1511 SE Summer Park Dr · Ankeny, IA 50021

$69,900

3 bd · 2.0 ba · 1,216 sqft · Manufactured · 6 Days on market

Built 2026 Good condition

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Why this score? — see what drove the B+ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +7.1/10.0
• Livability +4.6/5.0
• Condition / age +4.0/5.0
• Rent growth +2.7/5.0
• Appreciation +0.0/10.0

Listing remarks

Just hitting the market, this beautifully remodeled 3 bedroom, 2 bathroom manufactured home in the desirable Autumn Ridge community in Ankeny offers the perfect blend of comfort, style, and convenience. From the moment you step inside, you will appreciate the fresh updates, modern finishes, and inviting layout designed for everyday living. The spacious floor plan provides plenty of room for entertaining guests, working from home, or simply relaxing in comfort. The updated kitchen and living areas create a warm and welcoming atmosphere, while the primary suite offers a private retreat with its own full bath. Located in a quiet and well maintained community, this home is just minutes from sho

Key facts

• Updated kitchen
• Private retreat
• Quiet community

Tags

• REMODELED MANUFACTURED HOME
• UPDATED KITCHEN
• PRIVATE RETREAT
• QUIET COMMUNITY
• MINUTES FROM SHOPPING

Property features AI

Finance

• Financial info: List price: $69,900; Spec inventory (new construction)

Exterior

• Home design: Single-section home; 3 bed, 2 bath plan
• Exterior features: Living area: 1216

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 bathrooms
• Interior features: Dishwasher; Disposal; Refrigerator

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $70k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $696 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Cap rate 18.2% 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; 712 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,953 units permitted in Polk County in 2024 (540 in 5+ unit buildings).
• This rent is only 18% of the median local income ($100k/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 $483 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 0.9% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $69,900

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 2.13% ✓
• Cap rate: 18.23%
• Cash-on-cash: 42.65%
• DSCR: 2.90
• GRM: 3.9

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: 37.0%
• Equity multiple: 2.53×
• Total profit: $29,939
• Equity at exit: $10,422

10-year hold

• IRR: 42.6%
• Equity multiple: 4.64×
• Total profit: $71,168
• Equity at exit: $6,044

Cash invested: $19,572 (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 50021

• Rents YoY: 0.9%
• Active inventory: 712
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,492 high
• Mortgage (P&I): −$367
• Tax est. 1.5%: −$87 /mo · $1,048/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$313
• Net cashflow: $696

Break-even live

Break-even rent $611

Max offer price $69,900

Occupancy floor 48%

Sensitivity live

Price	-10% $744	-5% $720	+0% $696	+5% $671	+10% $647
Rent	-10% $578	-5% $637	+0% $696	+5% $755	+10% $813
Rate	-1.0pp $731	-0.5pp $713	base $696	+0.5pp $677	+1.0pp $659

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1961 Four Seasons Dr Unit 172 Ankeny, IA	3.0	2.0	1216	$1,449	$1.19	44d	1	0.30mi
2001 Summer Park Dr Unit 140 Ankeny, IA	3.0	2.0	1196	$1,549	$1.30	24d	1	0.31mi
2130 Four Seasons Dr Unit 36 Ankeny, IA	3.0	2.0	1408	$1,479	$1.05	24d	1	0.37mi
1102 SE Belmont Dr Ankeny, IA	2.0	1.0	850	$995	$1.17	44d	1	0.46mi
2131 Windover Dr Unit B20 Ankeny, IA	3.0	2.0	1216	$1,449	$1.19	15d	1	0.50mi
548 SW Heritage Ln Ankeny, IA	3.0	2.5	1500	$800	$0.53	24d	1	0.65mi
602 SE Grant St Apt 3 Ankeny, IA	2.0	1.0	792	$825	$1.04	44d	1	0.88mi
602 SE Grant St Unit 06 Ankeny, IA	2.0	1.0	792	$825	$1.04	20d	1	0.88mi
1155 SW Prairie Trail Pkwy Ankeny, IA	1.0–2.0	1.0–2.0	837	$1,900	$2.27	15d	69	1.01mi
1010 SW Magazine Rd Ankeny, IA	1.0–2.0	1.0–2.0	1080	$3,015	$2.79	15d	56	1.03mi
1205 SW Merchant St Ankeny, IA	1.0–2.0	1.0–2.0	874	$2,025	$2.32	15d	11	1.04mi
1122 SE Mill Pond Ct Ankeny, IA	2.0	2.5	1162	$1,495	$1.29	44d	1	1.10mi
1108 SW 11th St Ankeny, IA	1.0–2.0	1.0–2.0	1003	$1,625	$1.62	15d	10	1.13mi
905 SW 28th St Ankeny, IA	1.0–3.0	1.0–2.0	988	$1,760	$1.78	15d	13	1.26mi
1370 SW Radcliffe Ln Ankeny, IA	2.0	2.0	1457	$2,027	$1.39	15d	11	1.27mi
1011 SE 3rd St #15 Ankeny, IA	2.0	1.0	900	$895	$0.99	44d	1	1.31mi
1011 SE 3rd St #7 Ankeny, IA	2.0	1.0	900	$945	$1.05	20d	1	1.31mi
405 SW Elm St Ankeny, IA	2.0	1.0	850	$985	$1.16	15d	1	1.33mi
1210 SW 28th St Ankeny, IA	1.0–3.0	1.0–3.0	962	$1,950	$2.03	15d	20	1.33mi
1630 SW Magazine Rd Ankeny, IA	1.0–2.0	1.0	769	$1,375	$1.79	15d	10	1.39mi

Listing history 6 events

1. 2026-06-18
   days on market $69,900 Active 6 DOM
2. 2026-06-17
   days on market $69,900 Active 5 DOM
3. 2026-06-16
   days on market $69,900 Active 4 DOM
4. 2026-06-15
   days on market $69,900 Active 3 DOM
5. 2026-06-13
   remarks 699-char remark
6. 2026-06-13
   listed $69,900 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: $17,904
• − Mortgage interest: −$3,915
• − Property taxes: −$1,048
• − Insurance: −$350
• − Repairs & maintenance: −$1,432
• − Management: −$1,432
• − Depreciation: −$2,033
• Taxable income: $7,692
• Est. tax owed @ 24.0%: −$1,846
• After-tax cash flow: $6,501/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 beautifully remodeled 3-bedroom, 2-bathroom manufactured home in the desirable Autumn Ridge community in Ankeny offers a good condition with fresh updates and a modern finish. The home is move-in ready and has a good resale and rental value.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics.
• Both Updating the flooring in the living areas — Hardwood flooring can add value and improve the home's appearance.
• Both Upgrading the kitchen appliances — Modern appliances can attract more buyers and renters.
• Both Adding smart home features — Smart home features can increase the home's appeal and marketability.
• Both Landscaping improvements — A well-maintained yard can enhance curb appeal and attract more buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics. ↑
• Both Updating the flooring in the living areas — Hardwood flooring can add value and improve the home's appearance. ↑
• Both Upgrading the kitchen appliances — Modern appliances can attract more buyers and renters. ↑
• Both Adding smart home features — Smart home features can increase the home's appeal and marketability. ↑
• Both Landscaping improvements — A well-maintained yard can enhance curb appeal and attract more buyers and renters. ↑

ⓘ 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