9125 Greenspire Dr #114 · West Des Moines, IA 50266

$219,900

3 bd · 2.5 ba · 1,525 sqft · Townhouse public records · 78 Days on market

Built 2010 1,383 sqft lot $144/sqft · 11% below area Est $247k · 11% under $260/mo HOA · 15% 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 +12.4/15.0
• Schools +7.1/10.0
• Cash flow +6.1/30.0
• Livability +4.4/5.0
• Rent growth +3.0/5.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• DSCR +0.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

3 bedroom, 3 bath located in convenient West Des Moines neighborhood with Waukee schools! The main floor has an open concept with family room, kitchen, and a half bath. Upstairs you find a beautiful primary suite with tray ceiling, walk in closet, and a private bath. You also have two more bedrooms, a separate laundry room, and another full bath. Move right in to this clean, well maintained townhome with new flooring and fresh paint throughout. Enjoy the convenience of the attached garage. All appliances stay! Your association even provides high speed internet!

Key facts

• Open concept
• Private bath
• Primary suite

Tags

• OPEN CONCEPT
• PRIMARY SUITE
• WALK IN CLOSET
• PRIVATE BATH
• SEPARATE LAUNDRY ROOM
• NEW FLOORING

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $220k.

Deal economics

• At list price, monthly cash flow is $-408 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $148k (32.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $174k (20.7% below list).
• Recommended offer: $148k (32.8% below list) — sets the bar for cash-flow.
• Cap rate 4.1% vs local median 2.5% in West Des Moines — 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 87/100 on livability (#11 in IA, #336 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, cost of living A+; Watch: 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 (+1.9%/yr); 588 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 78 days — a 6% lower offer ($207k) 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 $147,770 (32.8% 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 78 days. Have you received any prior offers? Is the seller open to a 33% 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: 0.79% ✗
• Cap rate: 4.06%
• Cash-on-cash: -7.96%
• DSCR: 0.65
• GRM: 10.5

CMA / ARV

• ARV (median comp): $247,021
• List price: $219,900
• Delta: -10.98%
• 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
9165 Greenspire Dr #104	0.04mi	3/2.5	1,680 (+10%)	2mo	$260,000	$155	80
9205 Greenspire Dr #3	0.09mi	2/1.5 (-1)	1,395 (-8%)	1mo	$215,000	$154	72
1880 SE Ashleaf Cir	0.41mi	3/2.5	1,443 (-5%)	3mo	$365,000	$253	70
1815 SE Hickory Cir	0.41mi	2/2.0 (-1)	1,408 (-8%)	1mo	$298,000	$212	60
9656 Heightsview Dr	0.47mi	3/3.0	1,319 (-14%)	0mo	$285,000	$216	53
9138 Canyon St	0.72mi	3/3.0	1,421 (-7%)	1mo	$440,000	$310	52
9773 Turnpoint Dr	0.58mi	3/3.0	1,339 (-12%)	0mo	$265,900	$199	50
9732 Crowning Dr	0.53mi	3/3.0	1,306 (-14%)	0mo	$283,000	$217	49
8601 Westown Pkwy #13108	0.71mi	3/2.5	1,351 (-11%)	1mo	$201,000	$149	47
9146 Canyon St	0.71mi	3/3.0	1,726 (+13%)	2mo	$460,000	$267	41
8601 Westown Pkwy #24104	0.71mi	2/2.5 (-1)	1,331 (-13%)	2mo	$197,000	$148	38
8601 Westown Pkwy #30106	0.71mi	2/3.0 (-1)	1,356 (-11%)	3mo	$206,000	$152	38

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 · 1.94% rent growth · sell at horizon

5-year hold

• IRR: -31.6%
• Equity multiple: -0.03×
• Total profit: $-63,290
• Equity at exit: $32,788

10-year hold

• IRR: -42.5%
• Equity multiple: -0.55×
• Total profit: $-95,221
• Equity at exit: $19,013

Cash invested: $61,572 (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 50266

