1107 NE 5th Ln #11 · Ankeny, IA 50021

$158,900

3 bd · 2.0 ba · 1,214 sqft · Condo public records · 5 Days on market

Built 2004 $180/mo HOA · 12% of rent

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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).

• Cash flow +10.0/30.0
• ARV discount +7.5/15.0
• Schools +7.1/10.0
• Livability +4.6/5.0
• 1% rule +4.4/10.0
• DSCR +2.8/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't miss this affordable, move-in ready 3-bedroom condo in Ankeny! Offering 1,214 square feet of comfortable living space, this well-maintained home features a spacious family room, an eat-in kitchen, and several recent updates, including a new water heater, washer, and dryer (2025), plus a dishwasher (2023). Enjoy low-maintenance living with an HOA that covers exterior maintenance, lawn care, snow removal, trash service, and insurance. Conveniently located near shopping, dining, parks, and major commuter routes, this home is a fantastic opportunity for first-time buyers or anyone looking for easy, carefree living.

Key facts

• Move-in ready
• New water heater
• Eat-in kitchen

Tags

• MOVE-IN READY
• SPACIOUS FAMILY ROOM
• EAT-IN KITCHEN
• NEW WATER HEATER
• NEW WASHER
• NEW DRYER

Property features AI

Finance

• Other: Pets allowed with size limits and restrictions
• HOA & community: Part of Condos at Delaware Park / Knapp Properties association; Monthly association fee of $180 covering grounds and structure maintenance and snow removal

Exterior

• Parking: Detached one-car garage
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: Zoned R-3A
• Construction: Vinyl siding; Asphalt shingle roof; Poured slab foundation
• Exterior features: Deck; Concrete road surface

Interior

• Kitchen: Dishwasher; Freezer; Microwave; Refrigerator; Stove
• Bedrooms: Three main-level bedrooms
• Flooring: Carpet; Laminate; Tile
• Bathrooms: One full bathroom; One three-quarter bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Dining area; Window treatments; Fireplace (1)
• Laundry & utility: Washer; Dryer; Laundry on main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $159k.

Deal economics

• At list price, monthly cash flow is $-96 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $142k (10.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $150k (5.5% below list).
• Recommended offer: $142k (10.7% below list) — sets the bar for cash-flow.
• Cap rate 5.6% vs local median 3.0% in Ankeny — 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 92/100 on livability (#3 in IA, #29 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, employment A+, housing A+; Watch: commute C-.
• Ankeny Community School District (suburban): math 80% / reading 82% proficiency, ranked #15 of 289 in IA (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Parkview Middle School (math 76% / reading 83%, grade A+, #35 of 246 statewide, top 16%, 867 students, 23% FRL); Ankeny High School (math 77% / reading 84%, grade A, #30 of 336 statewide, top 9%, 1,347 students, 20% FRL).
• Market conditions: Rents flat; 712 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 46% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 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 $1k of loan paydown is wiped out by about $5k 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

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 9y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $141,930 (10.7% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.94% ✗
• Cap rate: 5.57%
• Cash-on-cash: -2.59%
• DSCR: 0.88
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.92% rent growth · sell at horizon

5-year hold

• IRR: -23.3%
• Equity multiple: 0.22×
• Total profit: $-34,810
• Equity at exit: $23,693

10-year hold

• IRR: -25.9%
• Equity multiple: -0.12×
• Total profit: $-49,754
• Equity at exit: $13,739

Cash invested: $44,492 (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 50021

• Rents YoY: 0.9%
• Active inventory: 712
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,501 high
• Mortgage (P&I): −$833
• Tax from tax record: −$203 /mo · $2,432/yr
• Insurance: −$66
• HOA: −$180
• Vacancy / Maint / Mgmt: −$315
• Net cashflow: $-96

Break-even live

Break-even rent $1,623

Max offer price $141,930

Occupancy floor —

Sensitivity live

Price	-10% $-6	-5% $-51	+0% $-96	+5% $-141	+10% $-186
Rent	-10% $-215	-5% $-155	+0% $-96	+5% $-37	+10% $23
Rate	-1.0pp $-16	-0.5pp $-56	base $-96	+0.5pp $-137	+1.0pp $-179

