1093 NW Greenwood St · Ankeny, IA 50023

$118,999

2 bd · 1.0 ba · 1,029 sqft · Condo public records · 34 Days on market

Built 1979 $185/mo HOA · 16% 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).

• Cash flow +10.4/30.0
• ARV discount +7.5/15.0
• Schools +7.1/10.0
• Livability +4.6/5.0
• 1% rule +4.5/10.0
• DSCR +3.0/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Most Affordable Living Around in this Move-In Ready Main level, End unit 2 bedroom Ankeny condo! Lower than the cost of rent plus you'll be growing equity for yourself instead of your landlord. And low HOA in this small condo association. New roof in 2022. New HVAC, New LVP flooring, New Kitchen counter & faucet, and all freshly painted, walls, doors & trim. Newer bathroom fixtures. Beautiful view out the living room slider-opens to a patio & wonderful green space. Very private. Washer & Dryer in unit. Painted kitchen cabinets and SS appliances. Ample closet space. Designated parking space right in front of unit, plus plenty of extra parking for a second vehicle and guests. Don't wait to see this-condos in this complex don't go up for sale often. Rentals are allowed as well as pets.

Key facts

• Lower-level end unit
• Spacious backyard
• Painted cabinets

Tags

• LOWER-LEVEL END UNIT
• COZY PATIO
• SPACIOUS BACKYARD
• PAINTED CABINETS
• LAUNDRY ROOM
• AMPLE CLOSET SPACE

Property features AI

Finance

• Financial info: Pets allowed with restrictions
• HOA & community: Homeowners association managed by Triplett Companies; HOA fee of $185 per month; HOA covers grounds maintenance and snow removal; Senior community

Exterior

• Utilities: Public water; Public sewer
• Home design: Wood-sided construction; Asphalt shingle roof; Slab foundation; Zoned R-3A
• Construction: Wood siding; Asphalt shingle roof; Slab foundation; Year built not provided
• Exterior features: Concrete road surface

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove
• Bedrooms: 2 main-level bedrooms
• Flooring: Carpet
• Bathrooms: One three-quarter bathroom
• Heating & cooling: Central air conditioning; Electric heating; Forced air; Natural gas heating
• Interior features: Eat-in kitchen; Window treatments
• Laundry & utility: Washer; Dryer; Laundry on main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $119k.

Deal economics

• At list price, monthly cash flow is $-63 ($-751/yr) — negative.
• To cash-flow at today's rent, offer at most $108k (9.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $113k (5.4% below list).
• Recommended offer: $108k (9.3% below list) — sets the bar for cash-flow.
• Cap rate 5.7% vs local median 3.0% 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: Westwood Elementary School (math 82% / reading 77%, grade A, #71 of 616 statewide, top 15%, 642 students, 16% FRL); Prairie Ridge Middle School (math 81% / reading 84%, grade A+, #16 of 246 statewide, top 8%, 1,025 students, 16% FRL); Ankeny Centennial High School (math 79% / reading 85%, grade A, #20 of 336 statewide, top 7%, 1,443 students, 16% FRL).
• Market conditions: Rents flat; 498 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 2,953 units permitted in Polk County in 2024 (540 in 5+ unit buildings).
• This rent is only 11% of the median local income ($118k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $822 of loan paydown is wiped out by about $4k 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 34 days — a 3% lower offer ($115k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 10y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $107,949 (9.3% 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 34 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
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: 0.95% ✗
• Cap rate: 5.66%
• Cash-on-cash: -2.25%
• DSCR: 0.90
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.75% rent growth · sell at horizon

5-year hold

• IRR: -22.9%
• Equity multiple: 0.23×
• Total profit: $-25,662
• Equity at exit: $17,743

10-year hold

• IRR: -25.9%
• Equity multiple: -0.11×
• Total profit: $-36,857
• Equity at exit: $10,289

Cash invested: $33,320 (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 50023

• Rents YoY: 0.8%
• Active inventory: 498
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,125 high
• Mortgage (P&I): −$624
• Tax from tax record: −$93 /mo · $1,114/yr
• Insurance: −$50
• HOA: −$185
• Vacancy / Maint / Mgmt: −$236
• Net cashflow: $-63

Break-even live

Break-even rent $1,204

Max offer price $107,949

Occupancy floor —

Sensitivity live

Price	-10% $5	-5% $-29	+0% $-63	+5% $-96	+10% $-130
Rent	-10% $-151	-5% $-107	+0% $-63	+5% $-18	+10% $26
Rate	-1.0pp $-3	-0.5pp $-32	base $-63	+0.5pp $-93	+1.0pp $-125

