Lacona Plan · Pleasant Hill, IA 50327

$184,800

3 bd · 2.5 ba · 1,591 sqft · SingleFamily · 410 Days on market

Fair condition ↓ 34% since listing

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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 +6.4/10.0
• Livability +4.0/5.0
• Cash flow +3.5/30.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

The Lacona plan is a two-story townhome featuring three beds, two and a half baths, and a two-car garage. The main level has a great room, dining room, large kitchen, and powder bath. The upstairs features the primary suite with large walk-in closet, two bedrooms, a bathroom, and laundry room.

Key facts

• 2 garage spots
• Listed 410 days

🏗️ New construction. The $184,800 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $373,218.

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $185k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-1k ($-14k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $184k (0.4% below list).
• Recommended offer: $163k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 79/100 on livability (#100 in IA, #2,025 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Southeast Polk Community School District (rural): math 73% / reading 73% proficiency, ranked #70 of 289 in IA (top 24%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 134 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k 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

• It's been on market 410 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $95k (34%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price.

Recommended offer $162,624 (12.0% 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 410 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.49% ✗
• Cap rate: 2.68%
• Cash-on-cash: -12.92%
• DSCR: 0.43
• GRM: 16.9

CMA / ARV

• ARV (median comp): $373,218
• List price: $184,800
• Delta: -50.48%
• 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
6019 Robin Rd	0.28mi	3/2.0	1,485 (-7%)	3mo	$348,500	$235	72
440 Morning Dove Blvd	0.14mi	3/3.0	1,428 (-10%)	4mo	$380,000	$266	71
5890 Scenic View Dr	0.28mi	4/3.0 (+1)	1,442 (-9%)	0mo	$420,000	$291	64
6520 NE Caroline Ave	0.64mi	3/2.0	1,474 (-7%)	1mo	$354,990	$241	55
63 SE Dorr Dr	0.75mi	3/2.5	1,706 (+7%)	1mo	$359,000	$210	52
6523 NE George Ave	0.62mi	3/2.0	1,427 (-10%)	3mo	$364,990	$256	50
6524 NE George Ave	0.60mi	3/2.0	1,408 (-12%)	1mo	$354,990	$252	50
315 Hillside Dr	0.53mi	4/2.0 (+1)	1,423 (-11%)	4mo	$272,000	$191	48
6517 NE George Ave	0.61mi	3/2.5	1,797 (+13%)	3mo	$384,990	$214	47
272 NE Wildflower Dr	0.52mi	4/2.5 (+1)	1,808 (+14%)	1mo	$359,990	$199	47
6524 NE Caroline Ave	0.65mi	3/2.0	1,408 (-12%)	4mo	$359,990	$256	45
6514 NE Kendall Ave	0.56mi	4/2.5 (+1)	1,809 (+14%)	2mo	$354,990	$196	45

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -40.4%
• Equity multiple: -0.26×
• Total profit: $-132,116
• Equity at exit: $55,648

10-year hold

• IRR: -65.2%
• Equity multiple: -0.98×
• Total profit: $-207,213
• Equity at exit: $32,269

Cash invested: $104,501 (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 50327

• Home prices YoY: -28.7%
• Active inventory: 134
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,841 medium
• Mortgage (P&I): −$1,957
• Tax est. 1.5%: −$467 /mo · $5,598/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$387
• Net cashflow: $-1,125

Break-even live

Break-even rent $3,265

Max offer price $210,396

Occupancy floor —

Sensitivity live

Price	-10% $-867	-5% $-996	+0% $-1,125	+5% $-1,254	+10% $-1,383
Rent	-10% $-1,271	-5% $-1,198	+0% $-1,125	+5% $-1,053	+10% $-980
Rate	-1.0pp $-937	-0.5pp $-1,030	base $-1,125	+0.5pp $-1,222	+1.0pp $-1,320

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: $93,305
• Closing costs: $11,197
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
799 Ne 60th St Pleasant Hill, IA	1.0–3.0	1.0–3.5	1185	$2,169	$1.83	15d	7	0.11mi
1116 Redstone Ln Pleasant Hill, IA	2.0	2.0	1056	$1,350	$1.28	24d	1	0.39mi
935 Sherrylynn Blvd Pleasant Hill, IA	2.0–3.0	1.5–2.0	920	$1,160	$1.26	15d	26	0.98mi

Listing history 21 events

1. 2026-06-18
   days on market $184,800 Active 410 DOM
2. 2026-06-17
   days on market $184,800 Active 409 DOM
3. 2026-06-16
   days on market $184,800 Active 408 DOM
4. 2026-06-15
   days on market $184,800 Active 407 DOM
5. 2026-06-14
   days on market $184,800 Active 405 DOM
6. 2026-06-10
   days on market $184,800 Active 402 DOM
7. 2026-06-09
   days on market $184,800 Active 401 DOM
8. 2026-06-08
   days on market $184,800 Active 400 DOM
9. 2026-06-07
   days on market $184,800 Active 399 DOM
10. 2026-06-03
    days on market $184,800 Active 395 DOM
11. 2026-06-02
    days on market $184,800 Active 394 DOM
12. 2026-06-01
    days on market $184,800 Active 393 DOM
13. 2026-05-31
    days on market $184,800 Active 392 DOM
14. 2026-05-31
    days on market $184,800 Active 391 DOM
15. 2026-04-24
    status Active 294-char remark

    Show marketing remark (294 chars)

    The Lacona plan is a two-story townhome featuring three beds, two and a half baths, and a two-car garage. The main level has a great room, dining room, large kitchen, and powder bath. The upstairs features the primary suite with large walk-in closet, two bedrooms, a bathroom, and laundry room.

