1805 SW White Birch Cir #6 · Ankeny, IA 50023

$177,000

3 bd · 2.0 ba · 1,214 sqft · Condo public records · 93 Days on market

Built 2009 $146/sqft · at area comps Est $173k · at est. $240/mo HOA · 14% of rent

---

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 +10.6/30.0
• Schools +7.1/10.0
• ARV discount +6.4/15.0
• Livability +4.6/5.0
• 1% rule +4.5/10.0
• DSCR +3.1/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Experience the best of Ankeny living in this beautifully maintained 3- bedroom condo conveniently situated near the desirable District at Prairie Trail!!! This spacious ground floor condo offers the perfect blend of comfort, functionality, and location. Featuring three large bedrooms and two full bathrooms. The open-concept layout ensures a seamless flow between living, dining, and kitchen areas, making daily living a breeze! Kitchen includes stainless steel appliances, quartz countertops, and ample cabinet space. The primary suite boasts a large walk-in closet and a private en-suite bathroom with quartz counter tops and tile floors. Enjoy the private covered patio overlooking green space and park! Detached garage and convenient designated parking space are located near the unit. Close to interstate, Saylorville Lake, schools, parks and trails! Schedule a showing today! All information obtained from seller and public records.

Key facts

• Quartz countertops
• Ground floor condo
• Large walk-in closet

Tags

• GROUND FLOOR CONDO
• OPEN-CONCEPT LAYOUT
• STAINLESS STEEL APPLIANCES
• QUARTZ COUNTERTOPS
• LARGE WALK-IN CLOSET
• PRIVATE COVERED PATIO

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $177k.

Deal economics

• At list price, monthly cash flow is $-87 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $162k (8.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $169k (4.6% below list).
• Recommended offer: $161k (9.0% below list) — sets the bar for market timing.
• Cap rate 5.7% 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; 14 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 17% 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 93 days — a 9% lower offer ($161k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 19y ago; this cycle's ask has dropped $18k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $100k; list at $177k implies a 77% gain — meaningful room to come down on a strong offer.

Recommended offer $161,070 (9.0% 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 93 days. Have you received any prior offers? Is the seller open to a 9% 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: 0.95% ✗
• Cap rate: 5.70%
• Cash-on-cash: -2.11%
• DSCR: 0.91
• GRM: 8.7

CMA / ARV

• ARV (median comp): $172,782
• List price: $177,000
• Delta: 2.44%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -22.7%
• Equity multiple: 0.24×
• Total profit: $-37,814
• Equity at exit: $26,391

10-year hold

• IRR: -25.4%
• Equity multiple: -0.09×
• Total profit: $-54,127
• Equity at exit: $15,304

Cash invested: $49,560 (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: 8.7×

Monthly cashflow live

• Estimated rent: $1,688 high
• Mortgage (P&I): −$928
• Tax from tax record: −$178 /mo · $2,142/yr
• Insurance: −$74
• HOA: −$240
• Vacancy / Maint / Mgmt: −$354
• Net cashflow: $-87

Break-even live

Break-even rent $1,798

Max offer price $161,630

Occupancy floor —

Sensitivity live

Price	-10% $13	-5% $-37	+0% $-87	+5% $-137	+10% $-187
Rent	-10% $-220	-5% $-154	+0% $-87	+5% $-20	+10% $46
Rate	-1.0pp $2	-0.5pp $-42	base $-87	+0.5pp $-133	+1.0pp $-180

