4337 NE Spear Ln · Ankeny, IA 50021

$229,990

3 bd · 3.0 ba · 1,511 sqft · Other · 9 Days on market

Built 2026 Good condition 1,170 sqft lot $175/mo HOA · 9% of rent ↓ 54% 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).

• Cash flow +8.3/30.0
• ARV discount +7.5/15.0
• Schools +7.1/10.0
• Livability +4.6/5.0
• Condition / age +4.0/5.0
• 1% rule +3.6/10.0
• Rent growth +2.7/5.0
• DSCR +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to the Sydney, a two-story townhome in Canyon Landing Townhomes - offering 3 bedrooms, 2.5 bathrooms, and 1,511 sq. ft. of thoughtfully designed space with appliances included. Step through the foyer into a bright, open-concept main level that flows seamlessly from the kitchen to the dining and great room, complete with a cozy electric fireplace. The kitchen shines with white cabinetry, stainless steel appliances, and a large island perfect for cooking and entertaining. Upstairs, the primary suite features a walk-in closet and en-suite with dual vanities and a walk-in shower. Two additional bedrooms with large closets, a full bathroom, and an upstairs laundry area provide flexibilit

Key facts

• Walk-in closet
• Large island
• White cabinetry

Tags

• OPEN-CONCEPT MAIN LEVEL
• COZY ELECTRIC FIREPLACE
• WHITE CABINETRY
• STAINLESS STEEL APPLIANCES
• LARGE ISLAND
• WALK-IN CLOSET

Property features AI

Finance

• HOA & community: Homeowners association (Canyon Landing Townhome HOA; managed by Edge Property Management); HOA fee $175 monthly; HOA covers insurance, grounds and structure maintenance, snow removal, and trash

Exterior

• Parking: Attached two-car garage
• Utilities: Public water; Public sewer
• Home design: Two-story new construction; Vinyl siding exterior; Builder: DR Horton; Concrete road frontage; Zoned R
• Construction: Shingle/asphalt roof; Poured slab foundation; New construction
• Exterior features: Sprinkler/irrigation system; Open patio

Interior

• Bathrooms: One full bathroom; Two three-quarter bathrooms
• Heating & cooling: Central air conditioning; Electric and gas heating with forced air
• Interior features: Electric fireplace

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath other listed at $230k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-210 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $200k (13.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $197k (14.4% below list).
• Recommended offer: $197k (14.4% below list) — sets the bar for 1% rule.
• Cap rate 5.2% 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; 708 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 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

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $196,761 (14.4% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.86% ✗
• Cap rate: 5.20%
• Cash-on-cash: -3.91%
• DSCR: 0.83
• GRM: 9.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -25.4%
• Equity multiple: 0.15×
• Total profit: $-54,540
• Equity at exit: $34,292

10-year hold

• IRR: -30.8%
• Equity multiple: -0.24×
• Total profit: $-80,035
• Equity at exit: $19,885

Cash invested: $64,397 (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: 9.7×

Monthly cashflow live

• Estimated rent: $1,968 medium
• Mortgage (P&I): −$1,206
• Tax est. 1.5%: −$287 /mo · $3,450/yr
• Insurance: −$96
• HOA: −$175
• Vacancy / Maint / Mgmt: −$413
• Net cashflow: $-210

Break-even live

Break-even rent $2,233

Max offer price $199,603

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: $57,498
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4342 NE Spear Ln Unit 4342 Ankeny, IA	3.0	2.5	1511	$1,850	$1.22	43d	1	0.04mi
4311 NE 16th St Ankeny, IA	4.0	2.5	1762	$2,395	$1.36	14d	1	0.27mi
604 NE Pearl Dr Ankeny, IA	3.0	2.0	1464	$2,395	$1.64	43d	1	0.35mi
221 NE Crossing Oaks Dr Ankeny, IA	4.0	2.5	1709	$2,195	$1.28	14d	1	0.46mi

HOA detail

• Monthly dues: $175 · $2,100/yr
• Likely covers: electric

Listing history 8 events

1. 2026-06-18
   days on market $229,990 Active 9 DOM
2. 2026-06-17
   days on market $229,990 Active 8 DOM
3. 2026-06-16
   days on market $229,990 Active 7 DOM
4. 2026-06-15
   days on market $229,990 Active 6 DOM
5. 2026-06-14
   days on market $229,990 Active 4 DOM
6. 2026-06-13
   days on market $229,990 Active 3 DOM
7. 2026-06-10
   remarks 699-char remark
8. 2026-06-10
   listed $229,990 Active 1 DOM

ⓘ 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: $23,611
• − Mortgage interest: −$12,883
• − Property taxes: −$3,450
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,889
• − Management: −$1,889
• − HOA: −$2,100
• − Depreciation: −$6,691
• Taxable loss: −$6,440
• Est. tax savings @ 24.0%: +$1,546
• After-tax cash flow: $-974/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 home is in excellent condition with a good condition score of 80. It is move-in ready with a cosmetic rehab level and no visible repairs or maintenance needed.

Value-add opportunities

• Both Painting the exterior — Enhances curb appeal and resale value
• Both Landscaping improvements — Enhances curb appeal and resale value
• Both Replace window treatments — Enhances curb appeal and resale value

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior — Enhances curb appeal and resale value ↑
• Both Landscaping improvements — Enhances curb appeal and resale value ↑
• Both Replace window treatments — Enhances curb appeal and resale 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: 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): 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

-53.5% since first listed

2 events — show timeline

• 2026-06-09 Listed $229,990 DMMLS
• 2024-10-02 Sold (Public Records) $495,000 Public Records