10325 Providence Dr #104 · Johnston, IA 50131

$189,000

2 bd · 2.0 ba · 1,083 sqft · Condo public records · 205 Days on market

Built 2007 $175/sqft · 20% below area Est $237k · 20% under $205/mo HOA · 15% 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 +15.0/15.0
• Schools +6.9/10.0
• Cash flow +5.9/30.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• DSCR +0.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Enjoy ground-floor living with a pool view in this inviting condo. The primary bedroom is a restful retreat, featuring two closets, a well-appointed en-suite with walk-in shower, and direct access to the covered patio—perfect for enjoying morning coffee or evening relaxation. The second bedroom offers a large closet and easy access to the full bathroom, making it ideal for guests, a home office, or a creative space. The open kitchen is equipped with stainless steel appliances, an island, and ample storage, flowing seamlessly into the living area with a cozy gas fireplace. A dedicated laundry room with washer and dryer adds convenience, while the attached 1-car garage with designated parking and extra patio storage keep life organized. Guests will appreciate ample unassigned parking, and the building offers secure access for peace of mind. The roof was replaced in 2022, providing a valuable recent update. This welcoming community features a community center, garden, pool, and dog park, while HOA dues include water, sewer, trash, and internet, making it easy to enjoy a low-maintenance, move-in ready home in a vibrant setting.

Key facts

• Two closets
• Pool view
• Ground-floor living

Tags

• GROUND-FLOOR LIVING
• POOL VIEW
• TWO CLOSETS
• WALK-IN SHOWER
• COVERED PATIO
• STAINLESS STEEL APPLIANCES

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $189k.

Deal economics

• At list price, monthly cash flow is $-369 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $124k (34.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $136k (28.3% below list).
• Recommended offer: $124k (34.5% below list) — sets the bar for cash-flow.
• Cap rate 3.9% 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); 382 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 65% 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).
• This rent is only 15% of the median local income ($107k/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 $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 205 days — a 12% lower offer ($166k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 19y ago; this cycle's ask has dropped $20k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $123,809 (34.5% 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 205 days. Have you received any prior offers? Is the seller open to a 34% 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: 0.72% ✗
• Cap rate: 3.95%
• Cash-on-cash: -8.37%
• DSCR: 0.63
• GRM: 11.6

CMA / ARV

• ARV (median comp): $236,840
• List price: $189,000
• Delta: -20.20%
• 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: -32.9%
• Equity multiple: -0.06×
• Total profit: $-56,083
• Equity at exit: $28,181

10-year hold

• IRR: -50.5%
• Equity multiple: -0.64×
• Total profit: $-86,864
• Equity at exit: $16,341

Cash invested: $52,920 (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: 382
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $1,356 high
• Mortgage (P&I): −$991
• Tax from tax record: −$165 /mo · $1,982/yr
• Insurance: −$79
• HOA: −$205
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $-369

Break-even live

Break-even rent $1,823

Max offer price $123,809

Occupancy floor —

Sensitivity live

Price	-10% $-262	-5% $-316	+0% $-369	+5% $-423	+10% $-476
Rent	-10% $-476	-5% $-423	+0% $-369	+5% $-315	+10% $-262
Rate	-1.0pp $-274	-0.5pp $-321	base $-369	+0.5pp $-418	+1.0pp $-468

