1250 SW Magazine Rd #205 · Ankeny, IA 50023

$115,000

2 bd · 2.0 ba · 1,106 sqft · Condo · 309 Days on market

55+ age-restricted Built 2017 Good condition $1659/mo HOA ↓ 5% since listing

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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
• Schools +7.8/10.0
• Cash flow +7.5/30.0
• 1% rule +6.3/10.0
• Livability +4.6/5.0
• Condition / age +4.0/5.0
• Rent growth +2.7/5.0
• DSCR +2.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Ankeny's Independent 55+ Co-op Community. Enjoy maintenance-free living, paid utilities and basic cable (except electric). access to a big party room with full kitchen, access to a rentable private guest suite for visitors, 3 more community gathering spaces to socialize with residents, underground parking, elevator access, a fitness area, on-site management, and a secure building.

Key facts

• Full kitchen
• Big party room
• Paid utilities

Tags

• MAINTENANCE-FREE LIVING
• PAID UTILITIES
• BIG PARTY ROOM
• FULL KITCHEN
• RENTABLE PRIVATE GUEST SUITE
• COMMUNITY GATHERING SPACES

🏢 Co-op / cooperative unit. The $115,000 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $115k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-1k ($-16k/yr) — negative.
• Rent doesn't cover operating costs at any purchase price — skip.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Cap rate -7.4% vs local median 2.9% in Ankeny — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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; 803 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 2,953 units permitted in Polk County in 2024 (540 in 5+ unit buildings).
• This rent is only 15% of the median local income ($118k/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 $795 of loan paydown is wiped out by about $3k 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 309 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $27k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 115% of rent.

Recommended offer $101,200 (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 309 days. Have you received any prior offers? Is the seller open to a 12% 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. 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.
9. 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.
10. 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: 1.26% ✓
• Cap rate: -7.39%
• Cash-on-cash: -48.88%
• DSCR: -1.17
• GRM: 6.6

CMA / ARV

• ARV (median comp): $161,690
• List price: $115,000
• Delta: -28.88%
• 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
514 SW Walnut St	0.81mi	2/1.5	1,080 (-2%)	0mo	$267,000	$247	59
1715 SW 32nd Ln	1.47mi	2/2.0	1,056 (-4%)	0mo	$145,500	$138	57
3020 SW Sharmin Ln	1.34mi	2/2.0	1,056 (-4%)	0mo	$170,000	$161	57
3165 SW Arlan Ln	1.44mi	2/2.0	1,056 (-4%)	1mo	$171,000	$162	57
3180 SW Arlan Ln	1.45mi	2/2.0	1,056 (-4%)	1mo	$160,000	$152	56
509 NW Logan St	1.46mi	3/2.0 (+1)	1,074 (-3%)	0mo	$277,500	$258	55
230 NW Arlan Dr	1.23mi	3/1.5 (+1)	1,144 (+3%)	2mo	$258,000	$226	51
814 SE Oak Dr	1.01mi	3/2.0 (+1)	1,195 (+8%)	1mo	$275,000	$230	46
564 SW Goodwin St	0.60mi	3/1.0 (+1)	1,222 (+10%)	0mo	$262,500	$215	46
1805 SW White Birch Cir #6	1.20mi	3/2.0 (+1)	1,214 (+10%)	1mo	$173,000	$143	43
1432 SW Twin Gates Dr	1.40mi	2/2.0	834 (-25%)	0mo	$225,000	$270	40
1401 SW Parkridge Ln	0.57mi	3/3.0 (+1)	1,320 (+19%)	1mo	$310,000	$235	39

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 · 0.75% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: -2.24×
• Total profit: $-104,327
• Equity at exit: $17,147

10-year hold

• IRR: —
• Equity multiple: -5.42×
• Total profit: $-206,734
• Equity at exit: $9,943

Cash invested: $32,200 (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
• Median asking: $121,475 ($108/sqft)
• Median days on market: 150 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +35.8% above current asking $/sqft

