597 NE Hart Ln · Ankeny, IA 50021

$244,990

3 bd · 2.0 ba · 1,376 sqft · Townhouse · 94 Days on market

◐ Fractional Built 2026 Good condition 1,240 sqft lot Garage $178/sqft · 32% below area Est $360k · 32% under $175/mo HOA · 9% 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).

• ARV discount +15.0/15.0
• Cash flow +8.0/30.0
• Schools +7.7/10.0
• Livability +4.6/5.0
• Condition / age +4.2/5.0
• 1% rule +3.4/10.0
• Rent growth +2.7/5.0
• DSCR +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks

GET AS LOW AS 4.25% INTEREST RATE ON THIS HOME. ASK ABOUT OUR BUILDER 2/1 RATE BUY-DOWN PROMOTION FOR DETAILS. This applies to any non-contingent offers that close within 60 days; the promotion expires 8/14/25. Welcome to quality, affordable living at Deer Creek rowhomes, just minutes from the interstate and all Ankeny has to offer. Open concept main floor features a spacious great room with electric fireplace and half bath. Large black framed windows offer tons of natural light. Kitchen has LVP flooring, an abundance of cabinetry, quartz countertops, and island plus a dining area. Fridge, stove, dishwasher, microwave, washer and dryer all included!

Key facts

• $175 HOA
• 2 garage spots
• Built 2026

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $245k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-249 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $209k (14.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $205k (16.3% below list).
• Recommended offer: $205k (16.3% below list) — sets the bar for 1% rule.
• Cap rate 5.1% 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-.
• 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: East Elementary School (math 62% / reading 62%, grade B, #363 of 616 statewide, top 62%, 413 students, 37% FRL); Parkview Middle School (math 76% / reading 83%, grade A+, #35 of 246 statewide, top 16%, 867 students, 23% FRL); Ankeny High School (math 77% / reading 84%, grade A, #30 of 336 statewide, top 9%, 1,347 students, 20% FRL) — zoned schools average 26% FRL vs 10% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 869 active listings in the ZIP; 21 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; 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 94 days — a 9% lower offer ($223k) is reasonable based on typical stale-listing flexibility.

Recommended offer $205,006 (16.3% 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 94 days. Have you received any prior offers? Is the seller open to a 16% 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: 0.84% ✗
• Cap rate: 5.08%
• Cash-on-cash: -4.35%
• DSCR: 0.81
• GRM: 10.0

CMA / ARV

• ARV (median comp): $360,073
• List price: $244,990
• Delta: -31.96%
• 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
601 NE Hart Ln	0.04mi	3/2.5	1,376 (0%)	2mo	$254,990	$185	95
592 NE Hart Ln	0.06mi	3/2.5	1,376 (0%)	1mo	$254,990	$185	94
596 NE Hart Ln	0.06mi	3/2.5	1,376 (0%)	2mo	$249,900	$182	94
602 NE Hart Ln	0.08mi	2/2.5 (-1)	1,328 (-4%)	3mo	$249,990	$188	82
234 NE Meadow Ln	0.37mi	3/2.5	1,473 (+7%)	2mo	$232,000	$158	67
3110 NE 2nd Ln	0.37mi	3/2.5	1,473 (+7%)	2mo	$216,500	$147	67
3202 NE 4th Ln	0.27mi	4/3.0 (+1)	1,505 (+9%)	2mo	$383,000	$254	61
301 NE Meadow Ln	0.33mi	4/3.0 (+1)	1,509 (+10%)	2mo	$369,000	$245	58
4330 NE Spear Ln	0.54mi	3/3.0	1,511 (+10%)	0mo	$219,990	$146	54
4424 NE Spear Ln	0.54mi	3/3.0	1,511 (+10%)	1mo	$226,190	$150	53
4334 NE Spear Ln	0.54mi	3/3.0	1,511 (+10%)	1mo	$214,990	$142	53
103 NE Doe Pointe Ln	0.55mi	3/2.5	1,546 (+12%)	2mo	$269,900	$175	50

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: -26.2%
• Equity multiple: 0.13×
• Total profit: $-59,592
• Equity at exit: $36,529

10-year hold

• IRR: -32.8%
• Equity multiple: -0.29×
• Total profit: $-88,254
• Equity at exit: $21,182

Cash invested: $68,597 (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: 41 active · 24 under contract
• Months of supply: 8.5 mo (12%/mo absorbed)
• Median asking: $244,990 ($178/sqft)
• Median days on market: 169 d
• This list price: 41% of active listings are priced below it
• ARV vs active asking: +47.0% above 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: 869
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $2,050 high
• Mortgage (P&I): −$1,285
• Tax est. 1.5%: −$306 /mo · $3,675/yr
• Insurance: −$102
• HOA: −$175
• Vacancy / Maint / Mgmt: −$431
• Net cashflow: $-249

Break-even live

Break-even rent $2,365

Max offer price $209,028

Occupancy floor —

Sensitivity live

Price	-10% $-79	-5% $-164	+0% $-249	+5% $-333	+10% $-418
Rent	-10% $-410	-5% $-330	+0% $-249	+5% $-168	+10% $-87
Rate	-1.0pp $-125	-0.5pp $-186	base $-249	+0.5pp $-312	+1.0pp $-377

