$131,900

4 bed, 1 bath ·  1416 sqft ·  BUILT 1915  


REFERRAL PROGRAM

Refer someone to Turnkey Iowa. If this leads to a sale, you receive $500 for the first property. Any subsequent properties, you receive $250.

SOLD

The rehab of this property was completed in the summer of 2020. We love how this spacious home turned out.  As we often attempt to do, we were able to preserve much of the original woodwork in the home, leaving it with a classic, yet updated feel.  This home previously had two large living areas.  We turned one of those into a 4th bedroom which could also be used as an office or bonus room. 

The kitchen has an attached pantry and entryway which leads to the basement. The basement has ample space for storage and even a place for a small workshop if desired. 

Some of our favorite things about this home are all of the closets and built-in storage areas. They are functional, and reminiscent of homes built in this time period.  Another nice feature is the front porch.  It would be great for storage, or could be used as a three season porch.

Be sure to take a look at the 3D video of the surrounding homes.  Many of these homes have been remodeled in recent years, making this a desirable, up-and-coming Des Moines neighborhood.   

Below is the list of major updates and current system conditions:

  • 2020

    • Vinyl siding and gutters added to garage

    • Refinished hardwood throughout home or added vinyl plank flooring as needed.

    • Repair concrete pad

    • Replace kitchen counters, backsplash, cabinet repair

    • Added basement wall reinforcement

  • 2018

    • New furnace

  • 2017:

    • Stop Box repair

  • 2002:

    • Midwest Basement installed underground drain to sump pump

    • Installed 3 power braces on NE wall

    • Installed 560 sq/ft of CleanSpace (plastic water barrier)

    • Installed 30’ of BrightWall panels (another water barrier)

  • 1999: Hot water heater

Lease expires on 10/31/2021


MARKEt RENT

$1,325

Cap Rate

6.9%

neighborhood

2.5 Star


CASH PURCHASE

annual profit

$13,022

ANNUAL Rate of return

9.7%


FINANCED PURCHASE

ANNUAL profit

$9,706

ANNUAL Rate of return

34.4%