1011 NE Hyacinth Ln · Ankeny, IA 50021

$170,000

2 bd · 1.5 ba · 1,300 sqft · Condo public records · 41 Days on market

Built 2001 $131/sqft · 23% below area Est $221k · 23% under $180/mo HOA · 11% of rent

---

Why this score? — see what drove the C- 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 +15.0/15.0
• Cash flow +12.1/30.0
• Schools +7.1/10.0
• 1% rule +4.7/10.0
• Livability +4.6/5.0
• DSCR +3.6/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

You'll love the ideal location of this well maintained NE Ankeny townhome! Just minutes from I35 and the rapidly developing Costco area. Two bedroom, 1.5-bath home offers both comfort and convenience. Inside, you'll find hard-surface flooring throughout. Open concept, including large living area with fireplace, dining area and kitchen with lots of prep space and storage. Half bath completes the main level. Upstairs are two spacious bedrooms and a large full bathroom featuring a relaxing tub - perfect for relaxing after a long day. , and laundry area. Whether you're commuting or enjoying nearby shopping and dining, this home puts everything within easy reach. Add this to your must-see list t

Key facts

• Large living area
• Storage
• Lots of prep space

Tags

• HARD-SURFACE FLOORING
• LARGE LIVING AREA
• FIREPLACE
• LOTS OF PREP SPACE
• STORAGE
• SPACIOUS BEDROOMS

Property features AI

Finance

• Other: Pets allowed with restrictions (breed and size limits)
• HOA & community: Homeowners association (Villas of Greenview Crossing) with Conlin Property Mgmt; HOA fee $180 monthly; HOA covers grounds and structure maintenance, snow removal, and trash

Exterior

• Parking: Attached one-car garage
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: Two-story property; Vinyl siding; Asphalt shingle roof; Poured slab foundation; PUD zoning; Concrete road/paved surface
• Construction: Vinyl siding construction; Asphalt shingle roof; Built on poured slab foundation
• Exterior features: Sprinkler/irrigation system; Open patio

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove
• Flooring: Laminate flooring; Tile flooring
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Gas log fireplace; Smoke detector(s)
• Laundry & utility: Washer; Dryer; Laundry on upper level

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $170k.

Deal economics

• At list price, monthly cash flow is $-38 ($-454/yr) — negative.
• To cash-flow at today's rent, offer at most $163k (3.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $165k (2.9% below list).
• Recommended offer: $163k (3.9% below list) — sets the bar for cash-flow.
• Cap rate 6.0% 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; 708 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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).

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 41 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $121k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $163,315 (3.9% 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 41 days. Have you received any prior offers? Is the seller open to a 4% 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. 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. 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.
8. 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.
9. 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: 0.97% ✗
• Cap rate: 6.03%
• Cash-on-cash: -0.95%
• DSCR: 0.96
• GRM: 8.6

CMA / ARV

• ARV (median comp): $221,415
• List price: $170,000
• Delta: -23.22%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -20.5%
• Equity multiple: 0.30×
• Total profit: $-33,215
• Equity at exit: $25,348

10-year hold

• IRR: -19.9%
• Equity multiple: 0.06×
• Total profit: $-44,833
• Equity at exit: $14,698

Cash invested: $47,600 (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: 708
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,651 high
• Mortgage (P&I): −$891
• Tax from tax record: −$200 /mo · $2,400/yr
• Insurance: −$71
• HOA: −$180
• Vacancy / Maint / Mgmt: −$347
• Net cashflow: $-38

