Sydney Plan · Waukee, IA 50263

$241,990

3 bd · 2.5 ba · 1,511 sqft · Townhouse · 634 Days on market

Good condition ↓ 7% since listing

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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 +8.4/30.0
• Schools +8.1/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Condition / age +4.0/5.0
• Rent growth +3.0/5.0
• 1% rule +2.6/10.0
• DSCR +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to the Sydney floor plan in the Spring Crest Townhomes community in Waukee, IA. This popular two-story townhome features 3 bedrooms, 2.5 bathrooms, a 2-car garage, and 1,511 sq. ft. of comfortable living space, complete with all appliances included. As you enter through the front door, the foyer leads past a guest bath into the spacious living room, complete with an electric fireplace and large windows that fill the main level with natural light. The open-concept kitchen overlooks the living and dining areas and features white cabinetry, quartz countertops, stainless steel appliances, a generous pantry, and a built-in island with seating for the adjacent dining nook. Upstairs, the oversized primary bedroom offers a private bath, large walk-in closet, and plenty of space for a variety of furniture arrangements. Two additional bedrooms share a guest bathroom, and the conveniently located upper-level laundry room makes chores simple. Make the Sydney floor plan your new home in the Spring Crest Townhomes community.

Key facts

• 2 garage spots
• Listed 633 days

🏗️ New construction. The $241,990 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $269,003.

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $242k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-243 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $234k (3.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $205k (15.4% below list).
• Recommended offer: $205k (15.4% below list) — sets the bar for 1% rule.
• Cap rate 5.2% vs local median 3.2% in Waukee — 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 84/100 on livability (#22 in IA, #682 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F.
• Waukee Community School District (suburban): math 80% / reading 79% proficiency, ranked #14 of 289 in IA (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 11% free/reduced lunch — higher-income household profile.
• Zoned schools: Waukee Elementary School (math 86% / reading 77%, grade A+, #60 of 616 statewide, top 10%, 682 students, 20% FRL); Waukee Middle School (math 83% / reading 81%, grade A+, #22 of 246 statewide, top 12%, 1,069 students, 12% FRL); Waukee High School (math 74% / reading 82%, grade A-, #53 of 336 statewide, top 16%, 1,268 students, 24% FRL).
• Market conditions: Rents rising (+1.8%/yr); 1039 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,503 units permitted in Dallas County in 2024 (630 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Dallas County population projected at +74% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 634 days — a 12% lower offer ($213k) is reasonable based on typical stale-listing flexibility.

Recommended offer $204,615 (15.4% 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. It's been on market 634 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.76% ✗
• Cap rate: 5.21%
• Cash-on-cash: -3.86%
• DSCR: 0.83
• GRM: 11.0

CMA / ARV

• ARV (median comp): $269,003
• List price: $241,990
• Delta: -10.04%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1044 Maple St	0.07mi	3/3.0	1,511 (0%)	2mo	$239,990	$159	92
1043 Daisy Ln	0.08mi	3/3.0	1,511 (0%)	2mo	$254,990	$169	92
1045 Daisy Ln	0.09mi	3/3.0	1,511 (0%)	2mo	$246,990	$163	92
1049 Daisy Ln	0.10mi	3/3.0	1,511 (0%)	2mo	$252,490	$167	92
477 Spring Crest Ln	0.09mi	3/3.5	1,445 (-4%)	2mo	$270,000	$187	83
565 10th St	0.14mi	3/3.5	1,445 (-4%)	0mo	$272,900	$189	82
523 Kinley Dr	0.08mi	4/2.5 (+1)	1,658 (+10%)	1mo	$266,990	$161	74
517 Kinley Dr	0.08mi	4/2.5 (+1)	1,658 (+10%)	2mo	$261,990	$158	74
513 Kinley Dr	0.08mi	4/2.5 (+1)	1,658 (+10%)	2mo	$261,990	$158	73
507 Kinley Dr	0.08mi	4/2.5 (+1)	1,658 (+10%)	2mo	$260,990	$157	73
561 10th St	0.14mi	3/2.5	1,706 (+13%)	3mo	$278,000	$163	70
1347 Meadow Rose Pl	0.75mi	3/2.5	1,694 (+12%)	2mo	$261,900	$155	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.82% rent growth · sell at horizon