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: $61,248
• Closing costs: $7,350
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
604 NE Pearl Dr Ankeny, IA	3.0	2.0	1464	$2,395	$1.64	93d	1	0.19mi
3212 NE Fawn Ln Ankeny, IA	4.0	3.0	1492	$2,995	$2.01	16d	1	0.28mi
4031 NE 5th St Bondurant, IA	4.0	2.5	1620	$2,295	$1.42	16d	1	0.33mi
4005 NE 2nd Ln Ankeny, IA	3.0	3.0	1500	$1,900	$1.27	16d	1	0.38mi
3101 NE 2nd Ln Ankeny, IA	3.0	2.5	1460	$1,895	$1.30	16d	1	0.39mi
4213 NE 6th St Ankeny, IA	4.0	3.0	1858	$2,295	$1.24	16d	1	0.48mi
4342 NE Spear Ln Unit 4342 Ankeny, IA	3.0	2.5	1511	$1,850	$1.22	93d	1	0.53mi
221 NE Crossing Oaks Dr Ankeny, IA	4.0	2.5	1709	$2,195	$1.28	15d	1	0.59mi
4331 NE 14th St Ankeny, IA	3.0	2.5	1547	$1,845	$1.19	15d	1	0.65mi
4421 NE 14th St Ankeny, IA	3.0	2.5	1547	$1,845	$1.19	15d	1	0.69mi
1313 NE Crossing Oaks Dr Ankeny, IA	3.0	2.0	1200	$1,799	$1.50	15d	1	0.69mi
4311 NE 16th St Ankeny, IA	4.0	2.5	1756	$2,095	$1.19	15d	1	0.72mi
1333 NE Crossing Oaks Dr Ankeny, IA	3.0	2.0	1200	$1,799	$1.50	15d	1	0.72mi
1407 NE Crossing Oaks Dr Ankeny, IA	4.0	3.0	1498	$2,995	$2.00	15d	1	0.74mi
1207 NE 5th Ln Unit C11 Ankeny, IA	3.0	2.0	1214	$1,425	$1.17	16d	1	1.34mi
1219 NE Windsor Dr Unit 1219-208 Ankeny, IA	2.0	2.0	1091	$1,350	$1.24	93d	1	1.42mi
1103 NE 7th Ln Ankeny, IA	3.0	3.0	1350	$1,795	$1.33	63d	1	1.42mi
1108 NE 7th Ln Ankeny, IA	2.0	3.0	1106	$1,450	$1.31	16d	1	1.43mi
415 NE Delaware Ave Ankeny, IA	2.0–3.0	1.0–2.0	880	$1,360	$1.55	16d	10	1.44mi
1201 NE Windsor Dr Ankeny, IA	2.0–3.0	2.0	1164	$1,450	$1.25	15d	2	1.47mi
1211 NE Windsor Dr #208 Ankeny, IA	2.0	2.0	1048	$995	$0.95	93d	1	1.47mi

Property features AI

Finance

• Other: Pets allowed with size limits and restrictions
• HOA & community: Homeowner association (Deer Creek Rowhomes / Terrus)Association fee $175 monthlyHOA covers grounds and structure maintenance and snow removal

Exterior

• Parking: Attached two-car garage
• Security: Smoke detectors
• Utilities: Public waterPublic sewerConcrete road access
• Home design: Two-story homeNew constructionLocated in a Planned Unit Development (PUD)
• Construction: Stone and vinyl siding exteriorAsphalt shingle roofPoured slab foundationBuilt by Jerry's HomesHome warranty included
• Exterior features: Sprinkler/irrigation systemOpen patio

Interior

• Kitchen: DishwasherMicrowaveRefrigeratorStove
• Bedrooms: Upper level laundry
• Flooring: Carpet
• Bathrooms: 1 full bathroom1 three-quarter bathroom
• Heating & cooling: Electric forced-air heatingCentral air conditioning
• Interior features: Dining areaEat-in kitchenElectric fireplace
• Laundry & utility: WasherDryerLaundry on upper level

