754 NE Conner Ct · Waukee, IA 50263

$226,000

3 bd · 2.5 ba · 1,388 sqft · Condo public records · 18 Days on market

Built 2018 $163/sqft · 8% below area Est $246k · 8% under $140/mo HOA · 8% 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 +11.1/15.0
• Schools +7.1/10.0
• Cash flow +6.9/30.0
• Livability +4.2/5.0
• Rent growth +3.0/5.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• DSCR +1.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

A gorgeous, affordable and brand new 3 bedroom, 2.5 bath townhome awaits you in Waukee! Quartz countertops throughout, spacious main level with Luxury Vinyl Plank flooring in kitchen and main living area, 2 car attached garage, and full kitchen appliance set. On the second level you'll find a large master bedroom with walk-in closet and private bath, 2 additional bedrooms, full guest bath and laundry with washer and dryer included. All for less than renting! Just minutes from shopping and schools. Full TWO YEAR builder warranty. Interior unit. Upgrades are available. Special financing with preferred lenders. Listing agent has interest in property.

Key facts

• $140 HOA
• 2 garage spots
• Built 2018

Property features AI

Finance

• HOA & community: Homeowners association managed by Crown Property Management; Village at Shadow Creek community; Monthly HOA fee of $140

Exterior

• Parking: Attached two-car garage
• Utilities: Public water; Public sewer
• Home design: Two-story home; Vinyl siding exterior
• Construction: Built with vinyl siding; Asphalt shingle roof; Slab foundation
• Exterior features: Concrete road/drive access; Residential zoning

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove
• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Central air conditioning; Electric forced-air heating
• Interior features: Upper-level laundry
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $226k.

Deal economics

• At list price, monthly cash flow is $-340 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $166k (26.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $174k (22.8% below list).
• Recommended offer: $166k (26.5% below list) — sets the bar for cash-flow.
• Cap rate 4.5% 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); 886 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 43% 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 $7k 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 18 days — a 2% lower offer ($223k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y 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.
• Current owner paid $180k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $166,004 (26.5% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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 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: 0.77% ✗
• Cap rate: 4.49%
• Cash-on-cash: -6.44%
• DSCR: 0.71
• GRM: 10.8

CMA / ARV

• ARV (median comp): $245,870
• List price: $226,000
• Delta: -8.08%
• 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: -28.8%
• Equity multiple: 0.05×
• Total profit: $-60,177
• Equity at exit: $33,697

10-year hold

• IRR: -34.5%
• Equity multiple: -0.39×
• Total profit: $-87,960
• Equity at exit: $19,540

Cash invested: $63,280 (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: 886
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $1,744 high
• Mortgage (P&I): −$1,185
• Tax from tax record: −$298 /mo · $3,576/yr
• Insurance: −$94
• HOA: −$140
• Vacancy / Maint / Mgmt: −$366
• Net cashflow: $-340

Break-even live

Break-even rent $2,174

Max offer price $166,004

Occupancy floor —

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: $56,500
• Closing costs: $6,780
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
714 NE Alice's Rd Unit 620 Waukee, IA	2.0	2.0	1095	$1,300	$1.19	43d	1	0.13mi
714 NE Alice's Rd Unit 710 Waukee, IA	2.0	2.0	990	$1,225	$1.24	43d	1	0.13mi
714 NE Alice's Rd Unit 660 Waukee, IA	2.0	2.0	990	$1,275	$1.29	43d	1	0.13mi
835 NE Redwood Blvd Waukee, IA	2.0	2.0	1457	$2,235	$1.53	14d	3	0.29mi
869 NE Traverse Dr Waukee, IA	3.0	3.0	1868	$2,095	$1.12	14d	1	0.41mi
878 NE Traverse Dr Waukee, IA	3.0	3.0	1868	$2,050	$1.10	43d	1	0.43mi
856 NE Larkspur Ave Unit 1 Waukee, IA	3.0	2.5	1630	$1,800	$1.10	43d	1	0.47mi
854 NE Phlox Ave Waukee, IA	3.0	3.0	1596	$1,750	$1.10	14d	1	0.50mi
3504 163rd St Urbandale, IA	3.0	2.5	1454	$2,245	$1.54	19d	1	0.52mi
500 NE Horizon Dr Waukee, IA	3.0	1.0–2.0	1027	$1,578	$1.54	14d	24	0.69mi
386 NE Satinwood Waukee, IA	2.0	2.0	1056	$1,395	$1.32	43d	1	0.82mi
293 NE Basswood Waukee, IA	2.0	2.0	1120	$1,345	$1.20	23d	1	0.85mi
324 NE Sandalwood Waukee, IA	2.0	2.0	1108	$1,400	$1.26	23d	1	0.90mi
307 NE Sandalwood Waukee, IA	2.0	2.0	1108	$1,550	$1.40	43d	1	0.90mi
330 NE Cardinal Ln Waukee, IA	4.0	3.0	1492	$2,500	$1.68	43d	1	0.96mi
266 SE Boulder Ct Waukee, IA	3.0	2.0	1263	$1,750	$1.39	43d	1	1.14mi
260 SE Waco Pl Waukee, IA	3.0	2.0	1263	$1,795	$1.42	19d	1	1.14mi
122 NW Pike Cir Waukee, IA	4.0	2.5	1809	$2,495	$1.38	43d	1	1.14mi
425 SE Waco Pl Waukee, IA	3.0	2.5	1816	$2,250	$1.24	21d	1	1.26mi
16605 Oakwood Dr Urbandale, IA	3.0	2.5	1572	$2,350	$1.49	43d	1	1.33mi
4015 154th St Urbandale, IA	3.0	2.5	1428	$2,295	$1.61	19d	1	1.35mi
4736 167th St Urbandale, IA	3.0	2.5	1585	$2,296	$1.45	14d	1	1.37mi
4735 NW 167th St Waukee, IA	3.0	3.0	1557	$2,300	$1.48	43d	1	1.37mi
705 NW 2nd St Waukee, IA	3.0	1.0–2.0	793	$1,570	$1.98	14d	9	1.40mi
175 NW Common Pl Waukee, IA	1.0–3.0	1.0–2.5	929	$1,775	$1.91	14d	10	1.40mi
4401 N Warrior Ln Clive, IA	2.0	2.0	2022	$2,875	$1.42	19d	1	1.42mi
4304 154th St Urbandale, IA	2.0	2.5	1240	$1,595	$1.29	43d	1	1.43mi
4307 154th St Urbandale, IA	3.0	2.5	1445	$1,850	$1.28	23d	1	1.45mi
1150 SE Olson Dr Waukee, IA	1.0–3.0	1.0–2.0	1076	$1,531	$1.42	14d	47	1.48mi
4304 153rd Pl Urbandale, IA	2.0	2.5	1240	$1,450	$1.17	21d	1	1.48mi

