Jack Plan · Waukee, IA 50263

$309,990

6 bd · 6.0 ba · 1,899 sqft · MultiFamily · 588 Days on market

Good condition ↓ 6% since listing

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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).

• Cash flow +22.6/30.0
• ARV discount +7.5/15.0
• DSCR +7.3/10.0
• Schools +7.1/10.0
• 1% rule +5.9/10.0
• Livability +4.2/5.0
• Condition / age +4.0/5.0
• Rent growth +3.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Step into the Jack floor plan, a ranch-style duplex in the Spring Crest Twinhomes community in Waukee, IA. This home offers 3 bedrooms, 3 bathrooms, a 2-car garage, and 1,899 sq. ft. of living space with a finished basement. Upon entering, the welcoming foyer leads past a guest bedroom and full bath, with a conveniently located main-level laundry/mudroom just off the garage. The heart of the home features an open-concept kitchen, living, and dining area with 9 ft. ceilings and an electric fireplace for style and warmth. The kitchen is a showpiece with white quartz countertops, stainless steel appliances, modern cabinetry, a walk-in pantry, and a versatile built-in island for prepping, serving, or seating. The primary bedroom, tucked at the rear for privacy, offers an ensuite bath with a double vanity and an oversized walk-in closet with shelving. The finished basement includes a third bedroom, an additional full bath, and a spacious rec room-perfect for guests or family gatherings. Make the Jack floor plan in Spring Crest Twinhomes your new home today.

Key facts

• 2 garage spots
• Listed 588 days

🏗️ New construction. Builder plan / spec listing (the home may be to-be-built); metrics use comparable previous sales.

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/3.0-bath units multifamily listed at $310k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $530 ($6k/yr) — positive. Per door: $265/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $310k).
• Recommended offer: $273k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.3% 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: schools A+, crime A+, employment 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.
• Market conditions: Rents rising (+1.8%/yr); 886 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,503 units permitted in Dallas County in 2024 (630 in 5+ unit buildings).
• This rent runs 39% of the median local income ($103k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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 588 days — a 12% lower offer ($273k) is reasonable based on typical stale-listing flexibility.

Recommended offer $272,791 (12.0% below list)

Questions for the listing agent

1. It's been on market 588 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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. 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: 1.09% ✓
• Cap rate: 8.34%
• Cash-on-cash: 7.32%
• DSCR: 1.33
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -6.4%
• Equity multiple: 0.76×
• Total profit: $-20,425
• Equity at exit: $46,221

10-year hold

• IRR: 1.7%
• Equity multiple: 1.11×
• Total profit: $9,944
• Equity at exit: $26,802

Cash invested: $86,797 (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 50263

• Rents YoY: 1.8%
• Active inventory: 886
• Price-to-rent: 15.3×

Monthly cashflow live

• Estimated rent: $3,382 high
• Mortgage (P&I): −$1,626
• Tax est. 1.5%: −$387 /mo · $4,650/yr
• Insurance: −$129
• HOA: −$0
• Vacancy / Maint / Mgmt: −$710
• Net cashflow: $530

Break-even live

Break-even rent $2,712

Max offer price $309,990

Occupancy floor 79%

Sensitivity live

Price	-10% $744	-5% $637	+0% $530	+5% $422	+10% $315
Rent	-10% $262	-5% $396	+0% $530	+5% $663	+10% $797
Rate	-1.0pp $686	-0.5pp $608	base $530	+0.5pp $449	+1.0pp $367

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	3	$3,382
Total (2 units)			$3,382

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: $77,498
• Closing costs: $9,300
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
305 NW Morgan Ct Waukee, IA	5.0	3.5	2200	$2,595	$1.18	44d	1	1.25mi

Listing history 22 events

1. 2026-06-18
   days on market $309,990 Active 588 DOM
2. 2026-06-17
   days on market $309,990 Active 587 DOM
3. 2026-06-16
   days on market $309,990 Active 586 DOM
4. 2026-06-15
   days on market $309,990 Active 585 DOM
5. 2026-06-14
   days on market $309,990 Active 583 DOM
6. 2026-06-13
   days on market $309,990 Active 582 DOM
7. 2026-06-10
   days on market $309,990 Active 580 DOM
8. 2026-06-09
   days on market $309,990 Active 579 DOM
9. 2026-06-08
   days on market $309,990 Active 578 DOM
10. 2026-06-07
    days on market $309,990 Active 577 DOM
11. 2026-06-05
    days on market $309,990 Active 574 DOM
12. 2026-06-03
    days on market $309,990 Active 573 DOM
13. 2026-06-02
    days on market $309,990 Active 572 DOM
14. 2026-06-01
    days on market $309,990 Active 571 DOM
15. 2026-05-31
    days on market $309,990 Active 570 DOM
16. 2026-05-31
    days on market $309,990 Active 569 DOM
17. 2026-01-22
    price $309,990 1068-char remark

