2804 NW 34th Ln · Ankeny, IA 50023

$250,000

3 bd · 2.5 ba · 1,611 sqft · Condo public records · 19 Days on market

Built 2021 $155/sqft · 7% below area Est $268k · 7% under $175/mo HOA · 9% of rent ↓ 9% 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).

• ARV discount +10.5/15.0
• Schools +7.1/10.0
• Cash flow +6.7/30.0
• Livability +4.6/5.0
• 1% rule +2.7/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• DSCR +0.9/10.0
• Appreciation +0.0/10.0

Listing remarks

Tucked into Ankeny's popular 36 West community, this end-unit townhome offers a lifestyle that feels both easy and connected. From the moment you step inside, natural light fills the open main level, creating a warm and welcoming space to gather or unwind. The living room centers around a cozy electric fireplace, while the kitchen is designed for everyday living with granite countertops, stainless steel appliances, a tiled backsplash, pantry, and a large island perfect for meals or conversation. Just off the dining area, sliding doors lead to a private patio, an ideal spot for morning coffee or relaxing evenings. Upstairs, you'll find three spacious bedrooms, including a comfortable primary

Key facts

• Tiled backsplash
• End-unit townhome
• Natural light

Tags

• END-UNIT TOWNHOME
• NATURAL LIGHT
• ELECTRIC FIREPLACE
• GRANITE COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• TILED BACKSPLASH

Property features AI

Finance

• HOA & community: Homeowners association (36 West HOA / Edge Property Magt.); HOA fee $175 monthly; HOA covers insurance, grounds & structure maintenance, recreation facilities, snow removal, and trash; Community clubhouse; Community pool

Exterior

• Parking: Attached 2-car garage
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: 2 stories
• Construction: Stone and vinyl siding exterior; Asphalt shingle roof; Poured slab foundation
• Exterior features: Open patio; Patio

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove
• Flooring: Carpet
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom; 1 half bathroom
• Heating & cooling: Forced air heat (natural gas); Central air conditioning
• Interior features: Dining area; Eat-in kitchen; Cable TV; Electric fireplace (1)
• Laundry & utility: Washer; Dryer; Laundry on upper level

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $250k.

Deal economics

• At list price, monthly cash flow is $-404 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $179k (28.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $192k (23.0% below list).
• Recommended offer: $179k (28.6% below list) — sets the bar for cash-flow.
• Cap rate 4.4% vs local median 2.9% 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: schools A+, amenities A+, employment 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.
• Market conditions: Rents flat; 491 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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 $2k of loan paydown is wiped out by about $8k 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

• It's been on market 19 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 4y 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 $178,555 (28.6% 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: 0.77% ✗
• Cap rate: 4.35%
• Cash-on-cash: -6.93%
• DSCR: 0.69
• GRM: 10.8

CMA / ARV

• ARV (median comp): $268,088
• List price: $250,000
• Delta: -6.75%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.75% rent growth · sell at horizon

5-year hold

• IRR: -31.1%
• Equity multiple: -0.01×
• Total profit: $-70,380
• Equity at exit: $37,276

10-year hold

• IRR: -50.9%
• Equity multiple: -0.58×
• Total profit: $-110,556
• Equity at exit: $21,615

Cash invested: $70,000 (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 50023

• Rents YoY: 0.8%
• Active inventory: 491
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $1,924 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$334 /mo · $4,012/yr
• Insurance: −$104
• HOA: −$175
• Vacancy / Maint / Mgmt: −$404
• Net cashflow: $-404