• Home prices YoY: -17.5%
• Rents YoY: 1.9%
• Active inventory: 588
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $1,745 high
• Mortgage (P&I): −$1,153
• Tax from tax record: −$282 /mo · $3,382/yr
• Insurance: −$92
• HOA: −$260
• Vacancy / Maint / Mgmt: −$366
• Net cashflow: $-408

Break-even live

Break-even rent $2,262

Max offer price $147,770

Occupancy floor —

Sensitivity live

Price	-10% $-284	-5% $-346	+0% $-408	+5% $-471	+10% $-533
Rent	-10% $-546	-5% $-477	+0% $-408	+5% $-339	+10% $-270
Rate	-1.0pp $-298	-0.5pp $-352	base $-408	+0.5pp $-465	+1.0pp $-523

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9065 Greenspire Dr #103 West Des Moines, IA	3.0	2.5	1525	$1,695	$1.11	24d	1	0.03mi
9055 Coneflower Dr #106 West Des Moines, IA	2.0	2.5	1510	$1,850	$1.23	15d	1	0.06mi
9160 Greenspire Dr #108 West Des Moines, IA	2.0	2.5	1526	$1,550	$1.02	15d	1	0.08mi
1695 SE Olson Dr Waukee, IA	4.0	3.0	1739	$2,495	$1.43	15d	1	0.62mi
8601 Westown Pkwy West Des Moines, IA	2.0–3.0	2.0	1099	$1,395	$1.27	24d	1	0.76mi
1284 SE Brownstone Way Waukee, IA	2.0	2.5	1254	$1,700	$1.36	24d	1	0.81mi
9068 Hayden Dr Waukee, IA	3.0	2.0	1461	$2,295	$1.57	15d	1	0.82mi
1276 SE Brownstone Way Waukee, IA	2.0	2.5	1254	$1,700	$1.36	45d	1	0.82mi
1422 SE Emerald Dr Waukee, IA	2.0–3.0	2.0–2.5	1312	$1,800	$1.37	22d	4	0.83mi
8302 Westown Pkwy #2107 West Des Moines, IA	2.0	1.5	1056	$1,495	$1.42	45d	1	0.90mi
1439 SE Superior Ln Waukee, IA	2.0	2.5	1201	$1,800	$1.50	24d	1	0.91mi
8602 Westown Pkwy West Des Moines, IA	2.0–3.0	2.0	1222	$1,378	$1.13	15d	9	0.93mi
2295 SE Glacier Trl Waukee, IA	1.0–2.0	1.0–2.0	870	$1,550	$1.78	24d	1	0.94mi
425 SE Waco Pl Waukee, IA	3.0	2.5	1816	$2,250	$1.24	22d	1	1.10mi
1150 SE Olson Dr Waukee, IA	1.0–3.0	1.0–2.0	1076	$1,531	$1.42	15d	47	1.13mi
266 SE Boulder Ct Waukee, IA	3.0	2.0	1263	$1,750	$1.39	45d	1	1.20mi
260 SE Waco Pl Waukee, IA	3.0	2.0	1263	$1,795	$1.42	20d	1	1.22mi
730 SE Booth Ave Waukee, IA	4.0	2.5	2163	$2,600	$1.20	15d	1	1.37mi

HOA detail

• Monthly dues: $260 · $3,120/yr
• Likely covers: internet

Listing history 32 events

1. 2026-06-21
   days on market $219,900 Active 78 DOM
2. 2026-06-18
   days on market $219,900 Active 75 DOM
3. 2026-06-17
   days on market $219,900 Active 74 DOM
4. 2026-06-16
   days on market $219,900 Active 73 DOM
5. 2026-06-15
   days on market $219,900 Active 72 DOM
6. 2026-06-14
   days on market $219,900 Active 70 DOM
7. 2026-06-13
   days on market $219,900 Active 69 DOM
8. 2026-06-10
   days on market $219,900 Active 67 DOM
9. 2026-06-09
   days on market $219,900 Active 66 DOM
10. 2026-06-08
    days on market $219,900 Active 65 DOM
11. 2026-06-07
    days on market $219,900 Active 64 DOM
12. 2026-06-05
    days on market $219,900 Active 61 DOM
13. 2026-06-03
    days on market $219,900 Active 60 DOM
14. 2026-06-02
    days on market $219,900 Active 59 DOM
15. 2026-06-01
    days on market $219,900 Active 58 DOM
16. 2026-05-31
    days on market $219,900 Active 57 DOM
17. 2026-05-31
    days on market $219,900 Active 56 DOM
18. 2026-05-17
    price $219,900 567-char remark

