Sydney Plan · Ankeny, IA 50021

$229,990

3 bd · 2.5 ba · 1,511 sqft · Townhouse · 1016 Days on market

Good condition ↓ 8% since listing

---

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 +8.4/30.0
• Schools +7.7/10.0
• ARV discount +7.5/15.0
• Livability +4.6/5.0
• Condition / age +4.0/5.0
• Rent growth +2.7/5.0
• 1% rule +2.6/10.0
• DSCR +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to the Sydney floor plan in the Canyon Landing community in Ankeny, IA. This popular two-story townhome features 3 bedrooms, 2.5 bathrooms, a 2-car garage, and 1,511 sq. ft. of comfortable living space, complete with all appliances included. As you enter through the front door, the foyer leads past a guest bath into the spacious living room, complete with an electric fireplace and large windows that fill the main level with natural light. The open-concept kitchen overlooks the living and dining areas and features white cabinetry, quartz countertops, stainless steel appliances, a generous pantry, and a built-in island with seating for the adjacent dining nook. Upstairs, the oversized primary bedroom offers a private bath, large walk-in closet, and plenty of space for a variety of furniture arrangements. Two additional bedrooms share a guest bathroom, and the conveniently located upper-level laundry room makes chores simple. Make the Sydney floor plan your new home in the Canyon Landing Townhomes community.

Key facts

• 2 garage spots
• Listed 1015 days

🏗️ New construction. The $229,990 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $263,334.

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $230k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-234 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $229k (0.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $201k (12.7% below list).
• Recommended offer: $201k (12.7% below list) — sets the bar for 1% rule.
• Cap rate 5.2% 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: 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: East Elementary School (math 62% / reading 62%, grade B, #363 of 616 statewide, top 62%, 413 students, 37% 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) — zoned schools average 26% FRL vs 10% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 992 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $2k of loan paydown is wiped out by about $8k 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 1016 days — a 12% lower offer ($202k) is reasonable based on typical stale-listing flexibility.

Recommended offer $200,677 (12.7% 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 1016 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 5.22%
• Cash-on-cash: -3.82%
• DSCR: 0.83
• GRM: 10.9

CMA / ARV

• ARV (median comp): $263,334
• List price: $229,990
• Delta: -12.66%
• 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
4325 NE Spear Ln	0.10mi	3/3.0	1,511 (0%)	1mo	$239,990	$159	93
4338 NE Spear Ln	0.10mi	3/3.0	1,511 (0%)	2mo	$219,990	$146	92
4407 NE Spear Ln	0.13mi	3/3.0	1,511 (0%)	3mo	$217,990	$144	90
4415 NE Spear Ln	0.14mi	3/3.0	1,511 (0%)	2mo	$217,990	$144	89
4341 NE Spear Ln	0.34mi	3/3.0	1,511 (0%)	1mo	$217,990	$144	81
4330 NE Spear Ln	0.34mi	3/3.0	1,511 (0%)	2mo	$219,990	$146	80
4424 NE Spear Ln	0.34mi	3/3.0	1,511 (0%)	3mo	$226,190	$150	80
4334 NE Spear Ln	0.34mi	3/3.0	1,511 (0%)	3mo	$214,990	$142	80
592 NE Hart Ln	0.73mi	3/2.5	1,376 (-9%)	3mo	$254,990	$185	49
601 NE Hart Ln	0.73mi	3/2.5	1,376 (-9%)	3mo	$254,990	$185	48
596 NE Hart Ln	0.72mi	3/2.5	1,376 (-9%)	4mo	$249,900	$182	48
602 NE Hart Ln	0.70mi	2/2.5 (-1)	1,328 (-12%)	4mo	$249,990	$188	39

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 · 0.92% rent growth · sell at horizon

5-year hold

• IRR: -25.0%
• Equity multiple: 0.16×
• Total profit: $-61,691
• Equity at exit: $39,264

10-year hold

• IRR: -28.7%
• Equity multiple: -0.21×
• Total profit: $-89,021
• Equity at exit: $22,768

Cash invested: $73,734 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 42 active · 18 under contract
• Months of supply: 10.5 mo (10%/mo absorbed)
• Median asking: $244,990 ($178/sqft)
• Median days on market: 152 d
• This list price: 7% of active listings are priced below it
• ARV vs active asking: -2.1% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 50021

• Rents YoY: 0.9%
• Active inventory: 992
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $2,007 high
• Mortgage (P&I): −$1,381
• Tax est. 1.5%: −$329 /mo · $3,950/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$421
• Net cashflow: $-234

