812 NE Landon Ln · Waukee, IA 50263

$226,000

3 bd · 2.5 ba · 1,388 sqft · Townhouse public records · 47 Days on market

Built 2018 1,307 sqft lot $163/sqft · 8% below area Est $246k · 8% under $140/mo HOA · 8% 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 +11.1/15.0
• Schools +7.1/10.0
• Cash flow +6.6/30.0
• Livability +4.2/5.0
• Rent growth +3.0/5.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0
• DSCR +0.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover easy living in this Waukee townhome, thoughtfully designed for comfort and practical living.  The main level features an inviting open layout filled with natural light, where the living, dining, and kitchen areas connect seamlessly. The kitchen stands out with modern touches like quartz countertops and stainles steel appliances, while the adjacent patio provides a perfect spot to unwind or entertain. Upstairs, you’ll find three versatile bedrooms and the convenience of second-floor laundry. The primary suite offers a private retreat with a walk-in closet and en-suite bath, while the additional bedrooms are ideal for guests, work-from-home space, or hobbies.  A two-car attached garage adds convenience and storage, complete with epoxy flooring and a Tesla charger for added value.  Enjoy a truly low-maintenance lifestyle; lawn care, snow removal, and exterior upkeep are taken care of for you. Ideally located near parks, trails, shopping, dining, and major commuting routes, this home offers the perfect blend of accessibility and community. With its combination of style, practicality, and location, this townhome is a standout opportunity in one of the metro’s most desirable areas.

Key facts

• Quartz countertops
• Second-floor laundry
• Walk-in closet

Tags

• QUARTZ COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• ADJACENT PATIO
• SECOND-FLOOR LAUNDRY
• WALK-IN CLOSET
• EN-SUITE BATH

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $226k.

Deal economics

• At list price, monthly cash flow is $-370 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $161k (28.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $172k (23.7% below list).
• Recommended offer: $161k (28.9% below list) — sets the bar for cash-flow.
• Cap rate 4.3% vs local median 3.0% in Waukee — 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 84/100 on livability (#22 in IA, #682 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, 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.
• Market conditions: Rents rising (+1.8%/yr); 891 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $2k of loan paydown is wiped out by about $7k 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 47 days — a 3% lower offer ($219k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y 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 $160,631 (28.9% 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 47 days. Have you received any prior offers? Is the seller open to a 29% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.76% ✗
• Cap rate: 4.33%
• Cash-on-cash: -7.02%
• DSCR: 0.69
• GRM: 10.9

CMA / ARV

• ARV (median comp): $245,864
• List price: $226,000
• Delta: -8.08%
• 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
783 NE Macey Way	0.08mi	3/2.5	1,388 (0%)	1mo	$222,500	$160	96
747 NE Macey Way	0.05mi	3/2.5	1,444 (+4%)	1mo	$227,950	$158	90
767 NE Conner Ct	0.06mi	3/2.5	1,382 (-0%)	9mo	$235,000	$170	89
734 NE Macey Way	0.03mi	3/2.5	1,388 (0%)	17mo	$225,000	$162	85
733 NE Macey Way	0.04mi	3/2.5	1,382 (-0%)	19mo	$238,900	$173	82
798 NE Conner Ct	0.10mi	3/2.5	1,382 (-0%)	16mo	$225,000	$163	81
788 NE Conner Ct	0.09mi	3/2.5	1,382 (-0%)	18mo	$228,500	$165	80
757 NE Macey Way	0.43mi	3/2.5	1,382 (-0%)	8mo	$235,000	$170	73
748 NE Conner Ct	0.06mi	3/2.5	1,457 (+5%)	21mo	$225,500	$155	72
393 NE Mink Dr	0.38mi	3/3.0	1,306 (-6%)	14mo	$295,000	$226	58
327 NE Mink Dr	0.46mi	3/3.0	1,319 (-5%)	19mo	$297,000	$225	52
2710 NW 165th Ln	0.60mi	4/3.0 (+1)	1,304 (-6%)	12mo	$329,900	$253	45

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 · 1.82% rent growth · sell at horizon

5-year hold

• IRR: -29.9%
• Equity multiple: 0.02×
• Total profit: $-62,082
• Equity at exit: $33,697

10-year hold

• IRR: -37.7%
• Equity multiple: -0.45×
• Total profit: $-91,984
• Equity at exit: $19,540

Cash invested: $63,280 (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 50263

