Sydney Plan · Ankeny, IA 50021

$239,990

3 bd · 2.5 ba · 1,511 sqft · Townhouse · 603 Days on market

Good condition ↓ 8% since listing

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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 +10.6/30.0
• Schools +8.4/10.0
• ARV discount +7.5/15.0
• Livability +4.6/5.0
• Condition / age +4.0/5.0
• 1% rule +3.1/10.0
• DSCR +3.1/10.0
• Rent growth +2.7/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to the Sydney floor plan in the Kimberley Crossing Townhomes 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 Kimberley Crossing Townhomes community.

Key facts

• Quartz countertops
• Gourmet kitchen
• Sizable pantry

Tags

• ELECTRIC FIREPLACE
• GOURMET KITCHEN
• WHITE CABINETRY
• QUARTZ COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• SIZABLE PANTRY

🏗️ New construction. The $239,990 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $245,558.

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $240k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-122 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $228k (5.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $199k (16.9% below list).
• Recommended offer: $199k (16.9% below list) — sets the bar for 1% rule.
• Cap rate 5.7% 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-.
• North Polk Community School District (rural): math 87% / reading 84% proficiency, ranked #7 of 289 in IA (top 2%) — strong family-tenant draw, lease renewals of 3-5y typical; only 9% free/reduced lunch — higher-income household profile.
• Zoned schools: North Polk Central Elementary School (math 83% / reading 72%, grade A, #101 of 616 statewide, top 16%, 342 students, 11% FRL); North Polk Middle School (math 85% / reading 87%, grade A+, #8 of 246 statewide, top 3%, 455 students, 10% FRL); North Polk High School (math 88% / reading 89%, grade A, #3 of 336 statewide, top 1%, 647 students, 10% FRL) — zoned schools at 10% FRL track the district average.
• Market conditions: Rents flat; 992 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals lingering (median 62d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 $7k 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 603 days — a 12% lower offer ($211k) is reasonable based on typical stale-listing flexibility.

Recommended offer $199,405 (16.9% 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 603 days. Have you received any prior offers? Is the seller open to a 17% 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: 0.81% ✗
• Cap rate: 5.70%
• Cash-on-cash: -2.12%
• DSCR: 0.91
• GRM: 10.3

CMA / ARV

• ARV (median comp): $245,558
• List price: $239,990
• Delta: -2.27%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5901 NE Seneca Ln	0.11mi	3/2.5	1,511 (0%)	3mo	$244,000	$161	92
5718 NE Creek Ridge Dr	0.42mi	2/3.5 (-1)	1,521 (+1%)	1mo	$439,990	$289	70
1058 NE 57th Ln	0.33mi	3/2.5	1,380 (-9%)	1mo	$217,500	$158	69
5718 NE Dawson Ln	0.37mi	3/2.5	1,380 (-9%)	1mo	$220,000	$159	67
1209 NE 56th St	0.20mi	3/3.0	1,300 (-14%)	1mo	$327,500	$252	64
1201 NE 56th St	0.21mi	3/3.0	1,300 (-14%)	3mo	$327,500	$252	62
1205 NE 56th St	0.21mi	3/3.0	1,300 (-14%)	3mo	$327,500	$252	62
1018 NE 57th Ln	0.36mi	2/2.5 (-1)	1,331 (-12%)	2mo	$207,900	$156	57
1013 NE 58th Ln	0.37mi	2/2.5 (-1)	1,328 (-12%)	2mo	$199,999	$151	56
5516 NE Briarwood Dr	0.47mi	2/2.0 (-1)	1,373 (-9%)	1mo	$350,000	$255	55
5418 NE Briarwood Dr	0.52mi	2/2.0 (-1)	1,624 (+8%)	2mo	$390,000	$240	54
5429 NE Briarwood Dr	0.47mi	2/2.0 (-1)	1,341 (-11%)	2mo	$268,000	$200	51

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: -22.2%
• Equity multiple: 0.25×
• Total profit: $-51,600
• Equity at exit: $36,613

10-year hold

• IRR: -22.3%
• Equity multiple: -0.03×
• Total profit: $-70,882
• Equity at exit: $21,231

