156 Dakota Cir · Waukee, IA 50263

$329,990

3 bd · 2.0 ba · 1,489 sqft · Other public records · 102 Days on market

Built 2021 6,970 sqft lot $222/sqft · 10% below area Est $366k · 10% under $17/mo HOA · 1% 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).

• ARV discount +11.9/15.0
• Schools +7.1/10.0
• Cash flow +6.6/30.0
• Livability +4.2/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• 1% rule +1.9/10.0
• DSCR +0.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this charming ranch home located in one of Waukee’s most desirable neighborhoods! This well-designed home offers convenient main-floor living with the primary bedroom and laundry both located on the main level. The spacious living room flows into a beautiful kitchen featuring a large center island and a corner pantry—perfect for everyday living and entertaining. The primary suite includes a generously sized bedroom, a large private bathroom, and an oversized walk-in closet. The unfinished basement provides excellent potential for future expansion and is already stubbed for a bathroom and has an egress window in place for a bedroom, making it easy to add additional living space. Outside, enjoy great curb appeal with a welcoming front porch and a fully fenced backyard with a 6-foot privacy fence—ideal for relaxing, pets, or entertaining. The home also includes a 2-car garage. Located in a fantastic Waukee neighborhood, you’ll be close to everything Waukee and West Des Moines have to offer, including shopping, dining, parks, and more.

Key facts

• Large center island
• Unfinished basement
• Corner pantry

Tags

• MAIN FLOOR LIVING
• LARGE CENTER ISLAND
• CORNER PANTRY
• OVERSIZED WALK-IN CLOSET
• UNFINISHED BASEMENT
• STUBBED FOR A BATHROOM

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $330k.

Deal economics

• At list price, monthly cash flow is $-541 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $234k (29.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $226k (31.4% below list).
• Recommended offer: $226k (31.4% below list) — sets the bar for 1% rule.
• 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; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% 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 $10k 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 102 days — a 9% lower offer ($300k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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 $226,423 (31.4% 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 102 days. Have you received any prior offers? Is the seller open to a 31% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.69% ✗
• Cap rate: 4.32%
• Cash-on-cash: -7.03%
• DSCR: 0.69
• GRM: 12.1

CMA / ARV

• ARV (median comp): $366,188
• List price: $329,990
• Delta: -9.89%
• 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: -29.8%
• Equity multiple: 0.02×
• Total profit: $-90,548
• Equity at exit: $49,203

10-year hold

• IRR: -37.0%
• Equity multiple: -0.45×
• Total profit: $-133,635
• Equity at exit: $28,532

Cash invested: $92,397 (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: 12.1×

Monthly cashflow live

• Estimated rent: $2,264 medium
• Mortgage (P&I): −$1,731
• Tax from tax record: −$445 /mo · $5,342/yr
• Insurance: −$137
• HOA: −$17
• Vacancy / Maint / Mgmt: −$475
• Net cashflow: $-541

Break-even live

Break-even rent $2,950

Max offer price $234,347

Occupancy floor —

Sensitivity live

Price	-10% $-355	-5% $-448	+0% $-541	+5% $-635	+10% $-728
Rent	-10% $-720	-5% $-631	+0% $-541	+5% $-452	+10% $-363
Rate	-1.0pp $-375	-0.5pp $-457	base $-541	+0.5pp $-627	+1.0pp $-714

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: $82,498
• Closing costs: $9,900
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3681 Jasmine Ln Waukee, IA	3.0	2.5	1464	$2,235	$1.53	15d	13	1.12mi
3681 Jasmine Ln Unit HOME1 Waukee, IA	3.0	2.5	1511	$2,545	$1.68	45d	1	1.12mi
3681 Jasmine Ln Unit HOME94 Waukee, IA	3.0	2.5	1418	$2,375	$1.67	45d	1	1.12mi

HOA detail

• Monthly dues: $17 · $204/yr

Listing history 27 events

1. 2026-06-21
   days on market $329,990 Active 102 DOM
2. 2026-06-18
   days on market $329,990 Active 99 DOM
3. 2026-06-17
   days on market $329,990 Active 98 DOM
4. 2026-06-16
   days on market $329,990 Active 97 DOM
5. 2026-06-15
   price $329,990 Active 96 DOM
6. 2026-06-15
   days on market $334,990 Active 96 DOM
7. 2026-06-14
   days on market $334,990 Active 94 DOM
8. 2026-06-13
   days on market $334,990 Active 93 DOM
9. 2026-06-10
   days on market $334,990 Active 91 DOM
10. 2026-06-09
    days on market $334,990 Active 90 DOM
11. 2026-06-08
    days on market $334,990 Active 89 DOM
12. 2026-06-07
    days on market $334,990 Active 88 DOM
13. 2026-06-05
    days on market $334,990 Active 85 DOM
14. 2026-06-03
    days on market $334,990 Active 84 DOM
15. 2026-06-02
    days on market $334,990 Active 83 DOM
16. 2026-06-01
    days on market $334,990 Active 82 DOM
17. 2026-05-31
    days on market $334,990 Active 81 DOM
18. 2026-05-31
    days on market $334,990 Active 80 DOM
19. 2026-03-26
    price $334,990 1082-char remark

