320 E Gray St · Des Moines, IA 50315

$129,900

2 bd · 1.0 ba · 864 sqft · SingleFamily public records · 23 Days on market

Built 1907 0.28 ac lot $150/sqft · 26% below area Est $176k · 26% 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 +16.4/30.0
• ARV discount +15.0/15.0
• DSCR +5.1/10.0
• 1% rule +4.2/10.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nestled in the heart of Des Moines, this cute-as-a-button home is ready to steal your heart! Imagine relaxing in your spacious yard, shaded by mature trees, or hosting friends on the beautiful deck. Inside, you'll find a fresh, modern vibe with all-new flooring and trim, plus a stunning brand-new kitchen. With two cozy bedrooms, an open floor plan perfect for entertaining, and a full bathroom, this gem is the perfect blend of comfort and style. Don't miss out on making this dreamy space your own!

Key facts

• Spacious yard
• Open floor plan
• All-new flooring

Tags

• SPACIOUS YARD
• MATURE TREES
• ALL-NEW FLOORING
• BRAND-NEW KITCHEN
• OPEN FLOOR PLAN

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-story home
• Construction: Vinyl siding; Block foundation; Asphalt shingle roof
• Exterior features: Deck; Asphalt road frontage

Interior

• Kitchen: Microwave; Refrigerator; Stove
• Bedrooms: 2 main-level bedrooms
• Bathrooms: One three-quarter bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Eat-in kitchen; Unfinished basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $73 ($879/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 $120k (7.5% below list).
• Recommended offer: $120k (7.5% below list) — sets the bar for 1% rule.
• Cap rate 7.0% 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-, 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 (+3.5%/yr); 227 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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 $898 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 23 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 1907 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $120,140 (7.5% below list)

Questions for the listing agent

1. Built in 1907 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.92% ✗
• Cap rate: 6.97%
• Cash-on-cash: 2.42%
• DSCR: 1.11
• GRM: 9.0

CMA / ARV

• ARV (median comp): $175,556
• List price: $129,900
• Delta: -26.01%
• 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
343 E Bell Ave	0.30mi	3/2.0 (+1)	864 (0%)	0mo	$153,500	$178	77
2420 SE 6th St	0.35mi	3/1.0 (+1)	874 (+1%)	2mo	$215,000	$246	75
2505 SE 8th St	0.52mi	2/1.0	852 (-1%)	2mo	$120,000	$141	72
412 Fulton Dr	0.49mi	2/2.0	880 (+2%)	1mo	$167,500	$190	69
832 E Lacona Ave	0.50mi	3/1.0 (+1)	864 (0%)	7mo	$145,500	$168	66
39 Hillside Ave	0.43mi	3/1.0 (+1)	912 (+6%)	5mo	$168,000	$184	61
301 Davis Ave	0.45mi	2/2.0	916 (+6%)	7mo	$233,000	$254	59
2603 Indianola Ave	0.41mi	2/2.0	947 (+10%)	6mo	$181,000	$191	55
101 Lacona Ave	0.43mi	2/2.0	768 (-11%)	3mo	$174,000	$227	55
118 E Pleasant View Dr	0.69mi	2/2.0	824 (-5%)	7mo	$167,500	$203	50
2830 SE 7th St	0.66mi	2/1.0	986 (+14%)	3mo	$149,900	$152	44
317 E Jackson Ave	0.49mi	3/1.0 (+1)	992 (+15%)	6mo	$109,400	$110	42

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 · 3.48% rent growth · sell at horizon

5-year hold

• IRR: -11.9%
• Equity multiple: 0.57×
• Total profit: $-15,795
• Equity at exit: $19,369

10-year hold

• IRR: -2.1%
• Equity multiple: 0.85×
• Total profit: $-5,310
• Equity at exit: $11,231

Cash invested: $36,372 (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 50315

• Rents YoY: 3.5%
• Active inventory: 227
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,201 high
• Mortgage (P&I): −$681
• Tax from tax record: −$140 /mo · $1,686/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $73

