Terrace Plan · Waukee, IA 50263

$259,500

3 bd · 4.5 ba · 1,767 sqft · SingleFamily · 863 Days on market

Excellent condition $20/mo HOA · 1% of rent

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Why this score? — see what drove the F 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).

• Schools +7.8/10.0
• ARV discount +7.5/15.0
• Condition / age +4.8/5.0
• Livability +4.2/5.0
• Cash flow +3.6/30.0
• Rent growth +3.0/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Destiny Homes presents their Terrace floor plan. This ranch plan features three bedrooms, 2.5 bathrooms, and over 1700 square feet of finished space. The dining area sits at the front of the home and opens up to the kitchen/living room that boasts large picture windows, electric fireplace, pantry, island, and stainless steel appliances. Master bedroom features a walk-in closet, shower, and large vanity. Two more bedrooms and a full bath are located in the lower level of the home. There is a long list of standard features not often found at this price point, including electric fireplace, energy efficiency, SMART Home Automation, and 2x6 construction. Ask about $2,000 in closing costs provided by preferred lender.

Key facts

• Walk-in closet
• Ranch plan
• 2 parking spots

Tags

• RANCH PLAN
• LARGE PICTURE WINDOWS
• WALK-IN CLOSET
• SMART HOME AUTOMATION

🏗️ New construction. The $259,500 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $426,053.

What this means for you Summary

Snapshot

• This is a 3-bed/4.5-bath single-family listed at $260k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-1k ($-15k/yr) — negative.
• To cash-flow at today's rent, offer at most $242k (6.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $214k (17.5% below list).
• Recommended offer: $214k (17.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 84/100 on livability (#22 in IA, #682 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing 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.
• Zoned schools: Shuler Elementary School (math 91% / reading 86%, grade A+, #12 of 616 statewide, top 2%, 658 students, 7% FRL); Waukee Middle School (math 83% / reading 81%, grade A+, #22 of 246 statewide, top 12%, 1,069 students, 12% FRL); Waukee High School (math 74% / reading 82%, grade A-, #53 of 336 statewide, top 16%, 1,268 students, 24% FRL) — zoned schools at 14% FRL track the district average.
• Market conditions: Rents rising (+1.8%/yr); 1039 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $3k of loan paydown is wiped out by about $13k 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 863 days — a 12% lower offer ($228k) is reasonable based on typical stale-listing flexibility.

Recommended offer $214,089 (17.5% 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 863 days. Have you received any prior offers? Is the seller open to a 17% 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: 0.50% ✗
• Cap rate: 2.71%
• Cash-on-cash: -12.81%
• DSCR: 0.43
• GRM: 16.6

CMA / ARV

• ARV (median comp): $426,053
• List price: $259,500
• Delta: -39.09%
• 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
555 NW Mosaic Ave	0.14mi	4/3.0 (+1)	1,819 (+3%)	3mo	$629,900	$346	75
560 NW Atlas Ln	0.07mi	3/2.5	1,562 (-12%)	1mo	$340,000	$218	69
127 NW Sunrise Dr	0.39mi	4/3.0 (+1)	1,687 (-4%)	2mo	$517,000	$306	62
565 NW Rosemont Dr	0.40mi	3/2.0	1,660 (-6%)	2mo	$508,393	$306	59
460 NW Gracewood Dr	0.40mi	4/3.5 (+1)	1,916 (+8%)	0mo	$614,900	$321	58
405 NW Ryder Dr	0.11mi	4/3.0 (+1)	1,514 (-14%)	3mo	$509,900	$337	57
615 NW Rosemont Dr	0.43mi	4/2.5 (+1)	1,877 (+6%)	0mo	$485,610	$259	56
420 NE Cardinal Ln	0.69mi	3/3.0	1,698 (-4%)	1mo	$492,000	$290	55
555 NW Rosemont Dr	0.39mi	4/3.0 (+1)	1,591 (-10%)	1mo	$513,890	$323	53
675 NW Rosemont Dr	0.46mi	4/2.5 (+1)	1,892 (+7%)	1mo	$420,000	$222	53
265 NW Copperleaf Ct	0.58mi	4/3.0 (+1)	1,637 (-7%)	1mo	$607,000	$371	49
185 Melrose Dr	0.66mi	3/3.0	1,539 (-13%)	1mo	$340,000	$221	41

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 · 1.82% rent growth · sell at horizon

5-year hold

• IRR: -41.4%
• Equity multiple: -0.28×
• Total profit: $-152,588
• Equity at exit: $63,526

10-year hold

• IRR: -77.4%
• Equity multiple: -1.07×
• Total profit: $-247,162
• Equity at exit: $36,837

Cash invested: $119,295 (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: 84 active · 39 under contract
• Months of supply: 8.3 mo (12%/mo absorbed)
• Median asking: $400,950 ($242/sqft)
• Median days on market: 142 d
• This list price: 1% of active listings are priced below it
• ARV vs active asking: -0.5% vs current asking $/sqft

