4140 Dakota Cir · Waukee, IA 50263

$349,999

4 bd · 2.5 ba · 2,111 sqft · Other public records · 333 Days on market

Built 2023 7,150 sqft lot $166/sqft · 10% below area Est $387k · 10% 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 +11.8/15.0
• Schools +7.1/10.0
• Cash flow +6.4/30.0
• Livability +4.2/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• 1% rule +1.8/10.0
• DSCR +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Price Reduced!!! 4 BR 3 BA DR Horton resale. Upgrades include a newer Deck, Front Patio and Fenced Yard. All Appliances Stay! First in the home is a flex room that can be used as a formal dining or living room or as an office. The open family room, kitchen and dining area are open and airy with several large windows while the modern fireplace provides ambiance and warmth during the Winter months. The kitchen, with huge island and stainless steel appliances leads to a locker area complete with bench and closet and the 2 car garage. The upper level has 4 bedrooms, hall bath and laundry room with LG washer and dryer. The master bedroom has it's own bath and large walk-in closet; there is a second closet for overflow. The basement has 2 egress windows and is ready for finish. Close to I-80 for easy commutes.

Key facts

• 7,150 sq ft lot
• 2 garage spots
• Built 2023

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath other listed at $350k.

Deal economics

• At list price, monthly cash flow is $-599 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $244k (30.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $238k (32.1% below list).
• Recommended offer: $238k (32.1% below list) — sets the bar for 1% rule.
• Cap rate 4.2% 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); 891 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d 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 333 days — a 12% lower offer ($308k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $30k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $237,684 (32.1% 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 333 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: 0.68% ✗
• Cap rate: 4.24%
• Cash-on-cash: -7.34%
• DSCR: 0.67
• GRM: 12.3

CMA / ARV

• ARV (median comp): $387,214
• List price: $349,999
• Delta: -9.61%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -30.4%
• Equity multiple: 0.00×
• Total profit: $-97,587
• Equity at exit: $52,186

10-year hold

• IRR: -38.8%
• Equity multiple: -0.48×
• Total profit: $-144,994
• Equity at exit: $30,262

Cash invested: $98,000 (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: 12.3×

Monthly cashflow live

• Estimated rent: $2,377 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$480 /mo · $5,766/yr
• Insurance: −$146
• HOA: −$15
• Vacancy / Maint / Mgmt: −$499
• Net cashflow: $-599

Break-even live

Break-even rent $3,135

Max offer price $244,172

Occupancy floor —

Sensitivity live

Price	-10% $-401	-5% $-500	+0% $-599	+5% $-698	+10% $-797
Rent	-10% $-787	-5% $-693	+0% $-599	+5% $-505	+10% $-411
Rate	-1.0pp $-423	-0.5pp $-510	base $-599	+0.5pp $-690	+1.0pp $-782

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: $87,500
• Closing costs: $10,500
• 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	1.01mi
3681 Jasmine Ln Unit HOME1 Waukee, IA	3.0	2.5	1511	$2,545	$1.68	45d	1	1.01mi
3681 Jasmine Ln Unit HOME94 Waukee, IA	3.0	2.5	1418	$2,375	$1.67	45d	1	1.01mi

HOA detail

• Monthly dues: $15 · $180/yr

Listing history 25 events

1. 2026-06-21
   days on market $349,999 Active 333 DOM
2. 2026-06-18
   days on market $349,999 Active 330 DOM
3. 2026-06-17
   days on market $349,999 Active 329 DOM
4. 2026-06-16
   days on market $349,999 Active 328 DOM
5. 2026-06-15
   days on market $349,999 Active 327 DOM
6. 2026-06-14
   days on market $349,999 Active 325 DOM
7. 2026-06-13
   days on market $349,999 Active 324 DOM
8. 2026-06-10
   days on market $349,999 Active 322 DOM
9. 2026-06-09
   days on market $349,999 Active 321 DOM
10. 2026-06-08
    days on market $349,999 Active 320 DOM
11. 2026-06-07
    days on market $349,999 Active 319 DOM
12. 2026-06-05
    days on market $349,999 Active 316 DOM
13. 2026-06-03
    days on market $349,999 Active 315 DOM
14. 2026-06-02
    days on market $349,999 Active 314 DOM
15. 2026-06-01
    days on market $349,999 Active 313 DOM
16. 2026-05-31
    days on market $349,999 Active 312 DOM
17. 2026-05-31
    days on market $349,999 Active 311 DOM
18. 2025-12-31
    price $349,999 818-char remark

    Show marketing remark (818 chars)

