3400 SE Glenstone Dr #4 · Grimes, IA 50111

$139,900

2 bd · 2.0 ba · 986 sqft · Other public records · 11 Days on market

Built 2006 $155/mo HOA · 12% 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).

• Cash flow +10.7/30.0
• ARV discount +7.5/15.0
• Schools +6.9/10.0
• 1% rule +4.2/10.0
• Livability +4.0/5.0
• DSCR +3.1/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this well-maintained 2 bedroom, 2 bathroom ground-level condo offering easy, low-maintenance living in a convenient Grimes location. The open floor plan provides comfortable living space, while the ground-level access eliminates stairs for added convenience. HOA dues include internet, lawn care, snow removal, exterior maintenance, and common area upkeep. Enjoy being just steps from Glenstone Park featuring a playground, basketball court, shelter house, and green space. Conveniently located near shopping, restaurants, and quick access to Highway 141.

Key facts

• Ground level access
• Glenstone park
• Basketball court

Tags

• GROUND LEVEL ACCESS
• GLENSTONE PARK
• PLAYGROUND
• BASKETBALL COURT
• QUICK ACCESS TO HIGHWAY 141

Property features AI

Finance

• Financial info: Pets allowed with breed restrictions
• HOA & community: Homeowners association (The Reserve at Glenstone / Haverkamp Properties) with a $155 monthly fee

Exterior

• Parking: Detached one-car garage
• Utilities: Public water; Public sewer
• Home design: Resale property
• Construction: Vinyl siding; Asphalt shingle roof
• Exterior features: Open patio

Interior

• Kitchen: Dishwasher; Microwave; Stove; Refrigerator
• Bedrooms: 2 main-level bedrooms
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Central air conditioning; Forced air heating; Electric heating; Natural gas heating
• Interior features: Gas log fireplace (1)
• Laundry & utility: Washer; Dryer; Laundry on main level

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath other listed at $140k.

Deal economics

• At list price, monthly cash flow is $-65 ($-785/yr) — negative.
• To cash-flow at today's rent, offer at most $128k (8.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $129k (8.1% below list).
• Recommended offer: $128k (8.3% below list) — sets the bar for cash-flow.
• Cap rate 5.7% vs local median 2.3% in Grimes — 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 79/100 on livability (#106 in IA, #2,080 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F.
• Johnston Community School District (suburban): math 78% / reading 78% proficiency, ranked #24 of 289 in IA (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Horizon Elementary (math 71% / reading 67%, grade A-, #263 of 616 statewide, top 43%, 647 students, 36% FRL); Summit Middle School (math 80% / reading 77%, grade A+, #44 of 246 statewide, top 19%, 1,112 students, 27% FRL); Johnston Senior High School (math 76% / reading 79%, grade A-, #56 of 336 statewide, top 17%, 1,790 students, 23% FRL).
• Market conditions: Rents flat; 329 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 2,953 units permitted in Polk County in 2024 (540 in 5+ unit buildings).
• This rent is only 13% of the median local income ($121k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k 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 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $87k; list at $140k implies a 61% gain — meaningful room to come down on a strong offer.

Recommended offer $128,340 (8.3% 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. 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: 0.92% ✗
• Cap rate: 5.73%
• Cash-on-cash: -2.00%
• DSCR: 0.91
• GRM: 9.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.71% rent growth · sell at horizon

5-year hold

• IRR: -22.5%
• Equity multiple: 0.24×
• Total profit: $-29,643
• Equity at exit: $20,860

10-year hold

• IRR: -24.7%
• Equity multiple: -0.08×
• Total profit: $-42,164
• Equity at exit: $12,096

Cash invested: $39,172 (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 50111

• Home prices YoY: -11.1%
• Rents YoY: 0.7%
• Active inventory: 329
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,285 high
• Mortgage (P&I): −$734
• Tax from tax record: −$134 /mo · $1,606/yr
• Insurance: −$58
• HOA: −$155
• Vacancy / Maint / Mgmt: −$270
• Net cashflow: $-65

Break-even live

Break-even rent $1,368

Max offer price $128,340

Occupancy floor —

Sensitivity live

Price	-10% $14	-5% $-26	+0% $-65	+5% $-105	+10% $-145
Rent	-10% $-167	-5% $-116	+0% $-65	+5% $-15	+10% $36
Rate	-1.0pp $5	-0.5pp $-30	base $-65	+0.5pp $-102	+1.0pp $-139

