5909 NE Seneca Ln · Ankeny, IA 50021

$234,990

3 bd · 2.5 ba · 1,511 sqft · Other · 225 Days on market

Built 2025 Good condition 1,430 sqft lot $156/sqft · at area comps Est $240k · at est. $185/mo HOA · 9% of rent ↓ 58% since listing

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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 +8.4/15.0
• Cash flow +7.7/30.0
• Schools +7.5/10.0
• Livability +4.6/5.0
• Condition / age +4.0/5.0
• 1% rule +3.3/10.0
• Rent growth +2.7/5.0
• DSCR +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover 5909 NE Seneca Ln in Ankeny, Iowa. 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 Kimberley Crossing Townhomes in Ankeny 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

• Dual vanity sink
• Easy access to i-35
• Large island

Tags

• EASY ACCESS TO I-35
• COZY FIREPLACE
• OVERSIZED PANTRY
• LARGE ISLAND
• ENSUITE BATHROOM
• DUAL VANITY SINK

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath other listed at $235k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-269 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $196k (16.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $195k (17.1% below list).
• Recommended offer: $195k (17.1% below list) — sets the bar for 1% rule.
• Cap rate 4.9% 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-.
• North Polk Community School District (rural): math 87% / reading 84% proficiency, ranked #7 of 289 in IA (top 2%) — strong family-tenant draw, lease renewals of 3-5y typical; only 9% free/reduced lunch — higher-income household profile.
• Market conditions: Rents flat; 708 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,953 units permitted in Polk County in 2024 (540 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.
• 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 225 days — a 12% lower offer ($207k) 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 $194,890 (17.1% 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 225 days. Have you received any prior offers? Is the seller open to a 17% 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: 0.83% ✗
• Cap rate: 4.92%
• Cash-on-cash: -4.91%
• DSCR: 0.78
• GRM: 10.0

CMA / ARV

• ARV (median comp): $239,562
• List price: $234,990
• Delta: -1.91%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.92% rent growth · sell at horizon

5-year hold

• IRR: -27.2%
• Equity multiple: 0.10×
• Total profit: $-59,085
• Equity at exit: $35,038

10-year hold

• IRR: -35.9%
• Equity multiple: -0.35×
• Total profit: $-88,684
• Equity at exit: $20,318

Cash invested: $65,797 (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 50021

• Rents YoY: 0.9%
• Active inventory: 708
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,949 high
• Mortgage (P&I): −$1,232
• Tax est. 1.5%: −$294 /mo · $3,525/yr
• Insurance: −$98
• HOA: −$185
• Vacancy / Maint / Mgmt: −$409
• Net cashflow: $-269

Break-even live

Break-even rent $2,290

Max offer price $196,017

Occupancy floor —

Sensitivity live

Price	-10% $-107	-5% $-188	+0% $-269	+5% $-351	+10% $-432
Rent	-10% $-423	-5% $-346	+0% $-269	+5% $-192	+10% $-115
Rate	-1.0pp $-151	-0.5pp $-210	base $-269	+0.5pp $-330	+1.0pp $-392

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: $58,748
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1424 NE 56th Ln Ankeny, IA	4.0	2.5	1658	$2,300	$1.39	15d	6	0.35mi
4543 NE McDougal Ln Ankeny, IA	3.0	3.5	1520	$1,895	$1.25	15d	1	0.94mi
3611 NE Otterview Cir Ankeny, IA	1.0–2.0	1.0–2.0	834	$1,800	$2.16	15d	20	1.25mi
3921 NE Gardenia Ln Ankeny, IA	2.0	1.5	1300	$1,595	$1.23	44d	1	1.28mi
2820 NE 38th St Ankeny, IA	1.0–2.0	1.0–2.0	861	$1,775	$2.06	15d	10	1.39mi

HOA detail

• Monthly dues: $185 · $2,220/yr
• Likely covers: electric

Listing history 23 events

1. 2026-06-18
   days on market $234,990 Active 225 DOM
2. 2026-06-17
   price $234,990 Active 224 DOM
3. 2026-06-17
   days on market $236,990 Active 224 DOM
4. 2026-06-16
   days on market $236,990 Active 223 DOM
5. 2026-06-15
   days on market $236,990 Active 222 DOM
6. 2026-06-14
   days on market $236,990 Active 220 DOM
7. 2026-06-13
   days on market $236,990 Active 219 DOM
8. 2026-06-10
   days on market $236,990 Active 217 DOM
9. 2026-06-09
   days on market $236,990 Active 216 DOM
10. 2026-06-08
    days on market $236,990 Active 215 DOM
11. 2026-06-07
    days on market $236,990 Active 214 DOM
12. 2026-06-05
    days on market $236,990 Active 211 DOM
13. 2026-06-03
    days on market $236,990 Active 210 DOM
14. 2026-06-03
    price $236,990 Active 209 DOM
15. 2026-06-02
    days on market $237,990 Active 209 DOM
16. 2026-06-01
    days on market $237,990 Active 208 DOM
17. 2026-05-31
    days on market $237,990 Active 207 DOM
18. 2026-05-31
    days on market $237,990 Active 206 DOM
19. 2026-04-08
    price $237,990 1222-char remark

    Show marketing remark (1222 chars)

    Discover 5909 NE Seneca Ln in Ankeny, Iowa. 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 Kimberley Crossing Townhomes in Ankeny 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.