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: $39,725
• Closing costs: $4,767
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1103 NE 7th Ln Ankeny, IA	3.0	3.0	1350	$1,795	$1.33	16d	1	0.10mi
415 NE Delaware Ave Ankeny, IA	1.0–2.0	1.0–2.0	688	$1,210	$1.76	16d	11	0.11mi
1108 NE 7th Ln Ankeny, IA	2.0	3.0	1106	$1,550	$1.40	16d	1	0.13mi
1011 SE 3rd St #15 Ankeny, IA	2.0	1.0	900	$895	$0.99	45d	1	0.47mi
1011 SE 3rd St #7 Ankeny, IA	2.0	1.0	900	$945	$1.05	21d	1	0.47mi
1219 NE Windsor Dr Unit 1219-208 Ankeny, IA	2.0	2.0	1091	$1,350	$1.24	46d	1	0.61mi
1211 NE Windsor Dr #208 Ankeny, IA	2.0	2.0	1048	$995	$0.95	45d	1	0.62mi
4200 NE 17th Ln Ankeny, IA	3.0	2.5	1418	$1,818	$1.28	16d	3	0.67mi
1122 SE Mill Pond Ct Ankeny, IA	2.0	2.5	1162	$1,495	$1.29	45d	1	0.79mi
602 SE Grant St Apt 3 Ankeny, IA	2.0	1.0	792	$825	$1.04	45d	1	1.25mi
602 SE Grant St Unit 06 Ankeny, IA	2.0	1.0	792	$825	$1.04	21d	1	1.25mi
152 NE 22nd Ln Ankeny, IA	2.0	2.5	1158	$1,662	$1.44	16d	8	1.41mi
1102 SE Belmont Dr Ankeny, IA	2.0	1.0	850	$995	$1.17	45d	1	1.49mi

HOA detail condo

• Monthly dues: $180 · $2,160/yr
• Likely covers: watertrashlandscapingsnow removalexterior maint.
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 5 events

1. 2026-06-15
   status $158,900 Pending 5 DOM
2. 2026-06-15
   days on market $158,900 Active 5 DOM
3. 2026-06-14
   days on market $158,900 Active 3 DOM
4. 2026-06-13
   remarks 624-char remark
5. 2026-06-13
   listed $158,900 Active 2 DOM

ⓘ 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: $2,432 · $203/mo
• Projected year-2 tax: $2,463 · $205/mo
• Expected delta: +$31/yr (+$3/mo · 1.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $18,017
• − Mortgage interest: −$8,901
• − Property taxes: −$2,432
• − Insurance: −$794
• − Repairs & maintenance: −$1,441
• − Management: −$1,441
• − HOA: −$2,160
• − Depreciation: −$4,623
• Taxable loss: −$3,776
• Est. tax savings @ 24.0%: +$906
• After-tax cash flow: $-247/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: Ankeny Community School District
• NCES district ID: 1903690
• Math proficiency: 80% ▼ -5.00%
• Reading proficiency: 82% ▬ 0.00%
• Median HH income: $75,384
• Composite: 70.91/100
• National rank: #246
• State rank: #15 of 289 in IA

Livability — Ankeny

• Score: 92/100
• State rank: #3
• US rank: #29

Category grades

Amenities A+ Commute C- Cost of living A- Crime A Employment A+ Housing A+ Health & safety A+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ankeny, IA
• County: Polk County · 453,298 people
• City population: 76,589
• Metro: Des Moines-West Des Moines, IA
• Population (ZIP): 30,283
• Household income: $99,572
• Rent vs Own: 25.5% rent · 74.5% own
• Severe rent burden: 472.0

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 (84%)
• Race & ethnicity: White 84% Hispanic / Latino 6% Black 5% Two or more races 4% Asian 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 5% Portuguese 4% Iranian 3%
• Foreign-born: 6% · Canada, South Korea, Jamaica
• Languages at home: 91% English-only · Spanish 5% Russian/Polish/Slavic 1% Other Asian/Pacific 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: ▼ -150.38%
• Current HPI: 208.945
• Rent YoY: ▲ 0.92%
• 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

+74.6% since first listed

11 events — show timeline

• 2026-06-10 Listed $158,900 CIBOR
• 2026-06-10 Listed $158,900 DMMLS
• 2023-04-20 Sold (Public Records) $141,000 Public Records
• 2023-04-19 Sold (MLS) $141,000 DMMLS
• 2023-03-03 Pending — DMMLS
• 2023-02-27 Price Changed $144,900 DMMLS
• 2023-02-20 Listed $149,900 DMMLS
• 2017-02-13 Sold (Public Records) $97,000 Public Records
• 2017-02-08 Sold (MLS) $97,000 DMMLS
• 2017-01-06 Listed $97,000 DMMLS
• 2015-10-16 Sold (Public Records) $91,000 Public Records

Property tax history

+2.4%/yr

Latest (2025): $2,432 · +2.2% YoY. Source: county tax records.