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

ZIP-level market 50263

• Rents YoY: 1.8%
• Active inventory: 1039
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $2,141 high
• Mortgage (P&I): −$2,234
• Tax est. 1.5%: −$533 /mo · $6,391/yr
• Insurance: −$178
• HOA: −$20
• Vacancy / Maint / Mgmt: −$450
• Net cashflow: $-1,273

Break-even live

Break-even rent $3,752

Max offer price $241,840

Occupancy floor —

Sensitivity live

Price	-10% $-979	-5% $-1,126	+0% $-1,273	+5% $-1,420	+10% $-1,567
Rent	-10% $-1,442	-5% $-1,358	+0% $-1,273	+5% $-1,188	+10% $-1,104
Rate	-1.0pp $-1,058	-0.5pp $-1,165	base $-1,273	+0.5pp $-1,383	+1.0pp $-1,496

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: $106,513
• Closing costs: $12,782
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
284 NW Caspian Ct Waukee, IA	4.0	2.5	1605	$2,195	$1.37	15d	1	0.18mi
234 NW Common Pl Waukee, IA	3.0	2.5	1475	$2,175	$1.47	15d	1	0.26mi
350 NW 6th St Waukee, IA	1.0–3.0	1.0–3.5	1163	$2,314	$1.99	15d	17	0.30mi
175 NW Common Pl Waukee, IA	1.0–3.0	1.0–2.5	929	$1,775	$1.91	15d	9	0.31mi
122 NW Pike Cir Waukee, IA	4.0	2.5	1809	$2,495	$1.38	93d	1	0.44mi
340 NE Carefree Ln Waukee, IA	3.0	2.5	1458	$1,995	$1.37	15d	1	0.64mi
1036 NW Richmond Rd Waukee, IA	3.0	2.5	1450	$1,750	$1.21	72d	1	0.65mi
330 NE Cardinal Ln Waukee, IA	4.0	3.0	1492	$2,500	$1.68	93d	1	0.70mi
277 NW Charlestown Ln Unit 1 Waukee, IA	4.0	2.5	1767	$2,300	$1.30	15d	1	0.71mi
277 NW Charlestown Ln Waukee, IA	4.0	2.5	1767	$2,195	$1.24	15d	1	0.71mi
289 NW Charlestown Ln Waukee, IA	4.0	2.5	1767	$2,200	$1.25	93d	1	0.72mi
1008 Maple St Waukee, IA	2.0	2.5	1524	$1,875	$1.23	63d	1	0.76mi
1044 Maple St Waukee, IA	3.0	2.5	1511	$1,875	$1.24	15d	1	0.82mi
655 NW Williamsburg Ln Waukee, IA	4.0	2.5	1875	$2,395	$1.28	15d	1	0.97mi
885 Northview Dr Waukee, IA	4.0	2.5	1818	$2,595	$1.43	15d	1	0.99mi
760 SE Carefree Ln Waukee, IA	4.0	3.0	1800	$2,145	$1.19	15d	1	1.11mi
395 NW Blackberry St Waukee, IA	2.0	2.0	1337	$1,949	$1.46	15d	8	1.13mi
1283 NW Williamsburg Ln Unit 1 Waukee, IA	4.0	3.0	1410	$2,495	$1.77	63d	1	1.14mi
1120 Northview Dr Waukee, IA	4.0	3.5	1564	$2,995	$1.91	15d	1	1.16mi
200 Corene Ave Waukee, IA	4.0	2.0	1410	$1,995	$1.41	68d	1	1.21mi
854 NE Phlox Ave Waukee, IA	3.0	3.0	1596	$1,750	$1.10	63d	1	1.34mi
856 NE Larkspur Ave Unit 1 Waukee, IA	3.0	2.5	1630	$1,800	$1.10	93d	1	1.34mi
869 NE Traverse Dr Waukee, IA	3.0	3.0	1868	$2,095	$1.12	63d	1	1.35mi
878 NE Traverse Dr Waukee, IA	3.0	3.0	1868	$2,050	$1.10	93d	1	1.35mi
835 NE Redwood Blvd Waukee, IA	2.0	2.0	1373	$2,118	$1.54	15d	7	1.38mi
940 10th St Waukee, IA	1.0–3.0	1.0–2.5	962	$1,795	$1.86	15d	53	1.41mi
770 SE Harper Dr Waukee, IA	4.0	2.5	1536	$2,350	$1.53	15d	1	1.42mi
585 SE Crabapple Dr Waukee, IA	4.0	2.5	2300	$2,400	$1.04	15d	1	1.47mi

