1131 23rd St · Des Moines, IA 50311

$200,000

3 bd · 2.0 ba · 1,636 sqft · SingleFamily public records · 87 Days on market

Built 1920 8,450 sqft lot $122/sqft · 10% below area Est $223k · 10% under

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Why this score? — see what drove the D- 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).

• ARV discount +12.2/15.0
• Cash flow +8.2/30.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• DSCR +2.2/10.0
• Rent growth +1.8/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located just minutes from Drake University, this property offers a fantastic opportunity for both homeowners and investors alike. 1131 23rd St features spacious living areas, comfortable bedrooms, and plenty of natural light throughout. The layout provides flexibility for everyday living, entertaining, or creating dedicated study spaces. The home’s convenient location near campus, local restaurants, coffee shops, and neighborhood amenities makes it especially appealing for those wanting to be close to everything. With its proximity to Drake, this property would make an excellent rental opportunity for students looking for easy access to campus. Whether you’re searching for a primary residence or a smart investment, 1131 23rd St combines location, functionality, and potential in one appealing package.

Key facts

• 8,450 sq ft lot
• 2 garage spots
• Built 1920

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $-187 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $167k (16.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $148k (26.2% below list).
• Recommended offer: $148k (26.2% below list) — sets the bar for 1% rule.
• Cap rate 5.2% 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 soft (-2.7%/yr); 123 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 46% 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 $1k of loan paydown is wiped out by about $6k 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 87 days — a 6% lower offer ($188k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y ago; this cycle's ask has dropped $20k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $155k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $147,697 (26.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.74% ✗
• Cap rate: 5.17%
• Cash-on-cash: -4.00%
• DSCR: 0.82
• GRM: 11.3

CMA / ARV

• ARV (median comp): $223,081
• List price: $200,000
• Delta: -10.35%
• 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
994 25th St	0.33mi	3/2.5	1,605 (-2%)	1mo	$380,000	$237	79
1144 27th St	0.30mi	3/2.0	1,408 (-14%)	1mo	$120,000	$85	62
1103 18th St	0.36mi	3/2.0	1,431 (-12%)	3mo	$285,000	$199	60
1107 18th St	0.36mi	3/2.0	1,431 (-12%)	4mo	$285,000	$199	59
827 26th St	0.49mi	3/2.5	1,476 (-10%)	2mo	$297,000	$201	57
683 25th St	0.69mi	3/2.0	1,507 (-8%)	2mo	$315,000	$209	53
2830 Rutland Ave	0.43mi	3/1.5	1,392 (-15%)	1mo	$333,000	$239	52
1526 Harrison Ave	0.62mi	4/2.0 (+1)	1,456 (-11%)	2mo	$230,000	$158	46
1614 Center St	0.67mi	3/2.0	1,437 (-12%)	3mo	$244,000	$170	46
1534 18th St	0.64mi	4/2.5 (+1)	1,440 (-12%)	2mo	$200,000	$139	42
1347 Forest Ave	0.71mi	4/2.0 (+1)	1,460 (-11%)	4mo	$260,000	$178	41
1656 Martin Luther King Jr Pkwy	0.74mi	3/1.0	1,442 (-12%)	4mo	$188,000	$130	38

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -26.4%
• Equity multiple: 0.13×
• Total profit: $-48,622
• Equity at exit: $29,821

10-year hold

• IRR: -37.3%
• Equity multiple: -0.33×
• Total profit: $-74,358
• Equity at exit: $17,292

Cash invested: $56,000 (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 50311

• Rents YoY: -2.7%
• Active inventory: 123
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $1,477 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$221 /mo · $2,656/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$310
• Net cashflow: $-187

Break-even live

Break-even rent $1,713

Max offer price $167,022

Occupancy floor —

Sensitivity live

Price	-10% $-73	-5% $-130	+0% $-187	+5% $-243	+10% $-300
Rent	-10% $-303	-5% $-245	+0% $-187	+5% $-128	+10% $-70
Rate	-1.0pp $-86	-0.5pp $-136	base $-187	+0.5pp $-239	+1.0pp $-291