Break-even live

Break-even rent $1,109

Max offer price $129,900

Occupancy floor 89%

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
822 Hartford Ave Des Moines, IA	2.0	1.0	710	$975	$1.37	44d	1	0.46mi
824 Hartford Ave Des Moines, IA	2.0	1.0	730	$975	$1.34	23d	1	0.46mi
828 Hartford Ave Des Moines, IA	2.0	1.0	710	$975	$1.37	44d	1	0.47mi
612 Bancroft St Unit 618-2 Des Moines, IA	1.0	1.0	525	$775	$1.48	19d	1	0.54mi
1201 E Bell Ave Des Moines, IA	3.0	2.0	1107	$1,100	$0.99	14d	1	0.65mi
404 E Pleasant View Dr Des Moines, IA	3.0	2.0	936	$1,125	$1.20	44d	1	0.66mi
701 Monona Ave Des Moines, IA	1.0–2.0	1.0	825	$1,100	$1.33	23d	2	0.67mi
703 Monona Ave Des Moines, IA	2.0	1.0	850	$1,100	$1.29	14d	3	0.67mi
1405 SE 1st St Des Moines, IA	1.0–2.0	1.0–2.0	802	$1,435	$1.79	14d	8	0.68mi
700 Monona Ave Des Moines, IA	1.0–2.0	1.0	875	$1,100	$1.26	23d	3	0.68mi
100 Jackson Ave Des Moines, IA	3.0	1.0–2.0	885	$1,461	$1.65	14d	21	0.70mi
701 Loomis Ave Unit 7011 Des Moines, IA	2.0	1.0	600	$800	$1.33	14d	1	0.81mi
2440 SW 9th St Unit 5 Des Moines, IA	2.0	1.0	780	$1,100	$1.41	44d	1	0.83mi
116 Park Ave Des Moines, IA	2.0	1.0	728	$1,200	$1.65	44d	1	0.89mi
3130 Indianola Ave Des Moines, IA	1.0–2.0	1.0	900	$1,495	$1.66	44d	1	0.92mi
3310 SE 5th St Des Moines, IA	2.0	1.0	700	$1,150	$1.64	44d	1	0.93mi
910 E Railroad Ave Des Moines, IA	2.0	1.0	768	$925	$1.20	44d	1	0.95mi
580 SW 9th St Unit 302 Des Moines, IA	1.0	1.0	650	$1,275	$1.96	23d	1	1.05mi
3200 Indianola Ave Des Moines, IA	2.0	1.0	850	$900	$1.06	14d	8	1.05mi
815 Boulder Ave Des Moines, IA	1.0	1.0	800	$745	$0.93	44d	1	1.05mi
550 SW 9th St Unit 407 Des Moines, IA	1.0	1.0	694	$1,375	$1.98	14d	1	1.08mi
1085 Dart Way Unit 204 Des Moines, IA	1.0	1.0	595	$1,200	$2.02	23d	1	1.09mi
315 Miller Ave Des Moines, IA	3.0	1.0	1018	$1,595	$1.57	44d	1	1.10mi
401 SE 6th St Des Moines, IA	1.0–2.0	1.0	764	$1,397	$1.83	14d	6	1.14mi
425 SW 11th St Des Moines, IA	2.0	1.0–2.0	879	$2,384	$2.71	14d	38	1.15mi
1627 E Glenwood Dr Des Moines, IA	3.0	1.0	1040	$1,295	$1.25	44d	1	1.16mi
100 Market St #405 Des Moines, IA	1.0	1.0	733	$1,275	$1.74	23d	1	1.17mi
320 SW 7th St Des Moines, IA	1.0–2.0	1.0–2.0	920	$1,459	$1.59	14d	10	1.21mi
103 SW 3rd St Des Moines, IA	2.0	1.0–2.0	725	$2,043	$2.82	14d	17	1.24mi
201 SE 6th St Des Moines, IA	2.0	1.0–2.0	835	$1,660	$1.99	14d	11	1.24mi
400 SW 11th St Des Moines, IA	1.0	1.0	841	$1,544	$1.83	14d	9	1.25mi
100 2nd Ave Des Moines, IA	1.0–2.0	1.0–2.0	836	$1,150	$1.37	21d	23	1.30mi
1512 Evergreen Ave Des Moines, IA	1.0–2.0	1.0–2.0	756	$970	$1.28	19d	3	1.30mi
101 2nd Ave Des Moines, IA	1.0–2.0	1.0–2.0	948	$1,224	$1.29	14d	21	1.30mi
601 E Vine St Des Moines, IA	2.0	1.0–2.0	730	$1,595	$2.18	19d	19	1.31mi
3712 SE 14th St Unit 3708-36 Des Moines, IA	2.0	1.0	850	$855	$1.01	14d	1	1.31mi
308 Court Ave Des Moines, IA	1.0–2.0	1.0–2.0	844	$1,350	$1.60	14d	11	1.36mi
210 SW 11th St Des Moines, IA	3.0	1.0–2.5	947	$2,283	$2.41	14d	90	1.37mi
312 Court Ave Des Moines, IA	1.0–2.0	1.0–2.0	771	$1,347	$1.75	14d	6	1.38mi
1300 E Watrous Ave Des Moines, IA	1.0	1.0	650	$756	$1.16	14d	3	1.42mi

