Sydney Plan · Waukee, IA 50263

$237,990

3 bd · 2.5 ba · 1,511 sqft · Townhouse · 835 Days on market

Good condition ↓ 10% since listing

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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).

• Cash flow +14.5/30.0
• Schools +7.8/10.0
• ARV discount +7.5/15.0
• DSCR +4.4/10.0
• Livability +4.2/5.0
• 1% rule +4.0/10.0
• Condition / age +4.0/5.0
• Rent growth +3.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to the Sydney floor plan in the Painted Woods West Townhomes community in Waukee, IA. This popular two-story townhome features 3 bedrooms, 2.5 bathrooms, a 2-car garage, and 1,511 sq. ft. of comfortable living space, complete with all appliances included. . As you enter through the front door, the foyer leads past a guest bath into the spacious living room, complete with an electric fireplace and large windows that fill the main level with natural light. The open-concept kitchen overlooks the living and dining areas and features white cabinetry, quartz countertops, stainless steel appliances, a generous pantry, and a built-in island with seating for the adjacent dining nook. Upstairs, the oversized primary bedroom offers a private bath, large walk-in closet, and plenty of space for a variety of furniture arrangements. Two additional bedrooms share a guest bathroom, and the conveniently located upper-level laundry room makes chores simple. Make the Sydney floor plan your new home in the Painted Woods West Townhomes community.

Key facts

• 2 garage spots
• Listed 834 days

Tags

• LARGE ISLAND FOR FOOD PREP
• SMART HOME PRODUCTS INCLUDED

🏗️ New construction. The $237,990 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $248,208.

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $238k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $55 ($658/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $224k (5.8% below list).
• Recommended offer: $209k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.6% 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: Waukee Elementary School (math 86% / reading 77%, grade A+, #60 of 616 statewide, top 10%, 682 students, 20% FRL); Waukee Middle School (math 83% / reading 81%, grade A+, #22 of 246 statewide, top 12%, 1,069 students, 12% FRL); Waukee High School (math 74% / reading 82%, grade A-, #53 of 336 statewide, top 16%, 1,268 students, 24% FRL).
• Market conditions: Rents rising (+1.8%/yr); 1039 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 93d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 835 days — a 12% lower offer ($209k) is reasonable based on typical stale-listing flexibility.

Recommended offer $209,431 (12.0% below list)

Questions for the listing agent

1. It's been on market 835 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.90% ✗
• Cap rate: 6.56%
• Cash-on-cash: 0.95%
• DSCR: 1.04
• GRM: 9.2

CMA / ARV

• ARV (median comp): $248,208
• List price: $237,990
• Delta: -4.12%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3611 Pershing Ln	0.06mi	3/2.5	1,511 (0%)	2mo	$249,990	$165	95
3630 Pershing Ln	0.08mi	3/2.5	1,511 (0%)	1mo	$249,990	$165	95
3621 Pershing Ln	0.06mi	3/2.5	1,511 (0%)	3mo	$239,990	$159	95
3631 Pershing Ln	0.06mi	3/2.5	1,511 (0%)	3mo	$248,990	$165	95
3614 Pershing Ln	0.09mi	3/2.5	1,511 (0%)	2mo	$236,990	$157	94
3620 Pershing Ln	0.08mi	3/2.5	1,511 (0%)	2mo	$239,990	$159	94
3604 Pershing Ln	0.09mi	3/2.5	1,511 (0%)	2mo	$249,990	$165	94
3624 Pershing Ln	0.08mi	3/2.5	1,511 (0%)	3mo	$239,990	$159	94
3615 Pershing Ln	0.06mi	3/2.5	1,511 (0%)	4mo	$241,490	$160	94
3610 Pershing Ln	0.09mi	3/2.5	1,511 (0%)	3mo	$239,990	$159	94
3625 Pershing Ln	0.06mi	3/2.5	1,511 (0%)	4mo	$235,990	$156	94
3586 Jasmine Ln	0.07mi	3/2.5	1,511 (0%)	6mo	$239,990	$159	92

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: -16.1%
• Equity multiple: 0.43×
• Total profit: $-39,323
• Equity at exit: $37,009

10-year hold

• IRR: -10.0%
• Equity multiple: 0.42×
• Total profit: $-40,144
• Equity at exit: $21,461

Cash invested: $69,498 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 6 active · 3 under contract
• Months of supply: 3.0 mo (33%/mo absorbed)
• Median asking: $251,490 ($165/sqft)
• Median days on market: 61 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -0.5% 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: 1039
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $2,241 medium
• Mortgage (P&I): −$1,302
• Tax est. 1.5%: −$310 /mo · $3,723/yr
• Insurance: −$103
• HOA: −$0
• Vacancy / Maint / Mgmt: −$471
• Net cashflow: $55

Break-even live

Break-even rent $2,171

Max offer price $248,208

Occupancy floor 93%

Sensitivity live

Price	-10% $226	-5% $141	+0% $55	+5% $-31	+10% $-117
Rent	-10% $-122	-5% $-34	+0% $55	+5% $143	+10% $232
Rate	-1.0pp $180	-0.5pp $118	base $55	+0.5pp $-9	+1.0pp $-75

