2812 Cleveland Ave · Des Moines, IA 50317

$122,000

2 bd · 1.0 ba · 808 sqft · SingleFamily public records · 61 Days on market

Built 1920 Est $168k · 27% 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 +21.1/30.0
• ARV discount +15.0/15.0
• DSCR +6.7/10.0
• 1% rule +5.1/10.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Enjoy this fully renovated home. This property has a completely new wiring and electrical system along with new Plumbing and new thermostat. Enjoy the new featured custom made kitchen with all new appliances. This property has the original front brick siding plus brand new hardie plank siding. Bathroom fan and switch is being added. Any additional items to the home may be added upon request. This is a must see fully renovated home.

Key facts

• Built 1920
• Listed 61 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $122k.

Deal economics

• At list price, monthly cash flow is $174 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $122k).
• Recommended offer: $115k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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-, 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.
• Zoned schools: Stowe Elementary School (math 27% / reading 32%, grade F, #604 of 616 statewide, top 98%, 313 students, 88% FRL); Hoyt Middle School (math 33% / reading 40%, grade F, #242 of 246 statewide, top 98%, 486 students, 80% FRL); East High School (math 38% / reading 51%, grade F, #324 of 336 statewide, top 97%, 2,040 students, 79% FRL) — zoned schools average 82% FRL vs 63% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.3%/yr); 362 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $843 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 61 days — a 6% lower offer ($115k) is reasonable based on typical stale-listing flexibility.
• 7 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 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $114,680 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — 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: 1.01% ✓
• Cap rate: 8.00%
• Cash-on-cash: 6.10%
• DSCR: 1.27
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $168,064
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2746 Cleveland Ave	0.07mi	2/1.0	784 (-3%)	1mo	$125,000	$159	91
2912 Cleveland Ave	0.08mi	2/1.0	756 (-6%)	2mo	$170,000	$225	84
2744 Indianapolis Ave	0.09mi	2/1.5	768 (-5%)	2mo	$158,000	$206	84
2924 Kinsey Ave	0.14mi	3/2.0 (+1)	864 (+7%)	2mo	$205,000	$237	72
815 E 25th St	0.63mi	2/1.0	800 (-1%)	2mo	$165,000	$206	67
1813 Larnard Dr	0.29mi	3/1.0 (+1)	875 (+8%)	1mo	$203,000	$232	67
2814 Des Moines St	0.61mi	2/1.0	788 (-2%)	1mo	$154,000	$195	66
2805 Des Moines St	0.64mi	2/1.0	832 (+3%)	2mo	$101,000	$121	64
3113 State Ave	0.42mi	2/1.5	880 (+9%)	2mo	$165,000	$188	62
509 E 28th St	0.66mi	2/1.0	768 (-5%)	1mo	$159,900	$208	60
2638 E Grand Ave	0.71mi	2/1.0	768 (-5%)	2mo	$180,000	$234	57
2907 Des Moines St	0.63mi	2/2.0	720 (-11%)	2mo	$197,000	$274	47

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 · 2.29% rent growth · sell at horizon

5-year hold

• IRR: -7.7%
• Equity multiple: 0.72×
• Total profit: $-9,589
• Equity at exit: $18,191

10-year hold

• IRR: 1.0%
• Equity multiple: 1.07×
• Total profit: $2,325
• Equity at exit: $10,548

Cash invested: $34,160 (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 50317

• Rents YoY: 2.3%
• Active inventory: 362
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,235 high
• Mortgage (P&I): −$640
• Tax from tax record: −$111 /mo · $1,336/yr
• Insurance: −$51
• HOA: −$0
• Vacancy / Maint / Mgmt: −$259
• Net cashflow: $174

Break-even live

Break-even rent $1,015

Max offer price $122,000

Occupancy floor 81%

Sensitivity live

Price	-10% $243	-5% $208	+0% $174	+5% $139	+10% $105
Rent	-10% $76	-5% $125	+0% $174	+5% $222	+10% $271
Rate	-1.0pp $235	-0.5pp $205	base $174	+0.5pp $142	+1.0pp $110

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: $30,500
• Closing costs: $3,660
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2726 Des Moines St Des Moines, IA	2.0	1.0	975	$1,295	$1.33	45d	1	0.65mi
1726 E 24th St Des Moines, IA	3.0	1.0	850	$1,295	$1.52	45d	1	0.67mi
2121 E 23rd St Des Moines, IA	3.0	1.0	972	$1,395	$1.44	45d	1	0.84mi
1220 E 37th Ct Des Moines, IA	2.0	1.0	560	$950	$1.70	25d	1	1.05mi
2120 Capitol Ave Des Moines, IA	3.0	1.0	973	$1,395	$1.43	45d	1	1.19mi
2515 E 37th St Des Moines, IA	3.0	1.0	1008	$1,290	$1.28	22d	1	1.27mi
2555 Wedgewood Rd Des Moines, IA	1.0	1.0	650	$750	$1.15	16d	1	1.43mi

Listing history 25 events

1. 2026-05-11
   soldstatus $112,000
2. 2026-04-08
   status Pending
3. 2026-03-05
   price $122,000
4. 2026-02-06
   listed $123,000 Active
5. 2026-01-22
   historical
6. 2025-11-24
   status Active
7. 2025-08-22
   status Pending
8. 2025-07-28
   price $125,000
9. 2025-07-22
   listed $135,000 Active
10. 2024-07-24
    soldstatus $145,000
11. 2024-07-17
    soldstatus $145,000 Closed 435-char remark

    Show marketing remark (435 chars)

    Enjoy this fully renovated home. This property has a completely new wiring and electrical system along with new Plumbing and new thermostat. Enjoy the new featured custom made kitchen with all new appliances. This property has the original front brick siding plus brand new hardie plank siding. Bathroom fan and switch is being added. Any additional items to the home may be added upon request. This is a must see fully renovated home.