HOA detail condo

• Monthly dues: $140 · $1,680/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 5 events

1. 2026-05-08
   listed $226,000 Active 539-char remark
2. 2019-07-18
   soldstatus $180,000
3. 2019-07-15
   soldstatus $179,900 Sold 655-char remark

   Show marketing remark (655 chars)

   A gorgeous, affordable and brand new 3 bedroom, 2.5 bath townhome awaits you in Waukee! Quartz countertops throughout, spacious main level with Luxury Vinyl Plank flooring in kitchen and main living area, 2 car attached garage, and full kitchen appliance set. On the second level you'll find a large master bedroom with walk-in closet and private bath, 2 additional bedrooms, full guest bath and laundry with washer and dryer included. All for less than renting! Just minutes from shopping and schools. Full TWO YEAR builder warranty. Interior unit. Upgrades are available. Special financing with preferred lenders. Listing agent has interest in property.

4. 2019-06-14
   status Pending 655-char remark

   Show marketing remark (655 chars)

   A gorgeous, affordable and brand new 3 bedroom, 2.5 bath townhome awaits you in Waukee! Quartz countertops throughout, spacious main level with Luxury Vinyl Plank flooring in kitchen and main living area, 2 car attached garage, and full kitchen appliance set. On the second level you'll find a large master bedroom with walk-in closet and private bath, 2 additional bedrooms, full guest bath and laundry with washer and dryer included. All for less than renting! Just minutes from shopping and schools. Full TWO YEAR builder warranty. Interior unit. Upgrades are available. Special financing with preferred lenders. Listing agent has interest in property.

5. 2019-05-01
   listed $179,900 Active 655-char remark

   Show marketing remark (655 chars)

   A gorgeous, affordable and brand new 3 bedroom, 2.5 bath townhome awaits you in Waukee! Quartz countertops throughout, spacious main level with Luxury Vinyl Plank flooring in kitchen and main living area, 2 car attached garage, and full kitchen appliance set. On the second level you'll find a large master bedroom with walk-in closet and private bath, 2 additional bedrooms, full guest bath and laundry with washer and dryer included. All for less than renting! Just minutes from shopping and schools. Full TWO YEAR builder warranty. Interior unit. Upgrades are available. Special financing with preferred lenders. Listing agent has interest in property.

ⓘ 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: $3,576 · $298/mo
• Projected year-2 tax: $3,576 · $298/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,927
• − Mortgage interest: −$12,660
• − Property taxes: −$3,576
• − Insurance: −$1,130
• − Repairs & maintenance: −$1,674
• − Management: −$1,674
• − HOA: −$1,680
• − Depreciation: −$6,575
• Taxable loss: −$8,041
• Est. tax savings @ 24.0%: +$1,930
• After-tax cash flow: $-2,146/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

+25.6% since first listed

6 events — show timeline

• 2026-05-26 Pending — DMMLS
• 2026-05-08 Listed $226,000 DMMLS
• 2019-07-18 Sold (Public Records) $180,000 Public Records
• 2019-07-15 Sold (MLS) $179,900 DMMLS
• 2019-06-14 Pending — DMMLS
• 2019-05-01 Listed $179,900 DMMLS

Property tax history

+33.6%/yr

Latest (2025): $3,576 · +1.7% YoY. Source: county tax records.