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

ZIP-level market 50023

• Rents YoY: 0.8%
• Active inventory: 803
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,446 high
• Mortgage (P&I): −$603
• Tax est. 1.5%: −$144 /mo · $1,725/yr
• Insurance: −$48
• HOA: −$1,659
• Vacancy / Maint / Mgmt: −$304
• Net cashflow: $-1,312

Break-even live

Break-even rent $3,106

Max offer price —

Occupancy floor —

Sensitivity live

Price	-10% $-1,232	-5% $-1,272	+0% $-1,312	+5% $-1,351	+10% $-1,391
Rent	-10% $-1,426	-5% $-1,369	+0% $-1,312	+5% $-1,254	+10% $-1,197
Rate	-1.0pp $-1,254	-0.5pp $-1,282	base $-1,312	+0.5pp $-1,341	+1.0pp $-1,372

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: $28,750
• Closing costs: $3,450
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1010 SW Magazine Rd Ankeny, IA	1.0–2.0	1.0–2.0	1080	$3,015	$2.79	109d	56	0.10mi
1114 SW Bayberry Ln Ankeny, IA	2.0	2.5	1202	$1,549	$1.29	0d	1	0.18mi
1115 SW 11th St Ankeny, IA	1.0	1.0	940	$1,195	$1.27	6d	1	0.19mi
1301 SW 11th St Ankeny, IA	2.0	2.5	1202	$1,745	$1.45	6d	1	0.19mi
1380 SW District Dr Ankeny, IA	1.0–2.0	1.0–2.0	895	$1,600	$1.79	0d	11	0.20mi
1403 SW 11th St Ankeny, IA	2.0	2.5	1202	$1,650	$1.37	0d	12	0.21mi
1216 SW Des Moines St Unit 1 Ankeny, IA	1.0	1.0	940	$1,195	$1.27	6d	1	0.22mi
1108 SW 11th St Ankeny, IA	2.0	1.0–2.0	951	$1,906	$2.00	0d	14	0.24mi
1370 SW Radcliffe Ln Ankeny, IA	2.0	2.0	1375	$2,010	$1.46	0d	7	0.28mi
1630 SW Magazine Rd Ankeny, IA	1.0–2.0	1.0	769	$1,299	$1.69	0d	3	0.28mi
1235 SW Merchant St Ankeny, IA	1.0	1.0	685	$1,250	$1.82	0d	6	0.37mi
1804 SW Lesina Ln Ankeny, IA	3.0	2.5	1422	$1,925	$1.35	6d	1	0.40mi
1155 SW Prairie Trail Pkwy Ankeny, IA	1.0–2.0	1.0–2.0	798	$1,950	$2.44	0d	62	0.40mi
1335 SW Merchant St Ankeny, IA	1.0	1.0	650	$1,124	$1.73	0d	3	0.42mi