12. 2024-06-29
    status Pending 435-char remark

    Show marketing remark (435 chars)

    Enjoy this fully renovated home. This property has a completely new wiring and electrical system along with new Plumbing and new thermostat. Enjoy the new featured custom made kitchen with all new appliances. This property has the original front brick siding plus brand new hardie plank siding. Bathroom fan and switch is being added. Any additional items to the home may be added upon request. This is a must see fully renovated home.

13. 2024-05-31
    price $135,000 435-char remark

    Show marketing remark (435 chars)

    Enjoy this fully renovated home. This property has a completely new wiring and electrical system along with new Plumbing and new thermostat. Enjoy the new featured custom made kitchen with all new appliances. This property has the original front brick siding plus brand new hardie plank siding. Bathroom fan and switch is being added. Any additional items to the home may be added upon request. This is a must see fully renovated home.

14. 2024-04-19
    price $139,000 435-char remark

    Show marketing remark (435 chars)

    Enjoy this fully renovated home. This property has a completely new wiring and electrical system along with new Plumbing and new thermostat. Enjoy the new featured custom made kitchen with all new appliances. This property has the original front brick siding plus brand new hardie plank siding. Bathroom fan and switch is being added. Any additional items to the home may be added upon request. This is a must see fully renovated home.

15. 2024-04-04
    listed $148,000 Active 435-char remark

    Show marketing remark (435 chars)

    Enjoy this fully renovated home. This property has a completely new wiring and electrical system along with new Plumbing and new thermostat. Enjoy the new featured custom made kitchen with all new appliances. This property has the original front brick siding plus brand new hardie plank siding. Bathroom fan and switch is being added. Any additional items to the home may be added upon request. This is a must see fully renovated home.

16. 2023-12-05
    status Active
17. 2023-12-05
    historical
18. 2023-11-15
    soldstatus $60,000
19. 2023-11-13
    soldstatus $60,000 Closed
20. 2023-11-08
    historical
21. 2023-11-08
    listed $60,000
22. 2023-08-14
    status Pending
23. 2023-08-08
    listed $56,000 Active
24. 2021-01-19
    soldstatus $100,000
25. 2005-01-13
    soldstatus $55,000

ⓘ 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: $1,336 · $111/mo
• Projected year-2 tax: $1,626 · $135/mo
• Expected delta: +$290/yr (+$24/mo · 21.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% 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: $14,820
• − Mortgage interest: −$6,834
• − Property taxes: −$1,336
• − Insurance: −$610
• − Repairs & maintenance: −$1,186
• − Management: −$1,186
• − Depreciation: −$3,549
• Taxable income: $120
• Est. tax owed @ 24.0%: −$29
• After-tax cash flow: $2,056/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): 36,548
• Household income: $65,617
• Rent vs Own: 27.5% rent · 72.5% own
• Severe rent burden: 716.0

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: Majority White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 19% Two or more races 10% Black 10% Asian 3%
• Hispanic origin (detail): Mexican 15% Puerto Rican 1%
• Common ancestry: Portuguese 3% Iranian 2% Swiss 1%
• Foreign-born: 12% · Canada
• Languages at home: 80% English-only · Spanish 13% Other Asian/Pacific 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: ▼ -235.00%
• Current HPI: 281.7409
• Rent YoY: ▲ 2.29%
• 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

+103.6% since first listed

25 events — show timeline

• 2026-05-11 Sold (Public Records) $112,000 Public Records
• 2026-04-08 Pending — DMMLS
• 2026-03-05 Price Changed $122,000 DMMLS
• 2026-02-06 Listed $123,000 DMMLS
• 2026-01-22 Listing Removed — DMMLS
• 2025-11-24 Relisted — DMMLS
• 2025-08-22 Pending — DMMLS
• 2025-07-28 Price Changed $125,000 DMMLS
• 2025-07-22 Listed $135,000 DMMLS
• 2024-07-24 Sold (Public Records) $145,000 Public Records
• 2024-07-17 Sold (MLS) $145,000 DMMLS
• 2024-06-29 Pending — DMMLS
• 2024-05-31 Price Changed $135,000 DMMLS
• 2024-04-19 Price Changed $139,000 DMMLS
• 2024-04-04 Listed $148,000 DMMLS
• 2023-12-05 Relisted — DMMLS
• 2023-12-05 Listing Removed — DMMLS
• 2023-11-15 Sold (Public Records) $60,000 Public Records
• 2023-11-13 Sold (MLS) $60,000 DMMLS
• 2023-11-08 Listed $60,000 DMMLS
• 2023-11-08 Listing Removed — DMMLS
• 2023-08-14 Pending — DMMLS
• 2023-08-08 Listed $56,000 DMMLS
• 2021-01-19 Sold (Public Records) $100,000 Public Records
• 2005-01-13 Sold (Public Records) $55,000 Public Records

Property tax history

+3.0%/yr

Latest (2025): $1,336 · +21.2% YoY. Source: county tax records.