4. 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.
5. 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: 2.46% ✓
• Cap rate: 21.36%
• Cash-on-cash: 53.83%
• DSCR: 3.39
• GRM: 3.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.71% rent growth · sell at horizon

5-year hold

• IRR: 49.3%
• Equity multiple: 3.08×
• Total profit: $40,733
• Equity at exit: $10,422

10-year hold

• IRR: 53.9%
• Equity multiple: 5.72×
• Total profit: $92,365
• Equity at exit: $6,044

Cash invested: $19,572 (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 50111

• Home prices YoY: -11.1%
• Rents YoY: 0.7%
• Active inventory: 327
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,723 medium
• Mortgage (P&I): −$367
• Tax est. 1.5%: −$87 /mo · $1,048/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$362
• Net cashflow: $878

Break-even live

Break-even rent $611

Max offer price $69,900

Occupancy floor 44%

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3600 SE Glenstone Dr #609 Grimes, IA	3.0	2.5	1746	$1,850	$1.06	19d	1	0.50mi
10457 Dorset Dr Unit 11 Johnston, IA	3.0	2.0	1295	$1,495	$1.15	44d	1	0.66mi
10425 Dorset Dr Unit 11 Johnston, IA	3.0	2.0	1295	$1,495	$1.15	44d	1	0.69mi
301 SE 11th St #703 Grimes, IA	3.0	2.5	1568	$1,895	$1.21	14d	1	1.45mi

Listing history 16 events

1. 2026-06-18
   days on market $69,900 Active 27 DOM
2. 2026-06-17
   days on market $69,900 Active 26 DOM
3. 2026-06-16
   days on market $69,900 Active 25 DOM
4. 2026-06-15
   days on market $69,900 Active 24 DOM
5. 2026-06-14
   days on market $69,900 Active 22 DOM
6. 2026-06-13
   days on market $69,900 Active 21 DOM
7. 2026-06-10
   days on market $69,900 Active 19 DOM
8. 2026-06-09
   days on market $69,900 Active 18 DOM
9. 2026-06-08
   days on market $69,900 Active 17 DOM
10. 2026-06-07
    days on market $69,900 Active 16 DOM
11. 2026-06-05
    days on market $69,900 Active 13 DOM
12. 2026-06-03
    days on market $69,900 Active 12 DOM
13. 2026-06-02
    days on market $69,900 Active 11 DOM
14. 2026-06-01
    days on market $69,900 Active 10 DOM
15. 2026-05-31
    days on market $69,900 Active 9 DOM
16. 2026-05-31
    days on market $69,900 Active 8 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,673
• − Mortgage interest: −$3,915
• − Property taxes: −$1,048
• − Insurance: −$350
• − Repairs & maintenance: −$1,654
• − Management: −$1,654
• − Depreciation: −$2,033
• Taxable income: $10,018
• Est. tax owed @ 24.0%: −$2,404
• After-tax cash flow: $8,131/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.

Condition & rehab AI · 14 photos

Good 75/100 Cosmetic rehab

This well-maintained 3-bedroom, 2-bathroom home is ready for a new owner. It features a clean interior, good exterior condition, and a family-friendly community setting.

Value-add opportunities

• Resale Paint the exterior siding and trim for a fresh look. — A fresh coat of paint can significantly enhance curb appeal and home value.
• Rental Replace the light fixture in the dining room with a modern one. — Modern lighting can make the space more inviting and appealing to renters.
• Both Install a smart thermostat to improve energy efficiency and comfort. — A smart thermostat can save energy and provide better temperature control, benefiting both resale and rental value.

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint the exterior siding and trim for a fresh look. — A fresh coat of paint can significantly enhance curb appeal and home value. ↑
• Rental Replace the light fixture in the dining room with a modern one. — Modern lighting can make the space more inviting and appealing to renters. ↑
• Both Install a smart thermostat to improve energy efficiency and comfort. — A smart thermostat can save energy and provide better temperature control, benefiting both resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Johnston Community School District
• NCES district ID: 1915450
• Math proficiency: 78% ▼ -6.00%
• Reading proficiency: 78% ▼ -3.00%
• Median HH income: $85,758
• Composite: 69.43/100
• National rank: #309
• State rank: #24 of 289 in IA

Livability — Grimes

• Score: 79/100
• State rank: #106
• US rank: #2080

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment A+ Housing A+ Health & safety A- User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Grimes, IA
• County: Polk County · 453,298 people
• City population: 16,865
• Metro: Des Moines-West Des Moines, IA
• Population (ZIP): 16,865
• Household income: $120,769
• Rent vs Own: 28.3% rent · 71.7% own
• Severe rent burden: 249.0

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 (85%)
• Race & ethnicity: White 85% Hispanic / Latino 6% Two or more races 5% Asian 3% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 3% Italian 3% Iranian 2%
• Foreign-born: 6% · China, Canada
• Languages at home: 92% English-only · Other Asian/Pacific 3% Spanish 2% Other Indo-European 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: ▼ -30.93%
• Current HPI: 249.0614
• Rent YoY: ▲ 0.71%
• 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