3112 SW Arlan Ln · Ankeny, IA 50023

$183,000

2 bd · 2.0 ba · 1,056 sqft · Other public records · 40 Days on market

Built 2006

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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 +11.1/30.0
• ARV discount +7.5/15.0
• Schools +7.1/10.0
• Livability +4.6/5.0
• 1% rule +3.2/10.0
• DSCR +3.2/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This townhome located just a short drive up the road from the District at Prairie Trail is now available! You won't have to go far to find entertainment and dining while living here. As you enter into the main floor, you are greeted by tons of natural light. The kitchen comes equipped with all appliances as well as an open concept layout that flows into the spacious living room with fresh paint. Into the kitchen with all SS appliances (all stay!). Never again will you have to lug your dirty laundry up and down a flight of stairs as the laundry is located upstairs along with the bedrooms. Both bedrooms offer vaulted ceilings that make the space feel much larger. You will enjoy maintenance free living since all lawn care, snow removal, and exterior building maintenance is taken care of for you. This townhome is move in ready because all appliances stay. All new carpet as well. Additional parking right outside unit. Hurry and view today! All information obtained from seller and public records.

Key facts

• Ss appliances
• Vaulted ceilings
• Move in ready

Tags

• OPEN CONCEPT LAYOUT
• SS APPLIANCES
• LAUNDRY LOCATED UPSTAIRS
• VAULTED CEILINGS
• MAINTENANCE FREE LIVING
• MOVE IN READY

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath other listed at $183k.

Deal economics

• At list price, monthly cash flow is $-73 ($-871/yr) — negative.
• To cash-flow at today's rent, offer at most $170k (7.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $150k (18.3% below list).
• Recommended offer: $150k (18.3% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 3.0% 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: 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: Crocker Elementary School (math 88% / reading 76%, grade A+, #44 of 616 statewide, top 9%, 500 students, 19% FRL); 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; 498 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 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 $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 40 days — a 3% lower offer ($178k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $149,515 (18.3% 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 40 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
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: 0.82% ✗
• Cap rate: 5.82%
• Cash-on-cash: -1.70%
• DSCR: 0.92
• GRM: 10.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.75% rent growth · sell at horizon

5-year hold

• IRR: -21.6%
• Equity multiple: 0.27×
• Total profit: $-37,572
• Equity at exit: $27,286

10-year hold

• IRR: -21.7%
• Equity multiple: -0.01×
• Total profit: $-51,591
• Equity at exit: $15,822

Cash invested: $51,240 (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 50023

• Rents YoY: 0.8%
• Active inventory: 498
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $1,495 high
• Mortgage (P&I): −$960
• Tax from tax record: −$218 /mo · $2,614/yr
• Insurance: −$76
• HOA: −$0
• Vacancy / Maint / Mgmt: −$314
• Net cashflow: $-73

Break-even live

Break-even rent $1,587

Max offer price $170,177

Occupancy floor 100%

Sensitivity live

Price	-10% $31	-5% $-21	+0% $-73	+5% $-124	+10% $-176
Rent	-10% $-191	-5% $-132	+0% $-73	+5% $-14	+10% $46
Rate	-1.0pp $20	-0.5pp $-26	base $-73	+0.5pp $-120	+1.0pp $-168

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: $45,750
• Closing costs: $5,490
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3181 SW Sharmin Ln Ankeny, IA	2.0	2.0	1056	$1,495	$1.42	16d	1	0.06mi
3044 SW Sharmin Ln Ankeny, IA	2.0	2.0	1056	$1,475	$1.40	45d	1	0.07mi
3011 SW Sharmin Ln Ankeny, IA	2.0	2.0	1056	$1,440	$1.36	45d	1	0.08mi
1210 SW 28th St Ankeny, IA	1.0–3.0	1.0–3.0	962	$1,340	$1.39	16d	20	0.45mi
905 SW 28th St Ankeny, IA	1.0–3.0	1.0–2.0	988	$1,540	$1.56	16d	13	0.54mi
2333 SW Plaza Pkwy Ankeny, IA	2.0	1.0–2.0	886	$1,740	$1.96	16d	16	0.62mi
1235 SW Merchant St Ankeny, IA	1.0	1.0	680	$1,275	$1.87	16d	11	1.00mi
1155 SW Prairie Trail Pkwy Ankeny, IA	1.0–2.0	1.0–2.0	837	$1,900	$2.27	16d	69	1.02mi
1205 SW Merchant St Ankeny, IA	1.0–2.0	1.0–2.0	874	$2,025	$2.32	16d	11	1.07mi
1630 SW Magazine Rd Ankeny, IA	1.0–2.0	1.0	769	$1,375	$1.79	16d	10	1.29mi
1010 SW Magazine Rd Ankeny, IA	1.0–2.0	1.0–2.0	1080	$3,015	$2.79	16d	56	1.41mi
1206 SW Franklin Dr Ankeny, IA	1.0	1.0	940	$1,295	$1.38	25d	1	1.49mi

