Tatum Plan · West Des Moines, IA 50266

$276,990

3 bd · 2.5 ba · 1,498 sqft · SingleFamily · 59 Days on market

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Why this score? — see what drove the F 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 +7.5/15.0
• Schools +7.1/10.0
• Livability +4.4/5.0
• Rent growth +3.0/5.0
• Cash flow +2.5/30.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Introducing the Tatum at Banks Landing Townhomes community in West Des Moines, IA This two-story townhome offers 4 bedrooms, 2.5 bathrooms, and 1,658 sq. ft. of thoughtfully designed living space, complete with all appliances. Step into a welcoming foyer that flows seamlessly into the open-concept main level. The stylish kitchen, featuring modern white cabinetry, stainless steel appliances, and a large island. The kitchen overlooks the dining area and great room-perfect for entertaining. An electric fireplace adds cozy warmth to the living space, and a conveniently located half bath serves guests. Upstairs, all four bedrooms are thoughtfully arranged. The primary bedroom, tucked in the back

Key facts

• Dual vanities
• Stylish kitchen
• Walk-in shower

Tags

• OPEN-CONCEPT MAIN LEVEL
• STYLISH KITCHEN
• ELECTRIC FIREPLACE
• PRIVATE EN-SUITE BATHROOM
• DUAL VANITIES
• WALK-IN SHOWER

Property features AI

Finance

• Other: Listing status: Active
• Financial info: List price $276,990

Exterior

• Parking: 2 total parking spaces, including a 2-car garage
• Home design: Tatum plan (new construction plan); Single-family plan listing (Plan)
• Exterior features: Living area approximately 1498; Located at 1401 S Banks St, West Des Moines, IA

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms and 1 half bathroom
• Interior features: Open-plan living area

🏗️ New construction. The $276,990 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $460,687.

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $277k.

Deal economics

• At list price, monthly cash flow is $-2k ($-19k/yr) — negative.
• To cash-flow at today's rent, offer at most $229k (17.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $200k (27.7% below list).
• Recommended offer: $200k (27.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 87/100 on livability (#11 in IA, #336 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: commute F.
• Waukee Community School District (suburban): math 80% / reading 79% proficiency, ranked #14 of 289 in IA (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 11% free/reduced lunch — higher-income household profile.
• Zoned schools: Woodland Hills Elementary School (math 79% / reading 68%, grade A, #172 of 616 statewide, top 28%, 537 students, 24% FRL); South Middle School (math 78% / reading 77%, grade A+, #50 of 246 statewide, top 20%, 909 students, 26% FRL); Waukee High School (math 74% / reading 82%, grade A-, #53 of 336 statewide, top 16%, 1,268 students, 24% FRL).
• Market conditions: Rents rising (+1.9%/yr); 591 active listings in the ZIP; 7 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; 1,503 units permitted in Dallas County in 2024 (630 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Dallas County population projected at +74% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($269k) is reasonable based on typical stale-listing flexibility.

Recommended offer $200,357 (27.7% 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 59 days. Have you received any prior offers? Is the seller open to a 28% 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: 0.43% ✗
• Cap rate: 2.12%
• Cash-on-cash: -14.89%
• DSCR: 0.34
• GRM: 19.2

CMA / ARV

• ARV (median comp): $460,687
• List price: $276,990
• Delta: -39.87%
• 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
1404 S 91st St	0.09mi	4/3.0 (+1)	1,433 (-4%)	5mo	$451,900	$315	77
1479 S 91st St	0.09mi	3/3.0	1,433 (-4%)	11mo	$462,496	$323	77
1230 S 92nd St	0.29mi	3/2.0	1,509 (+1%)	10mo	$487,995	$323	75
1473 S 91st St	0.09mi	4/3.0 (+1)	1,433 (-4%)	12mo	$458,778	$320	72
1244 S 92nd St	0.28mi	3/3.0	1,579 (+5%)	6mo	$524,742	$332	71
1194 S Radley St	0.27mi	4/3.0 (+1)	1,412 (-6%)	5mo	$435,000	$308	67
1216 S 92nd St	0.29mi	4/3.0 (+1)	1,579 (+5%)	4mo	$510,000	$323	67
1122 S Radley St	0.35mi	3/2.0	1,402 (-6%)	11mo	$395,000	$282	62
803 S 93rd St	0.68mi	3/3.0	1,555 (+4%)	3mo	$575,000	$370	57
1299 S Radley St	0.25mi	4/3.0 (+1)	1,697 (+13%)	4mo	$689,900	$407	56
8459 Longmeadow Ln	0.60mi	3/2.0	1,642 (+10%)	2mo	$538,231	$328	52
1283 S Radley St	0.26mi	4/3.0 (+1)	1,675 (+12%)	11mo	$697,407	$416	52

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 · 1.94% rent growth · sell at horizon

5-year hold

• IRR: -45.9%
• Equity multiple: -0.39×
• Total profit: $-178,697
• Equity at exit: $68,690

10-year hold

• IRR: -92.2%
• Equity multiple: -1.29×
• Total profit: $-295,269
• Equity at exit: $39,832

Cash invested: $128,992 (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 50266

