1054 Maple St · Waukee, IA 50263

$247,990

3 bd · 3.0 ba · 1,511 sqft · Condo · 89 Days on market

Built 2026 Good condition $164/sqft · at area comps Est $260k · at est. $195/mo HOA · 10% 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 +9.6/15.0
• Cash flow +7.3/30.0
• Schools +7.1/10.0
• Livability +4.2/5.0
• Condition / age +4.0/5.0
• 1% rule +3.1/10.0
• Rent growth +3.0/5.0
• DSCR +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to the Sydney, a two-story townhome in Spring Crest Townhomes - featuring 3 bedrooms, 2.5 bathrooms, and 1,511 sq. ft. of comfortable living space with appliances included. The inviting foyer leads to an open-concept main level where the kitchen, dining, and great room seamlessly connect—complete with a cozy electric fireplace. The kitchen is a showstopper with white cabinetry, stainless steel appliances, and a spacious island ideal for gatherings. Upstairs, all bedrooms are thoughtfully located for privacy. The primary suite offers a large walk-in closet and en-suite bath with dual vanities and a walk-in shower. Two additional bedrooms, a full bath, and an upstairs laundry area add convenience for any lifestyle. All D. R. Horton homes include smart home features. Visit today and see why the Sydney is built for the way you live! Ask about builder incentives with preferred lender. Photos similar to.

Key facts

• Spacious island
• Large walk-in closet
• White cabinetry

Tags

• OPEN-CONCEPT MAIN LEVEL
• COZY ELECTRIC FIREPLACE
• WHITE CABINETRY
• STAINLESS STEEL APPLIANCES
• SPACIOUS ISLAND
• LARGE WALK-IN CLOSET

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath condo listed at $248k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-326 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $201k (19.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $200k (19.2% below list).
• Recommended offer: $200k (19.2% below list) — sets the bar for 1% rule.
• Cap rate 4.7% 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); 886 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 $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 89 days — a 6% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 $200,340 (19.2% 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 89 days. Have you received any prior offers? Is the seller open to a 19% 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: 0.81% ✗
• Cap rate: 4.71%
• Cash-on-cash: -5.64%
• DSCR: 0.75
• GRM: 10.3

CMA / ARV

• ARV (median comp): $259,990
• List price: $247,990
• Delta: -4.62%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.82% rent growth · sell at horizon

5-year hold

• IRR: -27.4%
• Equity multiple: 0.09×
• Total profit: $-63,157
• Equity at exit: $36,976

10-year hold

• IRR: -30.6%
• Equity multiple: -0.30×
• Total profit: $-90,552
• Equity at exit: $21,442

Cash invested: $69,437 (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: 886
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $2,003 high
• Mortgage (P&I): −$1,300
• Tax est. 1.5%: −$310 /mo · $3,720/yr
• Insurance: −$103
• HOA: −$195
• Vacancy / Maint / Mgmt: −$421
• Net cashflow: $-326

Break-even live

Break-even rent $2,416

Max offer price $200,800

Occupancy floor —

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: $61,998
• Closing costs: $7,440
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1008 Maple St Waukee, IA	2.0	2.5	1524	$1,875	$1.23	14d	1	0.08mi
191 NW Lexington Dr Waukee, IA	1.0–2.0	1.0–2.0	911	$2,845	$3.12	14d	8	0.63mi
350 NW 6th St Waukee, IA	1.0–3.0	1.0–3.5	1163	$2,308	$1.98	14d	20	0.72mi
940 10th St Waukee, IA	1.0–3.0	1.0–2.5	962	$1,795	$1.86	14d	79	0.73mi
1036 NW Richmond Rd Waukee, IA	3.0	2.5	1450	$1,750	$1.21	23d	1	0.76mi
289 NW Charlestown Ln Waukee, IA	4.0	2.5	1767	$2,200	$1.25	44d	1	0.76mi
395 NW Blackberry St Waukee, IA	2.0	2.0	1349	$1,989	$1.47	14d	3	0.79mi
284 NW Caspian Ct Waukee, IA	4.0	2.5	1605	$2,195	$1.37	14d	1	0.81mi
175 NW Common Pl Waukee, IA	1.0–3.0	1.0–2.5	929	$1,775	$1.91	14d	10	0.96mi
200 Corene Ave Waukee, IA	4.0	2.0	1410	$1,995	$1.41	19d	1	1.06mi
655 NW Williamsburg Ln Waukee, IA	4.0	2.5	1875	$2,445	$1.30	14d	1	1.16mi
1283 NW Williamsburg Ln Unit 1 Waukee, IA	4.0	3.0	1410	$2,495	$1.77	14d	1	1.22mi
122 NW Pike Cir Waukee, IA	4.0	2.5	1809	$2,495	$1.38	44d	1	1.26mi
1110 NW Sproul Dr Waukee, IA	4.0	3.0	2028	$2,800	$1.38	23d	1	1.29mi
330 NE Cardinal Ln Waukee, IA	4.0	3.0	1492	$2,500	$1.68	44d	1	1.41mi
324 NE Sandalwood Waukee, IA	2.0	2.0	1108	$1,400	$1.26	23d	1	1.48mi
307 NE Sandalwood Waukee, IA	2.0	2.0	1108	$1,550	$1.40	44d	1	1.49mi

