Aria Plan · Waukee, IA 50263

$360,000

5 bd · 3.0 ba · 2,628 sqft · SingleFamily · 809 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
• Cash flow +4.7/30.0
• Livability +4.2/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• 1% rule +0.7/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Destiny Homes presents the Aria plan within its attractive Launch series. The Aria features 5 bedrooms, 3 baths, a large 2nd floor loft area and approximately 2,600 square feet of gorgeous living space. The open concept main level features large picture windows, kitchen with quartz counters, center island & pantry PLUS a 5th bedroom/office/flex room. The second level includes the spacious primary suite with an oversized walk-in closet, 3 additional bedrooms each with walk in closets, and 2nd floor laundry. There is a 2nd upper level finish option that includes a jack and jill bath, soaker tup in master and ensuite bathroom for bedroom 4. The unfinished lower level has plenty of options for future finish and storage. 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 a preferred lender!

Key facts

• Energy star rated
• 2 parking spots
• Listed 809 days

Tags

• OPEN CONCEPT MAIN LEVEL
• ENERGY STAR RATED
• OVERSIZED WALK-IN CLOSET

🏗️ New construction. The $360,000 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $450,996.

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath single-family listed at $360k.

Deal economics

• At list price, monthly cash flow is $-1k ($-13k/yr) — negative.
• To cash-flow at today's rent, offer at most $289k (19.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $255k (29.1% below list).
• Recommended offer: $255k (29.1% 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: crime A+, employment A+, housing 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.
• Zoned schools: Shuler Elementary School (math 91% / reading 86%, grade A+, #12 of 616 statewide, top 2%, 658 students, 7% FRL); Waukee Middle School (math 83% / reading 81%, grade A+, #22 of 246 statewide, top 12%, 1,069 students, 12% FRL); Waukee High School (math 74% / reading 82%, grade A-, #53 of 336 statewide, top 16%, 1,268 students, 24% FRL) — zoned schools at 14% FRL track the district average.
• Market conditions: Rents rising (+1.8%/yr); 891 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $14k 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 809 days — a 12% lower offer ($317k) is reasonable based on typical stale-listing flexibility.

Recommended offer $255,269 (29.1% 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 809 days. Have you received any prior offers? Is the seller open to a 29% 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: 0.57% ✗
• Cap rate: 3.31%
• Cash-on-cash: -10.64%
• DSCR: 0.53
• GRM: 14.7

CMA / ARV

• ARV (median comp): $450,996
• List price: $360,000
• Delta: -20.18%
• 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
435 NW Ryder Dr	0.07mi	5/4.0	2,629 (0%)	2mo	$494,500	$188	91
445 NW Compass Ave	0.01mi	5/3.0	2,302 (-12%)	14mo	$425,000	$185	67
585 NW Rosemont Dr	0.37mi	5/3.5	2,302 (-12%)	1mo	$590,000	$256	59
355 NW Gracewood Dr	0.38mi	4/2.5 (-1)	2,503 (-5%)	12mo	$480,000	$192	57
255 NW Copperleaf Ct	0.56mi	6/3.5 (+1)	2,585 (-2%)	16mo	$680,841	$263	50
465 NW Gracewood Dr	0.39mi	4/4.0 (-1)	2,350 (-11%)	6mo	$465,000	$198	50
265 NW Lavelle Ct	0.26mi	4/3.5 (-1)	2,371 (-10%)	18mo	$433,416	$183	49
255 NW Montego Ct	0.62mi	5/3.5	2,478 (-6%)	13mo	$735,000	$297	48
660 NW Rosemont Dr	0.39mi	4/2.5 (-1)	2,753 (+5%)	23mo	$775,000	$282	47
270 NE Prairie Wolf Dr	0.74mi	4/3.5 (-1)	2,673 (+2%)	10mo	$460,000	$172	47
605 NW Rosemont Dr	0.38mi	4/2.5 (-1)	2,412 (-8%)	21mo	$659,583	$273	44
285 NW Woodmoor Dr	0.66mi	5/3.5	2,310 (-12%)	7mo	$576,585	$250	41

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: -36.9%
• Equity multiple: -0.17×
• Total profit: $-147,365
• Equity at exit: $67,245

