New to BP and curious about multi family rentals in Des Moines

[Logan Cunningham]

I am new to BP and live in Des Moines ia. A lot of new construction and development entering this area. Looking for advice on whether or not right now is a good time to invest In Multifamily Property. Things I should be researching or looking for in this specific market place. And advice would be much appreciated!

[Anthony Wick]

The new construction are all commanding top dollar rents. 2/2's going for $1,450 and up. Some really high if they have amenities like workout areas and such. Older, in need of cosmetics in Des Moines rentals are about $750-900 for 2/2 and 3/2's. Ankeny rents are going for higher. I get $1,110 for 2/1 and $1,325 for 3/2 duplex. Both upgraded in last several  years, with 1 stall garage. I'd say it all depends on what kind of resources you have. I like the in-between that I own. Not new, not old and "dusty". Plenty of duplexes around $200,000. But they need some TLC. I was just outbid on two duplexes in Ankeny. Thought the people paid too much. Don't see how they cash flow. 1% is what I'm looking for around here, or higher in Des Moines since landlord pays a lot of utilities. Tight margins on buy and holds right now.