1961 SE Four Seasons Dr · Ankeny, IA 50021

$55,900

3 bd · 2.0 ba · 1,216 sqft · Manufactured · 103 Days on market

Built 2026 Good condition

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Why this score? — see what drove the B+ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +7.1/10.0
• Livability +4.6/5.0
• Condition / age +3.8/5.0
• Rent growth +2.7/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This well maintained three bedroom two bathroom home in the Autumn Ridge neighborhood of Ankeny offers comfort convenience and a welcoming atmosphere. The open floor plan provides a functional flow with spacious living areas that are ideal for both everyday living and gathering with others. Natural light fills the home creating a bright and inviting environment throughout. The kitchen offers ample cabinet and counter space making meal preparation efficient and enjoyable while remaining connected to the dining and living areas for easy interaction. The adjacent spaces provide a comfortable setting for a variety of uses. Each bedroom is designed with practical space in mind while the primary bedroom includes its own private bathroom. Located in a desirable area this home is close to local schools parks and community amenities. Nearby bike trails offer opportunities for outdoor recreation and an active lifestyle. Easy access to shopping dining and major routes adds to the convenience of this location. Schedule your showing today to see all that this home has to offer and take the next step toward making it yours.

Key facts

• Single car garage
• Front porch
• Brand new carpet

Tags

• BRAND NEW CARPET
• SINGLE CAR GARAGE
• FRONT PORCH

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $56k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $839 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $56k).
• Recommended offer: $51k (9.0% below list) — sets the bar for market timing.
• Cap rate 24.3% 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: schools A+, amenities A+, employment 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.
• Market conditions: Rents flat; 708 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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 $386 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 0.9% rent growth), your $16k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 103 days — a 9% lower offer ($51k) is reasonable based on typical stale-listing flexibility.

Recommended offer $50,869 (9.0% below list)

Questions for the listing agent

1. It's been on market 103 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
6. 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.
7. 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: 2.78% ✓
• Cap rate: 24.31%
• Cash-on-cash: 64.36%
• DSCR: 3.86
• GRM: 3.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.92% rent growth · sell at horizon

5-year hold

• IRR: 61.1%
• Equity multiple: 3.64×
• Total profit: $41,249
• Equity at exit: $8,335

10-year hold

• IRR: 65.0%
• Equity multiple: 6.90×
• Total profit: $92,338
• Equity at exit: $4,833

Cash invested: $15,652 (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 50021

• Rents YoY: 0.9%
• Active inventory: 708
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,552 high
• Mortgage (P&I): −$293
• Tax est. 1.5%: −$70 /mo · $838/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$326
• Net cashflow: $839

Break-even live

Break-even rent $489

Max offer price $55,900

Occupancy floor 41%

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: $13,975
• Closing costs: $1,677
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1961 Four Seasons Dr Unit 172 Ankeny, IA	3.0	2.0	1216	$1,449	$1.19	43d	1	0.02mi
2001 Summer Park Dr Unit 140 Ankeny, IA	3.0	2.0	1196	$1,549	$1.30	23d	1	0.06mi
2130 Four Seasons Dr Unit 36 Ankeny, IA	3.0	2.0	1408	$1,479	$1.05	23d	1	0.10mi
2131 Windover Dr Unit B20 Ankeny, IA	3.0	2.0	1216	$1,449	$1.19	14d	1	0.23mi
1102 SE Belmont Dr Ankeny, IA	2.0	1.0	850	$995	$1.17	43d	1	0.74mi
548 SW Heritage Ln Ankeny, IA	3.0	2.5	1500	$800	$0.53	23d	1	0.84mi
1155 SW Prairie Trail Pkwy Ankeny, IA	1.0–2.0	1.0–2.0	837	$1,900	$2.27	14d	69	1.07mi
1205 SW Merchant St Ankeny, IA	1.0–2.0	1.0–2.0	874	$2,025	$2.32	14d	11	1.12mi
905 SW 28th St Ankeny, IA	1.0–3.0	1.0–2.0	988	$1,760	$1.78	14d	13	1.14mi
602 SE Grant St Unit 06 Ankeny, IA	2.0	1.0	792	$825	$1.04	19d	1	1.16mi
602 SE Grant St Apt 3 Ankeny, IA	2.0	1.0	792	$825	$1.04	43d	1	1.16mi
1010 SW Magazine Rd Ankeny, IA	1.0–2.0	1.0–2.0	1080	$3,015	$2.79	14d	56	1.18mi
1210 SW 28th St Ankeny, IA	1.0–3.0	1.0–3.0	962	$1,950	$2.03	14d	20	1.23mi
1122 SE Mill Pond Ct Ankeny, IA	2.0	2.5	1162	$1,495	$1.29	43d	1	1.28mi
1108 SW 11th St Ankeny, IA	1.0–2.0	1.0–2.0	1003	$1,625	$1.62	14d	10	1.32mi
205 SW 48th St Ankeny, IA	4.0	3.0	1484	$2,295	$1.55	43d	1	1.37mi
1370 SW Radcliffe Ln Ankeny, IA	2.0	2.0	1457	$2,027	$1.39	14d	11	1.46mi