    Show marketing remark (1068 chars)

    Step into the Jack floor plan, a ranch-style duplex in the Spring Crest Twinhomes community in Waukee, IA. This home offers 3 bedrooms, 3 bathrooms, a 2-car garage, and 1,899 sq. ft. of living space with a finished basement. Upon entering, the welcoming foyer leads past a guest bedroom and full bath, with a conveniently located main-level laundry/mudroom just off the garage. The heart of the home features an open-concept kitchen, living, and dining area with 9 ft. ceilings and an electric fireplace for style and warmth. The kitchen is a showpiece with white quartz countertops, stainless steel appliances, modern cabinetry, a walk-in pantry, and a versatile built-in island for prepping, serving, or seating. The primary bedroom, tucked at the rear for privacy, offers an ensuite bath with a double vanity and an oversized walk-in closet with shelving. The finished basement includes a third bedroom, an additional full bath, and a spacious rec room-perfect for guests or family gatherings. Make the Jack floor plan in Spring Crest Twinhomes your new home today.

18. 2025-11-08
    price $317,990 1068-char remark

    Show marketing remark (1068 chars)

    Step into the Jack floor plan, a ranch-style duplex in the Spring Crest Twinhomes community in Waukee, IA. This home offers 3 bedrooms, 3 bathrooms, a 2-car garage, and 1,899 sq. ft. of living space with a finished basement. Upon entering, the welcoming foyer leads past a guest bedroom and full bath, with a conveniently located main-level laundry/mudroom just off the garage. The heart of the home features an open-concept kitchen, living, and dining area with 9 ft. ceilings and an electric fireplace for style and warmth. The kitchen is a showpiece with white quartz countertops, stainless steel appliances, modern cabinetry, a walk-in pantry, and a versatile built-in island for prepping, serving, or seating. The primary bedroom, tucked at the rear for privacy, offers an ensuite bath with a double vanity and an oversized walk-in closet with shelving. The finished basement includes a third bedroom, an additional full bath, and a spacious rec room-perfect for guests or family gatherings. Make the Jack floor plan in Spring Crest Twinhomes your new home today.

19. 2025-11-07
    price $324,990 1068-char remark

    Show marketing remark (1068 chars)

    Step into the Jack floor plan, a ranch-style duplex in the Spring Crest Twinhomes community in Waukee, IA. This home offers 3 bedrooms, 3 bathrooms, a 2-car garage, and 1,899 sq. ft. of living space with a finished basement. Upon entering, the welcoming foyer leads past a guest bedroom and full bath, with a conveniently located main-level laundry/mudroom just off the garage. The heart of the home features an open-concept kitchen, living, and dining area with 9 ft. ceilings and an electric fireplace for style and warmth. The kitchen is a showpiece with white quartz countertops, stainless steel appliances, modern cabinetry, a walk-in pantry, and a versatile built-in island for prepping, serving, or seating. The primary bedroom, tucked at the rear for privacy, offers an ensuite bath with a double vanity and an oversized walk-in closet with shelving. The finished basement includes a third bedroom, an additional full bath, and a spacious rec room-perfect for guests or family gatherings. Make the Jack floor plan in Spring Crest Twinhomes your new home today.

20. 2025-11-07
    price $317,990 1068-char remark

    Show marketing remark (1068 chars)

    Step into the Jack floor plan, a ranch-style duplex in the Spring Crest Twinhomes community in Waukee, IA. This home offers 3 bedrooms, 3 bathrooms, a 2-car garage, and 1,899 sq. ft. of living space with a finished basement. Upon entering, the welcoming foyer leads past a guest bedroom and full bath, with a conveniently located main-level laundry/mudroom just off the garage. The heart of the home features an open-concept kitchen, living, and dining area with 9 ft. ceilings and an electric fireplace for style and warmth. The kitchen is a showpiece with white quartz countertops, stainless steel appliances, modern cabinetry, a walk-in pantry, and a versatile built-in island for prepping, serving, or seating. The primary bedroom, tucked at the rear for privacy, offers an ensuite bath with a double vanity and an oversized walk-in closet with shelving. The finished basement includes a third bedroom, an additional full bath, and a spacious rec room-perfect for guests or family gatherings. Make the Jack floor plan in Spring Crest Twinhomes your new home today.