• Home prices YoY: -17.5%
• Rents YoY: 1.9%
• Active inventory: 591
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $2,004 high
• Mortgage (P&I): −$2,416
• Tax est. 1.5%: −$576 /mo · $6,910/yr
• Insurance: −$192
• HOA: −$0
• Vacancy / Maint / Mgmt: −$421
• Net cashflow: $-1,601

Break-even live

Break-even rent $4,030

Max offer price $229,037

Occupancy floor —

Sensitivity live

Price	-10% $-1,283	-5% $-1,442	+0% $-1,601	+5% $-1,760	+10% $-1,919
Rent	-10% $-1,759	-5% $-1,680	+0% $-1,601	+5% $-1,522	+10% $-1,443
Rate	-1.0pp $-1,369	-0.5pp $-1,484	base $-1,601	+0.5pp $-1,720	+1.0pp $-1,842

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: $115,172
• Closing costs: $13,821
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1257 S 91st St West Des Moines, IA	3.0	3.5	1503	$2,200	$1.46	25d	1	0.20mi
1139 S 91st St West Des Moines, IA	3.0	3.5	1529	$2,200	$1.44	25d	1	0.30mi
8925 Cascade Ave West Des Moines, IA	1.0–3.0	1.0–2.0	1035	$1,595	$1.54	15d	11	0.70mi
10101 Stark Dr West Des Moines, IA	3.0	2.5	1667	$2,095	$1.26	15d	1	0.95mi
455 S 85th St West Des Moines, IA	1.0–3.0	1.0–2.5	1215	$2,352	$1.94	15d	23	1.18mi
6950 Stagecoach Dr West Des Moines, IA	2.0–3.0	2.5–3.5	1785	$2,585	$1.45	15d	20	1.44mi
9005 Bridgewood Blvd West Des Moines, IA	1.0–3.0	1.0–2.0	1044	$950	$0.91	23d	1	1.45mi

Listing history 18 events

1. 2026-06-21
   days on market $276,990 Active 59 DOM
2. 2026-06-18
   days on market $276,990 Active 56 DOM
3. 2026-06-17
   days on market $276,990 Active 55 DOM
4. 2026-06-16
   days on market $276,990 Active 54 DOM
5. 2026-06-15
   days on market $276,990 Active 53 DOM
6. 2026-06-14
   days on market $276,990 Active 51 DOM
7. 2026-06-13
   days on market $276,990 Active 50 DOM
8. 2026-06-10
   days on market $276,990 Active 48 DOM
9. 2026-06-09
   days on market $276,990 Active 47 DOM
10. 2026-06-08
    days on market $276,990 Active 46 DOM
11. 2026-06-07
    days on market $276,990 Active 45 DOM
12. 2026-06-05
    days on market $276,990 Active 42 DOM
13. 2026-06-03
    days on market $276,990 Active 41 DOM
14. 2026-06-02
    days on market $276,990 Active 40 DOM
15. 2026-06-01
    days on market $276,990 Active 39 DOM
16. 2026-05-31
    days on market $276,990 Active 38 DOM
17. 2026-05-31
    days on market $276,990 Active 37 DOM
18. 2026-04-23
    listed $276,990 Active 1029-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $24,043
• − Mortgage interest: −$25,806
• − Property taxes: −$6,910
• − Insurance: −$2,303
• − Repairs & maintenance: −$1,923
• − Management: −$1,923
• − Depreciation: −$13,402
• Taxable loss: −$28,225
• Est. tax savings @ 24.0%: +$6,774
• After-tax cash flow: $-12,437/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: Waukee Community School District
• NCES district ID: 1930510
• Math proficiency: 80% ▼ -6.00%
• Reading proficiency: 79% ▼ -5.00%
• Median HH income: $88,580
• Composite: 70.94/100
• National rank: #245
• State rank: #14 of 289 in IA

Livability — West Des Moines

• Score: 87/100
• State rank: #11
• US rank: #336

Category grades

Amenities A+ Commute F Cost of living A+ Crime B+ Employment A Housing A+ Health & safety A+ User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Des Moines, IA
• County: Dallas County · 77,082 people
• City population: 71,011
• Metro: Des Moines-West Des Moines, IA
• Population (ZIP): 37,523
• Household income: $87,025
• Rent vs Own: 50.2% rent · 49.8% own
• Severe rent burden: 1561.0

Population outlook (Dallas County) Hauer SSP2

• Today (2025): 111,904 people
• By 2030: 127,807 · +14.2%
• By 2040: 160,576 · +43.5%
• By 2050: 194,154 · +73.5%
• By 2075: 271,895 · +143.0%
• By 2100: 326,525 · +191.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Asian 8% Two or more races 6% Hispanic / Latino 5% Black 3%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Portuguese 5% Italian 3% Iranian 2%
• Foreign-born: 12% · Canada, South Korea, Vietnam
• Languages at home: 86% English-only · Spanish 4% Other Asian/Pacific 3% Other Indo-European 2%

Political lean MEDSL · Dallas

• 2024 margin: Toss-up / Even · D 46.9% · R 51.7% · Other 1.4%
• 2008→2024 swing: +0.8pp no change · 2008: -5.5pp · 2024: -4.8pp
• All cycles: 2024: R+4.8 2020: R+2.0 2016: R+9.6 2012: R+11.8 2008: R+5.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -43.24%
• Current HPI: 203.6979
• Rent YoY: ▲ 1.94%
• 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