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2017 NW Hickory Ln Ankeny, IA	2.0	1.0	850	$900	$1.06	45d	1	0.25mi
2021 NW Hickory Ln Ankeny, IA	1.0	1.0	700	$895	$1.28	25d	1	0.26mi
2005 NW Hickory Ln Unit 5 Ankeny, IA	1.0	1.0	850	$850	$1.00	16d	1	0.28mi
2005 NW Hickory Ln Apt 3 Ankeny, IA	1.0	1.0	880	$800	$0.91	16d	1	0.28mi
2005 NW Hickory Ln Unit 9 Ankeny, IA	1.0	1.0	875	$840	$0.96	16d	1	0.28mi
2013 NW Hickory Ln Ankeny, IA	1.0	1.0	750	$895	$1.19	25d	1	0.28mi
1927 NW Hickory Ln Ankeny, IA	1.0	1.0	750	$895	$1.19	25d	1	0.33mi
2006 NW Hickory Ln Ankeny, IA	1.0	1.0	700	$850	$1.21	45d	1	0.36mi
1520 NW Irvinedale Dr Ankeny, IA	2.0	2.0	1151	$1,475	$1.28	23d	1	0.42mi
2724 NW Casey Jones Ln Ankeny, IA	2.0	2.5	1450	$1,700	$1.17	16d	1	0.49mi
1600 NW Pine Rd Ankeny, IA	2.0	1.0	834	$1,062	$1.27	16d	2	0.55mi
1106 NW Rockcrest Rd Ankeny, IA	3.0	2.0	1422	$2,125	$1.49	25d	1	0.61mi
218 NW State St Unit 210-06 Ankeny, IA	2.0	1.0	800	$845	$1.06	23d	1	0.73mi
218 NW State St Unit 206-08 Ankeny, IA	2.0	1.0	800	$845	$1.06	45d	1	0.73mi
310 NW Chapel Dr Ankeny, IA	2.0	1.0	800	$950	$1.19	45d	1	0.75mi
1908 NW Ashton Ln #1 Ankeny, IA	2.0	2.0	1404	$1,650	$1.18	16d	1	1.03mi
3089 NW Irvinedale Dr Ankeny, IA	2.0	2.0	1217	$1,895	$1.56	45d	1	1.20mi
1735 NW Fieldstream Ln Ankeny, IA	1.0–2.0	1.0–2.0	909	$1,354	$1.49	16d	40	1.33mi
3305 NW Cameo Ln Ankeny, IA	2.0	2.5	1160	$1,650	$1.42	16d	12	1.43mi
405 SW Elm St Ankeny, IA	2.0	1.0	850	$985	$1.16	16d	1	1.46mi

HOA detail condo

• Monthly dues: $185 · $2,220/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 28 events

1. 2026-06-21
   days on market $118,999 Active 34 DOM
2. 2026-06-19
   price $118,999 Active 31 DOM
3. 2026-06-18
   days on market $128,000 Active 31 DOM
4. 2026-06-17
   days on market $128,000 Active 30 DOM
5. 2026-06-16
   days on market $128,000 Active 29 DOM
6. 2026-06-15
   days on market $128,000 Active 28 DOM
7. 2026-06-14
   days on market $128,000 Active 26 DOM
8. 2026-06-13
   days on market $128,000 Active 25 DOM
9. 2026-06-10
   days on market $128,000 Active 23 DOM
10. 2026-06-09
    days on market $128,000 Active 22 DOM
11. 2026-06-08
    days on market $128,000 Active 21 DOM
12. 2026-06-07
    days on market $128,000 Active 20 DOM
13. 2026-06-03
    days on market $128,000 Active 16 DOM
14. 2026-06-02
    days on market $128,000 Active 15 DOM
15. 2026-06-01
    days on market $128,000 Active 14 DOM
16. 2026-05-31
    days on market $128,000 Active 13 DOM
17. 2026-05-31
    pricedays on market $128,000 Active 12 DOM
18. 2026-05-18
    listed $129,000 Active
19. 2023-07-11
    soldstatus $117,000
20. 2023-07-06
    soldstatus $117,000 Closed 817-char remark

    Show marketing remark (817 chars)

    Most Affordable Living Around in this Move-In Ready Main level, End unit 2 bedroom Ankeny condo! Lower than the cost of rent plus you'll be growing equity for yourself instead of your landlord. And low HOA in this small condo association. New roof in 2022. New HVAC, New LVP flooring, New Kitchen counter & faucet, and all freshly painted, walls, doors & trim. Newer bathroom fixtures. Beautiful view out the living room slider-opens to a patio & wonderful green space. Very private. Washer & Dryer in unit. Painted kitchen cabinets and SS appliances. Ample closet space. Designated parking space right in front of unit, plus plenty of extra parking for a second vehicle and guests. Don't wait to see this-condos in this complex don't go up for sale often. Rentals are allowed as well as pets.