21. 2025-02-04
    price $324,990 1068-char remark

    Show marketing remark (1068 chars)

    Step into the Jack floor plan, a ranch-style duplex in the Spring Crest Twinhomes community in Waukee, IA. This home offers 3 bedrooms, 3 bathrooms, a 2-car garage, and 1,899 sq. ft. of living space with a finished basement. Upon entering, the welcoming foyer leads past a guest bedroom and full bath, with a conveniently located main-level laundry/mudroom just off the garage. The heart of the home features an open-concept kitchen, living, and dining area with 9 ft. ceilings and an electric fireplace for style and warmth. The kitchen is a showpiece with white quartz countertops, stainless steel appliances, modern cabinetry, a walk-in pantry, and a versatile built-in island for prepping, serving, or seating. The primary bedroom, tucked at the rear for privacy, offers an ensuite bath with a double vanity and an oversized walk-in closet with shelving. The finished basement includes a third bedroom, an additional full bath, and a spacious rec room-perfect for guests or family gatherings. Make the Jack floor plan in Spring Crest Twinhomes your new home today.

22. 2024-11-07
    listed $329,990 Active 1068-char remark

    Show marketing remark (1068 chars)

    Step into the Jack floor plan, a ranch-style duplex in the Spring Crest Twinhomes community in Waukee, IA. This home offers 3 bedrooms, 3 bathrooms, a 2-car garage, and 1,899 sq. ft. of living space with a finished basement. Upon entering, the welcoming foyer leads past a guest bedroom and full bath, with a conveniently located main-level laundry/mudroom just off the garage. The heart of the home features an open-concept kitchen, living, and dining area with 9 ft. ceilings and an electric fireplace for style and warmth. The kitchen is a showpiece with white quartz countertops, stainless steel appliances, modern cabinetry, a walk-in pantry, and a versatile built-in island for prepping, serving, or seating. The primary bedroom, tucked at the rear for privacy, offers an ensuite bath with a double vanity and an oversized walk-in closet with shelving. The finished basement includes a third bedroom, an additional full bath, and a spacious rec room-perfect for guests or family gatherings. Make the Jack floor plan in Spring Crest Twinhomes your new home today.

ⓘ 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: $40,584
• − Mortgage interest: −$17,364
• − Property taxes: −$4,650
• − Insurance: −$1,550
• − Repairs & maintenance: −$3,247
• − Management: −$3,247
• − Depreciation: −$9,018
• Taxable income: $1,509
• Est. tax owed @ 24.0%: −$362
• After-tax cash flow: $5,992/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 · 12 photos

Good 80/100 Cosmetic rehab

This well-maintained, move-in-ready ranch-style duplex in the Spring Crest Twinhomes community in Waukee, IA, offers 3 bedrooms, 3 bathrooms, and 1,899 sq. ft. of living space with a finished basement. The home is in good condition with minor cosmetic updates needed to enhance its resale and rental value.

Value-add opportunities

• Both Paint interior walls — Fresh paint can enhance the home's curb appeal and interior aesthetics
• Both Replace carpet in bedrooms — Carpet can be outdated and may need replacement for a more modern look
• Resale Replace kitchen faucet — A new faucet can improve the kitchen's functionality and appearance
• Resale Replace bathroom fixtures — Modern fixtures can enhance the bathroom's functionality and appearance

Renovation cost estimate screening

Value-add ROI direction

• Both Paint interior walls — Fresh paint can enhance the home's curb appeal and interior aesthetics ↑
• Both Replace carpet in bedrooms — Carpet can be outdated and may need replacement for a more modern look ↑
• Resale Replace kitchen faucet — A new faucet can improve the kitchen's functionality and appearance ↑
• Resale Replace bathroom fixtures — Modern fixtures can enhance the bathroom's functionality and appearance ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-6.1% since first listed

6 events — show timeline

• 2026-01-22 Price Changed $309,990 Zillow
• 2025-11-08 Price Changed $317,990 Zillow
• 2025-11-07 Price Changed $324,990 Zillow
• 2025-11-07 Price Changed $317,990 Zillow
• 2025-02-04 Price Changed $324,990 Zillow
• 2024-11-07 Listed $329,990 Zillow