426 S Ankeny Blvd · Ankeny, IA 50023

$239,900

5 bd · 1.5 ba · 1,543 sqft · SingleFamily public records · 68 Days on market

Built 1942 0.26 ac lot Est $302k · 21% under

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Why this score? — see what drove the C- 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 +15.0/15.0
• Cash flow +12.1/30.0
• Schools +7.1/10.0
• Livability +4.6/5.0
• DSCR +3.6/10.0
• 1% rule +3.5/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

5 BR, 1.5 bath home plus 24 x 24 garage. Newer HVAC (approx. 7/8 years old per previous owner), replacement windows, shingles (2020), gutters 2022 (garage and back of home with leaf guards), kitchen, electrical box, some plumb lines, and updated bathrooms in recent years. Residential or commercial? Currently used as residential within C-2 zoning w/ small piece of R-1 zoning. As residential, lots of bedrooms, two living room areas with one featuring updated brick fireplace + wood mantle. 2 bedrooms w/ o closets. Current rental certificate for 5 BR home. CURRENTLY USED AS RESIDENTIAL. LOCATED IN THE SOUTH ANKENY BOULEVARD CORRIDOR WHERE THE CITY IS CURRENTLY LOOKING TO REVITALIZE THE COMMERCI

Key facts

• C-2 zoning
• Updated bathrooms
• Newer hvac

Tags

• NEWER HVAC
• REPLACEMENT WINDOWS
• UPDATED BATHROOMS
• UPDATED BRICK FIREPLACE
• C-2 ZONING
• R-1 ZONING

What this means for you Summary

Snapshot

• This is a 5-bed/1.5-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $-53 ($-640/yr) — negative.
• To cash-flow at today's rent, offer at most $230k (3.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $203k (15.2% below list).
• Recommended offer: $203k (15.2% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 3.0% 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: 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: 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; high-income renter base; 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 68 days — a 6% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 12y ago; this cycle's ask has dropped $25k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $203,362 (15.2% 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 68 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
8. 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.
9. 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: 0.85% ✗
• Cap rate: 6.03%
• Cash-on-cash: -0.95%
• DSCR: 0.96
• GRM: 9.8

CMA / ARV

• ARV (on-the-fly): $302,428
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
426 S Ankeny Blvd	0.00mi	5/1.5	1,543 (0%)	0mo	$229,000	$148	100
318 SW Pleasant St	0.23mi	4/1.0 (-1)	1,521 (-1%)	20mo	$210,000	$138	63
322 SE 10th St	0.50mi	4/1.5 (-1)	1,704 (+10%)	7mo	$269,000	$158	49
318 NE Bel Aire Rd	0.62mi	4/2.5 (-1)	1,386 (-10%)	2mo	$295,000	$213	44
706 NW Logan St	0.72mi	4/3.5 (-1)	1,500 (-3%)	7mo	$300,000	$200	44
1113 SE Cortina Dr	0.71mi	4/1.5 (-1)	1,426 (-8%)	7mo	$285,000	$200	44
736 SE Richland Ct	0.68mi	4/2.5 (-1)	1,688 (+9%)	4mo	$330,000	$195	40
729 SE 3rd St	0.66mi	4/2.5 (-1)	1,660 (+8%)	10mo	$320,000	$193	39
314 SE Wanda Dr	0.66mi	4/1.5 (-1)	1,354 (-12%)	7mo	$292,000	$216	38
1110 SW Cherry St	0.69mi	4/2.5 (-1)	1,744 (+13%)	3mo	$414,000	$237	34
727 SE Richland Ct	0.66mi	5/2.5	1,754 (+14%)	11mo	$343,000	$196	33
818 SE Rio Cir	0.70mi	4/2.5 (-1)	1,763 (+14%)	12mo	$305,000	$173	25

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 · 0.75% rent growth · sell at horizon

5-year hold

• IRR: -20.4%
• Equity multiple: 0.30×
• Total profit: $-46,739
• Equity at exit: $35,770

10-year hold

• IRR: -19.5%
• Equity multiple: 0.07×
• Total profit: $-62,603
• Equity at exit: $20,742

Cash invested: $67,172 (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: 498
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $2,034 medium
• Mortgage (P&I): −$1,258
• Tax from tax record: −$302 /mo · $3,622/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$427
• Net cashflow: $-53

Break-even live

Break-even rent $2,101

Max offer price $230,485

Occupancy floor 98%

Sensitivity live

Price	-10% $83	-5% $15	+0% $-53	+5% $-121	+10% $-189
Rent	-10% $-214	-5% $-134	+0% $-53	+5% $27	+10% $107
Rate	-1.0pp $68	-0.5pp $8	base $-53	+0.5pp $-115	+1.0pp $-179