    Price Reduced!!! 4 BR 3 BA DR Horton resale. Upgrades include a newer Deck, Front Patio and Fenced Yard. All Appliances Stay! First in the home is a flex room that can be used as a formal dining or living room or as an office. The open family room, kitchen and dining area are open and airy with several large windows while the modern fireplace provides ambiance and warmth during the Winter months. The kitchen, with huge island and stainless steel appliances leads to a locker area complete with bench and closet and the 2 car garage. The upper level has 4 bedrooms, hall bath and laundry room with LG washer and dryer. The master bedroom has it's own bath and large walk-in closet; there is a second closet for overflow. The basement has 2 egress windows and is ready for finish. Close to I-80 for easy commutes.

19. 2025-10-22
    price $365,000 818-char remark

    Show marketing remark (818 chars)

    Price Reduced!!! 4 BR 3 BA DR Horton resale. Upgrades include a newer Deck, Front Patio and Fenced Yard. All Appliances Stay! First in the home is a flex room that can be used as a formal dining or living room or as an office. The open family room, kitchen and dining area are open and airy with several large windows while the modern fireplace provides ambiance and warmth during the Winter months. The kitchen, with huge island and stainless steel appliances leads to a locker area complete with bench and closet and the 2 car garage. The upper level has 4 bedrooms, hall bath and laundry room with LG washer and dryer. The master bedroom has it's own bath and large walk-in closet; there is a second closet for overflow. The basement has 2 egress windows and is ready for finish. Close to I-80 for easy commutes.

20. 2025-08-04
    price $390,000 818-char remark

    Show marketing remark (818 chars)

    Price Reduced!!! 4 BR 3 BA DR Horton resale. Upgrades include a newer Deck, Front Patio and Fenced Yard. All Appliances Stay! First in the home is a flex room that can be used as a formal dining or living room or as an office. The open family room, kitchen and dining area are open and airy with several large windows while the modern fireplace provides ambiance and warmth during the Winter months. The kitchen, with huge island and stainless steel appliances leads to a locker area complete with bench and closet and the 2 car garage. The upper level has 4 bedrooms, hall bath and laundry room with LG washer and dryer. The master bedroom has it's own bath and large walk-in closet; there is a second closet for overflow. The basement has 2 egress windows and is ready for finish. Close to I-80 for easy commutes.

21. 2025-07-23
    listed $380,000 Active 818-char remark

    Show marketing remark (818 chars)

    Price Reduced!!! 4 BR 3 BA DR Horton resale. Upgrades include a newer Deck, Front Patio and Fenced Yard. All Appliances Stay! First in the home is a flex room that can be used as a formal dining or living room or as an office. The open family room, kitchen and dining area are open and airy with several large windows while the modern fireplace provides ambiance and warmth during the Winter months. The kitchen, with huge island and stainless steel appliances leads to a locker area complete with bench and closet and the 2 car garage. The upper level has 4 bedrooms, hall bath and laundry room with LG washer and dryer. The master bedroom has it's own bath and large walk-in closet; there is a second closet for overflow. The basement has 2 egress windows and is ready for finish. Close to I-80 for easy commutes.

22. 2023-07-06
    soldstatus $351,990 Closed 1285-char remark

    Show marketing remark (1285 chars)

    D. R. Horton, America’s Builder, presents the Bellhaven. This beautiful open concept 2-story home has 4 large Bedrooms & 2.5 Bathrooms. Upon entering the Bellhaven you’ll find a spacious Study perfect for an office space. As you make your way through the Foyer, you’ll find a spacious and cozy Great Room complete with a fireplace. The Gourmet Kitchen with included Quartz countertops is perfect for entertaining with its Oversized Island overlooking the Dining and Living areas. Heading up to the second level, you’ll find the oversized Primary Bedroom featuring an ensuite bathroom and TWO large walk-in closets. The additional 3 Bedrooms, full Bathroom, and Laundry Room round out the rest of the upper level! All D. R. Horton Iowa homes include our America’s Smart Home™ Technology and comes with an industry-leading suite of smart home products. Video doorbell, garage door control, lighting, door lock, thermostat, and voice - all controlled through one convenient app! Also included are DEAKO® decorative plug-n-play light switches with smart switch capability. This home is currently under construction. Photos may be similar but not necessarily of subject property, including interior and exterior colors, finishes and appliances.