    Show marketing remark (567 chars)

    3 bedroom, 3 bath located in convenient West Des Moines neighborhood with Waukee schools! The main floor has an open concept with family room, kitchen, and a half bath. Upstairs you find a beautiful primary suite with tray ceiling, walk in closet, and a private bath. You also have two more bedrooms, a separate laundry room, and another full bath. Move right in to this clean, well maintained townhome with new flooring and fresh paint throughout. Enjoy the convenience of the attached garage. All appliances stay! Your association even provides high speed internet!

19. 2026-04-04
    listed $224,900 Active 567-char remark

    Show marketing remark (567 chars)

    3 bedroom, 3 bath located in convenient West Des Moines neighborhood with Waukee schools! The main floor has an open concept with family room, kitchen, and a half bath. Upstairs you find a beautiful primary suite with tray ceiling, walk in closet, and a private bath. You also have two more bedrooms, a separate laundry room, and another full bath. Move right in to this clean, well maintained townhome with new flooring and fresh paint throughout. Enjoy the convenience of the attached garage. All appliances stay! Your association even provides high speed internet!

20. 2024-03-14
    historical $1,700
21. 2024-02-29
    historical $1,700
22. 2024-02-20
    price $1,700
23. 2023-12-08
    listed $1,800
24. 2023-11-17
    price $1,800
25. 2023-11-16
    listed $1,750
26. 2022-08-22
    soldstatus $222,500
27. 2022-08-18
    soldstatus $222,250 Closed 1013-char remark

    Show marketing remark (1013 chars)

    Hard to find move in ready townhome with a perfect West Des Moines location! The main level open floor plan features the family room, dining area, eat-kitchen with stainless steel appliances, and half bath. Upstairs you’ll find a large master bedroom with tray ceiling, partial bath and walk-in closet. Rounding out the upper level are two additional bedrooms a full bath and laundry room. The attached two car garage easily fits two vehicles with plenty of room for additional storage. Updates include new flooring on the main level, laundry room and bathrooms. Homeowner association takes care of all lawn maintenance (including automatic sprinklers), snow removal and high speed Internet! The community has a pond with fountain and a play area for the kids. A major plus is the high efficiency Lennox heat pump system that saves you big on energy bills and the Waukee School District. With close proximity to all your daily activities and easy access to the interstate this would be an amazing next home.

28. 2022-07-11
    status Pending 1013-char remark

    Show marketing remark (1013 chars)

    Hard to find move in ready townhome with a perfect West Des Moines location! The main level open floor plan features the family room, dining area, eat-kitchen with stainless steel appliances, and half bath. Upstairs you’ll find a large master bedroom with tray ceiling, partial bath and walk-in closet. Rounding out the upper level are two additional bedrooms a full bath and laundry room. The attached two car garage easily fits two vehicles with plenty of room for additional storage. Updates include new flooring on the main level, laundry room and bathrooms. Homeowner association takes care of all lawn maintenance (including automatic sprinklers), snow removal and high speed Internet! The community has a pond with fountain and a play area for the kids. A major plus is the high efficiency Lennox heat pump system that saves you big on energy bills and the Waukee School District. With close proximity to all your daily activities and easy access to the interstate this would be an amazing next home.

29. 2022-07-11
    price $225,000 1013-char remark

    Show marketing remark (1013 chars)

    Hard to find move in ready townhome with a perfect West Des Moines location! The main level open floor plan features the family room, dining area, eat-kitchen with stainless steel appliances, and half bath. Upstairs you’ll find a large master bedroom with tray ceiling, partial bath and walk-in closet. Rounding out the upper level are two additional bedrooms a full bath and laundry room. The attached two car garage easily fits two vehicles with plenty of room for additional storage. Updates include new flooring on the main level, laundry room and bathrooms. Homeowner association takes care of all lawn maintenance (including automatic sprinklers), snow removal and high speed Internet! The community has a pond with fountain and a play area for the kids. A major plus is the high efficiency Lennox heat pump system that saves you big on energy bills and the Waukee School District. With close proximity to all your daily activities and easy access to the interstate this would be an amazing next home.

