Rio Plan · Waukee, IA 50263

$297,000

3 bd · 2.5 ba · 1,659 sqft · SingleFamily · 812 Days on market

$20/mo HOA · 1% of rent

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Why this score? — see what drove the F 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
• Livability +4.2/5.0
• Cash flow +3.9/30.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• 1% rule +0.2/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Destiny Homes presents their Rio floor plan. This plan features 3 bedrooms, 2.5 baths, and approximately 1600 square feet of finished space. Great open concept layout on the main level that features an 8 ft kitchen island and pantry, coat closet, electric fireplace, and large picture windows. There is a convenient drop zone and half bath located off the garage. The staircase leads to three large bedrooms upstairs, full bath and a laundry room. The primary suite includes a double vanity and walk-in closet. All Launch series homes are Energy Star rated & have a 2 year builder warranty. Striking the perfect balance between quality and efficiency, your path to homeownership starts right now! Ask about $2,000 in closing costs provided by preferred lender.

Key facts

• 2 parking spots
• Listed 812 days

🏗️ New construction. The $297,000 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $393,097.

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $297k.

Deal economics

• At list price, monthly cash flow is $-1k ($-13k/yr) — negative.
• To cash-flow at today's rent, offer at most $230k (22.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $204k (31.3% below list).
• Recommended offer: $204k (31.3% below list) — sets the bar for 1% rule.

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; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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 $3k of loan paydown is wiped out by about $12k 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 812 days — a 12% lower offer ($261k) is reasonable based on typical stale-listing flexibility.

Recommended offer $204,091 (31.3% 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 812 days. Have you received any prior offers? Is the seller open to a 31% 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: 0.52% ✗
• Cap rate: 2.86%
• Cash-on-cash: -12.26%
• DSCR: 0.45
• GRM: 16.1

CMA / ARV

• ARV (median comp): $393,097
• List price: $297,000
• Delta: -24.45%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
565 NW Rosemont Dr	0.40mi	3/2.0	1,660 (+0%)	1mo	$508,393	$306	79
405 NW Ryder Dr	0.11mi	4/3.0 (+1)	1,514 (-9%)	2mo	$509,900	$337	72
645 NW Rosemont Dr	0.44mi	3/2.0	1,613 (-3%)	2mo	$527,734	$327	71
645 NW Compass Ave	0.18mi	4/3.5 (+1)	1,562 (-6%)	2mo	$359,950	$230	71
555 NW Mosaic Ave	0.14mi	4/3.0 (+1)	1,819 (+10%)	1mo	$629,900	$346	69
645 NW Prairie Rose Ln	0.40mi	3/2.0	1,573 (-5%)	3mo	$387,500	$246	68
62 NW Pike Cir	0.47mi	3/2.5	1,566 (-6%)	2mo	$373,000	$238	67
540 NW Atlas Ln	0.05mi	4/3.0 (+1)	1,410 (-15%)	0mo	$399,900	$284	65
20 NE Badger Ln	0.58mi	4/2.5 (+1)	1,685 (+2%)	3mo	$375,000	$223	63
820 NW Prairie Rose Ln	0.56mi	4/3.0 (+1)	1,685 (+2%)	2mo	$636,194	$378	63
635 NW Compass Ave	0.17mi	4/3.0 (+1)	1,433 (-14%)	2mo	$374,900	$262	61
635 NW Rosemont Dr	0.44mi	4/3.0 (+1)	1,550 (-7%)	3mo	$489,900	$316	60

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: -40.2%
• Equity multiple: -0.25×
• Total profit: $-137,657
• Equity at exit: $58,612

10-year hold

• IRR: -73.3%
• Equity multiple: -1.01×
• Total profit: $-221,496
• Equity at exit: $33,988

Cash invested: $110,067 (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: 12.1×

Monthly cashflow live

• Estimated rent: $2,041 high
• Mortgage (P&I): −$2,061
• Tax est. 1.5%: −$491 /mo · $5,896/yr
• Insurance: −$164
• HOA: −$20
• Vacancy / Maint / Mgmt: −$429
• Net cashflow: $-1,124

