3605 Pershing Ln · Waukee, IA 50263

$254,990

3 bd · 2.5 ba · 1,511 sqft · Townhouse · 41 Days on market

Built 2025 Good condition 2,015 sqft lot $169/sqft · at area comps Est $246k · at est. $195/mo HOA · 9% of rent

---

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 +9.7/30.0
• Schools +7.1/10.0
• ARV discount +5.9/15.0
• Livability +4.2/5.0
• Condition / age +4.0/5.0
• 1% rule +3.9/10.0
• Rent growth +3.0/5.0
• DSCR +2.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover 3605 Pershing Ln in Waukee, IA. This thoughtfully designed two-story townhome offers 3 bedrooms, 2.5 bathrooms, and 1,511 sq. ft. of comfortable living space. Step inside to a long foyer that leads you to the heart of the home-a bright, open-concept main floor seamlessly connecting the kitchen, dining, and great room, complete with a cozy electric fireplace. The kitchen shines with sleek white cabinetry, stainless steel appliances, and a spacious island, perfect for everyday living and entertaining. Upstairs, all bedrooms are thoughtfully positioned for privacy. At the front of the home, two spacious bedrooms with large closets share a full bathroom. At the back, the primary bedroom boasts a generous walk-in closet and an en-suite bathroom with dual vanity sinks and a walk-in shower. A conveniently located laundry area completes the upper level, making this layout ideal for families or guests. This home comes with all appliances and blinds. Step into your new home at Painted Woods West in Waukee today! This home is currently under construction. Photos and video may be similar but not necessarily of subject property, including interior and exterior colors, finishes and appliances.

Key facts

• Walk-in closet
• Large island
• White cabinetry

Tags

• OPEN-CONCEPT MAIN LEVEL
• COZY ELECTRIC FIREPLACE
• WHITE CABINETRY
• STAINLESS STEEL APPLIANCES
• LARGE ISLAND
• WALK-IN CLOSET

Property features AI

Finance

• HOA & community: Homeowners association (Painted Woods West TH HOA / Edge Property Management); HOA fee $195 per month; HOA covers grounds and structure maintenance, snow removal, and trash

Exterior

• Parking: Attached two-car garage
• Utilities: Public water; Public sewer
• Home design: Two-story; New construction; Built by DR Horton; Home warranty included
• Construction: Vinyl siding; Asphalt shingle roof; Poured slab foundation
• Exterior features: Concrete road access; Lot in a zoned residential area

Interior

• Bathrooms: 1 full bathroom; 1 three-quarter bathroom; 1 half bathroom
• Heating & cooling: Central air conditioning; Electric heat with heat pump
• Interior features: Dining area; Eat-in kitchen; Electric fireplace

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $255k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-168 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $231k (9.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $227k (11.2% below list).
• Recommended offer: $227k (11.2% below list) — sets the bar for 1% rule.
• Cap rate 5.5% 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: schools A+, crime A+, employment 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.
• Market conditions: Rents rising (+1.8%/yr); 886 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 41 days — a 3% lower offer ($247k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $226,536 (11.2% 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 41 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 0.89% ✗
• Cap rate: 5.50%
• Cash-on-cash: -2.82%
• DSCR: 0.87
• GRM: 9.4

CMA / ARV

• ARV (median comp): $246,259
• List price: $254,990
• Delta: 3.55%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3611 Pershing Ln	0.01mi	3/2.5	1,511 (0%)	1mo	$249,990	$165	99
3604 Pershing Ln	0.02mi	3/2.5	1,511 (0%)	0mo	$249,990	$165	98
3614 Pershing Ln	0.03mi	3/2.5	1,511 (0%)	0mo	$236,990	$157	98
3621 Pershing Ln	0.02mi	3/2.5	1,511 (0%)	1mo	$239,990	$159	98
3620 Pershing Ln	0.03mi	3/2.5	1,511 (0%)	1mo	$239,990	$159	98
3610 Pershing Ln	0.03mi	3/2.5	1,511 (0%)	1mo	$239,990	$159	98
3615 Pershing Ln	0.01mi	3/2.5	1,511 (0%)	2mo	$241,490	$160	98
3624 Pershing Ln	0.03mi	3/2.5	1,511 (0%)	1mo	$239,990	$159	98
3631 Pershing Ln	0.03mi	3/2.5	1,511 (0%)	2mo	$248,990	$165	98
3625 Pershing Ln	0.02mi	3/2.5	1,511 (0%)	3mo	$235,990	$156	97
3586 Jasmine Ln	0.03mi	3/2.5	1,511 (0%)	4mo	$239,990	$159	95
1161 Magnolia Ln	0.05mi	3/2.5	1,511 (0%)	6mo	$237,990	$158	93

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: -22.4%
• Equity multiple: 0.24×
• Total profit: $-54,495
• Equity at exit: $38,020

