412 SE Ewing St · Grimes, IA 50111

$264,999

3 bd · 1.0 ba · 1,648 sqft · SingleFamily public records · 48 Days on market

Built 1900 8,712 sqft lot $161/sqft · 9% below area Est $292k · 9% 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 +11.7/15.0
• Cash flow +10.3/30.0
• Schools +7.0/10.0
• Livability +4.0/5.0
• DSCR +3.0/10.0
• Rent growth +2.7/5.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This ranch home offers 3 large bedrooms, 1 full bathroom, 2 separate living rooms and dining room, providing so many options for flexible space. Features include a beautiful brick fireplace, newer windows, and a large deck overlooking a spacious corner lot with excellent parking in front of the home as well as by the garage. Major exterior updates completed in 2024 include new siding and roof. Crawl space. Detached 2-car garage. You must get inside this home to see the potential! Excellent location!

Key facts

• New flooring
• 8,712 sq ft lot
• Built 1900

Tags

• FULLY REMODELED KITCHEN
• FULLY REMODELED BATHROOM
• NEW FLOORING
• LOW MAINTENANCE SIDING

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-story home; Residential zoning
• Construction: Vinyl siding; Block foundation; Asphalt shingle roof
• Exterior features: Deck; Rectangular lot with dimensions approximately 66 x 132

Interior

• Kitchen: Dishwasher; Refrigerator; Stove
• Bedrooms: Four main-level bedrooms
• Bathrooms: One full bathroom
• Heating & cooling: Central air conditioning; Forced air heating (natural gas)
• Interior features: Dining area; Separate/formal dining room; Eat-in kitchen; Wood-burning fireplace
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $265k.

Deal economics

• At list price, monthly cash flow is $-145 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $239k (9.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $202k (23.7% below list).
• Recommended offer: $202k (23.7% below list) — sets the bar for 1% rule.
• Cap rate 5.6% 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: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F.
• Dallas Center-Grimes Community School District (rural): math 78% / reading 82% proficiency, ranked #19 of 289 in IA (top 7%) — strong family-tenant draw, lease renewals of 3-5y typical; only 12% free/reduced lunch — higher-income household profile.
• Zoned schools: South Prairie Elementary (math 74% / reading 76%, grade A, #128 of 616 statewide, top 21%, 452 students, 24% FRL); Dallas Center-Grimes Middle School (math 79% / reading 81%, grade A+, #32 of 246 statewide, top 13%, 527 students, 19% FRL); Dallas Center-Grimes High School (math 73% / reading 82%, grade A-, #56 of 336 statewide, top 17%, 978 students, 18% FRL).
• Market conditions: Rents flat; 329 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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 $2k of loan paydown is wiped out by about $8k 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 48 days — a 3% lower offer ($257k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $25k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $170k; list at $265k implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $202,298 (23.7% 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 48 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 0.76% ✗
• Cap rate: 5.64%
• Cash-on-cash: -2.34%
• DSCR: 0.90
• GRM: 10.9

CMA / ARV

• ARV (median comp): $292,143
• List price: $264,999
• Delta: -9.29%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
208 SE 3rd St	0.11mi	3/2.0	1,571 (-5%)	0mo	$248,900	$158	83
617 SE Meadowlark Dr	0.36mi	4/2.5 (+1)	1,772 (+8%)	0mo	$369,990	$209	60
405 SE 13th St	0.53mi	4/2.5 (+1)	1,736 (+5%)	0mo	$335,000	$193	55
280 NW Prairie Creek Dr	0.56mi	4/2.5 (+1)	1,568 (-5%)	2mo	$325,000	$207	54
500 SE 14th St	0.62mi	4/3.0 (+1)	1,703 (+3%)	0mo	$461,500	$271	52
401 NW Valley View Dr	0.53mi	3/1.5	1,440 (-13%)	1mo	$272,000	$189	51
712 SE 13th St	0.59mi	3/2.5	1,456 (-12%)	1mo	$306,000	$210	47
500 SE 13th St	0.56mi	4/3.0 (+1)	1,498 (-9%)	0mo	$354,500	$237	46
1208 SW 4th St	0.69mi	3/3.0	1,478 (-10%)	0mo	$305,000	$206	42
424 SE 12th St	0.49mi	4/3.5 (+1)	1,865 (+13%)	3mo	$379,000	$203	38
613 SE 17th St	0.73mi	4/3.5 (+1)	1,803 (+9%)	1mo	$415,400	$230	35
508 NW 8th St	0.71mi	4/3.0 (+1)	1,864 (+13%)	0mo	$399,900	$215	32

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 · 0.71% rent growth · sell at horizon

5-year hold

• IRR: -22.7%
• Equity multiple: 0.24×
• Total profit: $-56,743
• Equity at exit: $39,512

10-year hold

• IRR: -23.7%
• Equity multiple: -0.07×
• Total profit: $-79,242
• Equity at exit: $22,912

Cash invested: $74,200 (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: 329
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $2,023 high
• Mortgage (P&I): −$1,390
• Tax from tax record: −$243 /mo · $2,914/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$425
• Net cashflow: $-145

Break-even live

Break-even rent $2,206

Max offer price $239,423

Occupancy floor —

Sensitivity live

Price	-10% $5	-5% $-70	+0% $-145	+5% $-220	+10% $-295
Rent	-10% $-305	-5% $-225	+0% $-145	+5% $-65	+10% $15
Rate	-1.0pp $-11	-0.5pp $-77	base $-145	+0.5pp $-213	+1.0pp $-283