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1171 21st St Unit 2 Des Moines, IA	4.0	1.0	1210	$1,300	$1.07	44d	1	0.18mi
1717 Olive Ave Unit B6 Des Moines, IA	2.0	2.0	1092	$1,700	$1.56	44d	1	0.49mi
2940 Brattleboro Ave Unit 2 Des Moines, IA	3.0	2.0	1250	$1,300	$1.04	15d	1	0.57mi
2717 Meek Ave Des Moines, IA	2.0	2.0	1128	$1,550	$1.37	15d	1	0.67mi
1637 23rd St Des Moines, IA	4.0	2.0	1743	$1,595	$0.92	44d	1	0.69mi
3103 Forest Ave Des Moines, IA	1.0–2.0	1.0–1.5	900	$1,550	$1.72	15d	1	0.73mi
1314 Harrison Ave Des Moines, IA	3.0	1.0	1150	$1,195	$1.04	24d	1	0.77mi
1821 Woodland Ave Des Moines, IA	2.0	2.0	1200	$1,472	$1.23	44d	2	0.79mi
641 19th St Unit WP 5 Des Moines, IA	2.0	2.0	1200	$1,395	$1.16	44d	1	0.80mi
641 19th St Unit WP 1 Des Moines, IA	2.0	2.0	1200	$1,550	$1.29	44d	1	0.80mi
1345 Keosauqua Way Des Moines, IA	2.0	2.5	1550	$2,045	$1.32	44d	1	0.81mi
3005 Woodland Ave Unit 36 Des Moines, IA	2.0	1.0	1080	$1,030	$0.95	22d	1	0.82mi
1260 34th St Unit 401 Des Moines, IA	3.0	2.0	1088	$1,335	$1.23	44d	1	0.85mi
2301 Ingersoll Ave Des Moines, IA	2.0	1.0–2.0	784	$1,815	$2.32	15d	14	0.88mi
1201 Center St Des Moines, IA	2.0	2.5	2141	$2,450	$1.14	22d	5	0.92mi
1546 33rd St Des Moines, IA	4.0	2.0	1540	$1,850	$1.20	15d	1	0.94mi
707 35th St Des Moines, IA	3.0	1.0	1546	$1,995	$1.29	15d	1	1.02mi
2501 24th St Apt 106 Des Moines, IA	4.0	2.0	1175	$1,245	$1.06	44d	1	1.21mi
544 36th St Unit 2 Des Moines, IA	2.0	1.0	1152	$1,500	$1.30	44d	1	1.28mi
9066 Burkwood Dr West Des Moines, IA	3.0	2.5–3.5	1783	$1,960	$1.10	24d	2	1.30mi
405 6th Ave Des Moines, IA	2.0	1.0–2.0	737	$1,200	$1.63	15d	14	1.46mi
3927 Ingersoll Ave Des Moines, IA	2.0	1.0	1050	$1,195	$1.14	44d	1	1.46mi
604 Locust St Des Moines, IA	1.0–2.0	1.0–2.0	902	$1,743	$1.93	15d	5	1.47mi
2403 36th St Des Moines, IA	3.0	2.0	1324	$1,600	$1.21	24d	1	1.48mi

Listing history 20 events

1. 2026-06-13
   statusdays on market $200,000 Pending 87 DOM
2. 2026-06-10
   days on market $200,000 Active 86 DOM
3. 2026-06-09
   days on market $200,000 Active 85 DOM
4. 2026-06-08
   days on market $200,000 Active 84 DOM
5. 2026-06-07
   days on market $200,000 Active 83 DOM
6. 2026-06-05
   days on market $200,000 Active 80 DOM
7. 2026-06-03
   days on market $200,000 Active 79 DOM
8. 2026-06-02
   days on market $200,000 Active 78 DOM
9. 2026-06-01
   days on market $200,000 Active 77 DOM
10. 2026-05-31
    days on market $200,000 Active 76 DOM
11. 2026-05-31
    pricedays on market $200,000 Active 75 DOM
12. 2026-04-24
    price $210,000 823-char remark

    Show marketing remark (823 chars)

    Located just minutes from Drake University, this property offers a fantastic opportunity for both homeowners and investors alike. 1131 23rd St features spacious living areas, comfortable bedrooms, and plenty of natural light throughout. The layout provides flexibility for everyday living, entertaining, or creating dedicated study spaces. The home’s convenient location near campus, local restaurants, coffee shops, and neighborhood amenities makes it especially appealing for those wanting to be close to everything. With its proximity to Drake, this property would make an excellent rental opportunity for students looking for easy access to campus. Whether you’re searching for a primary residence or a smart investment, 1131 23rd St combines location, functionality, and potential in one appealing package.

13. 2026-03-15
    listed $220,000 Active 823-char remark

    Show marketing remark (823 chars)

    Located just minutes from Drake University, this property offers a fantastic opportunity for both homeowners and investors alike. 1131 23rd St features spacious living areas, comfortable bedrooms, and plenty of natural light throughout. The layout provides flexibility for everyday living, entertaining, or creating dedicated study spaces. The home’s convenient location near campus, local restaurants, coffee shops, and neighborhood amenities makes it especially appealing for those wanting to be close to everything. With its proximity to Drake, this property would make an excellent rental opportunity for students looking for easy access to campus. Whether you’re searching for a primary residence or a smart investment, 1131 23rd St combines location, functionality, and potential in one appealing package.