Listing history 5 events

1. 2026-05-12
   price $129,900 501-char remark

   Show marketing remark (501 chars)

   Nestled in the heart of Des Moines, this cute-as-a-button home is ready to steal your heart! Imagine relaxing in your spacious yard, shaded by mature trees, or hosting friends on the beautiful deck. Inside, you'll find a fresh, modern vibe with all-new flooring and trim, plus a stunning brand-new kitchen. With two cozy bedrooms, an open floor plan perfect for entertaining, and a full bathroom, this gem is the perfect blend of comfort and style. Don't miss out on making this dreamy space your own!

2. 2026-05-12
   price $129,900 501-char remark

   Show marketing remark (501 chars)

   Nestled in the heart of Des Moines, this cute-as-a-button home is ready to steal your heart! Imagine relaxing in your spacious yard, shaded by mature trees, or hosting friends on the beautiful deck. Inside, you'll find a fresh, modern vibe with all-new flooring and trim, plus a stunning brand-new kitchen. With two cozy bedrooms, an open floor plan perfect for entertaining, and a full bathroom, this gem is the perfect blend of comfort and style. Don't miss out on making this dreamy space your own!

3. 2026-04-27
   listed $134,900 Active 501-char remark

   Show marketing remark (501 chars)

   Nestled in the heart of Des Moines, this cute-as-a-button home is ready to steal your heart! Imagine relaxing in your spacious yard, shaded by mature trees, or hosting friends on the beautiful deck. Inside, you'll find a fresh, modern vibe with all-new flooring and trim, plus a stunning brand-new kitchen. With two cozy bedrooms, an open floor plan perfect for entertaining, and a full bathroom, this gem is the perfect blend of comfort and style. Don't miss out on making this dreamy space your own!

4. 2026-04-27
   listed $134,900 Active 501-char remark

   Show marketing remark (501 chars)

   Nestled in the heart of Des Moines, this cute-as-a-button home is ready to steal your heart! Imagine relaxing in your spacious yard, shaded by mature trees, or hosting friends on the beautiful deck. Inside, you'll find a fresh, modern vibe with all-new flooring and trim, plus a stunning brand-new kitchen. With two cozy bedrooms, an open floor plan perfect for entertaining, and a full bathroom, this gem is the perfect blend of comfort and style. Don't miss out on making this dreamy space your own!

5. 2025-09-16
   soldstatus $80,000

ⓘ 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: $1,686 · $140/mo
• Projected year-2 tax: $1,863 · $155/mo
• Expected delta: +$177/yr (+$15/mo · 10.5%)

ⓘ 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 3/10 Moderate
• 🌡 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: $14,417
• − Mortgage interest: −$7,276
• − Property taxes: −$1,686
• − Insurance: −$650
• − Repairs & maintenance: −$1,153
• − Management: −$1,153
• − Depreciation: −$3,779
• Taxable loss: −$1,281
• Est. tax savings @ 24.0%: +$307
• After-tax cash flow: $1,187/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): 34,816
• Household income: $60,590
• Rent vs Own: 38.5% rent · 61.5% own
• Severe rent burden: 1072.0

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 (66%)
• Race & ethnicity: White 66% Hispanic / Latino 19% Two or more races 11% Black 9% Asian 2%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Iranian 2% Portuguese 2% Italian 2%
• Foreign-born: 10% · Canada, Philippines
• Languages at home: 83% English-only · Spanish 13% Other Asian/Pacific 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: ▼ -259.03%
• Current HPI: 269.7231
• Rent YoY: ▲ 3.48%
• 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

+62.4% since first listed

8 events — show timeline

• 2026-06-16 Sold (MLS) $129,900 CIBOR
• 2026-05-20 Pending — CIBOR
• 2026-05-20 Pending — DMMLS
• 2026-05-12 Price Changed $129,900 DMMLS
• 2026-05-12 Price Changed $129,900 CIBOR
• 2026-04-27 Listed $134,900 CIBOR
• 2026-04-27 Listed $134,900 DMMLS
• 2025-09-16 Sold (Public Records) $80,000 Public Records

Property tax history

+2.0%/yr

Latest (2025): $1,686 · -5.2% YoY. Source: county tax records.