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10301 Dorset Dr Unit 01 Johnston, IA	2.0	2.0	990	$1,340	$1.35	44d	1	0.17mi
10425 Dorset Dr Unit 11 Johnston, IA	3.0	2.0	1295	$1,495	$1.15	44d	1	0.19mi
10457 Dorset Dr Unit 11 Johnston, IA	3.0	2.0	1295	$1,495	$1.15	44d	1	0.20mi
10457 Dorset Dr Unit 22 Johnston, IA	2.0	2.0	990	$1,290	$1.30	44d	1	0.20mi
10509 Dorset Dr Unit 6120-01 Johnston, IA	2.0	2.0	1014	$1,225	$1.21	44d	1	0.22mi
10509 Dorset Dr Unit 6100-08 Johnston, IA	3.0	2.0	1204	$1,490	$1.24	44d	1	0.22mi
10509 Dorset Dr Unit 6000-23 Johnston, IA	3.0	2.0	1204	$1,440	$1.20	44d	1	0.22mi
10509 Dorset Dr Unit 6120-23 Johnston, IA	2.0	2.0	1014	$1,175	$1.16	44d	1	0.22mi
10516 Dorset Dr Unit 23 Johnston, IA	2.0	2.0	990	$1,290	$1.30	44d	1	0.26mi
10535 Norfolk Dr Johnston, IA	2.0–3.0	2.0	1099	$1,295	$1.18	44d	1	0.30mi
10320 Norfolk Dr #4 Johnston, IA	2.0	2.0	1014	$1,345	$1.33	24d	1	0.31mi
6030 Bremen Ct #13 Johnston, IA	2.0	2.0	1014	$1,195	$1.18	44d	1	0.32mi
935 SE Silkwood Ln Grimes, IA	1.0–2.0	1.0–2.0	914	$1,436	$1.57	15d	27	0.60mi
9577 White Oak Ln Johnston, IA	2.0	2.0	970	$1,264	$1.30	15d	4	0.86mi
1250 SE 11th St Grimes, IA	1.0–3.0	1.0–2.0	921	$1,196	$1.30	15d	15	1.07mi
8650 Crescent Chase Johnston, IA	2.0	2.0	950	$1,009	$1.06	15d	6	1.18mi
310 SE Gateway Dr Grimes, IA	2.0–3.0	1.5–2.0	900	$1,119	$1.24	15d	3	1.27mi

HOA detail condo

• Monthly dues: $205 · $2,460/yr
• Likely covers: watersewertrashgasinternetpoolparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 31 events

1. 2026-06-21
   days on market $189,000 Active 205 DOM
2. 2026-06-18
   days on market $189,000 Active 202 DOM
3. 2026-06-17
   days on market $189,000 Active 201 DOM
4. 2026-06-16
   days on market $189,000 Active 200 DOM
5. 2026-06-15
   days on market $189,000 Active 199 DOM
6. 2026-06-14
   days on market $189,000 Active 197 DOM
7. 2026-06-13
   days on market $189,000 Active 196 DOM
8. 2026-06-10
   days on marketlisting id $189,000 Active 194 DOM
9. 2026-06-09
   days on marketlisting id $189,000 Active 193 DOM
10. 2026-06-08
    days on market $189,000 Active 192 DOM
11. 2026-06-07
    days on market $189,000 Active 191 DOM
12. 2026-06-05
    days on market $189,000 Active 188 DOM
13. 2026-06-03
    days on market $189,000 Active 187 DOM
14. 2026-06-02
    days on market $189,000 Active 186 DOM
15. 2026-06-01
    days on market $189,000 Active 185 DOM
16. 2026-05-31
    days on market $189,000 Active 184 DOM
17. 2026-05-31
    days on market $189,000 Active 183 DOM
18. 2026-05-18
    price $189,000 1158-char remark

    Show marketing remark (1158 chars)

    Enjoy ground-floor living with a pool view in this inviting condo. The primary bedroom is a restful retreat, featuring two closets, a well-appointed en-suite with walk-in shower, and direct access to the covered patio—perfect for enjoying morning coffee or evening relaxation. The second bedroom offers a large closet and easy access to the full bathroom, making it ideal for guests, a home office, or a creative space. The open kitchen is equipped with stainless steel appliances, an island, and ample storage, flowing seamlessly into the living area with a cozy gas fireplace. A dedicated laundry room with washer and dryer adds convenience, while the attached 1-car garage with designated parking and extra patio storage keep life organized. Guests will appreciate ample unassigned parking, and the building offers secure access for peace of mind. The roof was replaced in 2022, providing a valuable recent update. This welcoming community features a community center, garden, pool, and dog park, while HOA dues include water, sewer, trash, and internet, making it easy to enjoy a low-maintenance, move-in ready home in a vibrant setting.

