1615 Jefferson Ave · Des Moines, IA 50314

$135,000

3 bd · 1.0 ba · 1,098 sqft · SingleFamily public records · 182 Days on market

Built 1915 6,650 sqft lot $123/sqft · 22% below area Est $172k · 22% 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).

• ARV discount +15.0/15.0
• Cash flow +12.4/30.0
• Appreciation +10.0/10.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• DSCR +3.7/10.0
• 1% rule +3.3/10.0
• Condition / age +2.5/5.0

Listing remarks MLS

Fantastic value on this charming ranch featuring original woodwork throughout. The home has been used exclusively as a rental property and offers flexibility as an investment opportunity or a wonderful first home. Step into a spacious living room where hardwood floors flow seamlessly throughout the main level, leading to three bedrooms and a fully updated bathroom. Just off the living room is a versatile formal dining space that could also serve as a home office or playroom, filled with natural light from multiple windows. The kitchen offers tall cabinetry and ample storage, the perfect canvas to make it your own. Additional features include a small mudroom near the basement stairs, a basement ideal for storage, and a large enclosed front porch—perfect for relaxing or entertaining. Newer Roof, Dry Basement, Original Woodwork throughout- this home is ready for your vision! * * Reliable income producer—most recent rental rate was $995/month * *

Key facts

• Natural light
• Original woodwork
• Hardwood floors

Tags

• ORIGINAL WOODWORK
• SPACIOUS LIVING ROOM
• HARDWOOD FLOORS
• FULLY UPDATED BATHROOM
• VERSATILE FORMAL DINING SPACE
• NATURAL LIGHT

🏷️ Possibly a rental listed for sale. The $135,000 price doesn't fit this home's estimated sale value (~$172,130) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $-22 ($-266/yr) — negative.
• To cash-flow at today's rent, offer at most $131k (2.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $112k (17.1% below list).
• Recommended offer: $112k (17.1% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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 fast (+8.2%/yr); 64 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 2,953 units permitted in Polk County in 2024 (540 in 5+ unit buildings).
• This rent runs 34% of the median local income ($40k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $14k of equity ($933 loan paydown + $14k appreciation (10.0% local appreciation)).
• Polk County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $38k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 182 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $111,902 (17.1% 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 182 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. Built in 1915 — 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. 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.
9. 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.
10. 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: 0.83% ✗
• Cap rate: 6.10%
• Cash-on-cash: -0.70%
• DSCR: 0.97
• GRM: 10.1

CMA / ARV

• ARV (median comp): $172,130
• List price: $135,000
• Delta: -21.57%
• 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
1527 Martin Luther King Jr Pkwy	0.32mi	2/1.0 (-1)	1,086 (-1%)	2mo	$60,000	$55	76
1503 13th St	0.44mi	3/1.0	1,070 (-3%)	1mo	$87,000	$81	75
1821 12th St	0.36mi	3/3.0	1,097 (-0%)	2mo	$199,000	$181	73
1412 Chautauqua Pkwy	0.15mi	2/2.0 (-1)	1,038 (-6%)	2mo	$255,000	$246	73
1821 Washington Ave	0.14mi	3/2.0	977 (-11%)	1mo	$165,500	$169	70
2200 Clark St	0.51mi	2/1.0 (-1)	1,030 (-6%)	0mo	$176,900	$172	61
1534 12th St	0.42mi	3/1.5	1,220 (+11%)	1mo	$201,000	$165	59
1559 23rd St	0.47mi	3/1.0	1,223 (+11%)	1mo	$167,500	$137	58
2001 10th St	0.51mi	2/1.0 (-1)	1,180 (+8%)	1mo	$194,500	$165	58
2021 22nd St	0.39mi	2/1.0 (-1)	952 (-13%)	3mo	$150,000	$158	52
1820 23rd St	0.45mi	2/2.0 (-1)	992 (-10%)	3mo	$190,000	$192	52
1327 23rd St	0.70mi	2/2.0 (-1)	1,042 (-5%)	1mo	$140,000	$134	49

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 25.4%
• Equity multiple: 3.06×
• Total profit: $78,026
• Equity at exit: $121,619

10-year hold

• IRR: 23.7%
• Equity multiple: 7.50×
• Total profit: $245,537
• Equity at exit: $262,275

Cash invested: $37,800 (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 50314