14. 2022-02-07
    soldstatus $155,000 Closed 533-char remark

    Show marketing remark (533 chars)

    Must see this 1636 SQ FT two story with all the original Oak Woodwork, and original wood floors under the carpet, 4 bedrooms, 2 bathrooms and a 2 car garage. New roof installed in spring of 2021. Newer central A/C, newer foundation installed. House even comes with 2 refrigerators, 2 stoves and a microwave oven. Second floor could easily be a separate apartment. Easy access to Downtown, I-235, only 2 blocks from Drake University, 1 block from city park and plenty of restaurants close by. House could be a single family or duplex.

15. 2021-11-03
    status Pending 533-char remark

    Show marketing remark (533 chars)

    Must see this 1636 SQ FT two story with all the original Oak Woodwork, and original wood floors under the carpet, 4 bedrooms, 2 bathrooms and a 2 car garage. New roof installed in spring of 2021. Newer central A/C, newer foundation installed. House even comes with 2 refrigerators, 2 stoves and a microwave oven. Second floor could easily be a separate apartment. Easy access to Downtown, I-235, only 2 blocks from Drake University, 1 block from city park and plenty of restaurants close by. House could be a single family or duplex.

16. 2021-10-11
    price $179,900 533-char remark

    Show marketing remark (533 chars)

    Must see this 1636 SQ FT two story with all the original Oak Woodwork, and original wood floors under the carpet, 4 bedrooms, 2 bathrooms and a 2 car garage. New roof installed in spring of 2021. Newer central A/C, newer foundation installed. House even comes with 2 refrigerators, 2 stoves and a microwave oven. Second floor could easily be a separate apartment. Easy access to Downtown, I-235, only 2 blocks from Drake University, 1 block from city park and plenty of restaurants close by. House could be a single family or duplex.

17. 2021-09-08
    price $189,900 533-char remark

    Show marketing remark (533 chars)

    Must see this 1636 SQ FT two story with all the original Oak Woodwork, and original wood floors under the carpet, 4 bedrooms, 2 bathrooms and a 2 car garage. New roof installed in spring of 2021. Newer central A/C, newer foundation installed. House even comes with 2 refrigerators, 2 stoves and a microwave oven. Second floor could easily be a separate apartment. Easy access to Downtown, I-235, only 2 blocks from Drake University, 1 block from city park and plenty of restaurants close by. House could be a single family or duplex.

18. 2021-08-10
    listed $199,900 Active 533-char remark

    Show marketing remark (533 chars)

    Must see this 1636 SQ FT two story with all the original Oak Woodwork, and original wood floors under the carpet, 4 bedrooms, 2 bathrooms and a 2 car garage. New roof installed in spring of 2021. Newer central A/C, newer foundation installed. House even comes with 2 refrigerators, 2 stoves and a microwave oven. Second floor could easily be a separate apartment. Easy access to Downtown, I-235, only 2 blocks from Drake University, 1 block from city park and plenty of restaurants close by. House could be a single family or duplex.

19. 2017-11-21
    historical
20. 2017-09-19
    listed $130,000

ⓘ 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: $2,656 · $221/mo
• Projected year-2 tax: $2,898 · $242/mo
• Expected delta: +$242/yr (+$20/mo · 9.1%)

ⓘ 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: $17,724
• − Mortgage interest: −$11,203
• − Property taxes: −$2,656
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,418
• − Management: −$1,418
• − Depreciation: −$5,818
• Taxable loss: −$5,789
• Est. tax savings @ 24.0%: +$1,389
• After-tax cash flow: $-851/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): 14,574
• Household income: $61,957
• Rent vs Own: 51.6% rent · 48.4% own
• Severe rent burden: 762.0

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 (69%)
• Race & ethnicity: White 69% Black 14% Two or more races 9% Hispanic / Latino 8% Asian 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 4% Iranian 2% Slovak 2%
• Foreign-born: 10% · Canada, Vietnam
• Languages at home: 88% English-only · Spanish 6% Vietnamese 1% Arabic 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: ▼ -205.66%
• Current HPI: 261.0863
• Rent YoY: ▼ -2.69%
• 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

+61.5% since first listed

9 events — show timeline

• 2026-04-24 Price Changed $210,000 DMMLS
• 2026-03-15 Listed $220,000 DMMLS
• 2022-02-07 Sold (MLS) $155,000 DMMLS
• 2021-11-03 Pending — DMMLS
• 2021-10-11 Price Changed $179,900 DMMLS
• 2021-09-08 Price Changed $189,900 DMMLS
• 2021-08-10 Listed $199,900 DMMLS
• 2017-11-21 Listing Removed — DMMLS
• 2017-09-19 Listed $130,000 DMMLS

Property tax history

+3.7%/yr

Latest (2025): $2,656 · +31.5% YoY. Source: county tax records.