5-year hold

• IRR: -24.1%
• Equity multiple: 0.18×
• Total profit: $-61,409
• Equity at exit: $40,109

10-year hold

• IRR: -23.0%
• Equity multiple: -0.10×
• Total profit: $-82,863
• Equity at exit: $23,258

Cash invested: $75,321 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 53 active · 29 under contract
• Months of supply: 7.8 mo (13%/mo absorbed)
• Median asking: $259,900 ($167/sqft)
• Median days on market: 147 d
• This list price: 30% of active listings are priced below it
• ARV vs active asking: +6.6% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 50263

• Rents YoY: 1.8%
• Active inventory: 1039
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $2,046 high
• Mortgage (P&I): −$1,411
• Tax est. 1.5%: −$336 /mo · $4,035/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$430
• Net cashflow: $-243

Break-even live

Break-even rent $2,353

Max offer price $233,904

Occupancy floor —

Sensitivity live

Price	-10% $-57	-5% $-150	+0% $-243	+5% $-336	+10% $-428
Rent	-10% $-404	-5% $-323	+0% $-243	+5% $-162	+10% $-81
Rate	-1.0pp $-107	-0.5pp $-174	base $-243	+0.5pp $-312	+1.0pp $-383

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: $67,251
• Closing costs: $8,070
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1008 Maple St Waukee, IA	2.0	2.5	1524	$1,875	$1.23	63d	1	0.03mi
1044 Maple St Waukee, IA	3.0	2.5	1511	$1,875	$1.24	15d	1	0.05mi
885 Northview Dr Waukee, IA	4.0	2.5	1818	$2,595	$1.43	15d	1	0.33mi
1120 Northview Dr Waukee, IA	4.0	3.5	1564	$2,995	$1.91	15d	1	0.38mi
200 NW 2nd St Waukee, IA	2.0	1.0–2.0	786	$1,799	$2.29	15d	2	0.61mi
191 NW Lexington Dr Waukee, IA	1.0–2.0	1.0–2.0	911	$2,845	$3.12	15d	10	0.64mi
350 NW 6th St Waukee, IA	1.0–3.0	1.0–3.5	1163	$2,314	$1.99	15d	17	0.70mi
940 10th St Waukee, IA	1.0–3.0	1.0–2.5	962	$1,795	$1.86	15d	53	0.73mi
277 NW Charlestown Ln Waukee, IA	4.0	2.5	1767	$2,195	$1.24	15d	1	0.75mi
277 NW Charlestown Ln Unit 1 Waukee, IA	4.0	2.5	1767	$2,300	$1.30	15d	1	0.75mi
1036 NW Richmond Rd Waukee, IA	3.0	2.5	1450	$1,750	$1.21	72d	1	0.76mi
284 NW Caspian Ct Waukee, IA	4.0	2.5	1605	$2,195	$1.37	15d	1	0.76mi
289 NW Charlestown Ln Waukee, IA	4.0	2.5	1767	$2,200	$1.25	93d	1	0.76mi
395 NW Blackberry St Waukee, IA	2.0	2.0	1337	$1,949	$1.46	15d	8	0.83mi
234 NW Common Pl Waukee, IA	3.0	2.5	1475	$2,175	$1.47	15d	1	0.84mi
175 NW Common Pl Waukee, IA	1.0–3.0	1.0–2.5	929	$1,775	$1.91	15d	9	0.91mi
200 Corene Ave Waukee, IA	4.0	2.0	1410	$1,995	$1.41	68d	1	1.02mi
655 NW Williamsburg Ln Waukee, IA	4.0	2.5	1875	$2,395	$1.28	15d	1	1.16mi
122 NW Pike Cir Waukee, IA	4.0	2.5	1809	$2,495	$1.38	93d	1	1.22mi
1283 NW Williamsburg Ln Unit 1 Waukee, IA	4.0	3.0	1410	$2,495	$1.77	63d	1	1.24mi
760 SE Carefree Ln Waukee, IA	4.0	3.0	1800	$2,145	$1.19	15d	1	1.27mi
340 NE Carefree Ln Waukee, IA	3.0	2.5	1458	$1,995	$1.37	15d	1	1.32mi
330 NE Cardinal Ln Waukee, IA	4.0	3.0	1492	$2,500	$1.68	93d	1	1.37mi
324 NE Sandalwood Waukee, IA	2.0	2.0	1108	$1,400	$1.26	72d	1	1.44mi
307 NE Sandalwood Waukee, IA	2.0	2.0	1108	$1,550	$1.40	93d	1	1.44mi
293 NE Basswood Waukee, IA	2.0	2.0	1120	$1,345	$1.20	72d	1	1.48mi
52 SE Booth Ave Waukee, IA	3.0	2.5	1534	$1,895	$1.24	15d	1	1.49mi