21. 2023-06-05
    listed $105,900 Active
22. 2023-05-27
    status Pending 817-char remark

    Show marketing remark (817 chars)

    Most Affordable Living Around in this Move-In Ready Main level, End unit 2 bedroom Ankeny condo! Lower than the cost of rent plus you'll be growing equity for yourself instead of your landlord. And low HOA in this small condo association. New roof in 2022. New HVAC, New LVP flooring, New Kitchen counter & faucet, and all freshly painted, walls, doors & trim. Newer bathroom fixtures. Beautiful view out the living room slider-opens to a patio & wonderful green space. Very private. Washer & Dryer in unit. Painted kitchen cabinets and SS appliances. Ample closet space. Designated parking space right in front of unit, plus plenty of extra parking for a second vehicle and guests. Don't wait to see this-condos in this complex don't go up for sale often. Rentals are allowed as well as pets.

23. 2023-05-26
    listed $105,900 Active
24. 2023-05-25
    listed $105,900 Active 817-char remark

    Show marketing remark (817 chars)

    Most Affordable Living Around in this Move-In Ready Main level, End unit 2 bedroom Ankeny condo! Lower than the cost of rent plus you'll be growing equity for yourself instead of your landlord. And low HOA in this small condo association. New roof in 2022. New HVAC, New LVP flooring, New Kitchen counter & faucet, and all freshly painted, walls, doors & trim. Newer bathroom fixtures. Beautiful view out the living room slider-opens to a patio & wonderful green space. Very private. Washer & Dryer in unit. Painted kitchen cabinets and SS appliances. Ample closet space. Designated parking space right in front of unit, plus plenty of extra parking for a second vehicle and guests. Don't wait to see this-condos in this complex don't go up for sale often. Rentals are allowed as well as pets.

25. 2017-02-09
    soldstatus $85,000
26. 2017-02-02
    soldstatus $85,000
27. 2016-12-02
    listed $85,000
28. 2006-02-03
    soldstatus $76,000

ⓘ 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: $1,114 · $93/mo
• Projected year-2 tax: $1,491 · $124/mo
• Expected delta: +$377/yr (+$31/mo · 33.9%)

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

Taxation est. · year 1

• Rental income: $13,502
• − Mortgage interest: −$6,666
• − Property taxes: −$1,114
• − Insurance: −$595
• − Repairs & maintenance: −$1,080
• − Management: −$1,080
• − HOA: −$2,220
• − Depreciation: −$3,462
• Taxable loss: −$2,715
• Est. tax savings @ 24.0%: +$651
• After-tax cash flow: $-99/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: 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): 46,306
• Household income: $117,826
• Rent vs Own: 28.5% rent · 71.5% own
• Severe rent burden: 617.0

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 (90%)
• Race & ethnicity: White 90% Two or more races 4% Asian 3% Hispanic / Latino 3% Black 1%
• Common ancestry: Portuguese 6% Iranian 3% Slovak 2%
• Foreign-born: 4% · Canada, South Korea, Vietnam
• Languages at home: 93% English-only · Spanish 2% Other Asian/Pacific 2% Russian/Polish/Slavic 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: ▼ -135.67%
• Current HPI: 215.1034
• Rent YoY: ▲ 0.75%
• 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

+56.6% since first listed

13 events — show timeline

• 2026-06-18 Price Changed $118,999 DMMLS
• 2026-05-29 Price Changed $128,000 DMMLS
• 2026-05-18 Listed $129,000 DMMLS
• 2023-07-11 Sold (Public Records) $117,000 Public Records
• 2023-07-06 Sold (MLS) $117,000 CIBOR
• 2023-06-05 Listed $105,900 DMMLS
• 2023-05-27 Pending — CIBOR
• 2023-05-26 Listed $105,900 DMMLS
• 2023-05-25 Listed $105,900 CIBOR
• 2017-02-09 Sold (Public Records) $85,000 Public Records
• 2017-02-02 Sold (MLS) $85,000 DMMLS
• 2016-12-02 Listed $85,000 DMMLS
• 2006-02-03 Sold (Public Records) $76,000 Public Records

Property tax history

-2.5%/yr

Latest (2025): $1,114 · -25.6% YoY. Source: county tax records.