    Show marketing remark (1082 chars)

    Welcome to this charming ranch home located in one of Waukee’s most desirable neighborhoods! This well-designed home offers convenient main-floor living with the primary bedroom and laundry both located on the main level. The spacious living room flows into a beautiful kitchen featuring a large center island and a corner pantry—perfect for everyday living and entertaining. The primary suite includes a generously sized bedroom, a large private bathroom, and an oversized walk-in closet. The unfinished basement provides excellent potential for future expansion and is already stubbed for a bathroom and has an egress window in place for a bedroom, making it easy to add additional living space. Outside, enjoy great curb appeal with a welcoming front porch and a fully fenced backyard with a 6-foot privacy fence—ideal for relaxing, pets, or entertaining. The home also includes a 2-car garage. Located in a fantastic Waukee neighborhood, you’ll be close to everything Waukee and West Des Moines have to offer, including shopping, dining, parks, and more.

20. 2026-03-11
    listed $339,000 Active 1082-char remark

    Show marketing remark (1082 chars)

    Welcome to this charming ranch home located in one of Waukee’s most desirable neighborhoods! This well-designed home offers convenient main-floor living with the primary bedroom and laundry both located on the main level. The spacious living room flows into a beautiful kitchen featuring a large center island and a corner pantry—perfect for everyday living and entertaining. The primary suite includes a generously sized bedroom, a large private bathroom, and an oversized walk-in closet. The unfinished basement provides excellent potential for future expansion and is already stubbed for a bathroom and has an egress window in place for a bedroom, making it easy to add additional living space. Outside, enjoy great curb appeal with a welcoming front porch and a fully fenced backyard with a 6-foot privacy fence—ideal for relaxing, pets, or entertaining. The home also includes a 2-car garage. Located in a fantastic Waukee neighborhood, you’ll be close to everything Waukee and West Des Moines have to offer, including shopping, dining, parks, and more.

21. 2022-06-06
    soldstatus $351,990 Closed 881-char remark

    Show marketing remark (881 chars)

    D. R. Horton, America’s Builder, presents the Hamilton plan. This home design provides 3 bedrooms and 2 full baths in a single-level, open living space. The lower living area offers solid surface flooring throughout for easy maintenance. Two large bedrooms are situated in the front of the home and another bedroom, which features a large walk-in closet and ensuite bath, is situated in the back of the home for privacy. Enjoy entertaining in the spacious kitchen with a large built-in island, beautiful cabinets, and quartz countertops. The entry from the garage has a conveniently located closet for coats and jackets. All D. R. Horton Iowa homes include our America’s Smart Home® Technology. This home is currently under construction. Photos may be similar but not necessarily of subject property, including interior and exterior colors, finishes and appliances.

22. 2022-03-11
    status Pending 881-char remark

    Show marketing remark (881 chars)

    D. R. Horton, America’s Builder, presents the Hamilton plan. This home design provides 3 bedrooms and 2 full baths in a single-level, open living space. The lower living area offers solid surface flooring throughout for easy maintenance. Two large bedrooms are situated in the front of the home and another bedroom, which features a large walk-in closet and ensuite bath, is situated in the back of the home for privacy. Enjoy entertaining in the spacious kitchen with a large built-in island, beautiful cabinets, and quartz countertops. The entry from the garage has a conveniently located closet for coats and jackets. All D. R. Horton Iowa homes include our America’s Smart Home® Technology. This home is currently under construction. Photos may be similar but not necessarily of subject property, including interior and exterior colors, finishes and appliances.

23. 2022-01-24
    price $352,990 881-char remark

    Show marketing remark (881 chars)

    D. R. Horton, America’s Builder, presents the Hamilton plan. This home design provides 3 bedrooms and 2 full baths in a single-level, open living space. The lower living area offers solid surface flooring throughout for easy maintenance. Two large bedrooms are situated in the front of the home and another bedroom, which features a large walk-in closet and ensuite bath, is situated in the back of the home for privacy. Enjoy entertaining in the spacious kitchen with a large built-in island, beautiful cabinets, and quartz countertops. The entry from the garage has a conveniently located closet for coats and jackets. All D. R. Horton Iowa homes include our America’s Smart Home® Technology. This home is currently under construction. Photos may be similar but not necessarily of subject property, including interior and exterior colors, finishes and appliances.

