1000 3rd St · Waukee, IA 50263

$220,000

3 bd · 1.5 ba · 1,512 sqft · SingleFamily public records · 205 Days on market

Built 1971 9,108 sqft lot $146/sqft · 28% below area Est $304k · 28% under ↓ 8% since listing

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Why this score? — see what drove the C 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 +15.0/15.0
• Cash flow +14.8/30.0
• Schools +7.1/10.0
• DSCR +4.5/10.0
• 1% rule +4.3/10.0
• Livability +4.2/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Good bones to this 2sty home that has great potential for possible flip, investment or handyman. Assessor page says 3 bedrooms, but has 4 bedrooms upstairs which needs new paint and flooring. 1 full bath upstairs that needs updates! Main level has large family room, 1/2 bath, kitchen, and dining area off of kitchen. Basmt foundation looks good, some finish started but needs to be removed. Fenced in backyard, 2 car attached garage which needs work.

Key facts

• Large family room
• Kitchen
• Fenced in backyard

Tags

• FENCED IN BACKYARD
• LARGE FAMILY ROOM
• KITCHEN
• DINING AREA
• BASMT FOUNDATION

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $61 ($737/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $205k (6.7% below list).
• Recommended offer: $194k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.6% vs local median 3.0% 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); 891 active listings in the ZIP; 17 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 $7k 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 205 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $30k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $193,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 205 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
7. 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.
8. 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: 0.93% ✗
• Cap rate: 6.63%
• Cash-on-cash: 1.20%
• DSCR: 1.05
• GRM: 8.9

CMA / ARV

• ARV (median comp): $303,730
• List price: $220,000
• Delta: -27.57%
• 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
195 Gray Ave	0.22mi	4/1.5 (+1)	1,500 (-1%)	1mo	$275,000	$183	82
4700 177th St	0.41mi	3/2.0	1,577 (+4%)	2mo	$409,900	$260	70
1090 2nd St Ct	0.18mi	4/2.5 (+1)	1,670 (+10%)	0mo	$346,000	$207	65
1060 Gray Ave	0.55mi	3/2.0	1,445 (-4%)	2mo	$405,000	$280	64
410 7th St	0.62mi	3/3.0	1,530 (+1%)	4mo	$384,900	$252	60
310 Ashworth Dr	0.45mi	3/1.0	1,344 (-11%)	3mo	$237,250	$177	56
605 6th St	0.44mi	3/1.5	1,297 (-14%)	7mo	$249,900	$193	50
930 9th St	0.50mi	4/3.0 (+1)	1,372 (-9%)	4mo	$425,000	$310	46
1055 Northview Dr	0.71mi	4/3.5 (+1)	1,563 (+3%)	3mo	$396,000	$253	45
1525 S Warrior Ln	0.66mi	4/3.0 (+1)	1,409 (-7%)	5mo	$369,000	$262	43
120 Melrose Dr	0.73mi	3/2.5	1,317 (-13%)	3mo	$316,000	$240	38
250 Terrace Dr	0.57mi	4/3.5 (+1)	1,728 (+14%)	4mo	$352,500	$204	34

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: -15.7%
• Equity multiple: 0.45×
• Total profit: $-34,091
• Equity at exit: $32,803

10-year hold

• IRR: -9.5%
• Equity multiple: 0.45×
• Total profit: $-34,074
• Equity at exit: $19,022

Cash invested: $61,600 (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 50263

• Rents YoY: 1.8%
• Active inventory: 891
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $2,052 high
• Mortgage (P&I): −$1,154
• Tax from tax record: −$314 /mo · $3,774/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$431
• Net cashflow: $61

Break-even live

Break-even rent $1,975

Max offer price $220,000

Occupancy floor 92%

Sensitivity live

Price	-10% $186	-5% $124	+0% $61	+5% $-1	+10% $-63
Rent	-10% $-101	-5% $-20	+0% $61	+5% $142	+10% $224
Rate	-1.0pp $172	-0.5pp $117	base $61	+0.5pp $4	+1.0pp $-54

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
200 Corene Ave Waukee, IA	4.0	2.0	1410	$1,995	$1.41	21d	1	0.22mi
940 10th St Waukee, IA	1.0–3.0	1.0–2.5	962	$1,795	$1.86	16d	79	0.61mi
1860 Brodie St Waukee, IA	4.0	2.5	1589	$2,475	$1.56	16d	1	0.72mi
207 SE Booth Ave Unit 207 Waukee, IA	3.0	3.0	2000	$2,250	$1.12	25d	1	0.80mi
1008 Maple St Waukee, IA	2.0	2.5	1524	$1,875	$1.23	16d	1	0.84mi
1325 SE Centennial Pkwy Waukee, IA	2.0–3.0	2.0	1358	$2,561	$1.89	16d	9	0.84mi
284 NW Caspian Ct Waukee, IA	4.0	2.5	1605	$2,195	$1.37	16d	1	1.01mi
175 NW Common Pl Waukee, IA	1.0–3.0	1.0–2.5	929	$1,775	$1.91	16d	10	1.03mi
730 SE Booth Ave Waukee, IA	4.0	2.5	2163	$2,600	$1.20	16d	1	1.27mi
350 NW 6th St Waukee, IA	1.0–3.0	1.0–3.5	1163	$2,308	$1.98	16d	20	1.29mi
330 NE Cardinal Ln Waukee, IA	4.0	3.0	1492	$2,500	$1.68	45d	1	1.33mi
307 NE Sandalwood Waukee, IA	2.0	2.0	1108	$1,550	$1.40	45d	1	1.36mi
324 NE Sandalwood Waukee, IA	2.0	2.0	1108	$1,400	$1.26	25d	1	1.38mi
293 NE Basswood Waukee, IA	2.0	2.0	1120	$1,345	$1.20	25d	1	1.42mi
122 NW Pike Cir Waukee, IA	4.0	2.5	1809	$2,495	$1.38	45d	1	1.42mi
191 NW Lexington Dr Waukee, IA	1.0–2.0	1.0–2.0	911	$2,845	$3.12	16d	8	1.43mi
386 NE Satinwood Waukee, IA	2.0	2.0	1056	$1,395	$1.32	45d	1	1.46mi