1919 SW Lesina Ln Ankeny, IA	3.0	2.5	1422	$1,925	$1.35	6d	1	0.47mi
1351 SW Prairie Trail Pkwy Ankeny, IA	3.0–4.0	3.0–4.0	1439	$530	$0.37	0d	8	0.50mi
548 SW Heritage Ln Ankeny, IA	3.0	2.5	1500	$800	$0.53	119d	1	0.50mi
612 SW Des Moines St Ankeny, IA	2.0	1.0	845	$1,250	$1.48	6d	1	0.60mi
405 SW Elm St Apt 401 Ankeny, IA	2.0	1.0	850	$985	$1.16	3d	1	0.83mi
405 SW Elm St Ankeny, IA	2.0	1.0	850	$985	$1.16	109d	1	0.83mi
405 SW Elm St Ankeny, IA	2.0	1.0	825	$985	$1.19	3d	1	0.83mi
401 SW Elm St Ankeny, IA	2.0	1.0	850	$985	$1.16	6d	1	0.84mi
401 SW Elm St Apt 205 Ankeny, IA	2.0	1.0	837	$995	$1.19	3d	2	0.84mi
401 SW Elm St Apt 205 Ankeny, IA	2.0	1.0	850	$985	$1.16	2d	1	0.84mi
401 SW Elm St Apt 205 Ankeny, IA	2.0	1.0	850	$1,015	$1.19	6d	1	0.84mi
401 SW Elm St Ankeny, IA	2.0	1.0	850	$975	$1.15	62d	1	0.84mi
719 SW 3rd St Ankeny, IA	1.0–2.0	1.0–2.0	799	$1,375	$1.72	0d	4	0.91mi
1004 SE Belmont Dr Ankeny, IA	1.0–2.0	1.0	699	$950	$1.36	0d	4	0.92mi
1004 SE Belmont Dr Ankeny, IA	2.0	1.0	748	$982	$1.31	62d	5	0.92mi
802 SW 3rd St Ankeny, IA	2.0	1.0	780	$1,300	$1.67	62d	1	0.94mi
1102 SE Belmont Dr Ankeny, IA	2.0	1.0	850	$995	$1.17	139d	1	0.94mi
221 SW Scott St Ankeny, IA	3.0	2.0	1336	$1,795	$1.34	62d	1	0.95mi
1206 SW Franklin Ct Ankeny, IA	1.0	1.0	940	$1,195	$1.27	6d	1	0.96mi
602 SE Grant St Apt 7 Ankeny, IA	2.0	1.0	792	$895	$1.13	6d	1	1.03mi
602 SE Grant St Unit 06 Ankeny, IA	2.0	1.0	792	$825	$1.04	114d	1	1.03mi
602 SE Grant St Apt 3 Ankeny, IA	2.0	1.0	792	$825	$1.04	139d	1	1.03mi
2333 SW Plaza Pkwy Ankeny, IA	2.0	1.0–2.0	855	$1,715	$2.00	0d	18	1.06mi
1210 SW 28th St Ankeny, IA	1.0–3.0	1.0–3.0	1060	$1,525	$1.44	61d	1	1.08mi
1210 SW 28th St Ankeny, IA	1.0–3.0	1.0–3.0	1025	$1,625	$1.59	0d	14	1.08mi
905 SW 28th St Ankeny, IA	1.0–3.0	1.0–2.0	990	$1,355	$1.37	0d	17	1.12mi

