Newcastle Plan · Waukee, IA 50263

$296,000

3 bd · 2.0 ba · 1,500 sqft · SingleFamily · 815 Days on market

$20/mo HOA · 1% of rent

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Why this score? — see what drove the F 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 +7.5/15.0
• Schools +7.1/10.0
• Livability +4.2/5.0
• Cash flow +4.1/30.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• 1% rule +0.3/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Destiny Homes presents the Newcastle plan. This plan features 3 bedrooms, 2 baths and 1500 square feet of gorgeous living space. The open concept split bedroom main level features large picture windows, kitchen with quartz countertops, corner pantry, and laundry room. The primary suite includes a large walk-in closet with a double vanity. Two additional bedrooms are located on the opposite side of the home with a full bath and double vanity in between. The unfinished lower level has plenty of options for future finish and storage. All Designer Series Homes are Energy Star rated & have a 2 year builder warranty. Ask about $2,000 in closing costs provided by a preferred lender!

Key facts

• 2 parking spots
• Listed 814 days

🏗️ New construction. The $296,000 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $379,089.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $296k.

Deal economics

• At list price, monthly cash flow is $-1k ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $229k (22.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $202k (31.6% below list).
• Recommended offer: $202k (31.6% below list) — sets the bar for 1% rule.

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); 891 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 $3k of loan paydown is wiped out by about $11k 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 815 days — a 12% lower offer ($260k) is reasonable based on typical stale-listing flexibility.

Recommended offer $202,430 (31.6% 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 815 days. Have you received any prior offers? Is the seller open to a 32% 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: 0.53% ✗
• Cap rate: 3.00%
• Cash-on-cash: -11.76%
• DSCR: 0.48
• GRM: 15.6

CMA / ARV

• ARV (median comp): $379,089
• List price: $296,000
• Delta: -21.92%
• 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
405 NW Ryder Dr	0.07mi	4/3.0 (+1)	1,514 (+1%)	2mo	$509,900	$337	85
575 NW Compass Ave	0.13mi	3/2.0	1,390 (-7%)	3mo	$365,900	$263	80
540 NW Atlas Ln	0.08mi	4/3.0 (+1)	1,410 (-6%)	1mo	$399,900	$284	77
635 NW Compass Ave	0.21mi	4/3.0 (+1)	1,433 (-4%)	2mo	$374,900	$262	72
510 NW Mosaic Ave	0.14mi	4/3.0 (+1)	1,390 (-7%)	2mo	$409,900	$295	71
645 NW Compass Ave	0.22mi	4/3.5 (+1)	1,562 (+4%)	2mo	$359,950	$230	70
62 NW Pike Cir	0.43mi	3/2.5	1,566 (+4%)	2mo	$373,000	$238	69
645 NW Rosemont Dr	0.41mi	3/2.0	1,613 (+8%)	2mo	$527,734	$327	67
565 NW Rosemont Dr	0.36mi	3/2.0	1,660 (+11%)	1mo	$508,393	$306	65
635 NW Rosemont Dr	0.40mi	4/3.0 (+1)	1,550 (+3%)	3mo	$489,900	$316	64
325 NW Lavelle Ct	0.22mi	4/3.0 (+1)	1,333 (-11%)	0mo	$435,000	$326	62
820 NW Prairie Rose Ln	0.53mi	4/3.0 (+1)	1,685 (+12%)	2mo	$636,194	$378	44

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 · 1.82% rent growth · sell at horizon

5-year hold

• IRR: -39.2%
• Equity multiple: -0.23×
• Total profit: $-130,038
• Equity at exit: $56,523

10-year hold

• IRR: -69.5%
• Equity multiple: -0.96×
• Total profit: $-207,921
• Equity at exit: $32,777

Cash invested: $106,145 (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: 12.2×

Monthly cashflow live

• Estimated rent: $2,024 high
• Mortgage (P&I): −$1,988
• Tax est. 1.5%: −$474 /mo · $5,686/yr
• Insurance: −$158
• HOA: −$20
• Vacancy / Maint / Mgmt: −$425
• Net cashflow: $-1,041

Break-even live

Break-even rent $3,342

Max offer price $228,512

Occupancy floor —

Sensitivity live

Price	-10% $-779	-5% $-910	+0% $-1,041	+5% $-1,172	+10% $-1,303
Rent	-10% $-1,201	-5% $-1,121	+0% $-1,041	+5% $-961	+10% $-881
Rate	-1.0pp $-850	-0.5pp $-944	base $-1,041	+0.5pp $-1,139	+1.0pp $-1,239