Break-even live

Break-even rent $2,304

Max offer price $229,402

Occupancy floor —

Sensitivity live

Price	-10% $-53	-5% $-144	+0% $-234	+5% $-325	+10% $-416
Rent	-10% $-393	-5% $-314	+0% $-234	+5% $-155	+10% $-76
Rate	-1.0pp $-102	-0.5pp $-168	base $-234	+0.5pp $-303	+1.0pp $-372

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: $65,833
• Closing costs: $7,900
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4311 NE 16th St Ankeny, IA	4.0	2.5	1756	$2,095	$1.19	0d	1	0.09mi
1631 NE Crossing Oaks Ln Ankeny, IA	3.0	2.5	1562	$1,850	$1.18	0d	1	0.16mi
4428 NE 16th St Ankeny, IA	4.0	3.0	1498	$2,095	$1.40	0d	1	0.17mi
1407 NE Crossing Oaks Dr Ankeny, IA	4.0	3.0	1498	$2,995	$2.00	61d	1	0.22mi
4331 NE 14th St Ankeny, IA	3.0	2.5	1547	$1,845	$1.19	61d	1	0.22mi
1333 NE Crossing Oaks Dr Ankeny, IA	3.0	2.0	1200	$1,799	$1.50	61d	1	0.24mi
4421 NE 14th St Ankeny, IA	3.0	2.5	1547	$1,845	$1.19	61d	1	0.24mi
1313 NE Crossing Oaks Dr Ankeny, IA	3.0	2.0	1200	$1,799	$1.50	61d	1	0.28mi
4342 NE Spear Ln Unit 4342 Ankeny, IA	3.0	2.5	1511	$1,850	$1.22	139d	1	0.32mi
604 NE Pearl Dr Ankeny, IA	3.0	2.0	1464	$2,395	$1.64	139d	1	0.66mi
4009 NE 6th St Ankeny, IA	3.0	3.0	1800	$2,095	$1.16	6d	1	0.66mi
4213 NE 6th St Ankeny, IA	4.0	3.0	1858	$2,295	$1.24	62d	1	0.67mi
3905 NE 6th St Ankeny, IA	4.0	3.0	1796	$2,295	$1.28	6d	1	0.68mi
4026 NE 5th St Ankeny, IA	4.0	2.5	1620	$2,095	$1.29	6d	1	0.68mi
4031 NE 5th St Ankeny, IA	4.0	2.5	1620	$2,095	$1.29	6d	1	0.71mi
610 NE Hunter Dr Ankeny, IA	4.0	3.0	1621	$2,145	$1.32	6d	1	0.73mi
4416 NE Timber Ln Ankeny, IA	4.0	2.5	1709	$1,995	$1.17	0d	1	0.83mi
4005 NE 2nd Ln Ankeny, IA	3.0	3.0	1500	$1,750	$1.17	3d	1	0.90mi
3212 NE Fawn Ln Ankeny, IA	4.0	3.0	1492	$2,995	$2.01	62d	1	1.00mi
3106 NE 2nd Ln Ankeny, IA	3.0	2.5	1460	$1,825	$1.25	6d	1	1.12mi
3101 NE 2nd Ln Ankeny, IA	3.0	2.5	1460	$1,895	$1.30	62d	1	1.13mi

