6174 Terrace Dr #13 · Johnston, IA 50131

$209,000

2 bd · 1.5 ba · 1,501 sqft · Condo public records · 116 Days on market

Built 1980 $139/sqft · 19% below area Est $258k · 19% under $275/mo HOA · 17% of rent ↓ 8% 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).

• ARV discount +15.0/15.0
• Schools +6.9/10.0
• Cash flow +6.1/30.0
• Livability +4.0/5.0
• 1% rule +2.9/10.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• DSCR +0.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move-in ready 2-bedroom, 2-bath townhome in the heart of Johnston! Located on a cul-de-sac, just steps from scenic Terra Lake and walking paths, Open-concept main living area with natural light and access to a south-facing deck, perfect for relaxing or entertaining. The kitchen has been thoughtfully remodeled with quartz countertops and storage, plus all appliances stay. Upstairs is the primary with bedroom with ample closet space, an updated bathroom, 2nd bedroom and separate laundry area. In the lower level there is more space, a 3rd non-conforming bedroom, office and living area. Additional highlights include a 2-car attached garage, updated bathrooms, and maintenance-free living with exterior upkeep handled for you. Located in the highly rated Johnston School District, this home offers quick access to local parks, trails, shopping, dining, and major commuter routes. Don't miss this opportunity to enjoy low-maintenance living in one of Johnston's most desirable areas steps from nature and minutes from everything you need!

Key facts

• Quartz countertops
• Scenic terra lake
• Remodeled kitchen

Tags

• CUL-DE-SAC
• SCENIC TERRA LAKE
• WALKING PATHS
• SOUTH-FACING DECK
• REMODELED KITCHEN
• QUARTZ COUNTERTOPS

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $209k.

Deal economics

• At list price, monthly cash flow is $-387 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $141k (32.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $166k (20.6% below list).
• Recommended offer: $141k (32.7% below list) — sets the bar for cash-flow.
• Cap rate 4.1% vs local median 2.4% in Johnston — 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 81/100 on livability (#59 in IA, #1,344 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F.
• Johnston Community School District (suburban): math 78% / reading 78% proficiency, ranked #24 of 289 in IA (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical; only 14% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+1.5%/yr); 376 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $6k 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 116 days — a 9% lower offer ($190k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $20k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $140,699 (32.7% 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 116 days. Have you received any prior offers? Is the seller open to a 33% 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: 0.79% ✗
• Cap rate: 4.07%
• Cash-on-cash: -7.93%
• DSCR: 0.65
• GRM: 10.5

CMA / ARV

• ARV (median comp): $257,970
• List price: $209,000
• Delta: -18.98%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.47% rent growth · sell at horizon

5-year hold

• IRR: -32.2%
• Equity multiple: -0.04×
• Total profit: $-60,829
• Equity at exit: $31,163

10-year hold

• IRR: -48.8%
• Equity multiple: -0.61×
• Total profit: $-93,959
• Equity at exit: $18,071

Cash invested: $58,520 (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 50131

• Home prices YoY: -26.0%
• Rents YoY: 1.5%
• Active inventory: 376
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $1,660 medium
• Mortgage (P&I): −$1,096
• Tax from tax record: −$240 /mo · $2,880/yr
• Insurance: −$87
• HOA: −$275
• Vacancy / Maint / Mgmt: −$349
• Net cashflow: $-387

Break-even live

Break-even rent $2,149

Max offer price $140,699

Occupancy floor —

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: $52,250
• Closing costs: $6,270
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6000 NW 62nd Ave Johnston, IA	1.0–3.0	1.0–2.0	1139	$1,892	$1.66	14d	1	0.81mi
6000 NW 62nd Ave Johnston, IA	1.0–3.0	1.0–2.0	1126	$1,892	$1.68	19d	1	0.81mi
6300 Merle Hay Rd Johnston, IA	1.0–2.0	1.0–2.0	1056	$1,550	$1.47	14d	16	1.05mi
4807 NW 51st St Des Moines, IA	3.0	2.0	1400	$1,600	$1.14	14d	1	1.23mi

HOA detail condo

• Monthly dues: $275 · $3,300/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-13
   statusdays on market $209,000 Pending 116 DOM
2. 2026-06-10
   days on market $209,000 Active 114 DOM
3. 2026-06-09
   days on market $209,000 Active 113 DOM
4. 2026-06-08
   days on market $209,000 Active 112 DOM
5. 2026-06-07
   pricedays on market $209,000 Active 111 DOM
6. 2026-06-03
   days on market $229,000 Active 108 DOM
7. 2026-06-02
   days on market $229,000 Active 107 DOM
8. 2026-06-01
   days on market $229,000 Active 106 DOM
9. 2026-05-31
   days on market $229,000 Active 105 DOM
10. 2026-05-31
    days on market $229,000 Active 104 DOM
11. 2026-03-21
    status Active 1040-char remark

    Show marketing remark (1040 chars)

    Move-in ready 2-bedroom, 2-bath townhome in the heart of Johnston! Located on a cul-de-sac, just steps from scenic Terra Lake and walking paths, Open-concept main living area with natural light and access to a south-facing deck, perfect for relaxing or entertaining. The kitchen has been thoughtfully remodeled with quartz countertops and storage, plus all appliances stay. Upstairs is the primary with bedroom with ample closet space, an updated bathroom, 2nd bedroom and separate laundry area. In the lower level there is more space, a 3rd non-conforming bedroom, office and living area. Additional highlights include a 2-car attached garage, updated bathrooms, and maintenance-free living with exterior upkeep handled for you. Located in the highly rated Johnston School District, this home offers quick access to local parks, trails, shopping, dining, and major commuter routes. Don't miss this opportunity to enjoy low-maintenance living in one of Johnston's most desirable areas steps from nature and minutes from everything you need!