Listing history 23 events

1. 2026-06-21
   days on market $183,000 Active 40 DOM
2. 2026-06-18
   days on market $183,000 Active 37 DOM
3. 2026-06-17
   days on market $183,000 Active 36 DOM
4. 2026-06-16
   days on market $183,000 Active 35 DOM
5. 2026-06-15
   days on market $183,000 Active 34 DOM
6. 2026-06-14
   days on market $183,000 Active 32 DOM
7. 2026-06-13
   days on market $183,000 Active 31 DOM
8. 2026-06-10
   days on market $183,000 Active 29 DOM
9. 2026-06-09
   days on market $183,000 Active 28 DOM
10. 2026-06-08
    days on market $183,000 Active 27 DOM
11. 2026-06-07
    days on market $183,000 Active 26 DOM
12. 2026-06-03
    days on market $183,000 Active 22 DOM
13. 2026-06-02
    days on market $183,000 Active 21 DOM
14. 2026-06-01
    days on market $183,000 Active 20 DOM
15. 2026-05-31
    days on market $183,000 Active 19 DOM
16. 2026-05-31
    days on market $183,000 Active 18 DOM
17. 2026-05-12
    listed $183,000 Active 1004-char remark
18. 2023-03-17
    soldstatus $165,000
19. 2023-03-16
    soldstatus $165,000 Closed 1008-char remark

    Show marketing remark (1008 chars)

    This townhome located just a short drive up the road from the District at Prairie Trail is now available! You won't have to go far to find entertainment and dining while living here. As you enter into the main floor, you are greeted by tons of natural light. The kitchen comes equipped with all appliances as well as an open concept layout that flows into the spacious living room with fresh paint. Into the kitchen with all SS appliances (all stay!). Never again will you have to lug your dirty laundry up and down a flight of stairs as the laundry is located upstairs along with the bedrooms. Both bedrooms offer vaulted ceilings that make the space feel much larger. You will enjoy maintenance free living since all lawn care, snow removal, and exterior building maintenance is taken care of for you. This townhome is move in ready because all appliances stay. All new carpet as well. Additional parking right outside unit. Hurry and view today! All information obtained from seller and public records.

20. 2023-02-17
    status Pending 1008-char remark

    Show marketing remark (1008 chars)

    This townhome located just a short drive up the road from the District at Prairie Trail is now available! You won't have to go far to find entertainment and dining while living here. As you enter into the main floor, you are greeted by tons of natural light. The kitchen comes equipped with all appliances as well as an open concept layout that flows into the spacious living room with fresh paint. Into the kitchen with all SS appliances (all stay!). Never again will you have to lug your dirty laundry up and down a flight of stairs as the laundry is located upstairs along with the bedrooms. Both bedrooms offer vaulted ceilings that make the space feel much larger. You will enjoy maintenance free living since all lawn care, snow removal, and exterior building maintenance is taken care of for you. This townhome is move in ready because all appliances stay. All new carpet as well. Additional parking right outside unit. Hurry and view today! All information obtained from seller and public records.

21. 2023-02-15
    listed $167,500 Active 1008-char remark

    Show marketing remark (1008 chars)

    This townhome located just a short drive up the road from the District at Prairie Trail is now available! You won't have to go far to find entertainment and dining while living here. As you enter into the main floor, you are greeted by tons of natural light. The kitchen comes equipped with all appliances as well as an open concept layout that flows into the spacious living room with fresh paint. Into the kitchen with all SS appliances (all stay!). Never again will you have to lug your dirty laundry up and down a flight of stairs as the laundry is located upstairs along with the bedrooms. Both bedrooms offer vaulted ceilings that make the space feel much larger. You will enjoy maintenance free living since all lawn care, snow removal, and exterior building maintenance is taken care of for you. This townhome is move in ready because all appliances stay. All new carpet as well. Additional parking right outside unit. Hurry and view today! All information obtained from seller and public records.

22. 2006-12-15
    soldstatus $110,900

    Show marketing remark (245 chars)

    24 hr sale. Signature vaulted ceilings, wood laminate. Low price point for 2 car att gar, pantry, walk-in closet. Near Saylorville, 7 minutes to downtown. Up to 2 pets, all cc paid w/ preferred lender. Come see how "$500 gets you in. "

23. 2006-12-01
    listed $110,900

    Show marketing remark (245 chars)

    24 hr sale. Signature vaulted ceilings, wood laminate. Low price point for 2 car att gar, pantry, walk-in closet. Near Saylorville, 7 minutes to downtown. Up to 2 pets, all cc paid w/ preferred lender. Come see how "$500 gets you in. "

ⓘ 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: $2,614 · $218/mo
• Projected year-2 tax: $2,744 · $229/mo
• Expected delta: +$130/yr (+$11/mo · 5.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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: $17,942
• − Mortgage interest: −$10,251
• − Property taxes: −$2,614
• − Insurance: −$915
• − Repairs & maintenance: −$1,435
• − Management: −$1,435
• − Depreciation: −$5,324
• Taxable loss: −$4,032
• Est. tax savings @ 24.0%: +$968
• After-tax cash flow: $97/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): 46,306
• Household income: $117,826
• Rent vs Own: 28.5% rent · 71.5% own
• Severe rent burden: 617.0

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 (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%

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

Industry mix (Fortune 500 HQ in IA)

Industry	F500 HQs	Revenue
▸Financial Services	1	$16B
▸Retail / Convenience	1	$15B

Price history

+65.0% since first listed

7 events — show timeline

• 2026-05-12 Listed $183,000 FSBO.com
• 2023-03-17 Sold (Public Records) $165,000 Public Records
• 2023-03-16 Sold (MLS) $165,000 DMMLS
• 2023-02-17 Pending — DMMLS
• 2023-02-15 Listed $167,500 DMMLS
• 2006-12-15 Sold (MLS) $110,900 DMMLS
• 2006-12-01 Listed $110,900 DMMLS

Property tax history

+3.7%/yr

Latest (2025): $2,614 · +2.0% YoY. Source: county tax records.