• Home prices YoY: 9.8%
• Rents YoY: 8.2%
• Active inventory: 64
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,119 high
• Mortgage (P&I): −$708
• Tax from tax record: −$142 /mo · $1,704/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$235
• Net cashflow: $-22

Break-even live

Break-even rent $1,147

Max offer price $131,082

Occupancy floor 97%

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1714 College Ave Des Moines, IA	3.0	1.0	1015	$1,050	$1.03	43d	1	0.24mi
1718 22nd St Des Moines, IA	2.0	1.0	840	$995	$1.18	14d	1	0.38mi
1914 10th St Des Moines, IA	2.0	1.0	740	$1,050	$1.42	43d	1	0.48mi
1914 10th St Des Moines, IA	2.0	1.0	740	$1,050	$1.42	23d	1	0.48mi
1314 Harrison Ave Des Moines, IA	3.0	1.0	1150	$1,195	$1.04	23d	1	0.50mi
2501 24th St Unit 121 Des Moines, IA	3.0	2.0	950	$995	$1.05	23d	1	0.61mi
2501 24th St Unit 111 Des Moines, IA	2.0	1.0	750	$760	$1.01	23d	1	0.62mi
2501 24th St Des Moines, IA	2.0	1.0	910	$795	$0.87	23d	1	0.62mi
2501 24th St Unit 113 Des Moines, IA	2.0	1.0	750	$945	$1.26	43d	1	0.62mi
2501 24th St Unit 101 Des Moines, IA	2.0	1.0	750	$725	$0.97	23d	1	0.62mi
2501 24th St Apt 107 Des Moines, IA	3.0	2.0	950	$1,045	$1.10	14d	1	0.62mi
2501 24th St Apt 106 Des Moines, IA	4.0	2.0	1175	$1,245	$1.06	43d	1	0.62mi
1438 9th St Des Moines, IA	2.0	1.0	700	$745	$1.06	21d	1	0.66mi
1312 22nd St Des Moines, IA	2.0	1.0	841	$825	$0.98	43d	1	0.70mi
1312 22nd St Unit 2 Des Moines, IA	2.0	1.0	841	$825	$0.98	23d	1	0.70mi
1312 22nd St Unit 2 Des Moines, IA	2.0	1.0	841	$850	$1.01	43d	1	0.70mi
2717 Meek Ave Des Moines, IA	2.0	2.0	1128	$1,550	$1.37	14d	1	0.78mi
1171 21st St Unit 2 Des Moines, IA	4.0	1.0	1210	$1,300	$1.07	43d	1	0.80mi
1171 21st St Unit 1 Des Moines, IA	2.0	1.0	1028	$1,150	$1.12	43d	1	0.80mi
1217 24th St Des Moines, IA	2.0	1.0–2.0	618	$1,400	$2.26	14d	4	0.84mi
2530 University Ave Des Moines, IA	2.0	1.0	647	$1,750	$2.70	14d	36	0.97mi
1123 24th St Unit 1 Des Moines, IA	3.0	1.0	850	$1,185	$1.39	43d	1	0.97mi
1100 24th St Unit DT 22 Des Moines, IA	2.0	1.0	737	$1,095	$1.49	43d	1	1.01mi
1100 24th St Des Moines, IA	2.0	1.0	748	$1,050	$1.40	14d	1	1.01mi
1101 25th St Unit DP 11 Des Moines, IA	2.0	2.0	850	$1,315	$1.55	43d	1	1.03mi
2411 Welbeck Rd #11 Des Moines, IA	2.0	1.0	750	$745	$0.99	43d	1	1.03mi
2411 Welbeck Rd #7 Des Moines, IA	2.0	1.0	750	$845	$1.13	43d	1	1.03mi
913 Day St Des Moines, IA	2.0	1.0	800	$900	$1.12	23d	1	1.12mi
1717 Olive Ave Unit B6 Des Moines, IA	2.0	2.0	1092	$1,700	$1.56	43d	1	1.12mi
3103 Forest Ave Des Moines, IA	1.0–2.0	1.0–1.5	900	$1,550	$1.72	14d	1	1.14mi
2813 Cottage Grove Ave Unit 2 Des Moines, IA	3.0	1.0	900	$1,200	$1.33	43d	1	1.18mi
1020 25th St Unit 3 Des Moines, IA	2.0	1.0	845	$1,150	$1.36	19d	1	1.19mi
3201 Forest Ave Des Moines, IA	3.0	1.0–2.0	717	$1,600	$2.23	14d	16	1.19mi
2901 Boston Ave Des Moines, IA	1.0–2.0	1.0–1.5	707	$1,300	$1.84	14d	7	1.23mi
2002 34th St Des Moines, IA	2.0	1.0	897	$1,350	$1.51	21d	1	1.24mi
2940 Brattleboro Ave Unit 2 Des Moines, IA	3.0	2.0	1250	$1,300	$1.04	14d	1	1.27mi
3410 5th Ave Des Moines, IA	4.0	2.0	1474	$1,550	$1.05	43d	1	1.35mi
1219 34th St Unit 205 Des Moines, IA	2.0	1.0	767	$1,325	$1.73	23d	1	1.36mi
2403 36th St Des Moines, IA	3.0	2.0	1324	$1,600	$1.21	23d	1	1.36mi
3700 Martin Luther King Junior Pkwy Unit 18 Des Moines, IA	2.0	1.0	730	$750	$1.03	43d	1	1.39mi