12. 2026-03-10
    status Pending 1040-char remark

    Show marketing remark (1040 chars)

    Move-in ready 2-bedroom, 2-bath townhome in the heart of Johnston! Located on a cul-de-sac, just steps from scenic Terra Lake and walking paths, Open-concept main living area with natural light and access to a south-facing deck, perfect for relaxing or entertaining. The kitchen has been thoughtfully remodeled with quartz countertops and storage, plus all appliances stay. Upstairs is the primary with bedroom with ample closet space, an updated bathroom, 2nd bedroom and separate laundry area. In the lower level there is more space, a 3rd non-conforming bedroom, office and living area. Additional highlights include a 2-car attached garage, updated bathrooms, and maintenance-free living with exterior upkeep handled for you. Located in the highly rated Johnston School District, this home offers quick access to local parks, trails, shopping, dining, and major commuter routes. Don't miss this opportunity to enjoy low-maintenance living in one of Johnston's most desirable areas steps from nature and minutes from everything you need!

13. 2026-02-04
    listed $229,000 Active 1040-char remark

    Show marketing remark (1040 chars)

    Move-in ready 2-bedroom, 2-bath townhome in the heart of Johnston! Located on a cul-de-sac, just steps from scenic Terra Lake and walking paths, Open-concept main living area with natural light and access to a south-facing deck, perfect for relaxing or entertaining. The kitchen has been thoughtfully remodeled with quartz countertops and storage, plus all appliances stay. Upstairs is the primary with bedroom with ample closet space, an updated bathroom, 2nd bedroom and separate laundry area. In the lower level there is more space, a 3rd non-conforming bedroom, office and living area. Additional highlights include a 2-car attached garage, updated bathrooms, and maintenance-free living with exterior upkeep handled for you. Located in the highly rated Johnston School District, this home offers quick access to local parks, trails, shopping, dining, and major commuter routes. Don't miss this opportunity to enjoy low-maintenance living in one of Johnston's most desirable areas steps from nature and minutes from everything you need!

14. 2026-02-02
    historical
15. 2026-01-04
    price $229,000
16. 2025-11-21
    price $246,500
17. 2025-11-06
    listed $250,000 Active

ⓘ 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: $2,880 · $240/mo
• Projected year-2 tax: $3,081 · $257/mo
• Expected delta: +$201/yr (+$17/mo · 7.0%)

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

Taxation est. · year 1

• Rental income: $19,921
• − Mortgage interest: −$11,707
• − Property taxes: −$2,880
• − Insurance: −$1,045
• − Repairs & maintenance: −$1,594
• − Management: −$1,594
• − HOA: −$3,300
• − Depreciation: −$6,080
• Taxable loss: −$8,279
• Est. tax savings @ 24.0%: +$1,987
• After-tax cash flow: $-2,653/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: Johnston Community School District
• NCES district ID: 1915450
• Math proficiency: 78% ▼ -6.00%
• Reading proficiency: 78% ▼ -3.00%
• Median HH income: $85,758
• Composite: 69.43/100
• National rank: #309
• State rank: #24 of 289 in IA

Livability — Johnston

• Score: 81/100
• State rank: #59
• US rank: #1344

Category grades

Amenities F Commute F Cost of living B 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: Johnston, IA
• County: Polk County · 453,298 people
• City population: 24,583
• Metro: Des Moines-West Des Moines, IA
• Population (ZIP): 24,583
• Household income: $106,551
• Rent vs Own: 28.9% rent · 71.1% own
• Severe rent burden: 685.0

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 (79%)
• Race & ethnicity: White 79% Black 9% Asian 7% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Portuguese 4% American 3% Swiss 2%
• Foreign-born: 9% · China, Canada
• Languages at home: 88% English-only · Russian/Polish/Slavic 2% Chinese 2% Other Asian/Pacific 2%

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: ▼ -71.38%
• Current HPI: 203.3508
• Rent YoY: ▲ 1.47%
• 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

-8.4% since first listed

7 events — show timeline

• 2026-03-21 Relisted — DMMLS
• 2026-03-10 Pending — DMMLS
• 2026-02-04 Listed $229,000 DMMLS
• 2026-02-02 Listing Removed — DMMLS
• 2026-01-04 Price Changed $229,000 DMMLS
• 2025-11-21 Price Changed $246,500 DMMLS
• 2025-11-06 Listed $250,000 DMMLS

Property tax history

+1.4%/yr

Latest (2025): $2,880 · +1.1% YoY. Source: county tax records.