1812 NW Ashton Ln · Ankeny, IA 50023

$211,990

2 bd · 3.0 ba · 1,404 sqft · Condo · 37 Days on market

Built 2000

---

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 +7.5/15.0
• Schools +7.1/10.0
• Cash flow +6.8/30.0
• Livability +4.6/5.0
• 1% rule +2.9/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• DSCR +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Phenomenal opportunity for buyers who want it all in a perfect Ankeny location! This lovely Fountain Pointe Townhome offers 2 bedrooms, 3 bath, 2 car garage. The main floor offers an open concept living & dining room with nice end unit windows, stone fireplace, kitchen w/ pantry, 1/2 bath and laundry room. Upstairs offers a cool loft area (office, den, play area) 2 nice sized bedrooms each have full bathrooms. Lots of advantages to this rare find. It won't last long so call today before it's gone! A must see property!

Key facts

• Covered front porch
• Scenic pond
• Private bath

Tags

• PRIVATE BATH
• WALK-IN CLOSET
• OPEN-CONCEPT DINING
• AMPLE CABINET STORAGE
• COVERED FRONT PORCH
• SCENIC POND

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath condo listed at $212k.

Deal economics

• At list price, monthly cash flow is $-334 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $192k (9.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $168k (20.9% below list).
• Recommended offer: $168k (20.9% below list) — sets the bar for 1% rule.
• 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; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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).
• 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.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 37 days — a 3% lower offer ($206k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 11y 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 $128k; list at $212k implies a 65% gain — meaningful room to come down on a strong offer.

Recommended offer $167,771 (20.9% 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 37 days. Have you received any prior offers? Is the seller open to a 21% 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. 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?
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 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: 0.79% ✗
• Cap rate: 4.40%
• Cash-on-cash: -6.74%
• DSCR: 0.70
• GRM: 10.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -30.8%
• Equity multiple: 0.00×
• Total profit: $-59,171
• Equity at exit: $31,608

10-year hold

• IRR: -50.1%
• Equity multiple: -0.56×
• Total profit: $-92,870
• Equity at exit: $18,329

Cash invested: $59,357 (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: 10.5×

Monthly cashflow live

• Estimated rent: $1,678 high
• Mortgage (P&I): −$1,112
• Tax est. 1.5%: −$265 /mo · $3,180/yr
• Insurance: −$88
• HOA est. from 1 same-building comp: −$194
• Vacancy / Maint / Mgmt: −$352
• Net cashflow: $-334

Break-even live

Break-even rent $2,100

Max offer price $163,714

Occupancy floor —

Sensitivity live

Price	-10% $-187	-5% $-260	+0% $-334	+5% $-407	+10% $-480
Rent	-10% $-466	-5% $-400	+0% $-334	+5% $-267	+10% $-201
Rate	-1.0pp $-227	-0.5pp $-280	base $-334	+0.5pp $-389	+1.0pp $-444