Listing history 50 events

1. 2026-08-08
   days on market $241,990 Active 634 DOM
2. 2026-08-07
   days on market $241,990 Active 633 DOM
3. 2026-08-06
   days on market $241,990 Active 632 DOM
4. 2026-08-05
   days on market $241,990 Active 631 DOM
5. 2026-08-04
   days on market $241,990 Active 630 DOM
6. 2026-08-03
   days on market $241,990 Active 629 DOM
7. 2026-07-31
   days on market $241,990 Active 626 DOM
8. 2026-07-30
   days on market $241,990 Active 625 DOM
9. 2026-07-29
   days on market $241,990 Active 624 DOM
10. 2026-07-25
    days on market $241,990 Active 620 DOM
11. 2026-07-24
    days on market $241,990 Active 619 DOM
12. 2026-07-23
    days on market $241,990 Active 618 DOM
13. 2026-07-22
    days on market $241,990 Active 617 DOM
14. 2026-07-21
    days on market $241,990 Active 616 DOM
15. 2026-07-18
    days on market $241,990 Active 613 DOM
16. 2026-07-16
    days on market $241,990 Active 611 DOM
17. 2026-07-16
    days on market $241,990 Active 610 DOM
18. 2026-07-14
    days on market $241,990 Active 609 DOM
19. 2026-07-14
    days on market $241,990 Active 608 DOM
20. 2026-07-12
    days on market $241,990 Active 607 DOM
21. 2026-07-11
    days on market $241,990 Active 606 DOM
22. 2026-07-10
    days on market $241,990 Active 605 DOM
23. 2026-07-09
    days on market $241,990 Active 604 DOM
24. 2026-07-08
    days on market $241,990 Active 603 DOM
25. 2026-07-07
    days on market $241,990 Active 602 DOM
26. 2026-07-06
    days on market $241,990 Active 601 DOM
27. 2026-07-05
    days on market $241,990 Active 600 DOM
28. 2026-07-04
    days on market $241,990 Active 599 DOM
29. 2026-07-03
    days on market $241,990 Active 598 DOM
30. 2026-07-02
    days on market $241,990 Active 597 DOM
31. 2026-07-01
    days on market $241,990 Active 596 DOM
32. 2026-06-30
    days on market $241,990 Active 595 DOM
33. 2026-06-29
    days on market $241,990 Active 594 DOM
34. 2026-06-28
    days on market $241,990 Active 593 DOM
35. 2026-06-28
    days on market $241,990 Active 592 DOM
36. 2026-06-27
    days on market $241,990 Active 591 DOM
37. 2026-06-25
    days on market $241,990 Active 589 DOM
38. 2026-06-23
    days on market $241,990 Active 587 DOM
39. 2026-06-21
    days on market $241,990 Active 586 DOM
40. 2026-06-18
    days on market $241,990 Active 583 DOM
41. 2026-06-17
    days on market $241,990 Active 582 DOM
42. 2026-06-16
    days on market $241,990 Active 581 DOM
43. 2026-06-15
    days on market $241,990 Active 580 DOM
44. 2026-06-14
    days on market $241,990 Active 578 DOM
45. 2026-06-13
    days on market $241,990 Active 577 DOM
46. 2026-06-10
    days on market $241,990 Active 575 DOM
47. 2026-06-09
    days on market $241,990 Active 574 DOM
48. 2026-06-08
    days on market $241,990 Active 573 DOM
49. 2026-06-07
    days on market $241,990 Active 572 DOM
50. 2026-06-05
    days on market $241,990 Active 569 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $24,554
• − Mortgage interest: −$15,068
• − Property taxes: −$4,035
• − Insurance: −$1,345
• − Repairs & maintenance: −$1,964
• − Management: −$1,964
• − Depreciation: −$7,826
• Taxable loss: −$7,649
• Est. tax savings @ 24.0%: +$1,836
• After-tax cash flow: $-1,075/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab Est. rehab $7,555–$22,665 screening

