Historical Midwest Home With 8 Bedrooms Goes On the Market for $500K—but There’s a Catch

If you’ve watched the movie "Old School," you already know what it’s like to live in an old fraternity house.

Now someone has the chance to make that cinematic dream a reality, by purchasing the Phi Delta Theta house at Drake University in Des Moines, IA.

The 4,131-square-foot, eight-bedroom property hit the market for $500,000 and features three stories plus a basement.

History of the home

The home was built in 1916 as a private residence for dentist Elmer Ball.

"It's a very interesting property, with a lot of history," listing agent Eric Quiner, of Realty ONE Group Impact, tells Realtor.com®. "It's in a highly sought-after historic district called the Drake Neighborhood."

It was later used as a fraternity house for Phi Delta Theta from 1961 to 2009, when Phi Delta Theta’s Iowa chapter was removed from the Drake campus following an investigation into a hazing ritual.

The chapter returned to campus in 2020 but moved to a different location.

Now, five years later, the fraternity has chosen to put its original house on the market.

Highlights of the property

According to Quiner, the large property underwent a full-scale renovation totaling roughly $800,000—including mechanical improvements, interior finish upgrades, roof work, exterior work, and flatwork.

Despite the renovations in the past decade, the house retains much of its vintage character and charm.

"The sleeping porch is still around today," notes Quiner.

Quiner says the property was priced aggressively because the fraternity wanted it to go into the right hands.

"They are asking for way less money than they put into the property," he explains, "but they were more interested in it going to a compelling buyer than making a quick buck."

Since it was a fraternity house, "you can fit four to five beds apiece into each dorm-style bedroom, and sleep 18 to 20 people in total," says Quiner. "The kitchen and bathrooms are massive, too, making the space perfect for big groups."

With a rear parking lot for over 20 vehicles, the property is zoned for residential or commercial use.

"It's a direct shot to the university, so you can get to campus very easily—and it has fraternities and sororities all around it."

Quiner notes that this ended up being a drawback for a prospective buyer—a women’s halfway house—who believed the “sober environment could be challenging to uphold.”

Under new ownership

Quiner says Phi Delta Theta wanted to sell the property to another fraternity or sorority, but didn't believe the demand existed.

But after just two weeks on the market, and hundreds of inquiries from businesses, groups, and families, Quiner says they already have a buyer.

"I can't disclose who it is exactly, but I can tell you it's an athletic team," says Quiner. "This will be a fantastic group home for them."