3003 SW White Birch Dr

Ankeny, IA 50023

$219,900D-

3 bd · 2.5 ba · 1,380 sqft · Built 2005 · SingleFamily · Active · 61 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,660/mo
• Mortgage (P&I): −$1,153
• Tax + insurance: −$363
• HOA: −$265
• Vac / Maint / Mgmt: −$349
• Net cashflow: $-470/mo
• Annual: $-5,640/yr
• Cap rate: 3.73%
• Cash-on-cash: -9.16%
• DSCR: 0.59
• 1% rule: 0.75%
• Cash to close: $61,572

Investor read

• This is a 3-bed/2.5-bath single-family listed at $220k.
• At list price, monthly cash flow is $-470 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $137k (37.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $166k (24.5% below list).
• It's been on market 61 days — a 6% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $137k (37.8% 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: Crocker Elementary School (math 88% / reading 76%, grade A+, #44 of 616 statewide, top 9%, 500 students, 19% FRL); Parkview Middle School (math 76% / reading 83%, grade A+, #35 of 246 statewide, top 16%, 867 students, 23% FRL); Ankeny High School (math 77% / reading 84%, grade A, #30 of 336 statewide, top 9%, 1,347 students, 20% FRL).
• Market conditions: Rents flat; 498 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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).
• Polk County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 21y 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 $141k; list at $220k implies a 56% gain — meaningful room to come down on a strong offer.
• Cap rate 3.7% vs local median 3.0% in Ankeny — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent is only 17% of the median local income ($118k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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 61 days. Have you received any prior offers? Is the seller open to a 38% 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.