HOA detail $20/mo · $240/yr

• Likely covers: electric

Listing history 50 events

1. 2026-08-08
   days on market $259,500 Active 863 DOM
2. 2026-08-07
   days on market $259,500 Active 862 DOM
3. 2026-08-06
   days on market $259,500 Active 861 DOM
4. 2026-08-05
   days on market $259,500 Active 860 DOM
5. 2026-08-04
   days on market $259,500 Active 859 DOM
6. 2026-08-03
   days on market $259,500 Active 858 DOM
7. 2026-07-31
   days on market $259,500 Active 855 DOM
8. 2026-07-30
   days on market $259,500 Active 854 DOM
9. 2026-07-29
   days on market $259,500 Active 853 DOM
10. 2026-07-25
    days on market $259,500 Active 849 DOM
11. 2026-07-24
    days on market $259,500 Active 848 DOM
12. 2026-07-23
    days on market $259,500 Active 847 DOM
13. 2026-07-22
    days on market $259,500 Active 846 DOM
14. 2026-07-21
    days on market $259,500 Active 845 DOM
15. 2026-07-18
    days on market $259,500 Active 842 DOM
16. 2026-07-16
    days on market $259,500 Active 840 DOM
17. 2026-07-16
    days on market $259,500 Active 839 DOM
18. 2026-07-14
    days on market $259,500 Active 838 DOM
19. 2026-07-14
    days on market $259,500 Active 837 DOM
20. 2026-07-12
    days on market $259,500 Active 836 DOM
21. 2026-07-11
    days on market $259,500 Active 835 DOM
22. 2026-07-10
    days on market $259,500 Active 834 DOM
23. 2026-07-09
    days on market $259,500 Active 833 DOM
24. 2026-07-08
    days on market $259,500 Active 832 DOM
25. 2026-07-07
    days on market $259,500 Active 831 DOM
26. 2026-07-06
    days on market $259,500 Active 830 DOM
27. 2026-07-05
    days on market $259,500 Active 829 DOM
28. 2026-07-04
    days on market $259,500 Active 828 DOM
29. 2026-07-03
    days on market $259,500 Active 827 DOM
30. 2026-07-02
    days on market $259,500 Active 826 DOM
31. 2026-07-01
    days on market $259,500 Active 825 DOM
32. 2026-06-30
    days on market $259,500 Active 824 DOM
33. 2026-06-29
    days on market $259,500 Active 823 DOM
34. 2026-06-28
    days on market $259,500 Active 822 DOM
35. 2026-06-28
    days on market $259,500 Active 821 DOM
36. 2026-06-27
    days on market $259,500 Active 820 DOM
37. 2026-06-25
    days on market $259,500 Active 818 DOM
38. 2026-06-23
    days on market $259,500 Active 816 DOM
39. 2026-06-21
    days on market $259,500 Active 815 DOM
40. 2026-06-18
    days on market $259,500 Active 812 DOM
41. 2026-06-17
    days on market $259,500 Active 811 DOM
42. 2026-06-16
    days on market $259,500 Active 810 DOM
43. 2026-06-15
    days on market $259,500 Active 809 DOM
44. 2026-06-14
    days on market $259,500 Active 807 DOM
45. 2026-06-13
    days on market $259,500 Active 806 DOM
46. 2026-06-10
    days on market $259,500 Active 804 DOM
47. 2026-06-09
    days on market $259,500 Active 803 DOM
48. 2026-06-08
    days on market $259,500 Active 802 DOM
49. 2026-06-07
    days on market $259,500 Active 801 DOM
50. 2026-06-05
    days on market $259,500 Active 798 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: $25,691
• − Mortgage interest: −$23,866
• − Property taxes: −$6,391
• − Insurance: −$2,130
• − Repairs & maintenance: −$2,055
• − Management: −$2,055
• − HOA: −$240
• − Depreciation: −$12,394
• Taxable loss: −$23,441
• Est. tax savings @ 24.0%: +$5,626
• After-tax cash flow: $-9,651/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 · 13 photos

Excellent 95/100 None rehab

This single-family home is in excellent condition with a modern design and high-end finishes. It is move-in ready and has the potential to be further enhanced with minor updates to increase its value.

Value-add opportunities

• Both Paint the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics. ↑
• Both Install new flooring in the bedrooms — Hardwood floors are durable and add value to the home. ↑
• Both Add a smart home system — Modern technology can increase both resale and rental value. ↑
• Both Upgrade the kitchen appliances — Upgrading to high-end appliances can attract more buyers and renters. ↑
• Both Add a smart thermostat — Energy-efficient systems can lower utility bills and appeal to eco-conscious buyers and renters. ↑

B Composite school gradezoned avg 78/100

Zoned Schools

Elementary Radiant Elementary School A IA #172/616 Nat'l #2,597/41,679 Middle Waukee Middle School A+ IA #22/246 Nat'l #206/14,009 High Northwest High School

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

A Composite livability gradescore 84/100

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 · 111,904 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: 11% of renters

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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%

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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%

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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

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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

1 event — show timeline

• 2024-03-28 Listed $259,500 Zillow