Listing history 16 events

1. 2026-06-18
   days on market $55,900 Active 103 DOM
2. 2026-06-17
   days on market $55,900 Active 102 DOM
3. 2026-06-16
   days on market $55,900 Active 101 DOM
4. 2026-06-15
   days on market $55,900 Active 100 DOM
5. 2026-06-14
   days on market $55,900 Active 98 DOM
6. 2026-06-13
   days on market $55,900 Active 97 DOM
7. 2026-06-10
   days on market $55,900 Active 95 DOM
8. 2026-06-09
   days on market $55,900 Active 94 DOM
9. 2026-06-08
   days on market $55,900 Active 93 DOM
10. 2026-06-07
    days on market $55,900 Active 92 DOM
11. 2026-06-03
    days on market $55,900 Active 88 DOM
12. 2026-06-02
    days on market $55,900 Active 87 DOM
13. 2026-06-01
    days on market $55,900 Active 86 DOM
14. 2026-05-31
    days on market $55,900 Active 85 DOM
15. 2026-05-31
    days on market $55,900 Active 84 DOM
16. 2026-03-07
    listed $55,900 Active 1127-char remark

    Show marketing remark (1127 chars)

    This well maintained three bedroom two bathroom home in the Autumn Ridge neighborhood of Ankeny offers comfort convenience and a welcoming atmosphere. The open floor plan provides a functional flow with spacious living areas that are ideal for both everyday living and gathering with others. Natural light fills the home creating a bright and inviting environment throughout. The kitchen offers ample cabinet and counter space making meal preparation efficient and enjoyable while remaining connected to the dining and living areas for easy interaction. The adjacent spaces provide a comfortable setting for a variety of uses. Each bedroom is designed with practical space in mind while the primary bedroom includes its own private bathroom. Located in a desirable area this home is close to local schools parks and community amenities. Nearby bike trails offer opportunities for outdoor recreation and an active lifestyle. Easy access to shopping dining and major routes adds to the convenience of this location. Schedule your showing today to see all that this home has to offer and take the next step toward making it yours.

ⓘ 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: $18,619
• − Mortgage interest: −$3,131
• − Property taxes: −$838
• − Insurance: −$280
• − Repairs & maintenance: −$1,490
• − Management: −$1,490
• − Depreciation: −$1,626
• Taxable income: $9,765
• Est. tax owed @ 24.0%: −$2,344
• After-tax cash flow: $7,730/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 75/100 Cosmetic rehab

This well-maintained three-bedroom home in Ankeny, Iowa, offers a good condition with a good rehab level. It is ready for a fresh coat of paint and hardwood flooring to further enhance its value.

Value-add opportunities

• Resale Paint interior walls — Fresh paint can enhance the home's curb appeal and make it more inviting.
• Both Replace carpet with hardwood flooring — Hardwood flooring can increase both resale and rental value by providing a more durable and stylish surface.

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint interior walls — Fresh paint can enhance the home's curb appeal and make it more inviting. ↑
• Both Replace carpet with hardwood flooring — Hardwood flooring can increase both resale and rental value by providing a more durable and stylish surface. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 30,283
• Household income: $99,572
• Rent vs Own: 25.5% rent · 74.5% own
• Severe rent burden: 472.0

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 (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
▸Retail / Convenience	1	$15B

Price history

1 event — show timeline

• 2026-03-07 Listed $55,900 Zillow