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
301 SE 4th St Grimes, IA	3.0	2.5	1619	$2,195	$1.36	45d	1	0.10mi
305 SE 4th St Grimes, IA	3.0	2.5	1651	$2,090	$1.27	16d	1	0.11mi
317 SE 4th St Grimes, IA	3.0	2.5	1619	$2,195	$1.36	16d	1	0.12mi
301 SE 11th St #703 Grimes, IA	3.0	2.5	1568	$1,895	$1.21	16d	1	0.41mi
301 SE 11th St #706 Grimes, IA	2.0	2.5	1144	$1,750	$1.53	16d	1	0.41mi
1250 SE 11th St Grimes, IA	1.0–3.0	1.0–2.0	921	$1,487	$1.61	16d	15	0.79mi
935 SE Silkwood Ln Grimes, IA	1.0–2.0	1.0–2.0	914	$1,436	$1.57	16d	27	1.31mi
1951 N James St Unit 107 Grimes, IA	3.0	2.0	1150	$1,295	$1.13	16d	1	1.31mi
1704 NE Gateway Ct Grimes, IA	3.0	1.0–2.0	945	$1,899	$2.01	15d	50	1.40mi
1851 NE Little Beaver Dr Grimes, IA	4.0	3.0	2165	$2,595	$1.20	16d	1	1.42mi
1360 NE Primrose Ln Grimes, IA	3.0	1.0–2.5	893	$1,700	$1.90	16d	37	1.49mi

Listing history 23 events

1. 2026-06-21
   pricedays on market $264,999 Active 48 DOM
2. 2026-06-18
   days on market $267,999 Active 45 DOM
3. 2026-06-17
   days on market $267,999 Active 44 DOM
4. 2026-06-16
   days on market $267,999 Active 43 DOM
5. 2026-06-15
   days on market $267,999 Active 42 DOM
6. 2026-06-14
   days on market $267,999 Active 40 DOM
7. 2026-06-13
   days on market $267,999 Active 39 DOM
8. 2026-06-10
   days on market $267,999 Active 37 DOM
9. 2026-06-09
   days on market $267,999 Active 36 DOM
10. 2026-06-08
    days on market $267,999 Active 35 DOM
11. 2026-06-07
    days on market $267,999 Active 34 DOM
12. 2026-06-05
    days on market $267,999 Active 31 DOM
13. 2026-06-03
    days on market $267,999 Active 30 DOM
14. 2026-06-02
    days on market $267,999 Active 29 DOM
15. 2026-06-01
    days on market $267,999 Active 28 DOM
16. 2026-05-31
    days on market $267,999 Active 27 DOM
17. 2026-05-31
    pricedays on market $267,999 Active 26 DOM
18. 2026-05-11
    price $274,999 456-char remark
19. 2026-05-04
    listed $289,999 Active 456-char remark
20. 2026-04-16
    soldstatus $170,000
21. 2026-04-03
    soldstatus $170,000 Closed 504-char remark

    Show marketing remark (504 chars)

    This ranch home offers 3 large bedrooms, 1 full bathroom, 2 separate living rooms and dining room, providing so many options for flexible space. Features include a beautiful brick fireplace, newer windows, and a large deck overlooking a spacious corner lot with excellent parking in front of the home as well as by the garage. Major exterior updates completed in 2024 include new siding and roof. Crawl space. Detached 2-car garage. You must get inside this home to see the potential! Excellent location!

22. 2026-03-09
    status Pending 504-char remark

    Show marketing remark (504 chars)

    This ranch home offers 3 large bedrooms, 1 full bathroom, 2 separate living rooms and dining room, providing so many options for flexible space. Features include a beautiful brick fireplace, newer windows, and a large deck overlooking a spacious corner lot with excellent parking in front of the home as well as by the garage. Major exterior updates completed in 2024 include new siding and roof. Crawl space. Detached 2-car garage. You must get inside this home to see the potential! Excellent location!

23. 2026-02-08
    listed $220,000 Active 504-char remark

    Show marketing remark (504 chars)

    This ranch home offers 3 large bedrooms, 1 full bathroom, 2 separate living rooms and dining room, providing so many options for flexible space. Features include a beautiful brick fireplace, newer windows, and a large deck overlooking a spacious corner lot with excellent parking in front of the home as well as by the garage. Major exterior updates completed in 2024 include new siding and roof. Crawl space. Detached 2-car garage. You must get inside this home to see the potential! Excellent location!

ⓘ 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: $2,914 · $243/mo
• Projected year-2 tax: $3,537 · $295/mo
• Expected delta: +$623/yr (+$52/mo · 21.4%)

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

Taxation est. · year 1

• Rental income: $24,276
• − Mortgage interest: −$14,844
• − Property taxes: −$2,914
• − Insurance: −$1,325
• − Repairs & maintenance: −$1,942
• − Management: −$1,942
• − Depreciation: −$7,709
• Taxable loss: −$6,400
• Est. tax savings @ 24.0%: +$1,536
• After-tax cash flow: $-201/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: Dallas Center-Grimes Community School District
• NCES district ID: 1908520
• Math proficiency: 78% ▼ -7.00%
• Reading proficiency: 82% ▼ -1.00%
• Median HH income: $73,781
• Composite: 69.92/100
• National rank: #285
• State rank: #19 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

Price history

+21.8% since first listed

8 events — show timeline

• 2026-05-30 Price Changed $267,999 DMMLS
• 2026-05-20 Price Changed $269,999 DMMLS
• 2026-05-11 Price Changed $274,999 DMMLS
• 2026-05-04 Listed $289,999 DMMLS
• 2026-04-16 Sold (Public Records) $170,000 Public Records
• 2026-04-03 Sold (MLS) $170,000 DMMLS
• 2026-03-09 Pending — DMMLS
• 2026-02-08 Listed $220,000 DMMLS

Property tax history

+4.2%/yr

Latest (2025): $2,914 · -4.8% YoY. Source: county tax records.