6440 Ep True Pkwy #2106 · West Des Moines, IA 50266

$106,999

2 bd · 2.0 ba · 938 sqft · Condo public records · 40 Days on market

Built 2003 $114/sqft · 12% below area Est $122k · 12% under $528/mo HOA · 35% of rent

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Why this score? — see what drove the C- 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 +13.0/15.0
• 1% rule +9.1/10.0
• Cash flow +8.8/30.0
• Schools +7.1/10.0
• Livability +4.4/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

FIRST FLOOR UNIT with PRIVATE PATIO and GREEN SPACE!! Two bedroom, two full bath unit within walking distance to Jordan Creek Mall and several entertainment, food, and shopping areas. NEW carpet!! FRESH paint!! The fridge, garbage disposal, and washer and dryer unit have all been replaced within the last 5 years. Outdoor maintenance provided by the HOA means more time to relax and have fun!! The unit comes with a detached garage space and ample parking for guests. Come check out your new home today!

Key facts

• Green space
• First floor unit
• Private patio

Tags

• FIRST FLOOR UNIT
• PRIVATE PATIO
• GREEN SPACE

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $107k.

Deal economics

• At list price, monthly cash flow is $-89 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $91k (14.6% below list).
• Meets the 1% rule at list price ($2k rent vs $107k).
• Recommended offer: $91k (14.6% below list) — sets the bar for cash-flow.
• Cap rate 5.3% vs local median 2.5% in West Des Moines — 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 87/100 on livability (#11 in IA, #336 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, cost of living A+; Watch: 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 (+1.9%/yr); 583 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 $740 of loan paydown is wiped out by about $3k 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 40 days — a 3% lower offer ($104k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 35% of rent.

Recommended offer $91,357 (14.6% 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 40 days. Have you received any prior offers? Is the seller open to a 15% 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. 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?
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. 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: 1.41% ✓
• Cap rate: 5.30%
• Cash-on-cash: -3.55%
• DSCR: 0.84
• GRM: 5.9

CMA / ARV

• ARV (median comp): $121,825
• List price: $106,999
• Delta: -12.17%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.94% rent growth · sell at horizon

5-year hold

• IRR: -24.0%
• Equity multiple: 0.19×
• Total profit: $-24,217
• Equity at exit: $15,954

10-year hold

• IRR: -24.0%
• Equity multiple: -0.11×
• Total profit: $-33,308
• Equity at exit: $9,251

Cash invested: $29,960 (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 50266

• Home prices YoY: -17.5%
• Rents YoY: 1.9%
• Active inventory: 583
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,511 high
• Mortgage (P&I): −$561
• Tax from tax record: −$149 /mo · $1,786/yr
• Insurance: −$45
• HOA: −$528
• Vacancy / Maint / Mgmt: −$317
• Net cashflow: $-89

Break-even live

Break-even rent $1,623

Max offer price $91,357

Occupancy floor —

Sensitivity live

Price	-10% $-28	-5% $-58	+0% $-89	+5% $-119	+10% $-149
Rent	-10% $-208	-5% $-148	+0% $-89	+5% $-29	+10% $31
Rate	-1.0pp $-35	-0.5pp $-61	base $-89	+0.5pp $-116	+1.0pp $-144

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: $26,750
• Closing costs: $3,210
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6565 Wistful Vista Dr West Des Moines, IA	2.0	1.0–2.0	871	$1,765	$2.03	15d	19	0.28mi
204 S 64th St West Des Moines, IA	1.0–3.0	1.0–2.5	1346	$2,195	$1.63	15d	2	0.44mi
950 67th St #410 West Des Moines, IA	2.0	2.0	999	$1,295	$1.30	24d	1	0.64mi
6375 Village View Dr West Des Moines, IA	1.0–2.0	1.0–2.0	900	$2,200	$2.44	14d	9	0.71mi
950 Jordan Creek Pkwy West Des Moines, IA	1.0–2.0	1.0–2.0	1082	$3,546	$3.28	15d	37	0.85mi
360 Bridgewood Dr West Des Moines, IA	2.0	1.0–2.0	795	$1,855	$2.33	15d	21	0.90mi
7171 Woodland Ave West Des Moines, IA	1.0–2.0	1.0–2.0	1085	$1,825	$1.68	15d	1	0.91mi
210 S Prairie View Dr West Des Moines, IA	1.0–3.0	1.0–2.0	992	$1,479	$1.49	15d	27	1.10mi
238 52nd St Unit 36 West Des Moines, IA	2.0	2.0	850	$1,050	$1.24	44d	1	1.11mi
238 52nd St Unit 59 West Des Moines, IA	2.0	2.0	850	$1,025	$1.21	44d	1	1.11mi
238 52nd St Unit 065 West Des Moines, IA	2.0	1.0	850	$985	$1.16	44d	1	1.11mi
238 52nd St Unit 117 West Des Moines, IA	2.0	1.0	850	$960	$1.13	44d	1	1.11mi
238 52nd St Unit 61 West Des Moines, IA	2.0	2.0	850	$945	$1.11	44d	1	1.11mi
5901 Vista Dr West Des Moines, IA	3.0	2.0	830	$1,269	$1.53	15d	130	1.19mi
6455 Galleria Dr West Des Moines, IA	1.0–3.0	1.0–2.0	1048	$1,524	$1.45	14d	22	1.23mi
8350 Ep True Pkwy #3105 West Des Moines, IA	2.0	2.0	1100	$1,450	$1.32	19d	1	1.30mi
5101 Hawthorne Dr West Des Moines, IA	2.0–3.0	2.0	1201	$1,250	$1.04	14d	4	1.43mi

