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597 NE Hart Ln
D+ Composite 47.0
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 +7.7/30.0
  • Schools +7.7/10.0
  • Livability +4.6/5.0
  • Condition / age +4.2/5.0
  • 1% rule +3.2/10.0
  • Rent growth +2.7/5.0
  • DSCR +1.8/10.0
  • Appreciation +0.0/10.0

$244,990

597 NE Hart Ln · Ankeny, IA 50021
3 bd · 2.0 ba · 1,376 sqft · Townhouse · 140 Days on market
Built 2026 Good condition 1,240 sqft lot Garage $178/sqft · 29% below area Est $346k · 29% under $175/mo HOA · 9% of rent

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks

Current builder incentive includes no closing cost with preferred lender, 2 years HOA dues paid, and white faux blinds throughout. 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! Upstairs in the Everly plan is a separate laundry room, 2 bathrooms and 3 bedrooms. Working at home?

Key facts

  • $175 HOA
  • 2 garage spots
  • Built 2026

Neighborhood map

Property Rental comp Retail Costco Walmart Transit Schools Stadiums Fortune 500 · Circle radius: 6.0 mi
Loading POIs…

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 $-283 ($-3k/yr) — negative.
  • To cash-flow at today's rent, offer at most $204k (16.7% below list).
  • To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $201k (18.1% below list).
  • Recommended offer: $201k (18.1% below list) — sets the bar for 1% rule.
  • Cap rate 4.9% 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; 992 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 47% 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 140 days — a 12% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
Recommended offer $200,649 (18.1% 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 140 days. Have you received any prior offers? Is the seller open to a 18% 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
0.82%
Cap rate
4.91%
Cash-on-cash
-4.95%
DSCR
0.78
GRM
10.2

CMA / ARV

ARV (median comp)
$346,213
List price
$244,990
Delta
-29.24%
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
593 Hart Ln 0.01mi 3/2.5 1,376 (0%) 1mo $249,990 $182 97
601 NE Hart Ln 0.04mi 3/2.5 1,376 (0%) 3mo $254,990 $185 93
592 NE Hart Ln 0.06mi 3/2.5 1,376 (0%) 3mo $254,990 $185 93
596 NE Hart Ln 0.06mi 3/2.5 1,376 (0%) 4mo $249,900 $182 92
3112 NE Chandler Ln 0.35mi 3/2.5 1,473 (+7%) 1mo $226,000 $153 69
234 NE Meadow Ln 0.37mi 3/2.5 1,473 (+7%) 3mo $232,000 $158 66
3202 NE 4th Ln 0.27mi 4/3.0 (+1) 1,505 (+9%) 4mo $383,000 $254 60
4341 NE Spear Ln 0.54mi 3/3.0 1,511 (+10%) 1mo $217,990 $144 54
4330 NE Spear Ln 0.54mi 3/3.0 1,511 (+10%) 2mo $219,990 $146 53
4424 NE Spear Ln 0.54mi 3/3.0 1,511 (+10%) 3mo $226,190 $150 52
4334 NE Spear Ln 0.54mi 3/3.0 1,511 (+10%) 3mo $214,990 $142 52
103 NE Doe Pointe Ln 0.55mi 3/2.5 1,546 (+12%) 4mo $269,900 $175 48

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
-27.3%
Equity multiple
0.10×
Total profit
$-61,696
Equity at exit
$36,529
10-year hold
IRR
-35.9%
Equity multiple
-0.35×
Total profit
$-92,560
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.
Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

For sale now
44 active · 25 under contract
Months of supply
8.8 mo (11%/mo absorbed)
Median asking
$244,990 ($175/sqft)
Median days on market
152 d
This list price
45% of active listings are priced below it
ARV vs active asking
+43.4% 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
992
Price-to-rent
10.2×

Monthly cashflow live

Estimated rent
$2,006 high interval (Pro) →
Mortgage (P&I)
$1,285
Tax est. 1.5%
$306 /mo · $3,675/yr
Insurance
$102
HOA
$175
Vacancy / Maint / Mgmt
$421
Net cashflow
$-283

Break-even live

Break-even rent $2,365
Max offer price $204,048
Occupancy floor

Sensitivity live

Price -10% $-114 -5% $-198 +0% $-283 +5% $-368 +10% $-452
Rent -10% $-441 -5% $-362 +0% $-283 +5% $-204 +10% $-124
Rate -1.0pp $-160 -0.5pp $-221 base $-283 +0.5pp $-346 +1.0pp $-411

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
Reserves months
Total cash needed

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Short-term bridge; refi at stabilization.

