1093 NW Greenwood St

Ankeny, IA 50023

$118,999D

2 bd · 1.0 ba · 1,029 sqft · Built 1979 · Condo · Active · 34 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,125/mo
• Mortgage (P&I): −$624
• Tax + insurance: −$142
• HOA: −$185
• Vac / Maint / Mgmt: −$236
• Net cashflow: $-63/mo
• Annual: $-751/yr
• Cap rate: 5.66%
• Cash-on-cash: -2.25%
• DSCR: 0.90
• 1% rule: 0.95%
• Cash to close: $33,320

Investor read

• This is a 2-bed/1.0-bath condo listed at $119k.
• 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).
• It's been on market 34 days — a 3% lower offer ($115k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $108k (9.3% below list) — sets the bar for cash-flow.
• 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.
• 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).
• Polk County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• 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?
• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?