HOA detail condo

• Monthly dues: $528 · $6,336/yr
• Likely covers: trash
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-05-13
   status Pending 504-char remark

   Show marketing remark (504 chars)

   FIRST FLOOR UNIT with PRIVATE PATIO and GREEN SPACE!! Two bedroom, two full bath unit within walking distance to Jordan Creek Mall and several entertainment, food, and shopping areas. NEW carpet!! FRESH paint!! The fridge, garbage disposal, and washer and dryer unit have all been replaced within the last 5 years. Outdoor maintenance provided by the HOA means more time to relax and have fun!! The unit comes with a detached garage space and ample parking for guests. Come check out your new home today!

2. 2026-05-04
   price $106,999 504-char remark

   Show marketing remark (504 chars)

   FIRST FLOOR UNIT with PRIVATE PATIO and GREEN SPACE!! Two bedroom, two full bath unit within walking distance to Jordan Creek Mall and several entertainment, food, and shopping areas. NEW carpet!! FRESH paint!! The fridge, garbage disposal, and washer and dryer unit have all been replaced within the last 5 years. Outdoor maintenance provided by the HOA means more time to relax and have fun!! The unit comes with a detached garage space and ample parking for guests. Come check out your new home today!

3. 2026-04-19
   price $113,900 504-char remark

   Show marketing remark (504 chars)

   FIRST FLOOR UNIT with PRIVATE PATIO and GREEN SPACE!! Two bedroom, two full bath unit within walking distance to Jordan Creek Mall and several entertainment, food, and shopping areas. NEW carpet!! FRESH paint!! The fridge, garbage disposal, and washer and dryer unit have all been replaced within the last 5 years. Outdoor maintenance provided by the HOA means more time to relax and have fun!! The unit comes with a detached garage space and ample parking for guests. Come check out your new home today!

4. 2026-04-03
   listed $120,000 Active 504-char remark

   Show marketing remark (504 chars)

   FIRST FLOOR UNIT with PRIVATE PATIO and GREEN SPACE!! Two bedroom, two full bath unit within walking distance to Jordan Creek Mall and several entertainment, food, and shopping areas. NEW carpet!! FRESH paint!! The fridge, garbage disposal, and washer and dryer unit have all been replaced within the last 5 years. Outdoor maintenance provided by the HOA means more time to relax and have fun!! The unit comes with a detached garage space and ample parking for guests. Come check out your new home today!

5. 2007-08-31
   soldstatus $96,000
6. 2003-09-16
   soldstatus $101,195

ⓘ 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: $1,786 · $149/mo
• Projected year-2 tax: $1,786 · $149/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 ≥103°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: $18,136
• − Mortgage interest: −$5,994
• − Property taxes: −$1,786
• − Insurance: −$535
• − Repairs & maintenance: −$1,451
• − Management: −$1,451
• − HOA: −$6,336
• − Depreciation: −$3,113
• Taxable loss: −$2,529
• Est. tax savings @ 24.0%: +$607
• After-tax cash flow: $-456/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 — West Des Moines

• Score: 87/100
• State rank: #11
• US rank: #336

Category grades

Amenities A+ Commute F Cost of living A+ Crime B+ Employment A Housing A+ Health & safety A+ User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Des Moines, IA
• County: Dallas County · 77,082 people
• City population: 71,011
• Metro: Des Moines-West Des Moines, IA
• Population (ZIP): 37,523
• Household income: $87,025
• Rent vs Own: 50.2% rent · 49.8% own
• Severe rent burden: 1561.0

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 (80%)
• Race & ethnicity: White 80% Asian 8% Two or more races 6% Hispanic / Latino 5% Black 3%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Portuguese 5% Italian 3% Iranian 2%
• Foreign-born: 12% · Canada, South Korea, Vietnam
• Languages at home: 86% English-only · Spanish 4% Other Asian/Pacific 3% Other Indo-European 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: ▼ -43.24%
• Current HPI: 203.6979
• Rent YoY: ▲ 1.94%
• 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

+5.7% since first listed

6 events — show timeline

• 2026-05-13 Pending — DMMLS
• 2026-05-04 Price Changed $106,999 DMMLS
• 2026-04-19 Price Changed $113,900 DMMLS
• 2026-04-03 Listed $120,000 DMMLS
• 2007-08-31 Sold (Public Records) $96,000 Public Records
• 2003-09-16 Sold (Public Records) $101,195 Public Records

Property tax history

+3.2%/yr

Latest (2025): $1,786 · +3.4% YoY. Source: county tax records.