16. 2026-04-24
    historical 294-char remark

    Show marketing remark (294 chars)

    The Lacona plan is a two-story townhome featuring three beds, two and a half baths, and a two-car garage. The main level has a great room, dining room, large kitchen, and powder bath. The upstairs features the primary suite with large walk-in closet, two bedrooms, a bathroom, and laundry room.

17. 2026-04-11
    status Active 294-char remark

    Show marketing remark (294 chars)

    The Lacona plan is a two-story townhome featuring three beds, two and a half baths, and a two-car garage. The main level has a great room, dining room, large kitchen, and powder bath. The upstairs features the primary suite with large walk-in closet, two bedrooms, a bathroom, and laundry room.

18. 2026-04-11
    historical 294-char remark

    Show marketing remark (294 chars)

    The Lacona plan is a two-story townhome featuring three beds, two and a half baths, and a two-car garage. The main level has a great room, dining room, large kitchen, and powder bath. The upstairs features the primary suite with large walk-in closet, two bedrooms, a bathroom, and laundry room.

19. 2026-04-04
    price $184,800 294-char remark

    Show marketing remark (294 chars)

    The Lacona plan is a two-story townhome featuring three beds, two and a half baths, and a two-car garage. The main level has a great room, dining room, large kitchen, and powder bath. The upstairs features the primary suite with large walk-in closet, two bedrooms, a bathroom, and laundry room.

20. 2025-09-10
    price $227,200 294-char remark

    Show marketing remark (294 chars)

    The Lacona plan is a two-story townhome featuring three beds, two and a half baths, and a two-car garage. The main level has a great room, dining room, large kitchen, and powder bath. The upstairs features the primary suite with large walk-in closet, two bedrooms, a bathroom, and laundry room.

21. 2025-05-03
    listed $279,900 Active 294-char remark

    Show marketing remark (294 chars)

    The Lacona plan is a two-story townhome featuring three beds, two and a half baths, and a two-car garage. The main level has a great room, dining room, large kitchen, and powder bath. The upstairs features the primary suite with large walk-in closet, two bedrooms, a bathroom, and laundry room.

ⓘ 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: $22,086
• − Mortgage interest: −$20,906
• − Property taxes: −$5,598
• − Insurance: −$1,866
• − Repairs & maintenance: −$1,767
• − Management: −$1,767
• − Depreciation: −$10,857
• Taxable loss: −$20,675
• Est. tax savings @ 24.0%: +$4,962
• After-tax cash flow: $-8,541/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 · 2 photos

Fair 45/100 Moderate rehab

The home requires significant exterior and interior repairs, including painting and roof inspection. These updates will significantly enhance its curb appeal and interior aesthetics, making it more attractive for both resale and rental.

Repairs flagged

• Major Exterior siding — Significant weathering and fading
• Major Paint — Faded and uneven
• Major Interior walls — Paint is peeling and faded

Value-add opportunities

• Both Paint exterior and interior — Enhances curb appeal and interior aesthetics
• Both Replace faded paint — Improves home's appearance and value
• Both Roof inspection — Preventative maintenance to avoid costly repairs

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Significant weathering and fading	Major	$15,000–50,000
Paint · Faded and uneven	Major	$15,000–50,000
Interior walls · Paint is peeling and faded	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Paint exterior and interior — Enhances curb appeal and interior aesthetics ↑
• Both Replace faded paint — Improves home's appearance and value ↑
• Both Roof inspection — Preventative maintenance to avoid costly repairs ↑

ⓘ 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: Southeast Polk Community School District
• NCES district ID: 1926820
• Math proficiency: 73% ▼ -8.00%
• Reading proficiency: 73% ▼ -3.00%
• Median HH income: $73,440
• Composite: 64.1/100
• National rank: #575
• State rank: #70 of 289 in IA

Livability — Pleasant Hill

• Score: 79/100
• State rank: #100
• US rank: #2025

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pleasant Hill, IA
• County: Polk County · 453,298 people
• City population: 13,177
• Metro: Des Moines-West Des Moines, IA
• Population (ZIP): 13,177
• Household income: $98,333
• Rent vs Own: 19.0% rent · 81.0% own
• Severe rent burden: 221.0

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 7% Black 4% Two or more races 4% Asian 3%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Portuguese 6% Italian 5% Iranian 4%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 92% English-only · Spanish 4% Other Asian/Pacific 1% Vietnamese 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: ▼ -85.08%
• Current HPI: 211.6528
• Rent YoY: —
• 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

-34.0% since first listed

7 events — show timeline

• 2026-04-24 Relisted — Zillow
• 2026-04-24 Delisted — Zillow
• 2026-04-11 Relisted — Zillow
• 2026-04-11 Delisted — Zillow
• 2026-04-04 Price Changed $184,800 Zillow
• 2025-09-10 Price Changed $227,200 Zillow
• 2025-05-03 Listed $279,900 Zillow