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: $44,250
• Closing costs: $5,310
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3011 SW Sharmin Ln Ankeny, IA	2.0	2.0	1056	$1,440	$1.36	45d	1	0.16mi
3044 SW Sharmin Ln Ankeny, IA	2.0	2.0	1056	$1,475	$1.40	45d	1	0.17mi
3181 SW Sharmin Ln Ankeny, IA	2.0	2.0	1056	$1,495	$1.42	16d	1	0.29mi
2333 SW Plaza Pkwy Ankeny, IA	2.0	1.0–2.0	886	$1,740	$1.96	16d	16	0.39mi
1210 SW 28th St Ankeny, IA	1.0–3.0	1.0–3.0	962	$1,950	$2.03	16d	20	0.49mi
905 SW 28th St Ankeny, IA	1.0–3.0	1.0–2.0	988	$1,760	$1.78	16d	13	0.61mi
1155 SW Prairie Trail Pkwy Ankeny, IA	1.0–2.0	1.0–2.0	837	$1,900	$2.27	16d	69	0.89mi
1205 SW Merchant St Ankeny, IA	1.0–2.0	1.0–2.0	874	$2,025	$2.32	16d	11	0.93mi
1630 SW Magazine Rd Ankeny, IA	1.0–2.0	1.0	769	$1,375	$1.79	16d	10	1.10mi
1010 SW Magazine Rd Ankeny, IA	1.0–2.0	1.0–2.0	1080	$3,015	$2.79	16d	56	1.26mi
205 SW 48th St Ankeny, IA	4.0	3.0	1484	$2,295	$1.55	45d	1	1.35mi
1370 SW Radcliffe Ln Ankeny, IA	2.0	2.0	1457	$2,027	$1.39	16d	11	1.43mi
1108 SW 11th St Ankeny, IA	1.0–2.0	1.0–2.0	1003	$1,625	$1.62	16d	10	1.44mi
548 SW Heritage Ln Ankeny, IA	3.0	2.5	1500	$800	$0.53	25d	1	1.47mi

HOA detail condo

• Monthly dues: $240 · $2,880/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-21
   days on market $177,000 Active 93 DOM
2. 2026-06-18
   price $177,000 Active 90 DOM
3. 2026-06-18
   days on market $179,900 Active 90 DOM
4. 2026-06-17
   days on market $179,900 Active 89 DOM
5. 2026-06-16
   days on market $179,900 Active 88 DOM
6. 2026-06-15
   days on market $179,900 Active 87 DOM
7. 2026-06-14
   days on market $179,900 Active 85 DOM
8. 2026-06-13
   days on market $179,900 Active 84 DOM
9. 2026-06-10
   days on market $179,900 Active 82 DOM
10. 2026-06-09
    days on market $179,900 Active 81 DOM
11. 2026-06-08
    days on market $179,900 Active 80 DOM
12. 2026-06-07
    days on market $179,900 Active 79 DOM
13. 2026-06-03
    days on market $179,900 Active 75 DOM
14. 2026-06-02
    days on market $179,900 Active 74 DOM
15. 2026-06-01
    days on market $179,900 Active 73 DOM
16. 2026-05-31
    days on market $179,900 Active 72 DOM
17. 2026-05-31
    days on market $179,900 Active 71 DOM
18. 2026-05-11
    price $179,900 941-char remark

    Show marketing remark (941 chars)

    Experience the best of Ankeny living in this beautifully maintained 3- bedroom condo conveniently situated near the desirable District at Prairie Trail!!! This spacious ground floor condo offers the perfect blend of comfort, functionality, and location. Featuring three large bedrooms and two full bathrooms. The open-concept layout ensures a seamless flow between living, dining, and kitchen areas, making daily living a breeze! Kitchen includes stainless steel appliances, quartz countertops, and ample cabinet space. The primary suite boasts a large walk-in closet and a private en-suite bathroom with quartz counter tops and tile floors. Enjoy the private covered patio overlooking green space and park! Detached garage and convenient designated parking space are located near the unit. Close to interstate, Saylorville Lake, schools, parks and trails! Schedule a showing today! All information obtained from seller and public records.

19. 2026-04-20
    price $184,900 941-char remark

    Show marketing remark (941 chars)

    Experience the best of Ankeny living in this beautifully maintained 3- bedroom condo conveniently situated near the desirable District at Prairie Trail!!! This spacious ground floor condo offers the perfect blend of comfort, functionality, and location. Featuring three large bedrooms and two full bathrooms. The open-concept layout ensures a seamless flow between living, dining, and kitchen areas, making daily living a breeze! Kitchen includes stainless steel appliances, quartz countertops, and ample cabinet space. The primary suite boasts a large walk-in closet and a private en-suite bathroom with quartz counter tops and tile floors. Enjoy the private covered patio overlooking green space and park! Detached garage and convenient designated parking space are located near the unit. Close to interstate, Saylorville Lake, schools, parks and trails! Schedule a showing today! All information obtained from seller and public records.