30. 2022-07-07
    listed $220,000 Active 1013-char remark

    Show marketing remark (1013 chars)

    Hard to find move in ready townhome with a perfect West Des Moines location! The main level open floor plan features the family room, dining area, eat-kitchen with stainless steel appliances, and half bath. Upstairs you’ll find a large master bedroom with tray ceiling, partial bath and walk-in closet. Rounding out the upper level are two additional bedrooms a full bath and laundry room. The attached two car garage easily fits two vehicles with plenty of room for additional storage. Updates include new flooring on the main level, laundry room and bathrooms. Homeowner association takes care of all lawn maintenance (including automatic sprinklers), snow removal and high speed Internet! The community has a pond with fountain and a play area for the kids. A major plus is the high efficiency Lennox heat pump system that saves you big on energy bills and the Waukee School District. With close proximity to all your daily activities and easy access to the interstate this would be an amazing next home.

31. 2010-08-13
    soldstatus $133,635
32. 2010-02-10
    listed $134,900

ⓘ 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: $3,382 · $282/mo
• Projected year-2 tax: $3,417 · $285/mo
• Expected delta: +$35/yr (+$3/mo · 1.0%)

ⓘ 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 ≥103°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: $20,937
• − Mortgage interest: −$12,318
• − Property taxes: −$3,382
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,675
• − Management: −$1,675
• − HOA: −$3,120
• − Depreciation: −$6,397
• Taxable loss: −$8,730
• Est. tax savings @ 24.0%: +$2,095
• After-tax cash flow: $-2,805/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 — West Des Moines

• Score: 87/100
• State rank: #11
• US rank: #336

Category grades

Amenities A+ Commute F Cost of living A+ Crime B+ Employment A Housing A+ Health & safety A+ User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Des Moines, IA
• County: Dallas County · 77,082 people
• City population: 71,011
• Metro: Des Moines-West Des Moines, IA
• Population (ZIP): 37,523
• Household income: $87,025
• Rent vs Own: 50.2% rent · 49.8% own
• Severe rent burden: 1561.0

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 (80%)
• Race & ethnicity: White 80% Asian 8% Two or more races 6% Hispanic / Latino 5% Black 3%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Portuguese 5% Italian 3% Iranian 2%
• Foreign-born: 12% · Canada, South Korea, Vietnam
• Languages at home: 86% English-only · Spanish 4% Other Asian/Pacific 3% Other Indo-European 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: ▼ -43.24%
• Current HPI: 203.6979
• Rent YoY: ▲ 1.94%
• 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

+63.0% since first listed

15 events — show timeline

• 2026-05-17 Price Changed $219,900 DMMLS
• 2026-04-04 Listed $224,900 DMMLS
• 2024-03-14 Rental Removed $1,700 APPFOLIO
• 2024-02-29 Rental Removed $1,700 RENT.
• 2024-02-20 Price Changed $1,700 RENT.
• 2023-12-08 Listed for Rent $1,800 RENT.
• 2023-11-17 Price Changed $1,800 APPFOLIO
• 2023-11-16 Listed for Rent $1,750 APPFOLIO
• 2022-08-22 Sold (Public Records) $222,500 Public Records
• 2022-08-18 Sold (MLS) $222,250 DMMLS
• 2022-07-11 Pending — DMMLS
• 2022-07-11 Price Changed $225,000 DMMLS
• 2022-07-07 Listed $220,000 DMMLS
• 2010-08-13 Sold (MLS) $133,635 DMMLS
• 2010-02-10 Listed $134,900 DMMLS

Property tax history

+2.9%/yr

Latest (2025): $3,382 · +1.9% YoY. Source: county tax records.