Listing history 14 events

1. 2026-06-15
   days on market $135,000 Active 182 DOM
2. 2026-06-14
   days on market $135,000 Active 180 DOM
3. 2026-06-13
   days on market $135,000 Active 179 DOM
4. 2026-06-10
   days on market $135,000 Active 177 DOM
5. 2026-06-09
   days on market $135,000 Active 176 DOM
6. 2026-06-08
   days on market $135,000 Active 175 DOM
7. 2026-06-07
   days on market $135,000 Active 174 DOM
8. 2026-06-05
   days on market $135,000 Active 171 DOM
9. 2026-06-03
   days on market $135,000 Active 170 DOM
10. 2026-06-02
    days on market $135,000 Active 169 DOM
11. 2026-06-01
    days on market $135,000 Active 168 DOM
12. 2026-05-31
    days on market $135,000 Active 167 DOM
13. 2026-05-31
    days on market $135,000 Active 166 DOM
14. 2025-12-15
    listed $135,000 Active 971-char remark

    Show marketing remark (971 chars)

    Fantastic value on this charming ranch featuring original woodwork throughout. The home has been used exclusively as a rental property and offers flexibility as an investment opportunity or a wonderful first home. Step into a spacious living room where hardwood floors flow seamlessly throughout the main level, leading to three bedrooms and a fully updated bathroom. Just off the living room is a versatile formal dining space that could also serve as a home office or playroom, filled with natural light from multiple windows. The kitchen offers tall cabinetry and ample storage, the perfect canvas to make it your own. Additional features include a small mudroom near the basement stairs, a basement ideal for storage, and a large enclosed front porch—perfect for relaxing or entertaining. Newer Roof, Dry Basement, Original Woodwork throughout- this home is ready for your vision! * * Reliable income producer—most recent rental rate was $995/month * *

ⓘ 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: $1,704 · $142/mo
• Projected year-2 tax: $1,912 · $159/mo
• Expected delta: +$208/yr (+$17/mo · 12.2%)

ⓘ 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: $13,428
• − Mortgage interest: −$7,562
• − Property taxes: −$1,704
• − Insurance: −$675
• − Repairs & maintenance: −$1,074
• − Management: −$1,074
• − Depreciation: −$3,927
• Taxable loss: −$2,589
• Est. tax savings @ 24.0%: +$621
• After-tax cash flow: $355/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): 10,438
• Household income: $39,950
• Rent vs Own: 52.3% rent · 47.7% own
• Severe rent burden: 903.0

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: Highly diverse neighborhood (Simpson 0.73)
• Race & ethnicity: Black 37% White 29% Hispanic / Latino 20% Asian 12% Two or more races 10%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Ukrainian 6% Iranian 2% Swiss 1%
• Foreign-born: 26% · Canada, Vietnam, Philippines
• Languages at home: 60% English-only · Spanish 16% Vietnamese 6% Other Asian/Pacific 4%

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: ▲ 30.18%
• Current HPI: 338.8301
• Rent YoY: ▲ 8.17%
• 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

1 event — show timeline

• 2025-12-15 Listed $135,000 DMMLS

Property tax history

+0.9%/yr

Latest (2025): $1,704 · +2.0% YoY. Source: county tax records.