HOA detail $1,659/mo · $19,908/yr condo

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

Listing history 50 events

1. 2026-09-23
   days on market $115,000 Active 309 DOM
2. 2026-09-22
   days on market $115,000 Active 308 DOM
3. 2026-09-21
   days on market $115,000 Active 307 DOM
4. 2026-09-20
   days on market $115,000 Active 306 DOM
5. 2026-09-19
   days on market $115,000 Active 305 DOM
6. 2026-09-18
   days on market $115,000 Active 304 DOM
7. 2026-09-17
   days on market $115,000 Active 303 DOM
8. 2026-09-16
   days on market $115,000 Active 302 DOM
9. 2026-09-15
   days on market $115,000 Active 301 DOM
10. 2026-09-14
    days on market $115,000 Active 300 DOM
11. 2026-09-13
    days on market $115,000 Active 299 DOM
12. 2026-09-12
    days on market $115,000 Active 298 DOM
13. 2026-09-11
    days on market $115,000 Active 297 DOM
14. 2026-09-05
    days on market $115,000 Active 291 DOM
15. 2026-09-04
    days on market $115,000 Active 290 DOM
16. 2026-09-03
    days on market $115,000 Active 289 DOM
17. 2026-08-31
    days on market $115,000 Active 286 DOM
18. 2026-08-30
    days on market $115,000 Active 285 DOM
19. 2026-08-29
    days on market $115,000 Active 284 DOM
20. 2026-08-28
    days on market $115,000 Active 283 DOM
21. 2026-08-27
    days on market $115,000 Active 282 DOM
22. 2026-08-26
    days on market $115,000 Active 281 DOM
23. 2026-08-25
    days on market $115,000 Active 280 DOM
24. 2026-08-24
    days on market $115,000 Active 279 DOM
25. 2026-08-23
    days on market $115,000 Active 278 DOM
26. 2026-08-22
    days on market $115,000 Active 277 DOM
27. 2026-08-21
    days on market $115,000 Active 276 DOM
28. 2026-08-20
    days on market $115,000 Active 275 DOM
29. 2026-08-19
    days on market $115,000 Active 274 DOM
30. 2026-08-18
    days on market $115,000 Active 273 DOM
31. 2026-08-17
    days on market $115,000 Active 272 DOM
32. 2026-08-16
    days on market $115,000 Active 271 DOM
33. 2026-08-15
    days on market $115,000 Active 270 DOM
34. 2026-08-15
    days on market $115,000 Active 269 DOM
35. 2026-08-13
    days on market $115,000 Active 268 DOM
36. 2026-08-12
    days on market $115,000 Active 267 DOM
37. 2026-08-12
    price $115,000 Active 266 DOM
38. 2026-08-11
    days on market $135,000 Active 266 DOM
39. 2026-08-10
    days on market $135,000 Active 265 DOM
40. 2026-08-09
    days on market $135,000 Active 264 DOM
41. 2026-08-08
    days on market $135,000 Active 263 DOM
42. 2026-08-07
    days on market $135,000 Active 262 DOM
43. 2026-08-06
    days on market $135,000 Active 261 DOM
44. 2026-08-05
    days on market $135,000 Active 260 DOM
45. 2026-08-04
    days on market $135,000 Active 259 DOM
46. 2026-08-03
    days on market $135,000 Active 258 DOM
47. 2026-07-31
    days on market $135,000 Active 255 DOM
48. 2026-07-30
    days on market $135,000 Active 254 DOM
49. 2026-07-29
    days on market $135,000 Active 253 DOM
50. 2026-07-27
    days on market $135,000 Active 251 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°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: $17,350
• − Mortgage interest: −$6,442
• − Property taxes: −$1,725
• − Insurance: −$575
• − Repairs & maintenance: −$1,388
• − Management: −$1,388
• − HOA: −$19,908
• − Depreciation: −$3,345
• Taxable loss: −$17,421
• Est. tax savings @ 24.0%: +$4,181
• After-tax cash flow: $-11,557/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 property is in excellent condition with modern amenities and a well-maintained exterior. It is move-in ready and would benefit from minor updates to increase its value.

Value-add opportunities

• Both Painting exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhanced landscaping can increase curb appeal and property value ↑
• Both Replace carpet with hardwood flooring in living area — Hardwood flooring is more durable and can increase property value ↑
• Both Install smart home devices — Smart home devices can increase property value and attract tech-savvy buyers ↑

B Composite school gradezoned avg 78/100

Zoned Schools

Elementary Heritage Elementary A IA #177/616 Nat'l #2,730/41,679 Middle Parkview Middle School A+ IA #35/246 Nat'l #292/14,009 High Ankeny High School A IA #30/336 Nat'l #1,058/17,239

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

A Composite livability gradescore 92/100

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 · 548,042 people
• City population: 76,589
• Metro: Des Moines-West Des Moines, IA
• Population (ZIP): 46,306
• Household income: $117,826
• Rent vs Own: 28.5% rent · 71.5% own
• Severe rent burden: 7% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 4% Asian 3% Hispanic / Latino 3% Black 1%
• Common ancestry: Portuguese 6% Iranian 3% Slovak 2%
• Foreign-born: 4% · Canada, South Korea, Vietnam
• Languages at home: 93% English-only · Spanish 2% Other Asian/Pacific 2% Russian/Polish/Slavic 1%

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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: ▼ -135.67%
• Current HPI: 215.1034
• Rent YoY: ▲ 0.75%
• 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

-4.9% since first listed

4 events — show timeline

• 2026-05-18 Relisted — DMMLS
• 2026-05-10 Listing Removed — DMMLS
• 2026-01-29 Price Changed $135,000 DMMLS
• 2025-11-10 Listed $141,900 DMMLS