• Rents YoY: 1.8%
• Active inventory: 891
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $1,724 high
• Mortgage (P&I): −$1,185
• Tax from tax record: −$312 /mo · $3,750/yr
• Insurance: −$94
• HOA: −$140
• Vacancy / Maint / Mgmt: −$362
• Net cashflow: $-370

Break-even live

Break-even rent $2,192

Max offer price $160,631

Occupancy floor —

Sensitivity live

Price	-10% $-242	-5% $-306	+0% $-370	+5% $-434	+10% $-498
Rent	-10% $-506	-5% $-438	+0% $-370	+5% $-302	+10% $-234
Rate	-1.0pp $-256	-0.5pp $-313	base $-370	+0.5pp $-429	+1.0pp $-488

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: $56,500
• Closing costs: $6,780
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
714 NE Alice's Rd Unit 620 Waukee, IA	2.0	2.0	1095	$1,300	$1.19	45d	1	0.04mi
714 NE Alice's Rd Unit 660 Waukee, IA	2.0	2.0	990	$1,275	$1.29	45d	1	0.04mi
714 NE Alice's Rd Unit 710 Waukee, IA	2.0	2.0	990	$1,225	$1.24	45d	1	0.04mi
835 NE Redwood Blvd Waukee, IA	2.0	2.0	1457	$2,235	$1.53	15d	3	0.29mi
869 NE Traverse Dr Waukee, IA	3.0	3.0	1868	$2,095	$1.12	15d	1	0.33mi
878 NE Traverse Dr Waukee, IA	3.0	3.0	1868	$2,050	$1.10	45d	1	0.35mi
856 NE Larkspur Ave Unit 1 Waukee, IA	3.0	2.5	1630	$1,800	$1.10	45d	1	0.39mi
854 NE Phlox Ave Waukee, IA	3.0	3.0	1596	$1,750	$1.10	15d	1	0.42mi
3504 163rd St Urbandale, IA	3.0	2.5	1454	$2,245	$1.54	20d	1	0.58mi
500 NE Horizon Dr Waukee, IA	3.0	1.0–2.0	1027	$1,578	$1.54	15d	24	0.61mi
386 NE Satinwood Waukee, IA	2.0	2.0	1056	$1,395	$1.32	45d	1	0.74mi
293 NE Basswood Waukee, IA	2.0	2.0	1120	$1,345	$1.20	24d	1	0.77mi
324 NE Sandalwood Waukee, IA	2.0	2.0	1108	$1,400	$1.26	24d	1	0.81mi
307 NE Sandalwood Waukee, IA	2.0	2.0	1108	$1,550	$1.40	45d	1	0.82mi
330 NE Cardinal Ln Waukee, IA	4.0	3.0	1492	$2,500	$1.68	45d	1	0.88mi
122 NW Pike Cir Waukee, IA	4.0	2.5	1809	$2,495	$1.38	45d	1	1.08mi
260 SE Waco Pl Waukee, IA	3.0	2.0	1263	$1,795	$1.42	20d	1	1.09mi
266 SE Boulder Ct Waukee, IA	3.0	2.0	1263	$1,750	$1.39	45d	1	1.10mi
425 SE Waco Pl Waukee, IA	3.0	2.5	1816	$2,250	$1.24	22d	1	1.22mi
175 NW Common Pl Waukee, IA	1.0–3.0	1.0–2.5	929	$1,775	$1.91	15d	10	1.33mi
705 NW 2nd St Waukee, IA	3.0	1.0–2.0	793	$1,570	$1.98	15d	9	1.35mi
16605 Oakwood Dr Urbandale, IA	3.0	2.5	1572	$2,350	$1.49	45d	1	1.41mi
1150 SE Olson Dr Waukee, IA	1.0–3.0	1.0–2.0	1076	$1,531	$1.42	15d	47	1.42mi
4015 154th St Urbandale, IA	3.0	2.5	1428	$2,295	$1.61	20d	1	1.43mi
4401 N Warrior Ln Clive, IA	2.0	2.0	2022	$2,875	$1.42	20d	1	1.44mi
4736 167th St Urbandale, IA	3.0	2.5	1585	$2,296	$1.45	15d	1	1.45mi
4735 NW 167th St Waukee, IA	3.0	3.0	1557	$2,300	$1.48	45d	1	1.45mi
284 NW Caspian Ct Waukee, IA	4.0	2.5	1605	$2,195	$1.37	15d	1	1.48mi

HOA detail

• Monthly dues: $140 · $1,680/yr
• Likely covers: landscapingsnow removal

Listing history 13 events

1. 2026-05-11
   status Pending 1235-char remark

   Show marketing remark (1235 chars)

