85 SE Melrose Dr · Waukee, IA 50263

$248,900

4 bd · 1.5 ba · 1,936 sqft · Townhouse public records · 87 Days on market

Built 2001 3,420 sqft lot $129/sqft · 30% below area Est $264k · 6% under $257/mo HOA · 12% of rent

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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 +10.0/15.0
• Cash flow +8.2/30.0
• Schools +7.1/10.0
• Livability +4.2/5.0
• 1% rule +3.8/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• DSCR +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautifully updated end-unit townhome in the heart of Waukee! This spacious home offers 4 bedrooms, 2 bathrooms, and over 2,000 sq. ft. of comfortable living space. The bright main level features a welcoming living room with large windows that fill the space with natural light. The kitchen includes granite countertops, wood flooring, nickel hardware, and a walk-in pantry, with a dining area that opens to a private patio perfect for relaxing or grilling. Enjoy the convenience of main-level laundry, a half bath for guests, and an attached 2-car garage. The lower level features a large room with egress that can serve as a 4th bedroom, rec room, or additional family room. Located just around the corner from a neighborhood pond and close to parks, schools, shopping, and dining, this home offers comfort, convenience, and low-maintenance living in a desirable Waukee location.

Key facts

• $257 HOA
• 2 garage spots
• Built 2001

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath townhouse listed at $249k.

Deal economics

• At list price, monthly cash flow is $-232 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $208k (16.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $218k (12.4% below list).
• Recommended offer: $208k (16.5% below list) — sets the bar for cash-flow.
• Cap rate 5.2% 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; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 87 days — a 6% lower offer ($234k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 16y 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 $207,914 (16.5% 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 87 days. Have you received any prior offers? Is the seller open to a 16% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.88% ✗
• Cap rate: 5.17%
• Cash-on-cash: -3.99%
• DSCR: 0.82
• GRM: 9.5

CMA / ARV

• ARV (median comp): $263,681
• List price: $248,900
• Delta: -5.61%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
116 NW Sunrise Dr	0.62mi	3/3.0 (-1)	1,866 (-4%)	20mo	$625,000	$335	37
152 NW Sunrise Dr	0.67mi	3/3.0 (-1)	1,671 (-14%)	4mo	$580,000	$347	32
156 NW Sunrise Dr	0.68mi	3/3.0 (-1)	1,671 (-14%)	8mo	$580,000	$347	28
208 NW Waverly Dr	0.62mi	3/2.5 (-1)	1,645 (-15%)	11mo	$254,000	$154	28
220 NW Waverly Dr	0.63mi	3/2.5 (-1)	1,645 (-15%)	11mo	$253,900	$154	28

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: -24.5%
• Equity multiple: 0.18×
• Total profit: $-57,492
• Equity at exit: $37,112

10-year hold

• IRR: -24.1%
• Equity multiple: -0.13×
• Total profit: $-78,627
• Equity at exit: $21,520

Cash invested: $69,692 (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: 9.5×

Monthly cashflow live

• Estimated rent: $2,181 high
• Mortgage (P&I): −$1,305
• Tax from tax record: −$289 /mo · $3,472/yr
• Insurance: −$104
• HOA: −$257
• Vacancy / Maint / Mgmt: −$458
• Net cashflow: $-232

Break-even live

Break-even rent $2,475

Max offer price $207,914

Occupancy floor —

Sensitivity live

Price	-10% $-91	-5% $-162	+0% $-232	+5% $-302	+10% $-373
Rent	-10% $-404	-5% $-318	+0% $-232	+5% $-146	+10% $-60
Rate	-1.0pp $-107	-0.5pp $-169	base $-232	+0.5pp $-297	+1.0pp $-362

