4170 Cheyenne Ct · Waukee, IA 50263

$320,000

3 bd · 2.0 ba · 1,261 sqft · Other public records · 103 Days on market

Built 2021 9,023 sqft lot $254/sqft · 13% below area Est $366k · 13% under $15/mo HOA · 1% 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 +13.2/15.0
• Cash flow +7.2/30.0
• Schools +7.1/10.0
• Livability +4.2/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0
• DSCR +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to this charming 3-bedroom, 2-bath ranch featuring a warm and inviting open-concept layout designed for comfortable everyday living. The main living area offers durable solid-surface flooring, providing both style and easy maintenance. As you step into the heart of the home, you'll find a bright and functional kitchen complete with a handy pantry and a welcoming dining area, perfect for gathering with family or entertaining friends. Just off the dining space, step out onto the patio, an ideal spot to unwind and enjoy a quiet evening outdoors. The primary bedroom, located at the front of the home, offers a peaceful retreat with a spacious walk-in closet and a private ensuite bathroom featuring a double vanity. Two additional bedrooms and a second full bathroom provide flexibility for family, guests, or a home office. The unfinished basement offers plenty of opportunity to create additional living space, a home gym, or extra storage, ready for your personal touch. This home blends comfort, functionality, and room to grow, making it a wonderful place to settle in and make your own.

Key facts

• Handy pantry
• Walk-in closet
• Patio

Tags

• OPEN-CONCEPT LAYOUT
• SOLID-SURFACE FLOORING
• HANDY PANTRY
• WELCOMING DINING AREA
• PATIO
• WALK-IN CLOSET

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $320k.

Deal economics

• At list price, monthly cash flow is $-434 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $243k (24.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $226k (29.3% below list).
• Recommended offer: $226k (29.3% below list) — sets the bar for 1% rule.
• Cap rate 4.7% 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: 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: Waukee Elementary School (math 86% / reading 77%, grade A+, #60 of 616 statewide, top 10%, 682 students, 20% 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).
• Market conditions: Rents rising (+1.8%/yr); 891 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% 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 $10k 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 103 days — a 9% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 6y 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.

Recommended offer $226,287 (29.3% 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 103 days. Have you received any prior offers? Is the seller open to a 29% 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: 0.71% ✗
• Cap rate: 4.67%
• Cash-on-cash: -5.81%
• DSCR: 0.74
• GRM: 11.8

CMA / ARV

• ARV (median comp): $366,436
• List price: $320,000
• Delta: -12.67%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.82% rent growth · sell at horizon

5-year hold

• IRR: -27.6%
• Equity multiple: 0.08×
• Total profit: $-82,107
• Equity at exit: $47,713

10-year hold

• IRR: -30.7%
• Equity multiple: -0.31×
• Total profit: $-117,563
• Equity at exit: $27,668

Cash invested: $89,600 (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: 891
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $2,263 medium
• Mortgage (P&I): −$1,678
• Tax from tax record: −$395 /mo · $4,742/yr
• Insurance: −$133
• HOA: −$15
• Vacancy / Maint / Mgmt: −$475
• Net cashflow: $-434

Break-even live

Break-even rent $2,812

Max offer price $243,341

Occupancy floor —

Sensitivity live

Price	-10% $-253	-5% $-343	+0% $-434	+5% $-525	+10% $-615
Rent	-10% $-613	-5% $-523	+0% $-434	+5% $-345	+10% $-255
Rate	-1.0pp $-273	-0.5pp $-353	base $-434	+0.5pp $-517	+1.0pp $-601

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: $80,000
• Closing costs: $9,600
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3681 Jasmine Ln Waukee, IA	3.0	2.5	1464	$2,235	$1.53	15d	13	1.06mi
3681 Jasmine Ln Unit HOME1 Waukee, IA	3.0	2.5	1511	$2,545	$1.68	45d	1	1.06mi
3681 Jasmine Ln Unit HOME94 Waukee, IA	3.0	2.5	1418	$2,375	$1.67	45d	1	1.06mi

HOA detail

• Monthly dues: $15 · $180/yr
• Likely covers: gym

Listing history 40 events

1. 2026-06-21
   days on market $320,000 Active 103 DOM
2. 2026-06-18
   days on market $320,000 Active 100 DOM
3. 2026-06-17
   days on market $320,000 Active 99 DOM
4. 2026-06-16
   days on market $320,000 Active 98 DOM
5. 2026-06-15
   days on market $320,000 Active 97 DOM
6. 2026-06-14
   days on market $320,000 Active 95 DOM
7. 2026-06-13
   days on market $320,000 Active 94 DOM
8. 2026-06-10
   days on market $320,000 Active 92 DOM
9. 2026-06-09
   days on market $320,000 Active 91 DOM
10. 2026-06-08
    days on market $320,000 Active 90 DOM
11. 2026-06-07
    days on market $320,000 Active 89 DOM
12. 2026-06-05
    days on market $320,000 Active 86 DOM
13. 2026-06-03
    days on market $320,000 Active 85 DOM
14. 2026-06-02
    days on market $320,000 Active 84 DOM
15. 2026-06-01
    days on market $320,000 Active 83 DOM
16. 2026-05-31
    days on market $320,000 Active 82 DOM
17. 2026-05-31
    days on market $320,000 Active 81 DOM
18. 2026-03-10
    listed $325,000 Active 1108-char remark

