1359 NE 59th Ln · Ankeny, IA 50021

$234,990

3 bd · 2.5 ba · 1,511 sqft · Other · 209 Days on market

Built 2025 1,430 sqft lot $185/mo HOA · 9% of rent ↓ 58% since listing

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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).

• Cash flow +7.8/30.0
• ARV discount +7.5/15.0
• Schools +7.5/10.0
• Livability +4.6/5.0
• 1% rule +3.3/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• DSCR +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to the Sydney, a two-story townhome in Kimberley Crossing Townhomes - featuring 3 bedrooms, 2.5 bathrooms, and 1,511 sq. ft. of comfortable living space with appliances included. The inviting foyer leads to an open-concept main level where the kitchen, dining, and great room seamlessly connect—complete with a cozy electric fireplace. The kitchen is a showstopper with white cabinetry, stainless steel appliances, and a spacious island ideal for gatherings. Upstairs, all bedrooms are thoughtfully located for privacy. The primary suite offers a large walk-in closet and en-suite bath with dual vanities and a walk-in shower. Two additional bedrooms, a full bath, and an upstairs laun

Key facts

• Gourmet kitchen
• Easy access to i-35
• Great room

Tags

• EASY ACCESS TO I-35
• SHOPS TRAILS
• GREAT ROOM
• COZY FIREPLACE
• GOURMET KITCHEN
• OVERSIZED PANTRY

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath other listed at $235k.

Deal economics

• At list price, monthly cash flow is $-260 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $197k (16.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $196k (16.5% below list).
• Recommended offer: $196k (16.5% below list) — sets the bar for 1% rule.
• Cap rate 5.0% 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: schools A+, amenities A+, employment A+; Watch: commute C-.
• North Polk Community School District (rural): math 87% / reading 84% proficiency, ranked #7 of 289 in IA (top 2%) — strong family-tenant draw, lease renewals of 3-5y typical; only 9% free/reduced lunch — higher-income household profile.
• Market conditions: Rents flat; 708 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 14d 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 209 days — a 12% lower offer ($207k) is reasonable based on typical stale-listing flexibility.

Recommended offer $196,106 (16.5% 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. It's been on market 209 days. Have you received any prior offers? Is the seller open to a 17% 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: 0.83% ✗
• Cap rate: 4.97%
• Cash-on-cash: -4.74%
• DSCR: 0.79
• GRM: 10.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.92% rent growth · sell at horizon

5-year hold

• IRR: -26.9%
• Equity multiple: 0.11×
• Total profit: $-58,498
• Equity at exit: $35,038

10-year hold

• IRR: -35.0%
• Equity multiple: -0.33×
• Total profit: $-87,483
• Equity at exit: $20,318

Cash invested: $65,797 (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 50021

• Rents YoY: 0.9%
• Active inventory: 708
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,961 high
• Mortgage (P&I): −$1,232
• Tax est. 1.5%: −$294 /mo · $3,525/yr
• Insurance: −$98
• HOA: −$185
• Vacancy / Maint / Mgmt: −$412
• Net cashflow: $-260

Break-even live

Break-even rent $2,290

Max offer price $197,407

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: $58,748
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1424 NE 56th Ln Ankeny, IA	4.0	2.5	1658	$2,300	$1.39	14d	6	0.30mi
4543 NE McDougal Ln Ankeny, IA	3.0	3.5	1520	$1,895	$1.25	14d	1	0.92mi
3611 NE Otterview Cir Ankeny, IA	1.0–2.0	1.0–2.0	834	$1,800	$2.16	14d	20	1.26mi
3921 NE Gardenia Ln Ankeny, IA	2.0	1.5	1300	$1,595	$1.23	43d	1	1.27mi
2820 NE 38th St Ankeny, IA	1.0–2.0	1.0–2.0	861	$1,775	$2.06	14d	10	1.41mi

HOA detail

• Monthly dues: $185 · $2,220/yr
• Likely covers: electric

Listing history 10 events

1. 2026-04-06
   status Pending
2. 2026-03-16
   price $234,990
3. 2026-03-06
   price $236,990
4. 2026-02-12
   price $234,990
5. 2026-02-02
   price $235,990
6. 2025-12-30
   price $233,990
7. 2025-11-18
   price $236,990
8. 2025-10-15
   price $239,990
9. 2025-09-09
   listed $249,990 Active
10. 2025-03-11
    soldstatus $560,000

ⓘ 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: $23,533
• − Mortgage interest: −$13,163
• − Property taxes: −$3,525
• − Insurance: −$1,175
• − Repairs & maintenance: −$1,883
• − Management: −$1,883
• − HOA: −$2,220
• − Depreciation: −$6,836
• Taxable loss: −$7,151
• Est. tax savings @ 24.0%: +$1,716
• After-tax cash flow: $-1,400/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: North Polk Community School District
• NCES district ID: 1920910
• Math proficiency: 87% ▼ -2.00%
• Reading proficiency: 84% ▼ -3.00%
• Median HH income: $80,205
• Composite: 75.13/100
• National rank: #140
• State rank: #7 of 289 in IA

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 · 453,298 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: 472.0

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: —

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

Industry mix (Fortune 500 HQ in IA)

Industry	F500 HQs	Revenue
▸Financial Services	1	$16B
▸Retail / Convenience	1	$15B

Price history

-58.0% since first listed

10 events — show timeline

• 2026-04-06 Pending — DMMLS
• 2026-03-16 Price Changed $234,990 DMMLS
• 2026-03-06 Price Changed $236,990 DMMLS
• 2026-02-12 Price Changed $234,990 DMMLS
• 2026-02-02 Price Changed $235,990 DMMLS
• 2025-12-30 Price Changed $233,990 DMMLS
• 2025-11-18 Price Changed $236,990 DMMLS
• 2025-10-15 Price Changed $239,990 DMMLS
• 2025-09-09 Listed $249,990 DMMLS
• 2025-03-11 Sold (Public Records) $560,000 Public Records