24. 2022-01-10
    price $345,990 881-char remark

    Show marketing remark (881 chars)

    D. R. Horton, America’s Builder, presents the Hamilton plan. This home design provides 3 bedrooms and 2 full baths in a single-level, open living space. The lower living area offers solid surface flooring throughout for easy maintenance. Two large bedrooms are situated in the front of the home and another bedroom, which features a large walk-in closet and ensuite bath, is situated in the back of the home for privacy. Enjoy entertaining in the spacious kitchen with a large built-in island, beautiful cabinets, and quartz countertops. The entry from the garage has a conveniently located closet for coats and jackets. All D. R. Horton Iowa homes include our America’s Smart Home® Technology. This home is currently under construction. Photos may be similar but not necessarily of subject property, including interior and exterior colors, finishes and appliances.

25. 2021-12-27
    price $341,990 881-char remark

    Show marketing remark (881 chars)

    D. R. Horton, America’s Builder, presents the Hamilton plan. This home design provides 3 bedrooms and 2 full baths in a single-level, open living space. The lower living area offers solid surface flooring throughout for easy maintenance. Two large bedrooms are situated in the front of the home and another bedroom, which features a large walk-in closet and ensuite bath, is situated in the back of the home for privacy. Enjoy entertaining in the spacious kitchen with a large built-in island, beautiful cabinets, and quartz countertops. The entry from the garage has a conveniently located closet for coats and jackets. All D. R. Horton Iowa homes include our America’s Smart Home® Technology. This home is currently under construction. Photos may be similar but not necessarily of subject property, including interior and exterior colors, finishes and appliances.

26. 2021-12-10
    price $339,990 881-char remark

    Show marketing remark (881 chars)

    D. R. Horton, America’s Builder, presents the Hamilton plan. This home design provides 3 bedrooms and 2 full baths in a single-level, open living space. The lower living area offers solid surface flooring throughout for easy maintenance. Two large bedrooms are situated in the front of the home and another bedroom, which features a large walk-in closet and ensuite bath, is situated in the back of the home for privacy. Enjoy entertaining in the spacious kitchen with a large built-in island, beautiful cabinets, and quartz countertops. The entry from the garage has a conveniently located closet for coats and jackets. All D. R. Horton Iowa homes include our America’s Smart Home® Technology. This home is currently under construction. Photos may be similar but not necessarily of subject property, including interior and exterior colors, finishes and appliances.

27. 2021-10-18
    listed $334,490 Active 881-char remark

    Show marketing remark (881 chars)

    D. R. Horton, America’s Builder, presents the Hamilton plan. This home design provides 3 bedrooms and 2 full baths in a single-level, open living space. The lower living area offers solid surface flooring throughout for easy maintenance. Two large bedrooms are situated in the front of the home and another bedroom, which features a large walk-in closet and ensuite bath, is situated in the back of the home for privacy. Enjoy entertaining in the spacious kitchen with a large built-in island, beautiful cabinets, and quartz countertops. The entry from the garage has a conveniently located closet for coats and jackets. All D. R. Horton Iowa homes include our America’s Smart Home® Technology. This home is currently under construction. Photos may be similar but not necessarily of subject property, including interior and exterior colors, finishes and appliances.

ⓘ 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: $5,342 · $445/mo
• Projected year-2 tax: $5,342 · $445/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $27,171
• − Mortgage interest: −$18,485
• − Property taxes: −$5,342
• − Insurance: −$1,650
• − Repairs & maintenance: −$2,174
• − Management: −$2,174
• − HOA: −$204
• − Depreciation: −$9,600
• Taxable loss: −$12,457
• Est. tax savings @ 24.0%: +$2,990
• After-tax cash flow: $-3,507/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

+0.1% since first listed

9 events — show timeline

• 2026-03-26 Price Changed $334,990 DMMLS
• 2026-03-11 Listed $339,000 DMMLS
• 2022-06-06 Sold (MLS) $351,990 DMMLS
• 2022-03-11 Pending — DMMLS
• 2022-01-24 Price Changed $352,990 DMMLS
• 2022-01-10 Price Changed $345,990 DMMLS
• 2021-12-27 Price Changed $341,990 DMMLS
• 2021-12-10 Price Changed $339,990 DMMLS
• 2021-10-18 Listed $334,490 DMMLS

Property tax history

+446.2%/yr

Latest (2025): $5,342 · +1.6% YoY. Source: county tax records.