Listing history 22 events

1. 2026-06-21
   pricedays on market $220,000 Active 205 DOM
2. 2026-06-18
   days on market $230,000 Active 202 DOM
3. 2026-06-17
   days on market $230,000 Active 201 DOM
4. 2026-06-16
   days on market $230,000 Active 200 DOM
5. 2026-06-15
   days on market $230,000 Active 199 DOM
6. 2026-06-14
   days on market $230,000 Active 197 DOM
7. 2026-06-13
   days on market $230,000 Active 196 DOM
8. 2026-06-10
   days on market $230,000 Active 194 DOM
9. 2026-06-09
   days on market $230,000 Active 193 DOM
10. 2026-06-08
    days on market $230,000 Active 192 DOM
11. 2026-06-07
    days on market $230,000 Active 191 DOM
12. 2026-06-05
    days on market $230,000 Active 188 DOM
13. 2026-06-03
    days on market $230,000 Active 187 DOM
14. 2026-06-02
    days on market $230,000 Active 186 DOM
15. 2026-06-01
    days on market $230,000 Active 185 DOM
16. 2026-05-31
    days on market $230,000 Active 184 DOM
17. 2026-05-31
    days on market $230,000 Active 183 DOM
18. 2026-05-07
    status Active 451-char remark

    Show marketing remark (451 chars)

    Good bones to this 2sty home that has great potential for possible flip, investment or handyman. Assessor page says 3 bedrooms, but has 4 bedrooms upstairs which needs new paint and flooring. 1 full bath upstairs that needs updates! Main level has large family room, 1/2 bath, kitchen, and dining area off of kitchen. Basmt foundation looks good, some finish started but needs to be removed. Fenced in backyard, 2 car attached garage which needs work.

19. 2026-05-07
    price $230,000 451-char remark

    Show marketing remark (451 chars)

    Good bones to this 2sty home that has great potential for possible flip, investment or handyman. Assessor page says 3 bedrooms, but has 4 bedrooms upstairs which needs new paint and flooring. 1 full bath upstairs that needs updates! Main level has large family room, 1/2 bath, kitchen, and dining area off of kitchen. Basmt foundation looks good, some finish started but needs to be removed. Fenced in backyard, 2 car attached garage which needs work.

20. 2026-04-02
    status Pending 451-char remark

    Show marketing remark (451 chars)

    Good bones to this 2sty home that has great potential for possible flip, investment or handyman. Assessor page says 3 bedrooms, but has 4 bedrooms upstairs which needs new paint and flooring. 1 full bath upstairs that needs updates! Main level has large family room, 1/2 bath, kitchen, and dining area off of kitchen. Basmt foundation looks good, some finish started but needs to be removed. Fenced in backyard, 2 car attached garage which needs work.

21. 2026-01-06
    price $244,900 451-char remark

    Show marketing remark (451 chars)

    Good bones to this 2sty home that has great potential for possible flip, investment or handyman. Assessor page says 3 bedrooms, but has 4 bedrooms upstairs which needs new paint and flooring. 1 full bath upstairs that needs updates! Main level has large family room, 1/2 bath, kitchen, and dining area off of kitchen. Basmt foundation looks good, some finish started but needs to be removed. Fenced in backyard, 2 car attached garage which needs work.

22. 2025-10-24
    listed $249,900 Active 451-char remark

    Show marketing remark (451 chars)

    Good bones to this 2sty home that has great potential for possible flip, investment or handyman. Assessor page says 3 bedrooms, but has 4 bedrooms upstairs which needs new paint and flooring. 1 full bath upstairs that needs updates! Main level has large family room, 1/2 bath, kitchen, and dining area off of kitchen. Basmt foundation looks good, some finish started but needs to be removed. Fenced in backyard, 2 car attached garage which needs work.

ⓘ 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: $3,774 · $314/mo
• Projected year-2 tax: $3,774 · $314/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 ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,627
• − Mortgage interest: −$12,323
• − Property taxes: −$3,774
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,970
• − Management: −$1,970
• − Depreciation: −$6,400
• Taxable loss: −$2,911
• Est. tax savings @ 24.0%: +$699
• After-tax cash flow: $1,436/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: 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

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 · 77,082 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: 468.0

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%

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%

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

Industry mix (Fortune 500 HQ in IA)

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

Price history

-8.0% since first listed

5 events — show timeline

• 2026-05-07 Relisted — DMMLS
• 2026-05-07 Price Changed $230,000 DMMLS
• 2026-04-02 Pending — DMMLS
• 2026-01-06 Price Changed $244,900 DMMLS
• 2025-10-24 Listed $249,900 DMMLS

Property tax history

+4.4%/yr

Latest (2025): $3,774 · +1.5% YoY. Source: county tax records.