1207 NE 5th Ln #1 · Ankeny, IA 50021

$154,500

2 bd · 2.0 ba · 1,014 sqft · Condo public records · 85 Days on market

Built 2004 $152/sqft · at area comps Est $158k · at est. $180/mo HOA · 13% of rent

---

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 +9.1/30.0
• ARV discount +8.6/15.0
• Schools +7.1/10.0
• Livability +4.6/5.0
• 1% rule +4.0/10.0
• Rent growth +2.7/5.0
• DSCR +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nestled in a very convenient Ankeny location, This spacious first floor, Zero entry condo is ideal for a first time home buyer or someone who is downsizing. It comes complete with two bedrooms and two full bathrooms. The updated Lighting and flooring highlight the open concept and warm atmosphere. The kitchen has updated stainless steel appliances with an open view to the great room. The corner fireplace is a great place for that 64 inch TV. The large windows and sliding glass door, bring in plenty of daylight with access to the green space and shade tree off the patio. The laundry room comes equipped with the washer and dryer and is in a handy spot Just off the kitchen. There is plenty of extra storage in the one car garage, which will comfortably fit your SUV. All information obtained from seller and public records.

Key facts

• Large windows
• Zero entry
• Sliding glass door

Tags

• FIRST FLOOR
• ZERO ENTRY
• UPDATED LIGHTING
• CORNER FIREPLACE
• LARGE WINDOWS
• SLIDING GLASS DOOR

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $154k.

Deal economics

• At list price, monthly cash flow is $-119 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $133k (13.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $139k (10.2% below list).
• Recommended offer: $133k (13.7% below list) — sets the bar for cash-flow.
• Cap rate 5.4% vs local median 3.0% 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: amenities A+, employment A+, housing 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.
• Zoned schools: Parkview Middle School (math 76% / reading 83%, grade A+, #35 of 246 statewide, top 16%, 867 students, 23% FRL); Ankeny High School (math 77% / reading 84%, grade A, #30 of 336 statewide, top 9%, 1,347 students, 20% FRL).
• Market conditions: Rents flat; 712 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 42% 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).
• This rent is only 17% 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 $1k of loan paydown is wiped out by about $5k 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 85 days — a 6% lower offer ($145k) is reasonable based on typical stale-listing flexibility.

Recommended offer $133,393 (13.7% 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 85 days. Have you received any prior offers? Is the seller open to a 14% 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. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.90% ✗
• Cap rate: 5.36%
• Cash-on-cash: -3.31%
• DSCR: 0.85
• GRM: 9.3

CMA / ARV

• ARV (median comp): $158,497
• List price: $154,500
• Delta: -2.52%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -24.5%
• Equity multiple: 0.18×
• Total profit: $-35,380
• Equity at exit: $23,036

10-year hold

• IRR: -28.5%
• Equity multiple: -0.19×
• Total profit: $-51,353
• Equity at exit: $13,358

Cash invested: $43,260 (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: 9.3×

Monthly cashflow live

• Estimated rent: $1,388 high
• Mortgage (P&I): −$810
• Tax from tax record: −$162 /mo · $1,938/yr
• Insurance: −$64
• HOA: −$180
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $-119

Break-even live

Break-even rent $1,539

Max offer price $133,393

Occupancy floor —

Sensitivity live

Price	-10% $-32	-5% $-76	+0% $-119	+5% $-163	+10% $-207
Rent	-10% $-229	-5% $-174	+0% $-119	+5% $-65	+10% $-10
Rate	-1.0pp $-42	-0.5pp $-80	base $-119	+0.5pp $-160	+1.0pp $-200