10-year hold

• IRR: -20.0%
• Equity multiple: 0.00×
• Total profit: $-71,221
• Equity at exit: $22,047

Cash invested: $71,397 (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: 886
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $2,265 medium
• Mortgage (P&I): −$1,337
• Tax est. 1.5%: −$319 /mo · $3,825/yr
• Insurance: −$106
• HOA: −$195
• Vacancy / Maint / Mgmt: −$476
• Net cashflow: $-168

Break-even live

Break-even rent $2,477

Max offer price $230,746

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: $63,748
• Closing costs: $7,650
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3681 Jasmine Ln Waukee, IA	3.0	2.5	1464	$2,235	$1.53	14d	13	0.09mi
3681 Jasmine Ln Unit HOME1 Waukee, IA	3.0	2.5	1511	$2,545	$1.68	43d	1	0.09mi
3681 Jasmine Ln Unit HOME94 Waukee, IA	3.0	2.5	1418	$2,375	$1.67	43d	1	0.09mi

HOA detail

• Monthly dues: $195 · $2,340/yr
• Likely covers: electric

Listing history 18 events

1. 2026-06-18
   days on market $254,990 Active 41 DOM
2. 2026-06-17
   days on market $254,990 Active 40 DOM
3. 2026-06-16
   days on market $254,990 Active 39 DOM
4. 2026-06-15
   days on market $254,990 Active 38 DOM
5. 2026-06-14
   days on market $254,990 Active 36 DOM
6. 2026-06-13
   days on market $254,990 Active 35 DOM
7. 2026-06-10
   days on market $254,990 Active 33 DOM
8. 2026-06-09
   days on market $254,990 Active 32 DOM
9. 2026-06-08
   days on market $254,990 Active 31 DOM
10. 2026-06-07
    days on market $254,990 Active 30 DOM
11. 2026-06-05
    days on market $254,990 Active 27 DOM
12. 2026-06-03
    days on market $254,990 Active 26 DOM
13. 2026-06-02
    days on market $254,990 Active 25 DOM
14. 2026-06-01
    days on market $254,990 Active 24 DOM
15. 2026-05-31
    days on market $254,990 Active 23 DOM
16. 2026-05-31
    days on market $254,990 Active 22 DOM
17. 2026-05-09
    listed $254,990 Active 1209-char remark

    Show marketing remark (1209 chars)

    Discover 3605 Pershing Ln in Waukee, IA. This thoughtfully designed two-story townhome offers 3 bedrooms, 2.5 bathrooms, and 1,511 sq. ft. of comfortable living space. Step inside to a long foyer that leads you to the heart of the home-a bright, open-concept main floor seamlessly connecting the kitchen, dining, and great room, complete with a cozy electric fireplace. The kitchen shines with sleek white cabinetry, stainless steel appliances, and a spacious island, perfect for everyday living and entertaining. Upstairs, all bedrooms are thoughtfully positioned for privacy. At the front of the home, two spacious bedrooms with large closets share a full bathroom. At the back, the primary bedroom boasts a generous walk-in closet and an en-suite bathroom with dual vanity sinks and a walk-in shower. A conveniently located laundry area completes the upper level, making this layout ideal for families or guests. This home comes with all appliances and blinds. Step into your new home at Painted Woods West in Waukee today! This home is currently under construction. Photos and video may be similar but not necessarily of subject property, including interior and exterior colors, finishes and appliances.

18. 2026-05-08
    listed $254,990 Active 858-char remark

ⓘ 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: $27,184
• − Mortgage interest: −$14,283
• − Property taxes: −$3,825
• − Insurance: −$1,275
• − Repairs & maintenance: −$2,175
• − Management: −$2,175
• − HOA: −$2,340
• − Depreciation: −$7,418
• Taxable loss: −$6,306
• Est. tax savings @ 24.0%: +$1,514
• After-tax cash flow: $-497/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

This thoughtfully designed townhome is in good condition with a good condition score of 80. It offers a bright, open-concept main floor and two bathrooms with dual vanities and walk-in showers. The property is move-in ready with minor cosmetic updates that can further enhance its value.

Value-add opportunities

• Both Paint the exterior — Enhances curb appeal and property value
• Both Replace window seals — Improves energy efficiency and reduces heating/cooling costs
• Both Install smart home devices — Enhances convenience and adds modern appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior — Enhances curb appeal and property value ↑
• Both Replace window seals — Improves energy efficiency and reduces heating/cooling costs ↑
• Both Install smart home devices — Enhances convenience and adds modern appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+0.0% since first listed

2 events — show timeline

• 2026-05-09 Listed $254,990 Zillow
• 2026-05-08 Listed $254,990 DMMLS

Property tax history

+0.0%/yr

Latest (2025): $2 · +0.0% YoY. Source: county tax records.