19. 2026-04-13
    price $198,000 1158-char remark

    Show marketing remark (1158 chars)

    Enjoy ground-floor living with a pool view in this inviting condo. The primary bedroom is a restful retreat, featuring two closets, a well-appointed en-suite with walk-in shower, and direct access to the covered patio—perfect for enjoying morning coffee or evening relaxation. The second bedroom offers a large closet and easy access to the full bathroom, making it ideal for guests, a home office, or a creative space. The open kitchen is equipped with stainless steel appliances, an island, and ample storage, flowing seamlessly into the living area with a cozy gas fireplace. A dedicated laundry room with washer and dryer adds convenience, while the attached 1-car garage with designated parking and extra patio storage keep life organized. Guests will appreciate ample unassigned parking, and the building offers secure access for peace of mind. The roof was replaced in 2022, providing a valuable recent update. This welcoming community features a community center, garden, pool, and dog park, while HOA dues include water, sewer, trash, and internet, making it easy to enjoy a low-maintenance, move-in ready home in a vibrant setting.

20. 2026-04-13
    price $198,000 1158-char remark

    Show marketing remark (1158 chars)

    Enjoy ground-floor living with a pool view in this inviting condo. The primary bedroom is a restful retreat, featuring two closets, a well-appointed en-suite with walk-in shower, and direct access to the covered patio—perfect for enjoying morning coffee or evening relaxation. The second bedroom offers a large closet and easy access to the full bathroom, making it ideal for guests, a home office, or a creative space. The open kitchen is equipped with stainless steel appliances, an island, and ample storage, flowing seamlessly into the living area with a cozy gas fireplace. A dedicated laundry room with washer and dryer adds convenience, while the attached 1-car garage with designated parking and extra patio storage keep life organized. Guests will appreciate ample unassigned parking, and the building offers secure access for peace of mind. The roof was replaced in 2022, providing a valuable recent update. This welcoming community features a community center, garden, pool, and dog park, while HOA dues include water, sewer, trash, and internet, making it easy to enjoy a low-maintenance, move-in ready home in a vibrant setting.

21. 2026-01-11
    price $204,900 1158-char remark

    Show marketing remark (1158 chars)

    Enjoy ground-floor living with a pool view in this inviting condo. The primary bedroom is a restful retreat, featuring two closets, a well-appointed en-suite with walk-in shower, and direct access to the covered patio—perfect for enjoying morning coffee or evening relaxation. The second bedroom offers a large closet and easy access to the full bathroom, making it ideal for guests, a home office, or a creative space. The open kitchen is equipped with stainless steel appliances, an island, and ample storage, flowing seamlessly into the living area with a cozy gas fireplace. A dedicated laundry room with washer and dryer adds convenience, while the attached 1-car garage with designated parking and extra patio storage keep life organized. Guests will appreciate ample unassigned parking, and the building offers secure access for peace of mind. The roof was replaced in 2022, providing a valuable recent update. This welcoming community features a community center, garden, pool, and dog park, while HOA dues include water, sewer, trash, and internet, making it easy to enjoy a low-maintenance, move-in ready home in a vibrant setting.

22. 2026-01-11
    price $204,900 1158-char remark

    Show marketing remark (1158 chars)

    Enjoy ground-floor living with a pool view in this inviting condo. The primary bedroom is a restful retreat, featuring two closets, a well-appointed en-suite with walk-in shower, and direct access to the covered patio—perfect for enjoying morning coffee or evening relaxation. The second bedroom offers a large closet and easy access to the full bathroom, making it ideal for guests, a home office, or a creative space. The open kitchen is equipped with stainless steel appliances, an island, and ample storage, flowing seamlessly into the living area with a cozy gas fireplace. A dedicated laundry room with washer and dryer adds convenience, while the attached 1-car garage with designated parking and extra patio storage keep life organized. Guests will appreciate ample unassigned parking, and the building offers secure access for peace of mind. The roof was replaced in 2022, providing a valuable recent update. This welcoming community features a community center, garden, pool, and dog park, while HOA dues include water, sewer, trash, and internet, making it easy to enjoy a low-maintenance, move-in ready home in a vibrant setting.

