Is 4024 NE Timber Ln in Ankeny, IA a good investment?

CashFlowRE grades it D with a 5.1% cap rate and $-240/mo modeled cash flow at a $245,900 list price. See the full underwriting and recommended offer on the page.

What is the cap rate for 4024 NE Timber Ln?

The modeled cap rate is 5.1% — annual NOI divided by price, using CashFlowRE's rent and expense estimates.

What would this property rent for?

Estimated market rent is $2,069/month, from CashFlowRE's rent model.

D Composite 42.89

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 +10.2/15.0
Cash flow +8.1/30.0
Schools +7.7/10.0
Livability +4.6/5.0
Condition / age +4.0/5.0
1% rule +3.4/10.0
Rent growth +2.7/5.0
DSCR +2.1/10.0
Appreciation +0.0/10.0

$245,900

4024 NE Timber Ln · Ankeny, IA 50021

3 bd · 2.5 ba · 1,473 sqft · Townhouse public records · 113 Days on market

Built 2022 Good condition 1,413 sqft lot 2-car garage $167/sqft · 6% below area Est $261k · 6% under $175/mo HOA · 8% of rent

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks MLS

What if you could buy this townhome for less than rent? This townhome checks all of the boxes. Look no further, the Greenland Homes townhomes in The Landing At Deer Creek Crossing is the place to be! These townhomes not only come with all appliances but also include a 2-year builder warranty! This home features 3 bedrooms and 2.5 bathrooms. These townhomes are not short on space. The kitchen is lined with white cabinets, quartz countertops and backsplash. The main living area features a captivating ship-lap fireplace in the living room area. The second level contains all 3 bedrooms, 2 full bathrooms, and a laundry room for added convenience. The master bedroom has a walk-in closet in addition to its own private bathroom. This community offers easy commute to Des Moines or Ames, just a few minutes from I-35. Call TODAY for your private showing or visit an open house Wednesday & Thursday 3-6:00, Saturday 9-Noon and Sundays 1-4:00.

Key facts

Open living area
Private outdoor spot
Corner fireplace

What this means for you Summary

Snapshot

This is a 3-bed/2.5-bath townhouse listed at $246k. Condition is rated good.

Deal economics

At list price, monthly cash flow is $-240 ($-3k/yr) — negative.
To cash-flow at today's rent, offer at most $211k (14.1% below list).
To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $207k (15.9% below list).
Recommended offer: $207k (15.9% below list) — sets the bar for 1% rule.
Cap rate 5.1% vs local median 2.9% 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: East Elementary School (math 62% / reading 62%, grade B, #363 of 616 statewide, top 62%, 413 students, 37% 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) — zoned schools average 26% FRL vs 10% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
Market conditions: Rents flat; 869 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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 $2k of loan paydown is wiped out by about $7k 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 113 days — a 9% lower offer ($224k) is reasonable based on typical stale-listing flexibility.
2 sale attempts since 4y ago; this cycle's ask has dropped $14k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $206,890 (15.9% below list)

Questions for the listing agent

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?
It's been on market 113 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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?
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?
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.
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.
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: 0.84% ✗
Cap rate: 5.12%
Cash-on-cash: -4.18%
DSCR: 0.81
GRM: 9.9

CMA / ARV

ARV (median comp): $261,403
List price: $245,900
Delta: -5.93%
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
103 NE Doe Pointe Ln	0.16mi	3/2.5	1,546 (+5%)	2mo	$269,900	$175	82
3110 NE 2nd Ln	0.62mi	3/2.5	1,473 (0%)	2mo	$216,500	$147	69
4330 NE Spear Ln	0.53mi	3/3.0	1,511 (+3%)	0mo	$219,990	$146	69
234 NE Meadow Ln	0.64mi	3/2.5	1,473 (0%)	2mo	$232,000	$158	68
601 NE Hart Ln	0.42mi	3/2.5	1,376 (-7%)	2mo	$254,990	$185	68
4424 NE Spear Ln	0.53mi	3/3.0	1,511 (+3%)	1mo	$226,190	$150	68
4334 NE Spear Ln	0.53mi	3/3.0	1,511 (+3%)	1mo	$214,990	$142	68
592 NE Hart Ln	0.44mi	3/2.5	1,376 (-7%)	1mo	$254,990	$185	67
596 NE Hart Ln	0.43mi	3/2.5	1,376 (-7%)	2mo	$249,900	$182	67
3202 NE 4th Ln	0.59mi	4/3.0 (+1)	1,505 (+2%)	2mo	$383,000	$254	60
301 NE Meadow Ln	0.62mi	4/3.0 (+1)	1,509 (+2%)	2mo	$369,000	$245	58
602 NE Hart Ln	0.43mi	2/2.5 (-1)	1,328 (-10%)	3mo	$249,990	$188	56

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 · 0.92% rent growth · sell at horizon