20. 2026-04-07
    price $237,990 931-char remark

    Show marketing remark (931 chars)

    Welcome to the Sydney, a two-story townhome in Kimberley Crossing Townhomes - featuring 3 bedrooms, 2.5 bathrooms, and 1,511 sq. ft. of comfortable living space with appliances included. The inviting foyer leads to an open-concept main level where the kitchen, dining, and great room seamlessly connect—complete with a cozy electric fireplace. The kitchen is a showstopper with white cabinetry, stainless steel appliances, and a spacious island ideal for gatherings. Upstairs, all bedrooms are thoughtfully located for privacy. The primary suite offers a large walk-in closet and en-suite bath with dual vanities and a walk-in shower. Two additional bedrooms, a full bath, and an upstairs laundry area add convenience for any lifestyle. All D. R. Horton homes include smart home features. Visit today and see why the Sydney is built for the way you live! Ask about builder incentives with preferred lender. Photos similar to.

21. 2025-11-05
    listed $239,990 Active 931-char remark

    Show marketing remark (931 chars)

    Welcome to the Sydney, a two-story townhome in Kimberley Crossing Townhomes - featuring 3 bedrooms, 2.5 bathrooms, and 1,511 sq. ft. of comfortable living space with appliances included. The inviting foyer leads to an open-concept main level where the kitchen, dining, and great room seamlessly connect—complete with a cozy electric fireplace. The kitchen is a showstopper with white cabinetry, stainless steel appliances, and a spacious island ideal for gatherings. Upstairs, all bedrooms are thoughtfully located for privacy. The primary suite offers a large walk-in closet and en-suite bath with dual vanities and a walk-in shower. Two additional bedrooms, a full bath, and an upstairs laundry area add convenience for any lifestyle. All D. R. Horton homes include smart home features. Visit today and see why the Sydney is built for the way you live! Ask about builder incentives with preferred lender. Photos similar to.

22. 2025-10-31
    listed $239,990 Active 1222-char remark

    Show marketing remark (1222 chars)

    Discover 5909 NE Seneca Ln in Ankeny, Iowa. 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 Kimberley Crossing Townhomes in Ankeny 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.

23. 2025-03-11
    soldstatus $560,000

ⓘ 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: $23,387
• − Mortgage interest: −$13,163
• − Property taxes: −$3,525
• − Insurance: −$1,175
• − Repairs & maintenance: −$1,871
• − Management: −$1,871
• − HOA: −$2,220
• − Depreciation: −$6,836
• Taxable loss: −$7,274
• Est. tax savings @ 24.0%: +$1,746
• After-tax cash flow: $-1,486/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 two-story townhome is in good condition with a good condition score of 80. It has a good kitchen, bathrooms, and other systems. The home is move-in ready and has a good curb appeal. The home has a good resale and rental value with some minor updates that can be done to increase its value.

Value-add opportunities

• Resale Paint the walls — Fresh paint can make the home look more inviting and modern
• Both Replace the flooring — New flooring can improve both the resale and rental value
• Both Upgrade the kitchen appliances — Upgraded appliances can attract more buyers and renters
• Both Add a smart home system — Smart home features can increase the home's appeal and value

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint the walls — Fresh paint can make the home look more inviting and modern ↑
• Both Replace the flooring — New flooring can improve both the resale and rental value ↑
• Both Upgrade the kitchen appliances — Upgraded appliances can attract more buyers and renters ↑
• Both Add a smart home system — Smart home features can increase the home's appeal and value ↑

ⓘ 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: North Polk Community School District
• NCES district ID: 1920910
• Math proficiency: 87% ▼ -2.00%
• Reading proficiency: 84% ▼ -3.00%
• Median HH income: $80,205
• Composite: 75.13/100
• National rank: #140
• State rank: #7 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): 30,283
• Household income: $99,572
• Rent vs Own: 25.5% rent · 74.5% own
• Severe rent burden: 472.0

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 (84%)
• Race & ethnicity: White 84% Hispanic / Latino 6% Black 5% Two or more races 4% Asian 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 5% Portuguese 4% Iranian 3%
• Foreign-born: 6% · Canada, South Korea, Jamaica
• Languages at home: 91% English-only · Spanish 5% Russian/Polish/Slavic 1% Other Asian/Pacific 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: ▼ -150.38%
• Current HPI: 208.945
• Rent YoY: ▲ 0.92%
• 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

-57.5% since first listed

5 events — show timeline

• 2026-04-08 Price Changed $237,990 Zillow
• 2026-04-07 Price Changed $237,990 DMMLS
• 2025-11-05 Listed $239,990 DMMLS
• 2025-10-31 Listed $239,990 Zillow
• 2025-03-11 Sold (Public Records) $560,000 Public Records