Break-even live

Break-even rent $1,699

Max offer price $163,315

Occupancy floor 97%

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3921 NE Gardenia Ln Ankeny, IA	2.0	1.5	1300	$1,595	$1.23	44d	1	0.03mi
4543 NE McDougal Ln Ankeny, IA	3.0	3.5	1520	$1,895	$1.25	14d	1	0.35mi
3611 NE Otterview Cir Ankeny, IA	1.0–2.0	1.0–2.0	834	$1,800	$2.16	14d	20	0.53mi
3635 NE Kara Ln Ankeny, IA	3.0	2.0	1740	$1,950	$1.12	23d	1	0.67mi
3619 NE Kara Ln Ankeny, IA	3.0	2.5	1700	$1,950	$1.15	23d	1	0.67mi
3654 NE Kara Ln Ankeny, IA	2.0	2.0	1368	$1,950	$1.43	44d	1	0.69mi
3630 NE Kara Ln Ankeny, IA	2.0	2.0	1336	$1,900	$1.42	44d	1	0.69mi
3622 NE Kara Ln Ankeny, IA	3.0	2.5	1740	$1,950	$1.12	44d	1	0.69mi
3707 NE Marissa Ln Ankeny, IA	3.0	2.5	1480	$1,795	$1.21	23d	1	0.70mi
3641 NE Marissa Ln Ankeny, IA	2.0	2.0	1336	$1,900	$1.42	23d	1	0.71mi
3624 NE Marissa Ln Ankeny, IA	3.0	3.0	1740	$1,950	$1.12	44d	1	0.74mi
110 NE 46th Ln Ankeny, IA	2.0–3.0	2.0	1099	$1,300	$1.18	14d	3	0.92mi
2820 NE 38th St Ankeny, IA	1.0–2.0	1.0–2.0	861	$1,775	$2.06	14d	10	1.04mi
152 NE 22nd Ln Ankeny, IA	2.0	2.5	1158	$1,662	$1.44	14d	8	1.25mi
4200 NE 17th Ln Ankeny, IA	3.0	2.5	1418	$1,818	$1.28	14d	3	1.27mi
1211 NE Windsor Dr #208 Ankeny, IA	2.0	2.0	1048	$995	$0.95	44d	1	1.32mi
1219 NE Windsor Dr Unit 1219-208 Ankeny, IA	2.0	2.0	1091	$1,350	$1.24	44d	1	1.35mi
1709 NE Sherman Ct Ankeny, IA	3.0	2.5	1855	$2,200	$1.19	23d	1	1.45mi
3205 NW Amherst Ln Unit 302 Ankeny, IA	2.0	2.0	982	$1,200	$1.22	44d	1	1.46mi

HOA detail condo

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

Listing history 17 events

1. 2026-06-18
   days on market $170,000 Active 41 DOM
2. 2026-06-17
   days on market $170,000 Active 40 DOM
3. 2026-06-16
   days on market $170,000 Active 39 DOM
4. 2026-06-15
   days on market $170,000 Active 38 DOM
5. 2026-06-14
   days on market $170,000 Active 36 DOM
6. 2026-06-13
   days on market $170,000 Active 35 DOM
7. 2026-06-10
   days on market $170,000 Active 33 DOM
8. 2026-06-09
   days on market $170,000 Active 32 DOM
9. 2026-06-08
   days on market $170,000 Active 31 DOM
10. 2026-06-07
    pricedays on market $170,000 Active 30 DOM
11. 2026-06-03
    days on market $175,000 Active 26 DOM
12. 2026-06-02
    days on market $175,000 Active 25 DOM
13. 2026-06-01
    days on market $175,000 Active 24 DOM
14. 2026-05-31
    days on market $175,000 Active 23 DOM
15. 2026-05-31
    days on market $175,000 Active 22 DOM
16. 2026-05-08
    listed $175,000 Active 761-char remark
17. 2005-04-22
    soldstatus $121,000

ⓘ 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: $2,400 · $200/mo
• Projected year-2 tax: $2,534 · $211/mo
• Expected delta: +$134/yr (+$11/mo · 5.6%)

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

Taxation est. · year 1

• Rental income: $19,815
• − Mortgage interest: −$9,523
• − Property taxes: −$2,400
• − Insurance: −$850
• − Repairs & maintenance: −$1,585
• − Management: −$1,585
• − HOA: −$2,160
• − Depreciation: −$4,945
• Taxable loss: −$3,233
• Est. tax savings @ 24.0%: +$776
• After-tax cash flow: $322/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

+40.5% since first listed

3 events — show timeline

• 2026-06-04 Price Changed $170,000 DMMLS
• 2026-05-08 Listed $175,000 DMMLS
• 2005-04-22 Sold (Public Records) $121,000 Public Records

Property tax history

+0.7%/yr

Latest (2025): $2,400 · +2.2% YoY. Source: county tax records.