1008 NE Kamies Ln

Ankeny, IA 50021

$221,500D-

3 bd · 2.5 ba · 1,520 sqft · Built 2004 · Condo · Pending · 33 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,850/mo
• Mortgage (P&I): −$1,162
• Tax + insurance: −$364
• HOA: −$254
• Vac / Maint / Mgmt: −$388
• Net cashflow: $-318/mo
• Annual: $-3,814/yr
• Cap rate: 4.57%
• Cash-on-cash: -6.15%
• DSCR: 0.73
• 1% rule: 0.84%
• Cash to close: $62,020

Investor read

• This is a 3-bed/2.5-bath condo listed at $222k.
• At list price, monthly cash flow is $-318 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $165k (25.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $185k (16.5% below list).
• It's been on market 33 days — a 3% lower offer ($215k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $165k (25.3% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• 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: Rock Creek Elementary (math 85% / reading 79%, grade A+, #44 of 616 statewide, top 9%, 732 students, 18% FRL); Prairie Ridge Middle School (math 81% / reading 84%, grade A+, #16 of 246 statewide, top 8%, 1,025 students, 16% FRL); Ankeny Centennial High School (math 79% / reading 85%, grade A, #20 of 336 statewide, top 7%, 1,443 students, 16% FRL).
• Market conditions: Rents flat; 712 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,953 units permitted in Polk County in 2024 (540 in 5+ unit buildings).
• Polk County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 22y 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.
• Current owner paid $160k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 4.6% 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.

Questions for listing agent

• 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?
• It's been on market 33 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.