Break-even live

Break-even rent $2,436

Max offer price $178,555

Occupancy floor —

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3111 NW Cedarwood Ln Ankeny, IA	3.0	2.5	1611	$1,895	$1.18	44d	1	0.09mi
3089 NW Irvinedale Dr Ankeny, IA	2.0	2.0	1217	$1,895	$1.56	44d	1	0.19mi
3219 NW Cedarwood Dr Ankeny, IA	3.0	2.5	1611	$1,895	$1.18	23d	1	0.25mi
2921 NW 40th Ln Ankeny, IA	3.0	2.5	1352	$1,895	$1.40	44d	1	0.29mi
4006 NW Northwood Ln Ankeny, IA	3.0	2.5	1457	$1,795	$1.23	14d	1	0.30mi
3108 NW 29th St Ankeny, IA	4.0	2.5	2110	$2,395	$1.14	14d	1	0.35mi
4204 NW Cedarwood Dr Ankeny, IA	4.0	2.5	1865	$2,195	$1.18	44d	1	0.39mi
4202 NW Linwood Dr Ankeny, IA	4.0	2.5	1865	$2,295	$1.23	23d	1	0.39mi
2517 NW Woodbury Dr Ankeny, IA	4.0	3.0	2084	$2,795	$1.34	44d	1	0.63mi
1735 NW Fieldstream Ln Ankeny, IA	1.0–2.0	1.0–2.0	909	$1,354	$1.49	14d	40	0.70mi
2724 NW Casey Jones Ln Ankeny, IA	2.0	2.5	1450	$1,700	$1.17	14d	1	0.84mi
2720 NW Casey Jones Ln Ankeny, IA	3.0	2.5	1550	$1,800	$1.16	44d	1	0.84mi
2613 NW Lois Ln Ankeny, IA	3.0	2.5	1550	$1,850	$1.19	21d	1	0.89mi
3305 NW Cameo Ln Ankeny, IA	2.0	2.5	1160	$1,650	$1.42	14d	12	0.96mi
1520 NW Irvinedale Dr Ankeny, IA	2.0	2.0	1151	$1,475	$1.28	21d	1	1.07mi
2215 NW Bayberry Ln Ankeny, IA	3.0	2.5	1511	$2,000	$1.32	23d	1	1.20mi
1908 NW Ashton Ln #1 Ankeny, IA	2.0	2.0	1404	$1,650	$1.18	14d	1	1.39mi
1106 NW Rockcrest Rd Ankeny, IA	3.0	2.0	1422	$2,125	$1.49	23d	1	1.40mi

HOA detail condo

• Monthly dues: $175 · $2,100/yr
• Likely covers: electric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-05-12
   status Pending 1200-char remark
2. 2026-04-23
   listed $250,000 Active 1200-char remark
3. 2026-04-22
   historical
4. 2026-03-20
   price $250,000
5. 2026-02-06
   listed $255,000 Active
6. 2024-11-08
   historical
7. 2024-07-25
   price $259,900
8. 2024-07-17
   price $262,500
9. 2024-05-07
   listed $265,000 Active
10. 2024-04-25
    historical
11. 2024-02-28
    listed $278,000 Active
12. 2022-07-27
    soldstatus $270,480 Closed
13. 2022-06-04
    status Pending
14. 2022-05-26
    status Active
15. 2022-05-16
    status Pending
16. 2022-05-13
    price $275,490
17. 2022-03-21
    listed $275,990 Active

ⓘ 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: $4,012 · $334/mo
• Projected year-2 tax: $4,012 · $334/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,090
• − Mortgage interest: −$14,004
• − Property taxes: −$4,012
• − Insurance: −$1,250
• − Repairs & maintenance: −$1,847
• − Management: −$1,847
• − HOA: −$2,100
• − Depreciation: −$7,273
• Taxable loss: −$9,243
• Est. tax savings @ 24.0%: +$2,218
• After-tax cash flow: $-2,635/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): 46,306
• Household income: $117,826
• Rent vs Own: 28.5% rent · 71.5% own
• Severe rent burden: 617.0

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 (90%)
• Race & ethnicity: White 90% Two or more races 4% Asian 3% Hispanic / Latino 3% Black 1%
• Common ancestry: Portuguese 6% Iranian 3% Slovak 2%
• Foreign-born: 4% · Canada, South Korea, Vietnam
• Languages at home: 93% English-only · Spanish 2% Other Asian/Pacific 2% Russian/Polish/Slavic 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: ▼ -135.67%
• Current HPI: 215.1034
• Rent YoY: ▲ 0.75%
• 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

-9.4% since first listed

17 events — show timeline

• 2026-05-12 Pending — DMMLS
• 2026-04-23 Listed $250,000 DMMLS
• 2026-04-22 Listing Removed — DMMLS
• 2026-03-20 Price Changed $250,000 DMMLS
• 2026-02-06 Listed $255,000 DMMLS
• 2024-11-08 Listing Removed — DMMLS
• 2024-07-25 Price Changed $259,900 DMMLS
• 2024-07-17 Price Changed $262,500 DMMLS
• 2024-05-07 Listed $265,000 DMMLS
• 2024-04-25 Listing Removed — DMMLS
• 2024-02-28 Listed $278,000 DMMLS
• 2022-07-27 Sold (MLS) $270,480 DMMLS
• 2022-06-04 Pending — DMMLS
• 2022-05-26 Relisted — DMMLS
• 2022-05-16 Pending — DMMLS
• 2022-05-13 Price Changed $275,490 DMMLS
• 2022-03-21 Listed $275,990 DMMLS

Property tax history

+195.7%/yr

Latest (2025): $4,012 · -2.3% YoY. Source: county tax records.