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: $94,772
• Closing costs: $11,373
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
284 NW Caspian Ct Waukee, IA	4.0	2.5	1605	$2,195	$1.37	15d	1	0.17mi
175 NW Common Pl Waukee, IA	1.0–3.0	1.0–2.5	929	$1,775	$1.91	15d	10	0.27mi
350 NW 6th St Waukee, IA	1.0–3.0	1.0–3.5	1163	$2,308	$1.98	15d	20	0.35mi
122 NW Pike Cir Waukee, IA	4.0	2.5	1809	$2,495	$1.38	45d	1	0.40mi
330 NE Cardinal Ln Waukee, IA	4.0	3.0	1492	$2,500	$1.68	45d	1	0.64mi
1036 NW Richmond Rd Waukee, IA	3.0	2.5	1450	$1,750	$1.21	24d	1	0.70mi
324 NE Sandalwood Waukee, IA	2.0	2.0	1108	$1,400	$1.26	24d	1	0.72mi
307 NE Sandalwood Waukee, IA	2.0	2.0	1108	$1,550	$1.40	45d	1	0.74mi
293 NE Basswood Waukee, IA	2.0	2.0	1120	$1,345	$1.20	24d	1	0.75mi
191 NW Lexington Dr Waukee, IA	1.0–2.0	1.0–2.0	911	$2,845	$3.12	15d	8	0.76mi
386 NE Satinwood Waukee, IA	2.0	2.0	1056	$1,395	$1.32	45d	1	0.77mi
289 NW Charlestown Ln Waukee, IA	4.0	2.5	1767	$2,200	$1.25	45d	1	0.77mi
1008 Maple St Waukee, IA	2.0	2.5	1524	$1,875	$1.23	15d	1	0.80mi
655 NW Williamsburg Ln Waukee, IA	4.0	2.5	1875	$2,445	$1.30	15d	1	1.01mi
1110 NW Sproul Dr Waukee, IA	4.0	3.0	2028	$2,800	$1.38	24d	1	1.02mi
500 NE Horizon Dr Waukee, IA	3.0	1.0–2.0	1027	$1,578	$1.54	15d	24	1.05mi
395 NW Blackberry St Waukee, IA	2.0	2.0	1349	$1,989	$1.47	15d	3	1.18mi
1283 NW Williamsburg Ln Unit 1 Waukee, IA	4.0	3.0	1410	$2,495	$1.77	15d	1	1.18mi
200 Corene Ave Waukee, IA	4.0	2.0	1410	$1,995	$1.41	20d	1	1.20mi
854 NE Phlox Ave Waukee, IA	3.0	3.0	1596	$1,750	$1.10	15d	1	1.29mi
856 NE Larkspur Ave Unit 1 Waukee, IA	3.0	2.5	1630	$1,800	$1.10	45d	1	1.29mi
869 NE Traverse Dr Waukee, IA	3.0	3.0	1868	$2,095	$1.12	15d	1	1.30mi
878 NE Traverse Dr Waukee, IA	3.0	3.0	1868	$2,050	$1.10	45d	1	1.30mi
835 NE Redwood Blvd Waukee, IA	2.0	2.0	1457	$2,235	$1.53	15d	3	1.34mi
940 10th St Waukee, IA	1.0–3.0	1.0–2.5	962	$1,795	$1.86	15d	79	1.44mi
714 NE Alice's Rd Unit 620 Waukee, IA	2.0	2.0	1095	$1,300	$1.19	45d	1	1.44mi

HOA detail

• Monthly dues: $20 · $240/yr

Listing history 18 events

1. 2026-06-21
   days on market $296,000 Active 815 DOM
2. 2026-06-18
   days on market $296,000 Active 812 DOM
3. 2026-06-17
   days on market $296,000 Active 811 DOM
4. 2026-06-16
   days on market $296,000 Active 810 DOM
5. 2026-06-15
   days on market $296,000 Active 809 DOM
6. 2026-06-14
   days on market $296,000 Active 807 DOM
7. 2026-06-13
   days on market $296,000 Active 806 DOM
8. 2026-06-10
   days on market $296,000 Active 804 DOM
9. 2026-06-09
   days on market $296,000 Active 803 DOM
10. 2026-06-08
    days on market $296,000 Active 802 DOM
11. 2026-06-07
    days on market $296,000 Active 801 DOM
12. 2026-06-05
    days on market $296,000 Active 798 DOM
13. 2026-06-03
    days on market $296,000 Active 797 DOM
14. 2026-06-02
    days on market $296,000 Active 796 DOM
15. 2026-06-01
    days on market $296,000 Active 795 DOM
16. 2026-05-31
    days on market $296,000 Active 794 DOM
17. 2026-05-31
    days on market $296,000 Active 793 DOM
18. 2024-03-29
    listed $296,000 Active 690-char remark

    Show marketing remark (690 chars)

    Destiny Homes presents the Newcastle plan. This plan features 3 bedrooms, 2 baths and 1500 square feet of gorgeous living space. The open concept split bedroom main level features large picture windows, kitchen with quartz countertops, corner pantry, and laundry room. The primary suite includes a large walk-in closet with a double vanity. Two additional bedrooms are located on the opposite side of the home with a full bath and double vanity in between. The unfinished lower level has plenty of options for future finish and storage. All Designer Series Homes are Energy Star rated & have a 2 year builder warranty. Ask about $2,000 in closing costs provided by a preferred lender!

ⓘ 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: $24,292
• − Mortgage interest: −$21,235
• − Property taxes: −$5,686
• − Insurance: −$1,895
• − Repairs & maintenance: −$1,943
• − Management: −$1,943
• − HOA: −$240
• − Depreciation: −$11,028
• Taxable loss: −$19,680
• Est. tax savings @ 24.0%: +$4,723
• After-tax cash flow: $-7,764/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

1 event — show timeline

• 2024-03-29 Listed $296,000 Zillow