This well-maintained townhouse in the Spring Crest Townhomes community in Waukee, IA, is move-in ready with good condition and minimal repairs needed.

Value-add opportunities

• Resale Paint exterior siding — Enhances curb appeal ↑
• Rental Replace carpet in bedrooms — Improves comfort and reduces maintenance ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

A Composite school gradezoned avg 80/100

Zoned Schools

Elementary Waukee Elementary School A+ IA #60/616 Nat'l #1,034/41,679 Middle Waukee Middle School A+ IA #22/246 Nat'l #206/14,009 High Waukee High School A- IA #53/336 Nat'l #1,312/17,239

Schools (NCES district)

• District: Waukee Community School District
• NCES district ID: 1930510
• Math proficiency: 80% ▼ -6.00%
• Reading proficiency: 79% ▼ -5.00%
• Median HH income: $88,580
• Composite: 70.94/100
• National rank: #245
• State rank: #14 of 289 in IA

A Composite livability gradescore 84/100

Livability — Waukee

• Score: 84/100
• State rank: #22
• US rank: #682

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waukee, IA
• County: Dallas County · 111,904 people
• City population: 29,611
• Metro: Des Moines-West Des Moines, IA
• Population (ZIP): 29,611
• Household income: $102,762
• Rent vs Own: 33.0% rent · 67.0% own
• Severe rent burden: 11% of renters

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Population outlook (Dallas County) Hauer SSP2

• Today (2025): 111,904 people
• By 2030: 127,807 · +14.2%
• By 2040: 160,576 · +43.5%
• By 2050: 194,154 · +73.5%
• By 2075: 271,895 · +143.0%
• By 2100: 326,525 · +191.8%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Two or more races 7% Asian 6% Hispanic / Latino 6% Black 4%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Portuguese 3% Lithuanian 3% Iranian 3%
• Foreign-born: 13% · Canada, India
• Languages at home: 85% English-only · Other Asian/Pacific 3% Spanish 3% Arabic 2%

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Political lean MEDSL · Dallas

• 2024 margin: Toss-up / Even · D 46.9% · R 51.7% · Other 1.4%
• 2008→2024 swing: +0.8pp no change · 2008: -5.5pp · 2024: -4.8pp
• All cycles: 2024: R+4.8 2020: R+2.0 2016: R+9.6 2012: R+11.8 2008: R+5.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -97.95%
• Current HPI: 169.2421
• Rent YoY: ▲ 1.82%
• Metro: Des Moines-West Des Moines, IA
• State GDP YoY: ▲ 2.48%
• F500 in state: 4

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Industry mix (Fortune 500 HQ in IA)

Industry	F500 HQs	Revenue
▸Financial Services	1	$16B
▸Retail / Convenience	1	$15B

Price history

-6.9% since first listed

4 events — show timeline

• 2026-01-22 Price Changed $241,990 Zillow
• 2025-11-08 Price Changed $249,990 Zillow
• 2025-02-04 Price Changed $254,990 Zillow
• 2024-11-12 Listed $259,990 Zillow