Cash invested: $68,756 (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 →

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

Active competition Active MLS

• For sale now: 13 active · 37 under contract
• Months of supply: 1.7 mo (59%/mo absorbed)
• Median asking: $239,990 ($161/sqft)
• Median days on market: 62 d
• This list price: 46% of active listings are priced below it
• ARV vs active asking: +1.2% 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: 10.0×

Monthly cashflow live

• Estimated rent: $1,994 high
• Mortgage (P&I): −$1,288
• Tax est. 1.5%: −$307 /mo · $3,683/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$419
• Net cashflow: $-122

Break-even live

Break-even rent $2,148

Max offer price $227,948

Occupancy floor —

Sensitivity live

Price	-10% $48	-5% $-37	+0% $-122	+5% $-207	+10% $-291
Rent	-10% $-279	-5% $-200	+0% $-122	+5% $-43	+10% $36
Rate	-1.0pp $2	-0.5pp $-59	base $-122	+0.5pp $-185	+1.0pp $-250

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: $61,389
• Closing costs: $7,367
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5809 NE Verona Dr Ankeny, IA	4.0	2.5	2053	$2,195	$1.07	6d	1	0.05mi
5806 NE Verona Dr Elkhart, IA	4.0	2.5	2110	$2,195	$1.04	6d	1	0.08mi
1424 NE 56th Ln Ankeny, IA	2.0–3.0	2.5	1658	$2,325	$1.40	0d	8	0.22mi
5711 NE Lowell Ln Ankeny, IA	3.0	3.0	1380	$1,655	$1.20	62d	1	0.29mi
1005 NE Kamies Ln Ankeny, IA	3.0	2.5	1520	$1,895	$1.25	62d	1	0.85mi
1005 NE Kamies Ln Ankeny, IA	3.0	2.5	1520	$1,725	$1.13	0d	1	0.85mi
4543 NE McDougal Ln Ankeny, IA	3.0	3.5	1520	$1,895	$1.25	62d	1	0.88mi
4536 NE McDougal Ln Ankeny, IA	4.0	3.0	1520	$1,895	$1.25	62d	1	0.90mi
5016 NE Innsbruck Dr Ankeny, IA	4.0	3.0	1921	$2,595	$1.35	61d	1	1.21mi
3921 NE Gardenia Ln Ankeny, IA	2.0	1.5	1300	$1,595	$1.23	139d	1	1.24mi
110 NE 46th Ln Ankeny, IA	2.0–3.0	2.0	1099	$1,400	$1.27	0d	2	1.42mi
2820 NE 38th St Ankeny, IA	1.0–2.0	1.0–2.0	861	$1,800	$2.09	0d	55	1.46mi
223 NE 45th Ln Ankeny, IA	3.0	3.5	1628	$1,800	$1.11	0d	1	1.46mi
203 NE 45th Ln Ankeny, IA	3.0	2.5	1500	$1,650	$1.10	62d	1	1.48mi