5-year hold

IRR: -25.9%
Equity multiple: 0.14×
Total profit: $-59,231
Equity at exit: $36,664

10-year hold

IRR: -32.0%
Equity multiple: -0.27×
Total profit: $-87,385
Equity at exit: $21,261

Cash invested: $68,852 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

For sale now: 41 active · 24 under contract
Months of supply: 8.5 mo (12%/mo absorbed)
Median asking: $244,990 ($178/sqft)
Median days on market: 169 d
This list price: 54% of active listings are priced below it
ARV vs active asking: -0.3% vs current asking $/sqft

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

ZIP-level market 50021

Rents YoY: 0.9%
Active inventory: 869
Price-to-rent: 9.9×

Monthly cashflow live

Estimated rent: $2,069 high interval (Pro) →
Mortgage (P&I): −$1,290
Tax est. 1.5%: −$307 /mo · $3,688/yr
Insurance: −$102
HOA: −$175
Lot rent: −$0
Vacancy / Maint / Mgmt: −$434
Net cashflow: $-240

Break-even live

Break-even rent $2,373

Max offer price $211,182

Occupancy floor —

Sensitivity live

Price	-10% $-70	-5% $-155	+0% $-240	+5% $-325	+10% $-410
Rent	-10% $-403	-5% $-322	+0% $-240	+5% $-158	+10% $-76
Rate	-1.0pp $-116	-0.5pp $-177	base $-240	+0.5pp $-304	+1.0pp $-368

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: $61,475
Closing costs: $7,377
Club membership (one-time): —
Reserves months: —
Total cash needed: —

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Short-term bridge; refi at stabilization.

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4005 NE 2nd Ln Ankeny, IA	3.0	3.0	1500	$1,900	$1.27	16d	1	0.07mi
4031 NE 5th St Bondurant, IA	4.0	2.5	1620	$2,295	$1.42	16d	1	0.13mi
4213 NE 6th St Ankeny, IA	4.0	3.0	1858	$2,295	$1.24	16d	1	0.23mi
604 NE Pearl Dr Ankeny, IA	3.0	2.0	1464	$2,395	$1.64	93d	1	0.24mi
221 NE Crossing Oaks Dr Ankeny, IA	4.0	2.5	1709	$2,195	$1.28	15d	1	0.26mi
4342 NE Spear Ln Unit 4342 Ankeny, IA	3.0	2.5	1511	$1,850	$1.22	93d	1	0.53mi
3212 NE Fawn Ln Ankeny, IA	4.0	3.0	1492	$2,995	$2.01	16d	1	0.56mi
3101 NE 2nd Ln Ankeny, IA	3.0	2.5	1460	$1,895	$1.30	16d	1	0.62mi
4331 NE 14th St Ankeny, IA	3.0	2.5	1547	$1,845	$1.19	15d	1	0.65mi
1313 NE Crossing Oaks Dr Ankeny, IA	3.0	2.0	1200	$1,799	$1.50	15d	1	0.66mi
4421 NE 14th St Ankeny, IA	3.0	2.5	1547	$1,845	$1.19	15d	1	0.67mi
1333 NE Crossing Oaks Dr Ankeny, IA	3.0	2.0	1200	$1,799	$1.50	15d	1	0.70mi
1407 NE Crossing Oaks Dr Ankeny, IA	4.0	3.0	1498	$2,995	$2.00	15d	1	0.73mi
4311 NE 16th St Ankeny, IA	4.0	2.5	1756	$2,095	$1.19	15d	1	0.77mi

Property features AI

Finance

HOA & community: Has homeowners association (Deer Creek Crossing / Stanbrough Realty)HOA fee $175 monthlyHOA includes grounds and structure maintenance, snow removal, and trash

Exterior

Parking: Attached 2-car garage
Security: Smoke detectors
Utilities: Public waterPublic sewer
Home design: Two-story homeBuilt by Greenland
Construction: Stone and vinyl siding exteriorAsphalt shingle roofBlock and slab foundation
Exterior features: Open patio

Interior

Kitchen: DishwasherMicrowaveRefrigeratorStove
Bathrooms: 1 full bathroom1 three-quarter bathroom1 half bathroom
Heating & cooling: Electric forced-air heatingCentral air conditioning
Interior features: Dining areaWindow treatmentsElectric fireplace
Laundry & utility: WasherDryerLaundry on main level

