1360 SE Florence Dr #49 · Waukee, IA 50263

$139,900

2 bd · 2.0 ba · 995 sqft · Condo · 132 Days on market

Built 2003 Good condition Garage $141/sqft · 10% below area Est $156k · 10% under $225/mo HOA · 17% 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).

• ARV discount +12.1/15.0
• Schools +8.0/10.0
• Cash flow +7.7/30.0
• 1% rule +4.3/10.0
• Livability +4.2/5.0
• Condition / age +3.8/5.0
• Rent growth +3.0/5.0
• DSCR +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks

2 bed, 2 bath ground floor unit. Move in ready with SS appliances. Primary bedroom with en suite and large walk-in closet. Nice size family area with fireplace. Garage directly across the patio. Newer furnace and air. New dishwasher and kitchen sink. Conveniently located near Waukee High School, Centennial Park and many shopping, dining and entertainment options. Pet and investor friendly! All information obtained from seller and public record.

Key facts

• Ground floor unit
• En suite
• Walk-in closet

Tags

• GROUND FLOOR UNIT
• SS APPLIANCES
• EN SUITE
• WALK-IN CLOSET
• FIREPLACE
• NEW DISHWASHER

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $140k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-161 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $117k (16.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $130k (6.8% below list).
• Recommended offer: $117k (16.7% below list) — sets the bar for cash-flow.
• Cap rate 4.9% vs local median 3.2% in Waukee — 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 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: Maple Grove Elementary School (math 83% / reading 78%, grade A+, #64 of 616 statewide, top 10%, 439 students, 34% FRL); South Middle School (math 78% / reading 77%, grade A+, #50 of 246 statewide, top 20%, 909 students, 26% FRL); Waukee High School (math 74% / reading 82%, grade A-, #53 of 336 statewide, top 16%, 1,268 students, 24% FRL) — zoned schools average 28% FRL vs 11% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.8%/yr); 1257 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals lingering (median 62d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 54% 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).
• This rent is only 15% of the median local income ($103k/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.
• 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 132 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.

Recommended offer $116,535 (16.7% 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 132 days. Have you received any prior offers? Is the seller open to a 17% 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: 0.93% ✗
• Cap rate: 4.91%
• Cash-on-cash: -4.95%
• DSCR: 0.78
• GRM: 8.9

CMA / ARV

• ARV (median comp): $155,725
• List price: $139,900
• Delta: -10.16%
• 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
1720 SE La Grant Pkwy #13	0.28mi	2/2.0	995 (0%)	2mo	$144,000	$145	86
1740 SE L.a. Grant Pkwy #23	0.29mi	3/2.0 (+1)	1,215 (+22%)	3mo	$170,000	$140	54
1307 SE University Ave #205	0.92mi	2/2.0	1,105 (+11%)	0mo	$160,000	$145	46
1331 SE University Ave #207	0.88mi	2/2.0	1,105 (+11%)	0mo	$150,000	$136	46
1331 SE University Ave #204	0.88mi	2/2.0	1,105 (+11%)	3mo	$155,000	$140	44
410 Northview Dr	1.15mi	3/2.0 (+1)	896 (-10%)	1mo	$258,000	$288	43
40 Northview Dr	0.77mi	2/1.0	888 (-11%)	1mo	$275,000	$310	42
1329 SE University Ave #106	0.83mi	2/2.0	1,162 (+17%)	0mo	$165,000	$142	40
555 SE Laurel St #2	1.10mi	2/2.5	1,144 (+15%)	0mo	$225,000	$197	38
1333 SE University Ave #306	0.86mi	2/2.0	1,162 (+17%)	3mo	$150,000	$129	38
185 Corene Ave	0.77mi	3/2.0 (+1)	866 (-13%)	2mo	$259,900	$300	37
1526 94th St	1.44mi	3/2.0 (+1)	1,240 (+25%)	3mo	$305,000	$246	33

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: -26.2%
• Equity multiple: 0.12×
• Total profit: $-34,326
• Equity at exit: $20,860

10-year hold

• IRR: -28.3%
• Equity multiple: -0.24×
• Total profit: $-48,625
• 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 →

Active competition Active MLS

• For sale now: 1 active · 1 under contract
• Median asking: $159,900 ($165/sqft)
• Median days on market: 69 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -5.3% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 50263

• Rents YoY: 1.8%
• Active inventory: 1257
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,304 high
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,098/yr
• Insurance: −$58
• HOA: −$225
• Vacancy / Maint / Mgmt: −$274
• Net cashflow: $-161

Break-even live

Break-even rent $1,509

Max offer price $116,535

Occupancy floor —

Sensitivity live

Price	-10% $-65	-5% $-113	+0% $-161	+5% $-210	+10% $-258
Rent	-10% $-265	-5% $-213	+0% $-161	+5% $-110	+10% $-58
Rate	-1.0pp $-91	-0.5pp $-126	base $-161	+0.5pp $-198	+1.0pp $-235