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: $62,225
• Closing costs: $7,467
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
175 NW Common Pl Waukee, IA	1.0–3.0	1.0–2.5	929	$1,775	$1.91	16d	10	0.54mi
330 NE Cardinal Ln Waukee, IA	4.0	3.0	1492	$2,500	$1.68	45d	1	0.60mi
284 NW Caspian Ct Waukee, IA	4.0	2.5	1605	$2,195	$1.37	16d	1	0.67mi
200 Corene Ave Waukee, IA	4.0	2.0	1410	$1,995	$1.41	21d	1	0.67mi
500 NE Horizon Dr Waukee, IA	3.0	1.0–2.0	1027	$1,578	$1.54	16d	24	0.75mi
122 NW Pike Cir Waukee, IA	4.0	2.5	1809	$2,495	$1.38	45d	1	0.83mi
1325 SE Centennial Pkwy Waukee, IA	2.0–3.0	2.0	1358	$2,561	$1.89	16d	9	0.84mi
207 SE Booth Ave Unit 207 Waukee, IA	3.0	3.0	2000	$2,250	$1.12	25d	1	0.92mi
854 NE Phlox Ave Waukee, IA	3.0	3.0	1596	$1,750	$1.10	16d	1	1.00mi
856 NE Larkspur Ave Unit 1 Waukee, IA	3.0	2.5	1630	$1,800	$1.10	45d	1	1.02mi
878 NE Traverse Dr Waukee, IA	3.0	3.0	1868	$2,050	$1.10	45d	1	1.05mi
869 NE Traverse Dr Waukee, IA	3.0	3.0	1868	$2,095	$1.12	16d	1	1.06mi
305 NW Morgan Ct Waukee, IA	5.0	3.5	2200	$2,595	$1.18	45d	1	1.09mi
350 NW 6th St Waukee, IA	1.0–3.0	1.0–3.5	1163	$2,308	$1.98	16d	20	1.11mi
1150 SE Olson Dr Waukee, IA	1.0–3.0	1.0–2.0	1076	$1,531	$1.42	16d	47	1.12mi
730 SE Booth Ave Waukee, IA	4.0	2.5	2163	$2,600	$1.20	16d	1	1.13mi
165 Pleasant View Dr Waukee, IA	4.0	4.0	2300	$2,400	$1.04	25d	1	1.14mi
1860 Brodie St Waukee, IA	4.0	2.5	1589	$2,475	$1.56	16d	1	1.24mi
260 SE Waco Pl Waukee, IA	3.0	2.0	1263	$1,795	$1.42	21d	1	1.34mi
940 10th St Waukee, IA	1.0–3.0	1.0–2.5	962	$1,795	$1.86	16d	79	1.34mi
425 SE Waco Pl Waukee, IA	3.0	2.5	1816	$2,250	$1.24	23d	1	1.36mi
266 SE Boulder Ct Waukee, IA	3.0	2.0	1263	$1,750	$1.39	45d	1	1.43mi
1036 NW Richmond Rd Waukee, IA	3.0	2.5	1450	$1,750	$1.21	25d	1	1.45mi
1422 SE Emerald Dr Waukee, IA	2.0–3.0	2.0–2.5	1312	$1,800	$1.37	23d	4	1.45mi

HOA detail

• Monthly dues: $257 · $3,084/yr

Listing history 35 events

1. 2026-06-21
   days on market $248,900 Active 87 DOM
2. 2026-06-18
   days on market $248,900 Active 84 DOM
3. 2026-06-17
   days on market $248,900 Active 83 DOM
4. 2026-06-16
   days on market $248,900 Active 82 DOM
5. 2026-06-15
   days on market $248,900 Active 81 DOM
6. 2026-06-14
   days on market $248,900 Active 79 DOM
7. 2026-06-13
   days on market $248,900 Active 78 DOM
8. 2026-06-10
   days on market $248,900 Active 76 DOM
9. 2026-06-09
   days on market $248,900 Active 75 DOM
10. 2026-06-08
    days on market $248,900 Active 74 DOM
11. 2026-06-07
    days on market $248,900 Active 73 DOM
12. 2026-06-05
    days on market $248,900 Active 70 DOM
13. 2026-06-03
    days on market $248,900 Active 69 DOM
14. 2026-06-02
    days on market $248,900 Active 68 DOM
15. 2026-06-01
    days on market $248,900 Active 67 DOM
16. 2026-05-31
    days on market $248,900 Active 66 DOM
17. 2026-05-31
    days on market $248,900 Active 65 DOM
18. 2026-03-26
    listed $248,900 Active 881-char remark

    Show marketing remark (881 chars)

    Beautifully updated end-unit townhome in the heart of Waukee! This spacious home offers 4 bedrooms, 2 bathrooms, and over 2,000 sq. ft. of comfortable living space. The bright main level features a welcoming living room with large windows that fill the space with natural light. The kitchen includes granite countertops, wood flooring, nickel hardware, and a walk-in pantry, with a dining area that opens to a private patio perfect for relaxing or grilling. Enjoy the convenience of main-level laundry, a half bath for guests, and an attached 2-car garage. The lower level features a large room with egress that can serve as a 4th bedroom, rec room, or additional family room. Located just around the corner from a neighborhood pond and close to parks, schools, shopping, and dining, this home offers comfort, convenience, and low-maintenance living in a desirable Waukee location.

19. 2024-11-04
    soldstatus $235,000
20. 2024-10-31
    soldstatus $235,000 Closed 762-char remark

    Show marketing remark (762 chars)

    Here's the one you've been waiting for! Nicely Updated End Unit w/ 3Beds/1.5Baths/2C Garage and over 1,900sf of finish. Beautiful Kitchen features Granite counters, Nickel hardware, walk-in pantry and Gorgeous wood floor! A Sliding glass door from Dining area leads to a private patio that's perfect for grilling. The Living Room w/ fireplace offers Southern exposure and lot's of light. 1st Floor Laundry and 1/2 Bath off Kitchen. Total of 3 Bedrooms upstairs, w/ Spacious Master that offers a walk-in closet and Hollywood style Bath. Finished LL features a large room w/ egress that could be used as a 4thBed/Rec/Family Rm option. Newer Furnace, A/C and Water Heater. Enjoy the pond around the corner ! All information obtained from seller and public records.