   Discover easy living in this Waukee townhome, thoughtfully designed for comfort and practical living.  The main level features an inviting open layout filled with natural light, where the living, dining, and kitchen areas connect seamlessly. The kitchen stands out with modern touches like quartz countertops and stainles steel appliances, while the adjacent patio provides a perfect spot to unwind or entertain. Upstairs, you’ll find three versatile bedrooms and the convenience of second-floor laundry. The primary suite offers a private retreat with a walk-in closet and en-suite bath, while the additional bedrooms are ideal for guests, work-from-home space, or hobbies.  A two-car attached garage adds convenience and storage, complete with epoxy flooring and a Tesla charger for added value.  Enjoy a truly low-maintenance lifestyle; lawn care, snow removal, and exterior upkeep are taken care of for you. Ideally located near parks, trails, shopping, dining, and major commuting routes, this home offers the perfect blend of accessibility and community. With its combination of style, practicality, and location, this townhome is a standout opportunity in one of the metro’s most desirable areas.

2. 2026-04-15
   price $226,000 1235-char remark

   Show marketing remark (1235 chars)

   Discover easy living in this Waukee townhome, thoughtfully designed for comfort and practical living.  The main level features an inviting open layout filled with natural light, where the living, dining, and kitchen areas connect seamlessly. The kitchen stands out with modern touches like quartz countertops and stainles steel appliances, while the adjacent patio provides a perfect spot to unwind or entertain. Upstairs, you’ll find three versatile bedrooms and the convenience of second-floor laundry. The primary suite offers a private retreat with a walk-in closet and en-suite bath, while the additional bedrooms are ideal for guests, work-from-home space, or hobbies.  A two-car attached garage adds convenience and storage, complete with epoxy flooring and a Tesla charger for added value.  Enjoy a truly low-maintenance lifestyle; lawn care, snow removal, and exterior upkeep are taken care of for you. Ideally located near parks, trails, shopping, dining, and major commuting routes, this home offers the perfect blend of accessibility and community. With its combination of style, practicality, and location, this townhome is a standout opportunity in one of the metro’s most desirable areas.

3. 2026-03-24
   listed $229,000 Active 1235-char remark

   Show marketing remark (1235 chars)

   Discover easy living in this Waukee townhome, thoughtfully designed for comfort and practical living.  The main level features an inviting open layout filled with natural light, where the living, dining, and kitchen areas connect seamlessly. The kitchen stands out with modern touches like quartz countertops and stainles steel appliances, while the adjacent patio provides a perfect spot to unwind or entertain. Upstairs, you’ll find three versatile bedrooms and the convenience of second-floor laundry. The primary suite offers a private retreat with a walk-in closet and en-suite bath, while the additional bedrooms are ideal for guests, work-from-home space, or hobbies.  A two-car attached garage adds convenience and storage, complete with epoxy flooring and a Tesla charger for added value.  Enjoy a truly low-maintenance lifestyle; lawn care, snow removal, and exterior upkeep are taken care of for you. Ideally located near parks, trails, shopping, dining, and major commuting routes, this home offers the perfect blend of accessibility and community. With its combination of style, practicality, and location, this townhome is a standout opportunity in one of the metro’s most desirable areas.

4. 2021-10-19
   soldstatus $234,000
5. 2019-12-17
   soldstatus $179,875
6. 2019-12-13
   soldstatus $180,500 Closed 651-char remark

   Show marketing remark (651 chars)

   A gorgeous, affordable and brand new 3 bedroom, 2.5 bath townhome awaits you in Waukee! Quartz countertops throughout, spacious main level with Luxury Vinyl Plank flooring in kitchen and main living area, 2 car attached garage, and full kitchen appliance set. On the second level you’ll find a large master bedroom with walk-in closet and private bath, 2 additional bedrooms, full guest bath and laundry with washer and dryer included. All for less than renting! Just minutes from shopping and schools. Full TWO YEAR builder warranty. Upgrades are available. Special financing through preferred lender. Listing agent has interest in property.

7. 2019-12-03
   status Pending 651-char remark

   Show marketing remark (651 chars)

   A gorgeous, affordable and brand new 3 bedroom, 2.5 bath townhome awaits you in Waukee! Quartz countertops throughout, spacious main level with Luxury Vinyl Plank flooring in kitchen and main living area, 2 car attached garage, and full kitchen appliance set. On the second level you’ll find a large master bedroom with walk-in closet and private bath, 2 additional bedrooms, full guest bath and laundry with washer and dryer included. All for less than renting! Just minutes from shopping and schools. Full TWO YEAR builder warranty. Upgrades are available. Special financing through preferred lender. Listing agent has interest in property.