HOA detail $175/mo · $2,100/yr

• Likely covers: electric

Listing history 50 events

1. 2026-08-08
   days on market $244,990 Active 94 DOM
2. 2026-08-07
   days on market $244,990 Active 93 DOM
3. 2026-08-06
   days on market $244,990 Active 92 DOM
4. 2026-08-05
   days on market $244,990 Active 91 DOM
5. 2026-08-04
   days on market $244,990 Active 90 DOM
6. 2026-08-03
   days on market $244,990 Active 89 DOM
7. 2026-07-31
   days on market $244,990 Active 86 DOM
8. 2026-07-30
   days on market $244,990 Active 85 DOM
9. 2026-07-29
   days on market $244,990 Active 84 DOM
10. 2026-07-27
    days on market $244,990 Active 82 DOM
11. 2026-07-25
    days on market $244,990 Active 80 DOM
12. 2026-07-24
    days on market $244,990 Active 79 DOM
13. 2026-07-23
    days on market $244,990 Active 78 DOM
14. 2026-07-22
    days on market $244,990 Active 77 DOM
15. 2026-07-21
    days on market $244,990 Active 76 DOM
16. 2026-07-18
    days on market $244,990 Active 73 DOM
17. 2026-07-16
    days on market $244,990 Active 71 DOM
18. 2026-07-16
    pricedays on market $244,990 Active 70 DOM
19. 2026-07-14
    days on market $249,990 Active 69 DOM
20. 2026-07-13
    days on market $249,990 Active 68 DOM
21. 2026-07-12
    days on market $249,990 Active 67 DOM
22. 2026-07-11
    days on market $249,990 Active 66 DOM
23. 2026-07-10
    days on market $249,990 Active 65 DOM
24. 2026-07-09
    days on market $249,990 Active 64 DOM
25. 2026-07-07
    days on market $249,990 Active 62 DOM
26. 2026-07-06
    days on market $249,990 Active 61 DOM
27. 2026-07-05
    days on market $249,990 Active 60 DOM
28. 2026-07-04
    days on market $249,990 Active 59 DOM
29. 2026-07-03
    days on market $249,990 Active 58 DOM
30. 2026-07-02
    days on market $249,990 Active 57 DOM
31. 2026-07-01
    days on market $249,990 Active 56 DOM
32. 2026-06-30
    days on market $249,990 Active 55 DOM
33. 2026-06-29
    days on market $249,990 Active 54 DOM
34. 2026-06-28
    days on market $249,990 Active 53 DOM
35. 2026-06-28
    days on market $249,990 Active 52 DOM
36. 2026-06-27
    days on market $249,990 Active 51 DOM
37. 2026-06-25
    days on market $249,990 Active 49 DOM
38. 2026-06-23
    days on market $249,990 Active 47 DOM
39. 2026-06-21
    days on market $249,990 Active 46 DOM
40. 2026-06-18
    days on market $249,990 Active 43 DOM
41. 2026-06-17
    days on market $249,990 Active 42 DOM
42. 2026-06-16
    days on market $249,990 Active 41 DOM
43. 2026-06-15
    days on market $249,990 Active 40 DOM
44. 2026-06-14
    days on market $249,990 Active 38 DOM
45. 2026-06-13
    days on market $249,990 Active 37 DOM
46. 2026-06-10
    days on market $249,990 Active 35 DOM
47. 2026-06-09
    days on market $249,990 Active 34 DOM
48. 2026-06-08
    days on market $249,990 Active 33 DOM
49. 2026-06-07
    days on market $249,990 Active 32 DOM
50. 2026-06-03
    days on market $249,990 Active 28 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: $24,601
• − Mortgage interest: −$13,723
• − Property taxes: −$3,675
• − Insurance: −$1,225
• − Repairs & maintenance: −$1,968
• − Management: −$1,968
• − HOA: −$2,100
• − Depreciation: −$7,127
• Taxable loss: −$7,185
• Est. tax savings @ 24.0%: +$1,725
• After-tax cash flow: $-1,258/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 · 30 photos

Good 85/100 None rehab

This townhouse is in excellent condition with a good condition score of 85. It is move-in ready and would benefit from some minor updates to increase its resale and rental value.

Value-add opportunities

• Resale Painting — Fresh paint can make a home more appealing ↑
• Resale Lighting upgrades — Modern lighting can enhance curb appeal ↑
• Both Landscaping — Landscaping can improve curb appeal and add value ↑

B Composite school gradezoned avg 77/100

Zoned Schools

Elementary Southeast Elementary School A- IA #181/616 Nat'l #2,792/41,679 Middle Parkview Middle School A+ IA #35/246 Nat'l #292/14,009 High Ankeny High School A IA #30/336 Nat'l #1,058/17,239

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

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

Property features AI

Finance

• Other: Pets allowed with size limits and restrictions
• HOA & community: Homeowner association (Deer Creek Rowhomes / Terrus)Association fee $175 monthlyHOA covers grounds and structure maintenance and snow removal

Exterior

• Parking: Attached two-car garage
• Security: Smoke detectors
• Utilities: Public waterPublic sewerConcrete road access
• Home design: Two-story homeNew constructionLocated in a Planned Unit Development (PUD)
• Construction: Stone and vinyl siding exteriorAsphalt shingle roofPoured slab foundationBuilt by Jerry's HomesHome warranty included
• Exterior features: Sprinkler/irrigation systemOpen patio

Interior

• Kitchen: DishwasherMicrowaveRefrigeratorStove
• Bedrooms: Upper level laundry
• Flooring: Carpet
• Bathrooms: 1 full bathroom1 three-quarter bathroom
• Heating & cooling: Electric forced-air heatingCentral air conditioning
• Interior features: Dining areaEat-in kitchenElectric fireplace
• Laundry & utility: WasherDryerLaundry on upper level

Price history

1 event — show timeline

• 2026-05-06 Listed $249,990 DMMLS