21. 2024-09-26
    status Pending 762-char remark

    Show marketing remark (762 chars)

    Here's the one you've been waiting for! Nicely Updated End Unit w/ 3Beds/1.5Baths/2C Garage and over 1,900sf of finish. Beautiful Kitchen features Granite counters, Nickel hardware, walk-in pantry and Gorgeous wood floor! A Sliding glass door from Dining area leads to a private patio that's perfect for grilling. The Living Room w/ fireplace offers Southern exposure and lot's of light. 1st Floor Laundry and 1/2 Bath off Kitchen. Total of 3 Bedrooms upstairs, w/ Spacious Master that offers a walk-in closet and Hollywood style Bath. Finished LL features a large room w/ egress that could be used as a 4thBed/Rec/Family Rm option. Newer Furnace, A/C and Water Heater. Enjoy the pond around the corner ! All information obtained from seller and public records.

22. 2024-09-20
    price $235,000 762-char remark

    Show marketing remark (762 chars)

    Here's the one you've been waiting for! Nicely Updated End Unit w/ 3Beds/1.5Baths/2C Garage and over 1,900sf of finish. Beautiful Kitchen features Granite counters, Nickel hardware, walk-in pantry and Gorgeous wood floor! A Sliding glass door from Dining area leads to a private patio that's perfect for grilling. The Living Room w/ fireplace offers Southern exposure and lot's of light. 1st Floor Laundry and 1/2 Bath off Kitchen. Total of 3 Bedrooms upstairs, w/ Spacious Master that offers a walk-in closet and Hollywood style Bath. Finished LL features a large room w/ egress that could be used as a 4thBed/Rec/Family Rm option. Newer Furnace, A/C and Water Heater. Enjoy the pond around the corner ! All information obtained from seller and public records.

23. 2024-08-30
    listed $240,000 Active 762-char remark

    Show marketing remark (762 chars)

    Here's the one you've been waiting for! Nicely Updated End Unit w/ 3Beds/1.5Baths/2C Garage and over 1,900sf of finish. Beautiful Kitchen features Granite counters, Nickel hardware, walk-in pantry and Gorgeous wood floor! A Sliding glass door from Dining area leads to a private patio that's perfect for grilling. The Living Room w/ fireplace offers Southern exposure and lot's of light. 1st Floor Laundry and 1/2 Bath off Kitchen. Total of 3 Bedrooms upstairs, w/ Spacious Master that offers a walk-in closet and Hollywood style Bath. Finished LL features a large room w/ egress that could be used as a 4thBed/Rec/Family Rm option. Newer Furnace, A/C and Water Heater. Enjoy the pond around the corner ! All information obtained from seller and public records.

24. 2018-05-16
    soldstatus $158,000
25. 2018-05-15
    soldstatus $158,000 Sold
26. 2018-03-27
    status Pending
27. 2018-03-22
    price $159,900
28. 2018-03-15
    listed $162,500 Active
29. 2013-10-18
    soldstatus $142,000
30. 2013-07-11
    listed $142,000
31. 2011-06-09
    soldstatus $140,000
32. 2011-06-09
    soldstatus $140,000
33. 2010-09-15
    listed $143,900
34. 2005-04-01
    soldstatus $155,000
35. 2001-07-23
    soldstatus $132,900

ⓘ 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: $3,472 · $289/mo
• Projected year-2 tax: $3,690 · $307/mo
• Expected delta: +$218/yr (+$18/mo · 6.3%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°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: $26,177
• − Mortgage interest: −$13,942
• − Property taxes: −$3,472
• − Insurance: −$1,244
• − Repairs & maintenance: −$2,094
• − Management: −$2,094
• − HOA: −$3,084
• − Depreciation: −$7,241
• Taxable loss: −$6,995
• Est. tax savings @ 24.0%: +$1,679
• After-tax cash flow: $-1,105/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

+87.3% since first listed

18 events — show timeline

• 2026-03-26 Listed $248,900 DMMLS
• 2024-11-04 Sold (Public Records) $235,000 Public Records
• 2024-10-31 Sold (MLS) $235,000 DMMLS
• 2024-09-26 Pending — DMMLS
• 2024-09-20 Price Changed $235,000 DMMLS
• 2024-08-30 Listed $240,000 DMMLS
• 2018-05-16 Sold (Public Records) $158,000 Public Records
• 2018-05-15 Sold (MLS) $158,000 DMMLS
• 2018-03-27 Pending — DMMLS
• 2018-03-22 Price Changed $159,900 DMMLS
• 2018-03-15 Listed $162,500 DMMLS
• 2013-10-18 Sold (MLS) $142,000 DMMLS
• 2013-07-11 Listed $142,000 DMMLS
• 2011-06-09 Sold (Public Records) $140,000 Public Records
• 2011-06-09 Sold (MLS) $140,000 DMMLS
• 2010-09-15 Listed $143,900 DMMLS
• 2005-04-01 Sold (Public Records) $155,000 Public Records
• 2001-07-23 Sold (Public Records) $132,900 Public Records

Property tax history

+3.3%/yr

Latest (2025): $3,472 · +1.7% YoY. Source: county tax records.