Rent comps 30 comps

AddressBedsBaths SqftRent$/sqft DOM Units Dist
610 NE Hunter Dr Ankeny, IA 4.0 3.0 1621 $2,145 $1.32 6d 1 0.09mi
604 NE Pearl Dr Ankeny, IA 3.0 2.0 1464 $2,395 $1.64 139d 1 0.19mi
3905 NE 6th St Ankeny, IA 4.0 3.0 1796 $2,295 $1.28 6d 1 0.21mi
3212 NE Fawn Ln Ankeny, IA 4.0 3.0 1492 $2,995 $2.01 62d 1 0.28mi
4009 NE 6th St Ankeny, IA 3.0 3.0 1800 $2,095 $1.16 6d 1 0.28mi
4026 NE 5th St Ankeny, IA 4.0 2.5 1620 $2,095 $1.29 6d 1 0.32mi
4031 NE 5th St Ankeny, IA 4.0 2.5 1620 $2,095 $1.29 6d 1 0.33mi
4005 NE 2nd Ln Ankeny, IA 3.0 3.0 1500 $1,750 $1.17 3d 1 0.38mi
3106 NE 2nd Ln Ankeny, IA 3.0 2.5 1460 $1,825 $1.25 6d 1 0.39mi
3101 NE 2nd Ln Ankeny, IA 3.0 2.5 1460 $1,895 $1.30 62d 1 0.39mi
4213 NE 6th St Ankeny, IA 4.0 3.0 1858 $2,295 $1.24 62d 1 0.48mi
4342 NE Spear Ln Unit 4342 Ankeny, IA 3.0 2.5 1511 $1,850 $1.22 139d 1 0.53mi
4416 NE Timber Ln Ankeny, IA 4.0 2.5 1709 $1,995 $1.17 0d 1 0.58mi
4331 NE 14th St Ankeny, IA 3.0 2.5 1547 $1,845 $1.19 61d 1 0.65mi
4421 NE 14th St Ankeny, IA 3.0 2.5 1547 $1,845 $1.19 61d 1 0.69mi
1313 NE Crossing Oaks Dr Ankeny, IA 3.0 2.0 1200 $1,799 $1.50 61d 1 0.69mi
4311 NE 16th St Ankeny, IA 4.0 2.5 1756 $2,095 $1.19 0d 1 0.72mi
1333 NE Crossing Oaks Dr Ankeny, IA 3.0 2.0 1200 $1,799 $1.50 61d 1 0.72mi
1407 NE Crossing Oaks Dr Ankeny, IA 4.0 3.0 1498 $2,995 $2.00 61d 1 0.74mi
4428 NE 16th St Ankeny, IA 4.0 3.0 1498 $2,095 $1.40 0d 1 0.82mi
1631 NE Crossing Oaks Ln Ankeny, IA 3.0 2.5 1562 $1,850 $1.18 0d 1 0.86mi
1207 NE 5th Ln Ankeny, IA 2.0 2.0 1214 $1,050 $0.86 6d 1 1.33mi
1207 NE 5th Ln Unit C11 Ankeny, IA 3.0 2.0 1214 $1,425 $1.17 62d 1 1.34mi
1143 NE 8th Ln Ankeny, IA 2.0 2.5 1106 $1,420 $1.28 6d 1 1.40mi
1219 NE Windsor Dr Unit 1219-208 Ankeny, IA 2.0 2.0 1091 $1,350 $1.24 140d 1 1.42mi
1108 NE 7th Ln Ankeny, IA 2.0 3.0 1106 $1,450 $1.31 62d 1 1.43mi
1108 NE 7th Ln Ankeny, IA 2.0 3.0 1106 $1,345 $1.22 6d 1 1.43mi
415 NE Delaware Ave Ankeny, IA 1.0–3.0 1.0–2.0 776 $1,400 $1.80 0d 15 1.44mi
1201 NE Windsor Dr Ankeny, IA 2.0 2.0 1091 $1,350 $1.24 6d 2 1.47mi
1211 NE Windsor Dr #208 Ankeny, IA 2.0 2.0 1048 $995 $0.95 139d 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. 2026-09-23
    days on market $244,990 Active 140 DOM
  2. 2026-09-22
    days on market $244,990 Active 139 DOM
  3. 2026-09-21
    days on market $244,990 Active 138 DOM
  4. 2026-09-20
    days on market $244,990 Active 137 DOM
  5. 2026-09-19
    days on market $244,990 Active 136 DOM
  6. 2026-09-18
    days on market $244,990 Active 135 DOM
  7. 2026-09-17
    days on market $244,990 Active 134 DOM
  8. 2026-09-16
    days on market $244,990 Active 133 DOM
  9. 2026-09-15
    days on market $244,990 Active 132 DOM
  10. 2026-09-14
    days on market $244,990 Active 131 DOM
  11. 2026-09-13
    days on market $244,990 Active 130 DOM
  12. 2026-09-12
    days on market $244,990 Active 129 DOM
  13. 2026-09-11
    days on market $244,990 Active 128 DOM