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: $38,625
• Closing costs: $4,635
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1103 NE 7th Ln Ankeny, IA	3.0	3.0	1350	$1,795	$1.33	16d	1	0.13mi
415 NE Delaware Ave Ankeny, IA	1.0–2.0	1.0–2.0	688	$1,210	$1.76	16d	11	0.14mi
1108 NE 7th Ln Ankeny, IA	2.0	3.0	1106	$1,550	$1.40	16d	1	0.15mi
1011 SE 3rd St #7 Ankeny, IA	2.0	1.0	900	$945	$1.05	20d	1	0.49mi
1011 SE 3rd St #15 Ankeny, IA	2.0	1.0	900	$895	$0.99	45d	1	0.49mi
1219 NE Windsor Dr Unit 1219-208 Ankeny, IA	2.0	2.0	1091	$1,350	$1.24	46d	1	0.60mi
1211 NE Windsor Dr #208 Ankeny, IA	2.0	2.0	1048	$995	$0.95	45d	1	0.62mi
4200 NE 17th Ln Ankeny, IA	3.0	2.5	1418	$1,818	$1.28	16d	3	0.67mi
1122 SE Mill Pond Ct Ankeny, IA	2.0	2.5	1162	$1,495	$1.29	45d	1	0.79mi
602 SE Grant St Apt 3 Ankeny, IA	2.0	1.0	792	$825	$1.04	45d	1	1.29mi
602 SE Grant St Unit 06 Ankeny, IA	2.0	1.0	792	$825	$1.04	20d	1	1.29mi
152 NE 22nd Ln Ankeny, IA	2.0	2.5	1158	$1,662	$1.44	16d	8	1.44mi

HOA detail condo

• Monthly dues: $180 · $2,160/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-05-06
   price $154,500 829-char remark

   Show marketing remark (829 chars)

   Nestled in a very convenient Ankeny location, This spacious first floor, Zero entry condo is ideal for a first time home buyer or someone who is downsizing. It comes complete with two bedrooms and two full bathrooms. The updated Lighting and flooring highlight the open concept and warm atmosphere. The kitchen has updated stainless steel appliances with an open view to the great room. The corner fireplace is a great place for that 64 inch TV. The large windows and sliding glass door, bring in plenty of daylight with access to the green space and shade tree off the patio. The laundry room comes equipped with the washer and dryer and is in a handy spot Just off the kitchen. There is plenty of extra storage in the one car garage, which will comfortably fit your SUV. All information obtained from seller and public records.

2. 2026-02-24
   listed $155,000 Active 829-char remark

   Show marketing remark (829 chars)

   Nestled in a very convenient Ankeny location, This spacious first floor, Zero entry condo is ideal for a first time home buyer or someone who is downsizing. It comes complete with two bedrooms and two full bathrooms. The updated Lighting and flooring highlight the open concept and warm atmosphere. The kitchen has updated stainless steel appliances with an open view to the great room. The corner fireplace is a great place for that 64 inch TV. The large windows and sliding glass door, bring in plenty of daylight with access to the green space and shade tree off the patio. The laundry room comes equipped with the washer and dryer and is in a handy spot Just off the kitchen. There is plenty of extra storage in the one car garage, which will comfortably fit your SUV. All information obtained from seller and public records.

3. 2025-03-19
   soldstatus $155,000

ⓘ 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: $1,938 · $162/mo
• Projected year-2 tax: $2,182 · $182/mo
• Expected delta: +$244/yr (+$20/mo · 12.6%)

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

Taxation est. · year 1

• Rental income: $16,657
• − Mortgage interest: −$8,654
• − Property taxes: −$1,938
• − Insurance: −$772
• − Repairs & maintenance: −$1,333
• − Management: −$1,333
• − HOA: −$2,160
• − Depreciation: −$4,495
• Taxable loss: −$4,027
• Est. tax savings @ 24.0%: +$967
• After-tax cash flow: $-467/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: 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

-0.3% since first listed

3 events — show timeline

• 2026-05-06 Price Changed $154,500 DMMLS
• 2026-02-24 Listed $155,000 DMMLS
• 2025-03-19 Sold (Public Records) $155,000 Public Records

Property tax history

+1.4%/yr

Latest (2025): $1,938 · -3.5% YoY. Source: county tax records.