20. 2026-04-02
    price $189,900 941-char remark

    Show marketing remark (941 chars)

    Experience the best of Ankeny living in this beautifully maintained 3- bedroom condo conveniently situated near the desirable District at Prairie Trail!!! This spacious ground floor condo offers the perfect blend of comfort, functionality, and location. Featuring three large bedrooms and two full bathrooms. The open-concept layout ensures a seamless flow between living, dining, and kitchen areas, making daily living a breeze! Kitchen includes stainless steel appliances, quartz countertops, and ample cabinet space. The primary suite boasts a large walk-in closet and a private en-suite bathroom with quartz counter tops and tile floors. Enjoy the private covered patio overlooking green space and park! Detached garage and convenient designated parking space are located near the unit. Close to interstate, Saylorville Lake, schools, parks and trails! Schedule a showing today! All information obtained from seller and public records.

21. 2026-03-19
    listed $194,990 Active 941-char remark

    Show marketing remark (941 chars)

    Experience the best of Ankeny living in this beautifully maintained 3- bedroom condo conveniently situated near the desirable District at Prairie Trail!!! This spacious ground floor condo offers the perfect blend of comfort, functionality, and location. Featuring three large bedrooms and two full bathrooms. The open-concept layout ensures a seamless flow between living, dining, and kitchen areas, making daily living a breeze! Kitchen includes stainless steel appliances, quartz countertops, and ample cabinet space. The primary suite boasts a large walk-in closet and a private en-suite bathroom with quartz counter tops and tile floors. Enjoy the private covered patio overlooking green space and park! Detached garage and convenient designated parking space are located near the unit. Close to interstate, Saylorville Lake, schools, parks and trails! Schedule a showing today! All information obtained from seller and public records.

22. 2009-03-11
    soldstatus $99,990 796-char remark

    Show marketing remark (796 chars)

    This lower level 3 bedroom Brewster Plan condominium offers the third bedroom with French doors to double as an office. Stainless steel appliance, staggered oak cabinets and an island eating bar for two makes the kitchen work. Large living and dining area feature a ceiling fan and sliders to the patio just made for grilling. Master bedroom with large walk in closet, spacious private bath and ceiling fan welcomes you. The second bathroom includes a closet with white washer and dryer. The one car detached garage #51 is nearby. You'll be conveniently located near main traffic routes, schools, shopping, parks, trails and more. Sales Center located at 4611 NE Wanda Drive is open Monday 12:00-4:00 PM, Saturday and Sunday 1:00-5:00 PM. Jerry's preferred lender is First American Bank Mortgage.

23. 2007-11-23
    listed $99,990 796-char remark

    Show marketing remark (796 chars)

    This lower level 3 bedroom Brewster Plan condominium offers the third bedroom with French doors to double as an office. Stainless steel appliance, staggered oak cabinets and an island eating bar for two makes the kitchen work. Large living and dining area feature a ceiling fan and sliders to the patio just made for grilling. Master bedroom with large walk in closet, spacious private bath and ceiling fan welcomes you. The second bathroom includes a closet with white washer and dryer. The one car detached garage #51 is nearby. You'll be conveniently located near main traffic routes, schools, shopping, parks, trails and more. Sales Center located at 4611 NE Wanda Drive is open Monday 12:00-4:00 PM, Saturday and Sunday 1:00-5:00 PM. Jerry's preferred lender is First American Bank Mortgage.

ⓘ 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: $2,142 · $178/mo
• Projected year-2 tax: $2,460 · $205/mo
• Expected delta: +$318/yr (+$27/mo · 14.9%)

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

Taxation est. · year 1

• Rental income: $20,255
• − Mortgage interest: −$9,915
• − Property taxes: −$2,142
• − Insurance: −$885
• − Repairs & maintenance: −$1,620
• − Management: −$1,620
• − HOA: −$2,880
• − Depreciation: −$5,149
• Taxable loss: −$3,957
• Est. tax savings @ 24.0%: +$950
• After-tax cash flow: $-94/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

+79.9% since first listed

6 events — show timeline

• 2026-05-11 Price Changed $179,900 DMMLS
• 2026-04-20 Price Changed $184,900 DMMLS
• 2026-04-02 Price Changed $189,900 DMMLS
• 2026-03-19 Listed $194,990 DMMLS
• 2009-03-11 Sold (MLS) $99,990 DMMLS
• 2007-11-23 Listed $99,990 DMMLS

Property tax history

+0.2%/yr

Latest (2025): $2,142 · -8.0% YoY. Source: county tax records.