  14. 2026-09-05
    days on market $244,990 Active 122 DOM
  15. 2026-09-04
    days on market $244,990 Active 121 DOM
  16. 2026-09-03
    days on market $244,990 Active 120 DOM
  17. 2026-08-31
    days on market $244,990 Active 117 DOM
  18. 2026-08-30
    days on market $244,990 Active 116 DOM
  19. 2026-08-29
    days on market $244,990 Active 115 DOM
  20. 2026-08-28
    days on market $244,990 Active 114 DOM
  21. 2026-08-27
    days on market $244,990 Active 113 DOM
  22. 2026-08-26
    days on market $244,990 Active 112 DOM
  23. 2026-08-25
    days on market $244,990 Active 111 DOM
  24. 2026-08-24
    days on market $244,990 Active 110 DOM
  25. 2026-08-23
    days on market $244,990 Active 109 DOM
  26. 2026-08-22
    days on market $244,990 Active 108 DOM
  27. 2026-08-21
    days on market $244,990 Active 107 DOM
  28. 2026-08-20
    days on market $244,990 Active 106 DOM
  29. 2026-08-19
    days on market $244,990 Active 105 DOM
  30. 2026-08-18
    days on market $244,990 Active 104 DOM
  31. 2026-08-17
    days on market $244,990 Active 103 DOM
  32. 2026-08-16
    days on market $244,990 Active 102 DOM
  33. 2026-08-15
    days on market $244,990 Active 101 DOM
  34. 2026-08-15
    days on market $244,990 Active 100 DOM
  35. 2026-08-13
    days on market $244,990 Active 99 DOM
  36. 2026-08-12
    days on market $244,990 Active 98 DOM
  37. 2026-08-11
    days on market $244,990 Active 97 DOM
  38. 2026-08-10
    days on market $244,990 Active 96 DOM
  39. 2026-08-09
    days on market $244,990 Active 95 DOM
  40. 2026-08-08
    days on market $244,990 Active 94 DOM
  41. 2026-08-07
    days on market $244,990 Active 93 DOM
  42. 2026-08-06
    days on market $244,990 Active 92 DOM
  43. 2026-08-05
    days on market $244,990 Active 91 DOM
  44. 2026-08-04
    days on market $244,990 Active 90 DOM
  45. 2026-08-03
    days on market $244,990 Active 89 DOM
  46. 2026-07-31
    days on market $244,990 Active 86 DOM
  47. 2026-07-30
    days on market $244,990 Active 85 DOM
  48. 2026-07-29
    days on market $244,990 Active 84 DOM
  49. 2026-07-27
    days on market $244,990 Active 82 DOM
  50. 2026-07-25
    days on market $244,990 Active 80 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income
$24,078
− Mortgage interest
−$13,723
− Property taxes
−$3,675
− Insurance
−$1,225
− Repairs & maintenance
−$1,926
− Management
−$1,926
− HOA
−$2,100
− Depreciation
−$7,127
Taxable loss
−$7,625
combined federal + state — saved on this device
Est. tax savings @ 24.0%
+$1,830
After-tax cash flow
$-1,565/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

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%

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%

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

Price history

1 event — show timeline
  • 2026-05-06 Listed $249,990 DMMLS

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

Loading sold comps…