    Show marketing remark (1108 chars)

    Welcome home to this charming 3-bedroom, 2-bath ranch featuring a warm and inviting open-concept layout designed for comfortable everyday living. The main living area offers durable solid-surface flooring, providing both style and easy maintenance. As you step into the heart of the home, you'll find a bright and functional kitchen complete with a handy pantry and a welcoming dining area, perfect for gathering with family or entertaining friends. Just off the dining space, step out onto the patio, an ideal spot to unwind and enjoy a quiet evening outdoors. The primary bedroom, located at the front of the home, offers a peaceful retreat with a spacious walk-in closet and a private ensuite bathroom featuring a double vanity. Two additional bedrooms and a second full bathroom provide flexibility for family, guests, or a home office. The unfinished basement offers plenty of opportunity to create additional living space, a home gym, or extra storage, ready for your personal touch. This home blends comfort, functionality, and room to grow, making it a wonderful place to settle in and make your own.

19. 2025-07-02
    historical
20. 2025-06-19
    price $317,999
21. 2025-05-27
    status Active
22. 2025-05-27
    price $319,999
23. 2025-04-29
    price $330,000
24. 2025-03-28
    price $337,500
25. 2025-03-11
    listed $339,000 Active
26. 2025-02-28
    historical
27. 2024-10-29
    price $345,000
28. 2024-10-09
    listed $349,990 Active
29. 2021-09-14
    soldstatus $304,990 Closed
30. 2021-07-09
    status Pending
31. 2021-05-26
    price $304,990
32. 2021-05-05
    price $294,990
33. 2021-05-05
    price $291,990
34. 2021-04-07
    price $285,990
35. 2021-04-07
    price $297,990
36. 2021-03-02
    price $285,990
37. 2021-02-11
    price $277,990
38. 2021-01-04
    price $268,790
39. 2020-11-02
    price $267,790
40. 2020-10-20
    listed $264,790 Active

ⓘ 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: $4,742 · $395/mo
• Projected year-2 tax: $4,883 · $407/mo
• Expected delta: +$141/yr (+$12/mo · 3.0%)

ⓘ 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: $27,154
• − Mortgage interest: −$17,925
• − Property taxes: −$4,742
• − Insurance: −$1,600
• − Repairs & maintenance: −$2,172
• − Management: −$2,172
• − HOA: −$180
• − Depreciation: −$9,309
• Taxable loss: −$10,946
• Est. tax savings @ 24.0%: +$2,627
• After-tax cash flow: $-2,580/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

+22.7% since first listed

23 events — show timeline

• 2026-03-10 Listed $325,000 DMMLS
• 2025-07-02 Listing Removed — DMMLS
• 2025-06-19 Price Changed $317,999 DMMLS
• 2025-05-27 Relisted — DMMLS
• 2025-05-27 Price Changed $319,999 DMMLS
• 2025-04-29 Price Changed $330,000 DMMLS
• 2025-03-28 Price Changed $337,500 DMMLS
• 2025-03-11 Listed $339,000 DMMLS
• 2025-02-28 Listing Removed — DMMLS
• 2024-10-29 Price Changed $345,000 DMMLS
• 2024-10-09 Listed $349,990 DMMLS
• 2021-09-14 Sold (MLS) $304,990 DMMLS
• 2021-07-09 Pending — DMMLS
• 2021-05-26 Price Changed $304,990 DMMLS
• 2021-05-05 Price Changed $294,990 DMMLS
• 2021-05-05 Price Changed $291,990 DMMLS
• 2021-04-07 Price Changed $285,990 DMMLS
• 2021-04-07 Price Changed $297,990 DMMLS
• 2021-03-02 Price Changed $285,990 DMMLS
• 2021-02-11 Price Changed $277,990 DMMLS
• 2021-01-04 Price Changed $268,790 DMMLS
• 2020-11-02 Price Changed $267,790 DMMLS
• 2020-10-20 Listed $264,790 DMMLS

Property tax history

+393.4%/yr

Latest (2025): $4,742 · +1.7% YoY. Source: county tax records.