Listing history 50 events

1. 2026-09-23
   days on market $229,990 Active 1016 DOM
2. 2026-09-22
   days on market $229,990 Active 1015 DOM
3. 2026-09-21
   days on market $229,990 Active 1014 DOM
4. 2026-09-20
   days on market $229,990 Active 1013 DOM
5. 2026-09-19
   days on market $229,990 Active 1012 DOM
6. 2026-09-18
   days on market $229,990 Active 1011 DOM
7. 2026-09-17
   days on market $229,990 Active 1010 DOM
8. 2026-09-16
   days on market $229,990 Active 1009 DOM
9. 2026-09-15
   days on market $229,990 Active 1008 DOM
10. 2026-09-14
    days on market $229,990 Active 1007 DOM
11. 2026-09-13
    days on market $229,990 Active 1006 DOM
12. 2026-09-12
    days on market $229,990 Active 1005 DOM
13. 2026-09-11
    days on market $229,990 Active 1004 DOM
14. 2026-09-05
    days on market $229,990 Active 998 DOM
15. 2026-09-04
    days on market $229,990 Active 997 DOM
16. 2026-09-03
    days on market $229,990 Active 996 DOM
17. 2026-08-31
    days on market $229,990 Active 993 DOM
18. 2026-08-30
    days on market $229,990 Active 992 DOM
19. 2026-08-29
    days on market $229,990 Active 991 DOM
20. 2026-08-28
    days on market $229,990 Active 990 DOM
21. 2026-08-27
    days on market $229,990 Active 989 DOM
22. 2026-08-26
    days on market $229,990 Active 988 DOM
23. 2026-08-25
    days on market $229,990 Active 987 DOM
24. 2026-08-24
    days on market $229,990 Active 986 DOM
25. 2026-08-23
    days on market $229,990 Active 985 DOM
26. 2026-08-22
    days on market $229,990 Active 984 DOM
27. 2026-08-21
    days on market $229,990 Active 983 DOM
28. 2026-08-20
    days on market $229,990 Active 982 DOM
29. 2026-08-19
    days on market $229,990 Active 981 DOM
30. 2026-08-18
    days on market $229,990 Active 980 DOM
31. 2026-08-17
    days on market $229,990 Active 979 DOM
32. 2026-08-16
    days on market $229,990 Active 978 DOM
33. 2026-08-15
    days on market $229,990 Active 977 DOM
34. 2026-08-15
    days on market $229,990 Active 976 DOM
35. 2026-08-13
    days on market $229,990 Active 975 DOM
36. 2026-08-12
    days on market $229,990 Active 974 DOM
37. 2026-08-11
    days on market $229,990 Active 973 DOM
38. 2026-08-10
    days on market $229,990 Active 972 DOM
39. 2026-08-09
    days on market $229,990 Active 971 DOM
40. 2026-08-08
    days on market $229,990 Active 970 DOM
41. 2026-08-07
    days on market $229,990 Active 969 DOM
42. 2026-08-06
    days on market $229,990 Active 968 DOM
43. 2026-08-05
    days on market $229,990 Active 967 DOM
44. 2026-08-04
    days on market $229,990 Active 966 DOM
45. 2026-08-03
    days on market $229,990 Active 965 DOM
46. 2026-07-31
    days on market $229,990 Active 962 DOM
47. 2026-07-30
    days on market $229,990 Active 961 DOM
48. 2026-07-29
    days on market $229,990 Active 960 DOM
49. 2026-07-27
    days on market $229,990 Active 958 DOM
50. 2026-07-25
    days on market $229,990 Active 956 DOM

ⓘ 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: $24,081
• − Mortgage interest: −$14,751
• − Property taxes: −$3,950
• − Insurance: −$1,317
• − Repairs & maintenance: −$1,926
• − Management: −$1,926
• − Depreciation: −$7,661
• Taxable loss: −$7,450
• Est. tax savings @ 24.0%: +$1,788
• After-tax cash flow: $-1,026/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 None rehab

This well-maintained townhouse in the Sydney floor plan offers a good condition with minimal repairs needed. It is move-in ready and has the potential for further value increases through minor updates.

Value-add opportunities

• Both Painting the exterior — Enhances curb appeal and resale value ↑
• Both Landscaping the front yard — Improves curb appeal and rental value ↑
• Resale Updating the kitchen backsplash — Modernizes the kitchen and adds value ↑
• Resale Upgrading the flooring in the bathrooms — Enhances the overall aesthetic and resale value ↑

B Composite school gradezoned avg 77/100

Zoned Schools

Elementary Southeast Elementary School A- IA #181/616 Nat'l #2,792/41,679 Middle Parkview Middle School A+ IA #35/246 Nat'l #292/14,009 High Ankeny High School A IA #30/336 Nat'l #1,058/17,239

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

A Composite livability gradescore 92/100

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 · 548,042 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: 10% of renters

---

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

-8.0% since first listed

10 events — show timeline

• 2025-11-07 Price Changed $229,990 Zillow
• 2025-11-07 Price Changed $234,990 Zillow
• 2025-11-07 Price Changed $229,990 Zillow
• 2025-10-09 Price Changed $234,990 Zillow
• 2024-11-19 Price Changed $232,990 Zillow
• 2024-08-22 Price Changed $239,990 Zillow
• 2024-07-19 Price Changed $244,990 Zillow
• 2024-07-19 Price Changed $239,990 Zillow
• 2024-07-19 Price Changed $244,990 Zillow
• 2023-12-13 Listed $249,990 Zillow