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: $52,998
• Closing costs: $6,360
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1908 NW Ashton Ln #1 Ankeny, IA	2.0	2.0	1404	$1,650	$1.18	15d	1	0.03mi
2215 NW Bayberry Ln Ankeny, IA	3.0	2.5	1511	$2,000	$1.32	24d	1	0.22mi
1914 NW School St Ankeny, IA	3.0	3.0	1831	$2,250	$1.23	44d	1	0.46mi
2005 NW Hickory Ln Apt 3 Ankeny, IA	1.0	1.0	880	$800	$0.91	15d	1	0.78mi
2005 NW Hickory Ln Unit 9 Ankeny, IA	1.0	1.0	875	$840	$0.96	15d	1	0.78mi
3305 NW Cameo Ln Ankeny, IA	2.0	2.5	1160	$1,650	$1.42	15d	12	0.79mi
3205 NW Amherst Ln Unit 302 Ankeny, IA	2.0	2.0	982	$1,200	$1.22	44d	1	0.82mi
152 NE 22nd Ln Ankeny, IA	2.0	2.5	1158	$1,662	$1.44	15d	8	0.89mi
1735 NW Fieldstream Ln Ankeny, IA	1.0–2.0	1.0–2.0	909	$1,354	$1.49	15d	40	0.89mi
1709 NE Sherman Ct Ankeny, IA	3.0	2.5	1855	$2,200	$1.19	24d	1	0.97mi
2613 NW Lois Ln Ankeny, IA	3.0	2.5	1550	$1,850	$1.19	22d	1	1.01mi
2720 NW Casey Jones Ln Ankeny, IA	3.0	2.5	1550	$1,800	$1.16	44d	1	1.08mi
2724 NW Casey Jones Ln Ankeny, IA	2.0	2.5	1450	$1,700	$1.17	15d	1	1.08mi
1520 NW Irvinedale Dr Ankeny, IA	2.0	2.0	1151	$1,475	$1.28	22d	1	1.28mi
3219 NW Cedarwood Dr Ankeny, IA	3.0	2.5	1611	$1,895	$1.18	24d	1	1.30mi
3111 NW Cedarwood Ln Ankeny, IA	3.0	2.5	1611	$1,895	$1.18	44d	1	1.34mi
3624 NE Marissa Ln Ankeny, IA	3.0	3.0	1740	$1,950	$1.12	44d	1	1.42mi
3089 NW Irvinedale Dr Ankeny, IA	2.0	2.0	1217	$1,895	$1.56	44d	1	1.43mi
3622 NE Kara Ln Ankeny, IA	3.0	2.5	1740	$1,950	$1.12	44d	1	1.45mi
3641 NE Marissa Ln Ankeny, IA	2.0	2.0	1336	$1,900	$1.42	24d	1	1.45mi
3630 NE Kara Ln Ankeny, IA	2.0	2.0	1336	$1,900	$1.42	44d	1	1.45mi
3619 NE Kara Ln Ankeny, IA	3.0	2.5	1700	$1,950	$1.15	24d	1	1.47mi
3654 NE Kara Ln Ankeny, IA	2.0	2.0	1368	$1,950	$1.43	44d	1	1.47mi
3635 NE Kara Ln Ankeny, IA	3.0	2.0	1740	$1,950	$1.12	24d	1	1.48mi
3707 NE Marissa Ln Ankeny, IA	3.0	2.5	1480	$1,795	$1.21	24d	1	1.48mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-18
   days on market $211,990 Active 37 DOM
2. 2026-06-17
   days on market $211,990 Active 36 DOM
3. 2026-06-16
   days on market $211,990 Active 35 DOM
4. 2026-06-15
   days on market $211,990 Active 34 DOM
5. 2026-06-14
   days on market $211,990 Active 32 DOM
6. 2026-06-13
   days on market $211,990 Active 31 DOM
7. 2026-06-10
   days on market $211,990 Active 29 DOM
8. 2026-06-09
   days on market $211,990 Active 28 DOM
9. 2026-06-08
   days on market $211,990 Active 27 DOM
10. 2026-06-07
    days on market $211,990 Active 26 DOM
11. 2026-06-03
    days on market $211,990 Active 22 DOM
12. 2026-06-02
    days on market $211,990 Active 21 DOM
13. 2026-06-01
    days on market $211,990 Active 20 DOM
14. 2026-05-31
    days on market $211,990 Active 19 DOM
15. 2026-05-31
    days on market $211,990 Active 18 DOM
16. 2026-05-13
    price $211,990 621-char remark
17. 2026-05-12
    listed $214,900 Active 621-char remark
18. 2015-06-25
    soldstatus $128,500 529-char remark

    Show marketing remark (529 chars)

    Phenomenal opportunity for buyers who want it all in a perfect Ankeny location! This lovely Fountain Pointe Townhome offers 2 bedrooms, 3 bath, 2 car garage. The main floor offers an open concept living & dining room with nice end unit windows, stone fireplace, kitchen w/ pantry, 1/2 bath and laundry room. Upstairs offers a cool loft area (office, den, play area) 2 nice sized bedrooms each have full bathrooms. Lots of advantages to this rare find. It won't last long so call today before it's gone! A must see property!

19. 2015-05-11
    listed $132,900 529-char remark

    Show marketing remark (529 chars)

    Phenomenal opportunity for buyers who want it all in a perfect Ankeny location! This lovely Fountain Pointe Townhome offers 2 bedrooms, 3 bath, 2 car garage. The main floor offers an open concept living & dining room with nice end unit windows, stone fireplace, kitchen w/ pantry, 1/2 bath and laundry room. Upstairs offers a cool loft area (office, den, play area) 2 nice sized bedrooms each have full bathrooms. Lots of advantages to this rare find. It won't last long so call today before it's gone! A must see property!

ⓘ 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: $20,133
• − Mortgage interest: −$11,875
• − Property taxes: −$3,180
• − Insurance: −$1,060
• − Repairs & maintenance: −$1,611
• − Management: −$1,611
• − HOA: −$2,328
• − Depreciation: −$6,167
• Taxable loss: −$7,698
• Est. tax savings @ 24.0%: +$1,848
• After-tax cash flow: $-2,156/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

+59.5% since first listed

4 events — show timeline

• 2026-05-13 Price Changed $211,990 FSBO.com
• 2026-05-12 Listed $214,900 FSBO.com
• 2015-06-25 Sold (MLS) $128,500 DMMLS
• 2015-05-11 Listed $132,900 DMMLS