HOA detail condo

• Monthly dues: $195 · $2,340/yr
• Likely covers: electric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-18
   days on market $247,990 Active 89 DOM
2. 2026-06-17
   price $247,990 Active 88 DOM
3. 2026-06-17
   days on market $249,990 Active 88 DOM
4. 2026-06-16
   days on market $249,990 Active 87 DOM
5. 2026-06-15
   days on market $249,990 Active 86 DOM
6. 2026-06-14
   days on market $249,990 Active 84 DOM
7. 2026-06-13
   days on market $249,990 Active 83 DOM
8. 2026-06-10
   days on market $249,990 Active 81 DOM
9. 2026-06-09
   days on market $249,990 Active 80 DOM
10. 2026-06-08
    days on market $249,990 Active 79 DOM
11. 2026-06-07
    days on market $249,990 Active 78 DOM
12. 2026-06-05
    days on market $249,990 Active 75 DOM
13. 2026-06-03
    days on market $249,990 Active 74 DOM
14. 2026-06-02
    days on market $249,990 Active 73 DOM
15. 2026-06-01
    days on market $249,990 Active 72 DOM
16. 2026-05-31
    days on market $249,990 Active 71 DOM
17. 2026-05-31
    days on market $249,990 Active 70 DOM
18. 2026-05-01
    status Active 925-char remark

    Show marketing remark (925 chars)

    Welcome to the Sydney, a two-story townhome in Spring Crest Townhomes - featuring 3 bedrooms, 2.5 bathrooms, and 1,511 sq. ft. of comfortable living space with appliances included. The inviting foyer leads to an open-concept main level where the kitchen, dining, and great room seamlessly connect—complete with a cozy electric fireplace. The kitchen is a showstopper with white cabinetry, stainless steel appliances, and a spacious island ideal for gatherings. Upstairs, all bedrooms are thoughtfully located for privacy. The primary suite offers a large walk-in closet and en-suite bath with dual vanities and a walk-in shower. Two additional bedrooms, a full bath, and an upstairs laundry area add convenience for any lifestyle. All D. R. Horton homes include smart home features. Visit today and see why the Sydney is built for the way you live! Ask about builder incentives with preferred lender. Photos similar to.

19. 2026-03-13
    listed $249,990 Active 1210-char remark

    Show marketing remark (925 chars)

    Welcome to the Sydney, a two-story townhome in Spring Crest Townhomes - featuring 3 bedrooms, 2.5 bathrooms, and 1,511 sq. ft. of comfortable living space with appliances included. The inviting foyer leads to an open-concept main level where the kitchen, dining, and great room seamlessly connect—complete with a cozy electric fireplace. The kitchen is a showstopper with white cabinetry, stainless steel appliances, and a spacious island ideal for gatherings. Upstairs, all bedrooms are thoughtfully located for privacy. The primary suite offers a large walk-in closet and en-suite bath with dual vanities and a walk-in shower. Two additional bedrooms, a full bath, and an upstairs laundry area add convenience for any lifestyle. All D. R. Horton homes include smart home features. Visit today and see why the Sydney is built for the way you live! Ask about builder incentives with preferred lender. Photos similar to.

20. 2026-03-13
    listed $249,990 Active 925-char remark

    Show marketing remark (925 chars)

    Welcome to the Sydney, a two-story townhome in Spring Crest Townhomes - featuring 3 bedrooms, 2.5 bathrooms, and 1,511 sq. ft. of comfortable living space with appliances included. The inviting foyer leads to an open-concept main level where the kitchen, dining, and great room seamlessly connect—complete with a cozy electric fireplace. The kitchen is a showstopper with white cabinetry, stainless steel appliances, and a spacious island ideal for gatherings. Upstairs, all bedrooms are thoughtfully located for privacy. The primary suite offers a large walk-in closet and en-suite bath with dual vanities and a walk-in shower. Two additional bedrooms, a full bath, and an upstairs laundry area add convenience for any lifestyle. All D. R. Horton homes include smart home features. Visit today and see why the Sydney is built for the way you live! Ask about builder incentives with preferred lender. Photos similar to.

ⓘ 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: $24,041
• − Mortgage interest: −$13,891
• − Property taxes: −$3,720
• − Insurance: −$1,240
• − Repairs & maintenance: −$1,923
• − Management: −$1,923
• − HOA: −$2,340
• − Depreciation: −$7,214
• Taxable loss: −$8,211
• Est. tax savings @ 24.0%: +$1,971
• After-tax cash flow: $-1,943/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

This two-story townhome in Spring Crest Townhomes is in good condition with a good condition score of 80. It features a well-maintained kitchen, hardwood flooring, and neutral paint. The home is ready for a potential buyer or renter with minor maintenance and cosmetic updates that can significantly increase its value.

Value-add opportunities

• Both Paint the exterior of the home — Enhances curb appeal and can increase both resale and rental value.
• Both Replace the flooring in the bathrooms — Improves the overall aesthetic and can increase both resale and rental value.
• Both Install smart home devices — Enhances convenience and can increase both resale and rental value.
• Both Add a smart thermostat — Improves energy efficiency and can increase both resale and rental value.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior of the home — Enhances curb appeal and can increase both resale and rental value. ↑
• Both Replace the flooring in the bathrooms — Improves the overall aesthetic and can increase both resale and rental value. ↑
• Both Install smart home devices — Enhances convenience and can increase both resale and rental value. ↑
• Both Add a smart thermostat — Improves energy efficiency and can increase both resale and rental value. ↑

ⓘ 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: 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

+0.0% since first listed

3 events — show timeline

• 2026-05-01 Relisted — DMMLS
• 2026-03-13 Listed $249,990 Zillow
• 2026-03-13 Listed $249,990 DMMLS