23. 2023-05-03
    status Pending 1285-char remark

    Show marketing remark (1285 chars)

    D. R. Horton, America’s Builder, presents the Bellhaven. This beautiful open concept 2-story home has 4 large Bedrooms & 2.5 Bathrooms. Upon entering the Bellhaven you’ll find a spacious Study perfect for an office space. As you make your way through the Foyer, you’ll find a spacious and cozy Great Room complete with a fireplace. The Gourmet Kitchen with included Quartz countertops is perfect for entertaining with its Oversized Island overlooking the Dining and Living areas. Heading up to the second level, you’ll find the oversized Primary Bedroom featuring an ensuite bathroom and TWO large walk-in closets. The additional 3 Bedrooms, full Bathroom, and Laundry Room round out the rest of the upper level! All D. R. Horton Iowa homes include our America’s Smart Home™ Technology and comes with an industry-leading suite of smart home products. Video doorbell, garage door control, lighting, door lock, thermostat, and voice - all controlled through one convenient app! Also included are DEAKO® decorative plug-n-play light switches with smart switch capability. This home is currently under construction. Photos may be similar but not necessarily of subject property, including interior and exterior colors, finishes and appliances.

24. 2023-03-08
    price $351,990 1285-char remark

    Show marketing remark (1285 chars)

    D. R. Horton, America’s Builder, presents the Bellhaven. This beautiful open concept 2-story home has 4 large Bedrooms & 2.5 Bathrooms. Upon entering the Bellhaven you’ll find a spacious Study perfect for an office space. As you make your way through the Foyer, you’ll find a spacious and cozy Great Room complete with a fireplace. The Gourmet Kitchen with included Quartz countertops is perfect for entertaining with its Oversized Island overlooking the Dining and Living areas. Heading up to the second level, you’ll find the oversized Primary Bedroom featuring an ensuite bathroom and TWO large walk-in closets. The additional 3 Bedrooms, full Bathroom, and Laundry Room round out the rest of the upper level! All D. R. Horton Iowa homes include our America’s Smart Home™ Technology and comes with an industry-leading suite of smart home products. Video doorbell, garage door control, lighting, door lock, thermostat, and voice - all controlled through one convenient app! Also included are DEAKO® decorative plug-n-play light switches with smart switch capability. This home is currently under construction. Photos may be similar but not necessarily of subject property, including interior and exterior colors, finishes and appliances.

25. 2023-02-28
    listed $349,990 Active 1285-char remark

    Show marketing remark (1285 chars)

    D. R. Horton, America’s Builder, presents the Bellhaven. This beautiful open concept 2-story home has 4 large Bedrooms & 2.5 Bathrooms. Upon entering the Bellhaven you’ll find a spacious Study perfect for an office space. As you make your way through the Foyer, you’ll find a spacious and cozy Great Room complete with a fireplace. The Gourmet Kitchen with included Quartz countertops is perfect for entertaining with its Oversized Island overlooking the Dining and Living areas. Heading up to the second level, you’ll find the oversized Primary Bedroom featuring an ensuite bathroom and TWO large walk-in closets. The additional 3 Bedrooms, full Bathroom, and Laundry Room round out the rest of the upper level! All D. R. Horton Iowa homes include our America’s Smart Home™ Technology and comes with an industry-leading suite of smart home products. Video doorbell, garage door control, lighting, door lock, thermostat, and voice - all controlled through one convenient app! Also included are DEAKO® decorative plug-n-play light switches with smart switch capability. This home is currently under construction. Photos may be similar but not necessarily of subject property, including interior and exterior colors, finishes and appliances.

ⓘ 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: $5,766 · $480/mo
• Projected year-2 tax: $5,766 · $480/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: $28,522
• − Mortgage interest: −$19,605
• − Property taxes: −$5,766
• − Insurance: −$1,750
• − Repairs & maintenance: −$2,282
• − Management: −$2,282
• − HOA: −$180
• − Depreciation: −$10,182
• Taxable loss: −$13,525
• Est. tax savings @ 24.0%: +$3,246
• After-tax cash flow: $-3,943/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

+0.0% since first listed

8 events — show timeline

• 2025-12-31 Price Changed $349,999 DMMLS
• 2025-10-22 Price Changed $365,000 DMMLS
• 2025-08-04 Price Changed $390,000 DMMLS
• 2025-07-23 Listed $380,000 DMMLS
• 2023-07-06 Sold (MLS) $351,990 DMMLS
• 2023-05-03 Pending — DMMLS
• 2023-03-08 Price Changed $351,990 DMMLS
• 2023-02-28 Listed $349,990 DMMLS

Property tax history

+456.8%/yr

Latest (2025): $5,766 · +144050.0% YoY. Source: county tax records.