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
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1340 SE Florence Dr Unit 31 Waukee, IA	2.0	2.0	995	$1,295	$1.30	139d	1	0.03mi
1320 SE Florence Dr Unit 16 Waukee, IA	2.0	2.0	995	$1,195	$1.20	62d	1	0.03mi
1760 SE L.A. Grant Pkwy #35 Waukee, IA	2.0	2.0	1000	$1,200	$1.20	62d	1	0.34mi
865 NW Sproul DR Waukee, IA	2.0–3.0	2.0–4.0	1620	$1,819	$1.12	0d	32	0.77mi
1150 SE Olson Dr Waukee, IA	1.0–3.0	1.0–2.0	1067	$1,246	$1.17	0d	47	0.83mi
1400 SE Bishop Dr Waukee, IA	1.0–2.0	1.0–2.0	797	$1,410	$1.77	5d	10	0.97mi
211 Ashworth Dr #04 Waukee, IA	2.0	2.0	1045	$1,195	$1.14	6d	1	0.97mi
2295 SE Glacier Trl Waukee, IA	1.0–2.0	1.0–2.0	870	$1,550	$1.78	119d	1	1.05mi
2595 SE Encompass Dr Waukee, IA	2.0	1.0–2.0	580	$1,455	$2.51	6d	7	1.16mi
170 Evergreen Dr Waukee, IA	1.0–2.0	1.0	600	$1,015	$1.69	0d	1	1.25mi
395 4th St Unit 395-10 Waukee, IA	2.0	1.0	800	$935	$1.17	62d	1	1.31mi
395 4th St Unit 405-13 Waukee, IA	2.0	1.0	800	$965	$1.21	119d	1	1.31mi
395 4th St Unit 405-18 Waukee, IA	2.0	1.0	800	$995	$1.24	139d	1	1.31mi
395 4th St Unit 405-15 Waukee, IA	2.0	1.0	800	$970	$1.21	62d	1	1.33mi
395 4th St Unit 400-10 Waukee, IA	2.0	1.0	800	$935	$1.17	119d	1	1.33mi
305 NE Kingwood Waukee, IA	2.0	2.0	1120	$1,450	$1.29	6d	1	1.39mi
307 NE Sandalwood Waukee, IA	2.0	2.0	1108	$1,550	$1.40	139d	1	1.39mi
450 Laurel St Waukee, IA	2.0	1.0	750	$900	$1.20	0d	1	1.42mi
324 NE Sandalwood Waukee, IA	2.0	2.0	1108	$1,400	$1.26	119d	1	1.43mi
175 NW Common Pl Waukee, IA	1.0–3.0	1.0–2.5	929	$1,412	$1.52	0d	8	1.44mi
293 NE Basswood Waukee, IA	2.0	2.0	1120	$1,345	$1.20	119d	1	1.45mi
500 Laurel St Unit 2 Waukee, IA	2.0	1.0	714	$999	$1.40	62d	1	1.46mi
355 NE Olivewood Waukee, IA	2.0	1.5	1056	$1,395	$1.32	6d	1	1.46mi
530 Laurel St Unit 5 Waukee, IA	2.0	1.0	715	$865	$1.21	6d	1	1.47mi
530 Laurel St Unit 2 Waukee, IA	2.0	1.0	715	$925	$1.29	6d	1	1.47mi
386 NE Satinwood Waukee, IA	2.0	2.0	1056	$1,395	$1.32	139d	1	1.49mi

Property features AI

Finance

• Financial info: Pets allowed (size limits apply)
• HOA & community: Has homeowners association (Parkview Commons / HOA Management Co.)HOA fee $225 monthlyHOA covers grounds and structure maintenance, snow removal, and trash

Exterior

• Parking: Detached garage (2 spaces, includes one-car garage)
• Utilities: Public waterPublic sewer
• Home design: Vinyl siding exteriorR zoning
• Construction: Asphalt shingle roofSlab foundation
• Exterior features: Concrete road access

Interior

• Kitchen: DishwasherMicrowaveRefrigeratorStove
• Bedrooms: 2 main-level bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas)Central air conditioning
• Interior features: Dining areaGas vented fireplace (1)
• Laundry & utility: Washer and dryer on main level