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6030 Bremen Ct #13 Johnston, IA	2.0	2.0	1014	$1,195	$1.18	46d	1	0.66mi
10320 Norfolk Dr #4 Johnston, IA	2.0	2.0	1014	$1,345	$1.33	25d	1	0.67mi
10535 Norfolk Dr Johnston, IA	2.0–3.0	2.0	1099	$1,295	$1.18	46d	1	0.70mi
10516 Dorset Dr Unit 23 Johnston, IA	2.0	2.0	990	$1,290	$1.30	46d	1	0.74mi
9577 White Oak Ln Johnston, IA	2.0	2.0	970	$1,264	$1.30	16d	4	0.76mi
10457 Dorset Dr Unit 22 Johnston, IA	2.0	2.0	990	$1,290	$1.30	46d	1	0.79mi
10509 Dorset Dr Unit 6120-01 Johnston, IA	2.0	2.0	1014	$1,225	$1.21	46d	1	0.79mi
10509 Dorset Dr Unit 6120-23 Johnston, IA	2.0	2.0	1014	$1,175	$1.16	46d	1	0.79mi
10301 Dorset Dr Unit 01 Johnston, IA	2.0	2.0	990	$1,340	$1.35	46d	1	0.81mi
10141 Sutton Dr Urbandale, IA	2.0	1.0	864	$1,150	$1.33	46d	1	1.03mi
935 SE Silkwood Ln Grimes, IA	1.0–2.0	1.0–2.0	914	$1,436	$1.57	16d	27	1.41mi
8650 Crescent Chase Johnston, IA	2.0	2.0	950	$1,009	$1.06	16d	6	1.44mi

HOA detail

• Monthly dues: $155 · $1,860/yr
• Likely covers: internetlandscapingsnow removalexterior maint.

Listing history 8 events

1. 2026-06-21
   days on market $139,900 Active 11 DOM
2. 2026-06-18
   days on market $139,900 Active 8 DOM
3. 2026-06-17
   days on market $139,900 Active 7 DOM
4. 2026-06-16
   days on market $139,900 Active 6 DOM
5. 2026-06-15
   days on market $139,900 Active 5 DOM
6. 2026-06-14
   days on market $139,900 Active 3 DOM
7. 2026-06-13
   remarks 571-char remark
8. 2026-06-13
   listed $139,900 Active 2 DOM

ⓘ 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: $1,606 · $134/mo
• Projected year-2 tax: $1,901 · $158/mo
• Expected delta: +$295/yr (+$25/mo · 18.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $15,423
• − Mortgage interest: −$7,837
• − Property taxes: −$1,606
• − Insurance: −$700
• − Repairs & maintenance: −$1,234
• − Management: −$1,234
• − HOA: −$1,860
• − Depreciation: −$4,070
• Taxable loss: −$3,117
• Est. tax savings @ 24.0%: +$748
• After-tax cash flow: $-37/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: Johnston Community School District
• NCES district ID: 1915450
• Math proficiency: 78% ▼ -6.00%
• Reading proficiency: 78% ▼ -3.00%
• Median HH income: $85,758
• Composite: 69.43/100
• National rank: #309
• State rank: #24 of 289 in IA

Livability — Grimes

• Score: 79/100
• State rank: #106
• US rank: #2080

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: Grimes, IA
• County: Polk County · 453,298 people
• City population: 16,865
• Metro: Des Moines-West Des Moines, IA
• Population (ZIP): 16,865
• Household income: $120,769
• Rent vs Own: 28.3% rent · 71.7% own
• Severe rent burden: 249.0

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 (85%)
• Race & ethnicity: White 85% Hispanic / Latino 6% Two or more races 5% Asian 3% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 3% Italian 3% Iranian 2%
• Foreign-born: 6% · China, Canada
• Languages at home: 92% English-only · Other Asian/Pacific 3% Spanish 2% Other Indo-European 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: ▼ -30.93%
• Current HPI: 249.0614
• Rent YoY: ▲ 0.71%
• 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

+60.8% since first listed

2 events — show timeline

• 2026-06-10 Listed $139,900 DMMLS
• 2022-10-26 Sold (Public Records) $87,000 Public Records

Property tax history

+1.2%/yr

Latest (2025): $1,606 · +3.1% YoY. Source: county tax records.