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: $62,052
• Closing costs: $7,446
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3681 Jasmine Ln Unit HOME1 Waukee, IA	3.0	2.5	1511	$2,545	$1.68	93d	1	0.03mi
3681 Jasmine Ln Unit HOME94 Waukee, IA	3.0	2.5	1418	$2,375	$1.67	93d	1	0.03mi
3681 Jasmine Ln Waukee, IA	3.0	2.5	1464	$2,126	$1.45	15d	13	0.03mi
150 Dakota Cir Waukee, IA	4.0	3.0	2053	$2,400	$1.17	15d	1	1.10mi

Listing history 50 events

1. 2026-08-08
   days on market $237,990 Active 835 DOM
2. 2026-08-07
   days on market $237,990 Active 834 DOM
3. 2026-08-06
   days on market $237,990 Active 833 DOM
4. 2026-08-05
   days on market $237,990 Active 832 DOM
5. 2026-08-04
   days on market $237,990 Active 831 DOM
6. 2026-08-03
   days on market $237,990 Active 830 DOM
7. 2026-07-31
   days on market $237,990 Active 827 DOM
8. 2026-07-30
   days on market $237,990 Active 826 DOM
9. 2026-07-29
   days on market $237,990 Active 825 DOM
10. 2026-07-25
    days on market $237,990 Active 821 DOM
11. 2026-07-24
    days on market $237,990 Active 820 DOM
12. 2026-07-23
    days on market $237,990 Active 819 DOM
13. 2026-07-22
    days on market $237,990 Active 818 DOM
14. 2026-07-21
    days on market $237,990 Active 817 DOM
15. 2026-07-18
    days on market $237,990 Active 814 DOM
16. 2026-07-16
    days on market $237,990 Active 812 DOM
17. 2026-07-16
    days on market $237,990 Active 811 DOM
18. 2026-07-14
    days on market $237,990 Active 810 DOM
19. 2026-07-14
    days on market $237,990 Active 809 DOM
20. 2026-07-12
    days on market $237,990 Active 808 DOM
21. 2026-07-11
    days on market $237,990 Active 807 DOM
22. 2026-07-10
    days on market $237,990 Active 806 DOM
23. 2026-07-09
    days on market $237,990 Active 805 DOM
24. 2026-07-08
    days on market $237,990 Active 804 DOM
25. 2026-07-07
    days on market $237,990 Active 803 DOM
26. 2026-07-06
    days on market $237,990 Active 802 DOM
27. 2026-07-05
    days on market $237,990 Active 801 DOM
28. 2026-07-04
    days on market $237,990 Active 800 DOM
29. 2026-07-03
    days on market $237,990 Active 799 DOM
30. 2026-07-02
    days on market $237,990 Active 798 DOM
31. 2026-07-01
    days on market $237,990 Active 797 DOM
32. 2026-06-30
    days on market $237,990 Active 796 DOM
33. 2026-06-29
    days on market $237,990 Active 795 DOM
34. 2026-06-28
    days on market $237,990 Active 794 DOM
35. 2026-06-28
    days on market $237,990 Active 793 DOM
36. 2026-06-27
    days on market $237,990 Active 792 DOM
37. 2026-06-25
    days on market $237,990 Active 790 DOM
38. 2026-06-23
    days on market $237,990 Active 788 DOM
39. 2026-06-21
    days on market $237,990 Active 787 DOM
40. 2026-06-18
    days on market $237,990 Active 784 DOM
41. 2026-06-17
    days on market $237,990 Active 783 DOM
42. 2026-06-16
    days on market $237,990 Active 782 DOM
43. 2026-06-15
    days on market $237,990 Active 781 DOM
44. 2026-06-14
    days on market $237,990 Active 779 DOM
45. 2026-06-13
    days on market $237,990 Active 778 DOM
46. 2026-06-10
    days on market $237,990 Active 776 DOM
47. 2026-06-09
    days on market $237,990 Active 775 DOM
48. 2026-06-08
    days on market $237,990 Active 774 DOM
49. 2026-06-07
    days on market $237,990 Active 773 DOM
50. 2026-06-05
    days on market $237,990 Active 770 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: $26,888
• − Mortgage interest: −$13,904
• − Property taxes: −$3,723
• − Insurance: −$1,241
• − Repairs & maintenance: −$2,151
• − Management: −$2,151
• − Depreciation: −$7,221
• Taxable loss: −$3,502
• Est. tax savings @ 24.0%: +$840
• After-tax cash flow: $1,499/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 None rehab

This well-maintained townhouse in the Painted Woods West Townhomes community in Waukee, IA, is move-in ready with a good condition score and minimal maintenance required.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Clean gutters — Improves drainage and aesthetics ↑

B Composite school gradezoned avg 78/100

Zoned Schools

Elementary Sugar Creek Elementary School 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

Price history

-10.2% since first listed

4 events — show timeline

• 2025-11-08 Price Changed $237,990 Zillow
• 2024-12-24 Price Changed $251,990 Zillow
• 2024-10-01 Price Changed $254,990 Zillow
• 2024-04-25 Listed $264,990 Zillow