10-year hold

• IRR: -61.1%
• Equity multiple: -0.84×
• Total profit: $-231,982
• Equity at exit: $38,994

Cash invested: $126,279 (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: 891
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $2,553 high
• Mortgage (P&I): −$2,365
• Tax est. 1.5%: −$564 /mo · $6,765/yr
• Insurance: −$188
• HOA: −$20
• Vacancy / Maint / Mgmt: −$536
• Net cashflow: $-1,120

Break-even live

Break-even rent $3,971

Max offer price $288,916

Occupancy floor —

Sensitivity live

Price	-10% $-808	-5% $-964	+0% $-1,120	+5% $-1,276	+10% $-1,432
Rent	-10% $-1,322	-5% $-1,221	+0% $-1,120	+5% $-1,019	+10% $-918
Rate	-1.0pp $-893	-0.5pp $-1,005	base $-1,120	+0.5pp $-1,237	+1.0pp $-1,356

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: $112,749
• Closing costs: $13,530
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
122 NW Pike Cir Waukee, IA	4.0	2.5	1809	$2,495	$1.38	45d	1	0.40mi
305 NW Morgan Ct Waukee, IA	5.0	3.5	2200	$2,595	$1.18	45d	1	0.40mi
289 NW Charlestown Ln Waukee, IA	4.0	2.5	1767	$2,200	$1.25	45d	1	0.77mi
655 NW Williamsburg Ln Waukee, IA	4.0	2.5	1875	$2,445	$1.30	16d	1	1.01mi
1110 NW Sproul Dr Waukee, IA	4.0	3.0	2028	$2,800	$1.38	25d	1	1.02mi

HOA detail

• Monthly dues: $20 · $240/yr

Listing history 18 events

1. 2026-06-21
   days on market $360,000 Active 809 DOM
2. 2026-06-18
   days on market $360,000 Active 806 DOM
3. 2026-06-17
   days on market $360,000 Active 805 DOM
4. 2026-06-16
   days on market $360,000 Active 804 DOM
5. 2026-06-15
   days on market $360,000 Active 803 DOM
6. 2026-06-14
   days on market $360,000 Active 801 DOM
7. 2026-06-13
   days on market $360,000 Active 800 DOM
8. 2026-06-10
   days on market $360,000 Active 798 DOM
9. 2026-06-09
   days on market $360,000 Active 797 DOM
10. 2026-06-08
    days on market $360,000 Active 796 DOM
11. 2026-06-07
    days on market $360,000 Active 795 DOM
12. 2026-06-05
    days on market $360,000 Active 792 DOM
13. 2026-06-03
    days on market $360,000 Active 791 DOM
14. 2026-06-02
    days on market $360,000 Active 790 DOM
15. 2026-06-01
    days on market $360,000 Active 789 DOM
16. 2026-05-31
    days on market $360,000 Active 788 DOM
17. 2026-05-31
    days on market $360,000 Active 787 DOM
18. 2024-04-03
    listed $360,000 Active 989-char remark

    Show marketing remark (989 chars)

    Destiny Homes presents the Aria plan within its attractive Launch series. The Aria features 5 bedrooms, 3 baths, a large 2nd floor loft area and approximately 2,600 square feet of gorgeous living space. The open concept main level features large picture windows, kitchen with quartz counters, center island & pantry PLUS a 5th bedroom/office/flex room. The second level includes the spacious primary suite with an oversized walk-in closet, 3 additional bedrooms each with walk in closets, and 2nd floor laundry. There is a 2nd upper level finish option that includes a jack and jill bath, soaker tup in master and ensuite bathroom for bedroom 4. The unfinished lower level has plenty of options for future finish and storage. 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 a 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: $30,632
• − Mortgage interest: −$25,263
• − Property taxes: −$6,765
• − Insurance: −$2,255
• − Repairs & maintenance: −$2,451
• − Management: −$2,451
• − HOA: −$240
• − Depreciation: −$13,120
• Taxable loss: −$21,911
• Est. tax savings @ 24.0%: +$5,259
• After-tax cash flow: $-8,182/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

• 2024-04-03 Listed $360,000 Zillow