Listing history 50 events

2026-08-08

days on market $245,900 Active 113 DOM
2026-08-07

days on market $245,900 Active 112 DOM
2026-08-06

days on market $245,900 Active 111 DOM
2026-08-05

days on market $245,900 Active 110 DOM
2026-08-04

days on market $245,900 Active 109 DOM
2026-08-03

pricedays on market $245,900 Active 108 DOM
2026-07-31

days on market $250,000 Active 105 DOM
2026-07-30

days on market $250,000 Active 104 DOM
2026-07-29

days on market $250,000 Active 103 DOM
2026-07-27

days on market $250,000 Active 101 DOM
2026-07-25

days on market $250,000 Active 99 DOM
2026-07-24

days on market $250,000 Active 98 DOM
2026-07-23

days on market $250,000 Active 97 DOM
2026-07-22

days on market $250,000 Active 96 DOM
2026-07-21

days on market $250,000 Active 95 DOM
2026-07-18

days on market $250,000 Active 92 DOM
2026-07-16

days on market $250,000 Active 90 DOM
2026-07-16

days on market $250,000 Active 89 DOM
2026-07-14

days on market $250,000 Active 88 DOM
2026-07-13

days on market $250,000 Active 87 DOM
2026-07-12

days on market $250,000 Active 86 DOM
2026-07-11

days on market $250,000 Active 85 DOM
2026-07-10

days on market $250,000 Active 84 DOM
2026-07-09

days on market $250,000 Active 83 DOM
2026-07-07

price $250,000 Active 81 DOM
2026-07-07

days on market $254,900 Active 81 DOM
2026-07-06

days on market $254,900 Active 80 DOM
2026-07-05

days on market $254,900 Active 79 DOM
2026-07-04

days on market $254,900 Active 78 DOM
2026-07-03

days on market $254,900 Active 77 DOM
2026-07-02

days on market $254,900 Active 76 DOM
2026-07-01

days on market $254,900 Active 75 DOM
2026-06-30

days on market $254,900 Active 74 DOM
2026-06-29

days on market $254,900 Active 73 DOM
2026-06-28

days on market $254,900 Active 72 DOM
2026-06-28

days on market $254,900 Active 71 DOM
2026-06-27

days on market $254,900 Active 70 DOM
2026-06-25

days on market $254,900 Active 68 DOM
2026-06-23

days on market $254,900 Active 66 DOM
2026-06-21

days on market $254,900 Active 65 DOM
2026-06-18

days on market $254,900 Active 62 DOM
2026-06-17

days on market $254,900 Active 61 DOM
2026-06-16

days on market $254,900 Active 60 DOM
2026-06-15

days on market $254,900 Active 59 DOM
2026-06-14

days on market $254,900 Active 57 DOM
2026-06-13

days on market $254,900 Active 56 DOM
2026-06-10

days on market $254,900 Active 54 DOM
2026-06-09

days on market $254,900 Active 53 DOM
2026-06-08

days on market $254,900 Active 52 DOM
2026-06-07

days on market $254,900 Active 51 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 ≥103°F today · 16 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

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income: $24,827
− Mortgage interest: −$13,774
− Property taxes: −$3,688
− Insurance: −$1,230
− Repairs & maintenance: −$1,986
− Management: −$1,986
− HOA: −$2,100
− Depreciation: −$7,153
Taxable loss: −$7,091

Your marginal tax rate % combined federal + state — saved on this device

Est. tax savings @ 24.0%: +$1,702
After-tax cash flow: $-1,177/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 Cosmetic rehab Est. rehab $7,365–$22,095 screening

This well-maintained townhouse is move-in ready with a good condition score and minimal repairs needed. It offers a good ROI with updates that can further increase its value.

Value-add opportunities

Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics ↑
Both Landscaping improvements — Enhanced landscaping can boost curb appeal and attract potential buyers ↑
Both Adding smart home features — Smart home features can increase both resale and rental value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

B Composite school gradezoned avg 77/100

Zoned Schools

Elementary Southeast Elementary School A- IA #181/616 Nat'l #2,792/41,679 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): 30,283
Household income: $99,572
Rent vs Own: 25.5% rent · 74.5% own
Severe rent burden: 10% of renters

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 (84%)
Race & ethnicity: White 84% Hispanic / Latino 6% Black 5% Two or more races 4% Asian 3%
Hispanic origin (detail): Mexican 5%
Common ancestry: Italian 5% Portuguese 4% Iranian 3%
Foreign-born: 6% · Canada, South Korea, Jamaica
Languages at home: 91% English-only · Spanish 5% Russian/Polish/Slavic 1% Other Asian/Pacific 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: ▼ -150.38%
Current HPI: 208.945
Rent YoY: ▲ 0.92%
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
#192 Principal Financial Group Des Moines $16.5B
Retail / Convenience	1	$15B
#436 Casey's General Stores Ankeny $15.1B

Price history

+4.0% since first listed

6 events — show timeline

2026-05-08 Price Changed $254,900 DMMLS
2026-04-17 Listed $260,000 DMMLS
2023-05-22 Sold (Public Records) $245,000 Public Records
2023-05-19 Sold (MLS) $245,000 DMMLS
2023-04-13 Pending — DMMLS
2022-09-30 Listed $245,000 DMMLS

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

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