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Listing history 39 events

1. 2026-02-11
   status Pending
2. 2026-02-02
   price $239,900
3. 2026-01-16
   price $247,333
4. 2026-01-05
   price $250,000
5. 2025-12-30
   price $255,000
6. 2025-12-20
   price $255,900
7. 2025-12-12
   price $259,900
8. 2025-12-05
   listed $265,000 Active
9. 2025-12-05
   historical
10. 2025-11-19
    listed $265,000 Active
11. 2024-11-18
    historical $1,895
12. 2024-11-14
    historical
13. 2024-11-13
    price $1,895
14. 2024-11-10
    price $260,000
15. 2024-11-07
    price $269,500
16. 2024-11-07
    listed $269,500 Active
17. 2024-10-25
    listed $1,995
18. 2024-10-23
    historical
19. 2024-10-19
    price $270,000
20. 2024-10-14
    price $275,000
21. 2024-10-07
    price $279,850
22. 2024-10-05
    price $285,000
23. 2024-10-04
    price $288,888
24. 2024-10-03
    price $294,444
25. 2024-10-03
    status Active
26. 2024-09-25
    listed $300,000 Active
27. 2024-08-29
    historical
28. 2024-08-28
    listed $310,000 Active
29. 2022-06-23
    soldstatus $220,200 Closed
30. 2022-06-23
    soldstatus $220,200
31. 2022-06-01
    status Pending
32. 2022-05-31
    price $227,000
33. 2022-05-31
    listed $22,700 Active
34. 2022-05-31
    listed $227,000
35. 2015-11-03
    soldstatus $110,000
36. 2015-10-30
    soldstatus $110,000
37. 2015-06-05
    listed $135,000
38. 2015-05-11
    historical
39. 2014-11-10
    listed $180,000

ⓘ 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: $3,622 · $302/mo
• Projected year-2 tax: $3,694 · $308/mo
• Expected delta: +$72/yr (+$6/mo · 2.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°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: $24,403
• − Mortgage interest: −$13,438
• − Property taxes: −$3,622
• − Insurance: −$1,200
• − Repairs & maintenance: −$1,952
• − Management: −$1,952
• − Depreciation: −$6,979
• Taxable loss: −$4,740
• Est. tax savings @ 24.0%: +$1,138
• After-tax cash flow: $498/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

+33.3% since first listed

39 events — show timeline

• 2026-02-11 Pending — DMMLS
• 2026-02-02 Price Changed $239,900 DMMLS
• 2026-01-16 Price Changed $247,333 DMMLS
• 2026-01-05 Price Changed $250,000 DMMLS
• 2025-12-30 Price Changed $255,000 DMMLS
• 2025-12-20 Price Changed $255,900 DMMLS
• 2025-12-12 Price Changed $259,900 DMMLS
• 2025-12-05 Listing Removed — DMMLS
• 2025-12-05 Listed $265,000 DMMLS
• 2025-11-19 Listed $265,000 DMMLS
• 2024-11-18 Rental Removed $1,895 SHOWMOJO
• 2024-11-14 Listing Removed — DMMLS
• 2024-11-13 Price Changed $1,895 SHOWMOJO
• 2024-11-10 Price Changed $260,000 DMMLS
• 2024-11-07 Price Changed $269,500 DMMLS
• 2024-11-07 Listed $269,500 DMMLS
• 2024-10-25 Listed for Rent $1,995 SHOWMOJO
• 2024-10-23 Listing Removed — DMMLS
• 2024-10-19 Price Changed $270,000 DMMLS
• 2024-10-14 Price Changed $275,000 DMMLS
• 2024-10-07 Price Changed $279,850 DMMLS
• 2024-10-05 Price Changed $285,000 DMMLS
• 2024-10-04 Price Changed $288,888 DMMLS
• 2024-10-03 Price Changed $294,444 DMMLS
• 2024-10-03 Relisted — DMMLS
• 2024-09-25 Listed $300,000 DMMLS
• 2024-08-29 Listing Removed — DMMLS
• 2024-08-28 Listed $310,000 DMMLS
• 2022-06-23 Sold (MLS) $220,200 CIBOR
• 2022-06-23 Sold (MLS) $220,200 DMMLS
• 2022-06-01 Pending — DMMLS
• 2022-05-31 Price Changed $227,000 DMMLS
• 2022-05-31 Listed $227,000 CIBOR
• 2022-05-31 Listed $22,700 DMMLS
• 2015-11-03 Sold (Public Records) $110,000 Public Records
• 2015-10-30 Sold (MLS) $110,000 DMMLS
• 2015-06-05 Listed $135,000 DMMLS
• 2015-05-11 Listing Removed — DMMLS
• 2014-11-10 Listed $180,000 DMMLS

Property tax history

+3.5%/yr

Latest (2025): $3,622 · +2.0% YoY. Source: county tax records.