Listing history 50 events

1. 2026-09-23
   days on market $239,990 Active 603 DOM
2. 2026-09-22
   days on market $239,990 Active 602 DOM
3. 2026-09-21
   days on market $239,990 Active 601 DOM
4. 2026-09-20
   days on market $239,990 Active 600 DOM
5. 2026-09-19
   days on market $239,990 Active 599 DOM
6. 2026-09-18
   days on market $239,990 Active 598 DOM
7. 2026-09-17
   days on market $239,990 Active 597 DOM
8. 2026-09-16
   days on market $239,990 Active 596 DOM
9. 2026-09-15
   days on market $239,990 Active 595 DOM
10. 2026-09-14
    days on market $239,990 Active 594 DOM
11. 2026-09-13
    days on market $239,990 Active 593 DOM
12. 2026-09-12
    days on market $239,990 Active 592 DOM
13. 2026-09-11
    days on market $239,990 Active 591 DOM
14. 2026-09-05
    days on market $239,990 Active 585 DOM
15. 2026-09-04
    days on market $239,990 Active 584 DOM
16. 2026-09-03
    days on market $239,990 Active 583 DOM
17. 2026-08-31
    days on market $239,990 Active 580 DOM
18. 2026-08-30
    days on market $239,990 Active 579 DOM
19. 2026-08-29
    days on market $239,990 Active 578 DOM
20. 2026-08-28
    days on market $239,990 Active 577 DOM
21. 2026-08-27
    days on market $239,990 Active 576 DOM
22. 2026-08-26
    days on market $239,990 Active 575 DOM
23. 2026-08-25
    days on market $239,990 Active 574 DOM
24. 2026-08-24
    days on market $239,990 Active 573 DOM
25. 2026-08-23
    days on market $239,990 Active 572 DOM
26. 2026-08-22
    days on market $239,990 Active 571 DOM
27. 2026-08-21
    days on market $239,990 Active 570 DOM
28. 2026-08-20
    days on market $239,990 Active 569 DOM
29. 2026-08-19
    days on market $239,990 Active 568 DOM
30. 2026-08-18
    days on market $239,990 Active 567 DOM
31. 2026-08-17
    days on market $239,990 Active 566 DOM
32. 2026-08-16
    days on market $239,990 Active 565 DOM
33. 2026-08-15
    days on market $239,990 Active 564 DOM
34. 2026-08-14
    days on market $239,990 Active 563 DOM
35. 2026-08-13
    days on market $239,990 Active 562 DOM
36. 2026-08-12
    days on market $239,990 Active 561 DOM
37. 2026-08-11
    days on market $239,990 Active 560 DOM
38. 2026-08-10
    days on market $239,990 Active 559 DOM
39. 2026-08-09
    days on market $239,990 Active 558 DOM
40. 2026-08-08
    days on market $239,990 Active 557 DOM
41. 2026-08-07
    days on market $239,990 Active 556 DOM
42. 2026-08-06
    days on market $239,990 Active 555 DOM
43. 2026-08-05
    days on market $239,990 Active 554 DOM
44. 2026-08-04
    days on market $239,990 Active 553 DOM
45. 2026-08-03
    days on market $239,990 Active 552 DOM
46. 2026-07-31
    days on market $239,990 Active 549 DOM
47. 2026-07-30
    days on market $239,990 Active 548 DOM
48. 2026-07-29
    days on market $239,990 Active 547 DOM
49. 2026-07-27
    days on market $239,990 Active 545 DOM
50. 2026-07-25
    days on market $239,990 Active 543 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: $23,929
• − Mortgage interest: −$13,755
• − Property taxes: −$3,683
• − Insurance: −$1,228
• − Repairs & maintenance: −$1,914
• − Management: −$1,914
• − Depreciation: −$7,143
• Taxable loss: −$5,710
• Est. tax savings @ 24.0%: +$1,370
• After-tax cash flow: $-90/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's move-in ready and would benefit from a fresh coat of paint on exterior trim and cleaning gutters to enhance its curb appeal and rental value.

Value-add opportunities

• Resale Paint exterior trim — Enhances curb appeal ↑
• Rental Clean gutters — Keeps property in good condition ↑

A Composite school gradezoned avg 84/100

Zoned Schools

Elementary North Polk Central Elementary School A IA #101/616 Nat'l #1,614/41,679 Middle North Polk Middle School A+ IA #8/246 Nat'l #104/14,009 High North Polk High School A IA #3/336 Nat'l #508/17,239

Schools (NCES district)

• District: North Polk Community School District
• NCES district ID: 1920910
• Math proficiency: 87% ▼ -2.00%
• Reading proficiency: 84% ▼ -3.00%
• Median HH income: $80,205
• Composite: 75.13/100
• National rank: #140
• State rank: #7 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

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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%

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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%

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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

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Industry mix (Fortune 500 HQ in IA)

Industry	F500 HQs	Revenue
▸Financial Services	1	$16B
▸Retail / Convenience	1	$15B

Price history

-7.7% since first listed

3 events — show timeline

• 2025-10-15 Price Changed $239,990 Zillow
• 2025-07-03 Price Changed $249,990 Zillow
• 2025-01-28 Listed $259,990 Zillow