HOA detail $225/mo · $2,700/yr condo

• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-09-24
   days on market $139,900 Active 132 DOM
2. 2026-09-23
   days on market $139,900 Active 131 DOM
3. 2026-09-22
   days on market $139,900 Active 130 DOM
4. 2026-09-21
   days on market $139,900 Active 129 DOM
5. 2026-09-20
   days on market $139,900 Active 128 DOM
6. 2026-09-19
   days on market $139,900 Active 127 DOM
7. 2026-09-18
   days on market $139,900 Active 126 DOM
8. 2026-09-17
   days on market $139,900 Active 125 DOM
9. 2026-09-16
   days on market $139,900 Active 124 DOM
10. 2026-09-15
    days on market $139,900 Active 123 DOM
11. 2026-09-14
    days on market $139,900 Active 122 DOM
12. 2026-09-13
    days on market $139,900 Active 121 DOM
13. 2026-09-12
    days on market $139,900 Active 120 DOM
14. 2026-09-11
    days on market $139,900 Active 119 DOM
15. 2026-09-05
    days on market $139,900 Active 113 DOM
16. 2026-09-04
    days on market $139,900 Active 112 DOM
17. 2026-09-03
    days on market $139,900 Active 111 DOM
18. 2026-08-31
    days on market $139,900 Active 108 DOM
19. 2026-08-30
    days on market $139,900 Active 107 DOM
20. 2026-08-29
    days on market $139,900 Active 106 DOM
21. 2026-08-28
    days on market $139,900 Active 105 DOM
22. 2026-08-27
    days on market $139,900 Active 104 DOM
23. 2026-08-26
    days on market $139,900 Active 103 DOM
24. 2026-08-25
    days on market $139,900 Active 102 DOM
25. 2026-08-24
    days on market $139,900 Active 101 DOM
26. 2026-08-23
    days on market $139,900 Active 100 DOM
27. 2026-08-22
    days on market $139,900 Active 99 DOM
28. 2026-08-21
    days on market $139,900 Active 98 DOM
29. 2026-08-20
    days on market $139,900 Active 97 DOM
30. 2026-08-19
    days on market $139,900 Active 96 DOM
31. 2026-08-18
    days on market $139,900 Active 95 DOM
32. 2026-08-17
    pricedays on market $139,900 Active 94 DOM
33. 2026-08-16
    days on market $149,000 Active 93 DOM
34. 2026-08-15
    days on market $149,000 Active 92 DOM
35. 2026-08-15
    days on market $149,000 Active 91 DOM
36. 2026-08-13
    days on market $149,000 Active 90 DOM
37. 2026-08-12
    days on market $149,000 Active 89 DOM
38. 2026-08-11
    days on market $149,000 Active 88 DOM
39. 2026-08-10
    days on market $149,000 Active 87 DOM
40. 2026-08-09
    days on market $149,000 Active 86 DOM
41. 2026-08-08
    days on market $149,000 Active 85 DOM
42. 2026-08-07
    days on market $149,000 Active 84 DOM
43. 2026-08-06
    days on market $149,000 Active 83 DOM
44. 2026-08-05
    days on market $149,000 Active 82 DOM
45. 2026-08-04
    days on market $149,000 Active 81 DOM
46. 2026-08-03
    days on market $149,000 Active 80 DOM
47. 2026-07-31
    days on market $149,000 Active 77 DOM
48. 2026-07-30
    days on market $149,000 Active 76 DOM
49. 2026-07-29
    days on market $149,000 Active 75 DOM
50. 2026-07-25
    days on market $149,000 Active 71 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,651
• − Mortgage interest: −$7,837
• − Property taxes: −$2,098
• − Insurance: −$700
• − Repairs & maintenance: −$1,252
• − Management: −$1,252
• − HOA: −$2,700
• − Depreciation: −$4,070
• Taxable loss: −$4,258
• Est. tax savings @ 24.0%: +$1,022
• After-tax cash flow: $-916/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 75/100 Cosmetic rehab Est. rehab $4,975–$14,925 screening

This townhouse is move-in ready with good condition and minimal repairs needed. It offers a good investment opportunity with potential for value increase through cosmetic updates.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and property value. ↑
• Both Clean gutters — Improves drainage and property value. ↑
• Both Replace light fixtures — Modernizes the space and enhances curb appeal. ↑
• Both Replace flooring in bathrooms — Freshens up the space and enhances curb appeal. ↑
• Both Replace countertops in kitchen — Modernizes the kitchen and enhances curb appeal. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

A Composite school gradezoned avg 80/100

Zoned Schools

Elementary Sugar Creek Elementary School Middle Waukee Middle School A+ IA #22/246 Nat'l #206/14,009 High Waukee High School A- IA #53/336 Nat'l #1,312/17,239

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

A Composite livability gradescore 84/100

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 · 111,904 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: 11% of renters

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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%

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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%

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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

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Industry mix (Fortune 500 HQ in IA)

Industry	F500 HQs	Revenue
▸Financial Services	1	$16B
▸Retail / Convenience	1	$15B

Property features AI

Finance

• Financial info: Pets allowed (size limits apply)
• HOA & community: Has homeowners association (Parkview Commons / HOA Management Co.)HOA fee $225 monthlyHOA covers grounds and structure maintenance, snow removal, and trash

Exterior

• Parking: Detached garage (2 spaces, includes one-car garage)
• Utilities: Public waterPublic sewer
• Home design: Vinyl siding exteriorR zoning
• Construction: Asphalt shingle roofSlab foundation
• Exterior features: Concrete road access

Interior

• Kitchen: DishwasherMicrowaveRefrigeratorStove
• Bedrooms: 2 main-level bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas)Central air conditioning
• Interior features: Dining areaGas vented fireplace (1)
• Laundry & utility: Washer and dryer on main level

Price history

1 event — show timeline

• 2026-05-15 Listed $153,000 DMMLS