8. 2019-11-07
   status Pending 651-char remark

   Show marketing remark (651 chars)

   A gorgeous, affordable and brand new 3 bedroom, 2.5 bath townhome awaits you in Waukee! Quartz countertops throughout, spacious main level with Luxury Vinyl Plank flooring in kitchen and main living area, 2 car attached garage, and full kitchen appliance set. On the second level you’ll find a large master bedroom with walk-in closet and private bath, 2 additional bedrooms, full guest bath and laundry with washer and dryer included. All for less than renting! Just minutes from shopping and schools. Full TWO YEAR builder warranty. Upgrades are available. Special financing through preferred lender. Listing agent has interest in property.

9. 2019-10-18
   historical

   Show marketing remark (651 chars)

   A gorgeous, affordable and brand new 3 bedroom, 2.5 bath townhome awaits you in Waukee! Quartz countertops throughout, spacious main level with Luxury Vinyl Plank flooring in kitchen and main living area, 2 car attached garage, and full kitchen appliance set. On the second level you’ll find a large master bedroom with walk-in closet and private bath, 2 additional bedrooms, full guest bath and laundry with washer and dryer included. All for less than renting! Just minutes from shopping and schools. Full TWO YEAR builder warranty. Upgrades are available. Special financing through preferred lender. Listing agent has interest in property.

10. 2019-10-18
    listed $179,900 Active 651-char remark

    Show marketing remark (651 chars)

    A gorgeous, affordable and brand new 3 bedroom, 2.5 bath townhome awaits you in Waukee! Quartz countertops throughout, spacious main level with Luxury Vinyl Plank flooring in kitchen and main living area, 2 car attached garage, and full kitchen appliance set. On the second level you’ll find a large master bedroom with walk-in closet and private bath, 2 additional bedrooms, full guest bath and laundry with washer and dryer included. All for less than renting! Just minutes from shopping and schools. Full TWO YEAR builder warranty. Upgrades are available. Special financing through preferred lender. Listing agent has interest in property.

11. 2019-09-26
    price $179,900
12. 2019-08-28
    price $184,900
13. 2018-08-22
    listed $189,900 Active

ⓘ 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: $3,750 · $312/mo
• Projected year-2 tax: $3,750 · $312/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°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: $20,685
• − Mortgage interest: −$12,660
• − Property taxes: −$3,750
• − Insurance: −$1,130
• − Repairs & maintenance: −$1,655
• − Management: −$1,655
• − HOA: −$1,680
• − Depreciation: −$6,575
• Taxable loss: −$8,418
• Est. tax savings @ 24.0%: +$2,020
• After-tax cash flow: $-2,420/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 — Waukee

• Score: 84/100
• State rank: #22
• US rank: #682

Category grades

Amenities F Commute F Cost of living A- 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: Waukee, IA
• County: Dallas County · 77,082 people
• City population: 29,611
• Metro: Des Moines-West Des Moines, IA
• Population (ZIP): 29,611
• Household income: $102,762
• Rent vs Own: 33.0% rent · 67.0% own
• Severe rent burden: 468.0

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 (77%)
• Race & ethnicity: White 77% Two or more races 7% Asian 6% Hispanic / Latino 6% Black 4%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Portuguese 3% Lithuanian 3% Iranian 3%
• Foreign-born: 13% · Canada, India
• Languages at home: 85% English-only · Other Asian/Pacific 3% Spanish 3% Arabic 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: ▼ -97.95%
• Current HPI: 169.2421
• Rent YoY: ▲ 1.82%
• 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

+19.0% since first listed

13 events — show timeline

• 2026-05-11 Pending — DMMLS
• 2026-04-15 Price Changed $226,000 DMMLS
• 2026-03-24 Listed $229,000 DMMLS
• 2021-10-19 Sold (Public Records) $234,000 Public Records
• 2019-12-17 Sold (Public Records) $179,875 Public Records
• 2019-12-13 Sold (MLS) $180,500 DMMLS
• 2019-12-03 Pending — DMMLS
• 2019-11-07 Pending — DMMLS
• 2019-10-18 Listing Removed — DMMLS
• 2019-10-18 Listed $179,900 DMMLS
• 2019-09-26 Price Changed $179,900 DMMLS
• 2019-08-28 Price Changed $184,900 DMMLS
• 2018-08-22 Listed $189,900 DMMLS

Property tax history

+34.7%/yr

Latest (2025): $3,750 · +1.6% YoY. Source: county tax records.