23. 2025-11-28
    listed $209,000 Active 1158-char remark

    Show marketing remark (1158 chars)

    Enjoy ground-floor living with a pool view in this inviting condo. The primary bedroom is a restful retreat, featuring two closets, a well-appointed en-suite with walk-in shower, and direct access to the covered patio—perfect for enjoying morning coffee or evening relaxation. The second bedroom offers a large closet and easy access to the full bathroom, making it ideal for guests, a home office, or a creative space. The open kitchen is equipped with stainless steel appliances, an island, and ample storage, flowing seamlessly into the living area with a cozy gas fireplace. A dedicated laundry room with washer and dryer adds convenience, while the attached 1-car garage with designated parking and extra patio storage keep life organized. Guests will appreciate ample unassigned parking, and the building offers secure access for peace of mind. The roof was replaced in 2022, providing a valuable recent update. This welcoming community features a community center, garden, pool, and dog park, while HOA dues include water, sewer, trash, and internet, making it easy to enjoy a low-maintenance, move-in ready home in a vibrant setting.

24. 2025-11-28
    listed $209,000 Active 1158-char remark

    Show marketing remark (1158 chars)

    Enjoy ground-floor living with a pool view in this inviting condo. The primary bedroom is a restful retreat, featuring two closets, a well-appointed en-suite with walk-in shower, and direct access to the covered patio—perfect for enjoying morning coffee or evening relaxation. The second bedroom offers a large closet and easy access to the full bathroom, making it ideal for guests, a home office, or a creative space. The open kitchen is equipped with stainless steel appliances, an island, and ample storage, flowing seamlessly into the living area with a cozy gas fireplace. A dedicated laundry room with washer and dryer adds convenience, while the attached 1-car garage with designated parking and extra patio storage keep life organized. Guests will appreciate ample unassigned parking, and the building offers secure access for peace of mind. The roof was replaced in 2022, providing a valuable recent update. This welcoming community features a community center, garden, pool, and dog park, while HOA dues include water, sewer, trash, and internet, making it easy to enjoy a low-maintenance, move-in ready home in a vibrant setting.

25. 2022-05-16
    soldstatus $180,000
26. 2022-05-12
    soldstatus $180,000 Closed
27. 2022-04-08
    status Pending
28. 2022-04-08
    price $180,000
29. 2022-04-06
    listed $169,900 Active
30. 2007-11-21
    soldstatus $114,330
31. 2007-06-11
    listed $114,730

ⓘ 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: $1,982 · $165/mo
• Projected year-2 tax: $2,475 · $206/mo
• Expected delta: +$493/yr (+$41/mo · 24.9%)

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

Taxation est. · year 1

• Rental income: $16,269
• − Mortgage interest: −$10,587
• − Property taxes: −$1,982
• − Insurance: −$945
• − Repairs & maintenance: −$1,301
• − Management: −$1,301
• − HOA: −$2,460
• − Depreciation: −$5,498
• Taxable loss: −$7,806
• Est. tax savings @ 24.0%: +$1,874
• After-tax cash flow: $-2,555/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

+64.7% since first listed

14 events — show timeline

• 2026-05-18 Price Changed $189,000 CIBOR
• 2026-04-13 Price Changed $198,000 CIBOR
• 2026-04-13 Price Changed $198,000 DMMLS
• 2026-01-11 Price Changed $204,900 CIBOR
• 2026-01-11 Price Changed $204,900 DMMLS
• 2025-11-28 Listed $209,000 CIBOR
• 2025-11-28 Listed $209,000 DMMLS
• 2022-05-16 Sold (Public Records) $180,000 Public Records
• 2022-05-12 Sold (MLS) $180,000 DMMLS
• 2022-04-08 Pending — DMMLS
• 2022-04-08 Price Changed $180,000 DMMLS
• 2022-04-06 Listed $169,900 DMMLS
• 2007-11-21 Sold (MLS) $114,330 DMMLS
• 2007-06-11 Listed $114,730 DMMLS

Property tax history

+1.3%/yr

Latest (2025): $1,982 · -0.6% YoY. Source: county tax records.