Break-even live

Break-even rent $3,464

Max offer price $230,411

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: $98,274
• Closing costs: $11,793
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
284 NW Caspian Ct Waukee, IA	4.0	2.5	1605	$2,195	$1.37	14d	1	0.18mi
350 NW 6th St Waukee, IA	1.0–3.0	1.0–3.5	1163	$2,308	$1.98	14d	20	0.30mi
175 NW Common Pl Waukee, IA	1.0–3.0	1.0–2.5	929	$1,775	$1.91	14d	10	0.31mi
122 NW Pike Cir Waukee, IA	4.0	2.5	1809	$2,495	$1.38	44d	1	0.44mi
1036 NW Richmond Rd Waukee, IA	3.0	2.5	1450	$1,750	$1.21	23d	1	0.65mi
330 NE Cardinal Ln Waukee, IA	4.0	3.0	1492	$2,500	$1.68	44d	1	0.70mi
191 NW Lexington Dr Waukee, IA	1.0–2.0	1.0–2.0	911	$2,845	$3.12	14d	8	0.70mi
289 NW Charlestown Ln Waukee, IA	4.0	2.5	1767	$2,200	$1.25	44d	1	0.72mi
1008 Maple St Waukee, IA	2.0	2.5	1524	$1,875	$1.23	14d	1	0.76mi
324 NE Sandalwood Waukee, IA	2.0	2.0	1108	$1,400	$1.26	23d	1	0.77mi
307 NE Sandalwood Waukee, IA	2.0	2.0	1108	$1,550	$1.40	44d	1	0.79mi
293 NE Basswood Waukee, IA	2.0	2.0	1120	$1,345	$1.20	23d	1	0.81mi
386 NE Satinwood Waukee, IA	2.0	2.0	1056	$1,395	$1.32	44d	1	0.82mi
655 NW Williamsburg Ln Waukee, IA	4.0	2.5	1875	$2,445	$1.30	14d	1	0.97mi
1110 NW Sproul Dr Waukee, IA	4.0	3.0	2028	$2,800	$1.38	23d	1	0.98mi
500 NE Horizon Dr Waukee, IA	3.0	1.0–2.0	1027	$1,578	$1.54	14d	24	1.10mi
395 NW Blackberry St Waukee, IA	2.0	2.0	1349	$1,989	$1.47	14d	3	1.13mi
1283 NW Williamsburg Ln Unit 1 Waukee, IA	4.0	3.0	1410	$2,495	$1.77	14d	1	1.14mi
200 Corene Ave Waukee, IA	4.0	2.0	1410	$1,995	$1.41	19d	1	1.21mi
854 NE Phlox Ave Waukee, IA	3.0	3.0	1596	$1,750	$1.10	14d	1	1.34mi
856 NE Larkspur Ave Unit 1 Waukee, IA	3.0	2.5	1630	$1,800	$1.10	44d	1	1.34mi
869 NE Traverse Dr Waukee, IA	3.0	3.0	1868	$2,095	$1.12	14d	1	1.35mi
878 NE Traverse Dr Waukee, IA	3.0	3.0	1868	$2,050	$1.10	44d	1	1.35mi
835 NE Redwood Blvd Waukee, IA	2.0	2.0	1457	$2,235	$1.53	14d	3	1.38mi
940 10th St Waukee, IA	1.0–3.0	1.0–2.5	962	$1,795	$1.86	14d	79	1.41mi
714 NE Alice's Rd Unit 620 Waukee, IA	2.0	2.0	1095	$1,300	$1.19	44d	1	1.49mi

HOA detail

• Monthly dues: $20 · $240/yr
• Likely covers: electric

Listing history 17 events

1. 2026-06-18
   days on market $297,000 Active 812 DOM
2. 2026-06-17
   days on market $297,000 Active 811 DOM
3. 2026-06-16
   days on market $297,000 Active 810 DOM
4. 2026-06-15
   days on market $297,000 Active 809 DOM
5. 2026-06-14
   days on market $297,000 Active 807 DOM
6. 2026-06-13
   days on market $297,000 Active 806 DOM
7. 2026-06-10
   days on market $297,000 Active 804 DOM
8. 2026-06-09
   days on market $297,000 Active 803 DOM
9. 2026-06-08
   days on market $297,000 Active 802 DOM
10. 2026-06-07
    days on market $297,000 Active 801 DOM
11. 2026-06-05
    days on market $297,000 Active 798 DOM
12. 2026-06-03
    days on market $297,000 Active 797 DOM
13. 2026-06-02
    days on market $297,000 Active 796 DOM
14. 2026-06-01
    days on market $297,000 Active 795 DOM
15. 2026-05-31
    days on market $297,000 Active 794 DOM
16. 2026-05-31
    days on market $297,000 Active 793 DOM
17. 2024-03-28
    listed $297,000 Active 766-char remark

    Show marketing remark (766 chars)

    Destiny Homes presents their Rio floor plan. This plan features 3 bedrooms, 2.5 baths, and approximately 1600 square feet of finished space. Great open concept layout on the main level that features an 8 ft kitchen island and pantry, coat closet, electric fireplace, and large picture windows. There is a convenient drop zone and half bath located off the garage. The staircase leads to three large bedrooms upstairs, full bath and a laundry room. The primary suite includes a double vanity and walk-in closet. All Launch series homes are Energy Star rated & have a 2 year builder warranty. Striking the perfect balance between quality and efficiency, your path to homeownership starts right now! Ask about $2,000 in closing costs provided by preferred lender.

ⓘ 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: $24,491
• − Mortgage interest: −$22,020
• − Property taxes: −$5,896
• − Insurance: −$1,965
• − Repairs & maintenance: −$1,959
• − Management: −$1,959
• − HOA: −$240
• − Depreciation: −$11,436
• Taxable loss: −$20,985
• Est. tax savings @ 24.0%: +$5,036
• After-tax cash flow: $-8,455/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

1 event — show timeline

• 2024-03-28 Listed $297,000 Zillow