3604 Pershing Ln · Waukee, IA 50263

$254,990

3 bd · 2.5 ba · 1,511 sqft · Other · 184 Days on market

Built 2025 2,015 sqft lot $195/mo HOA · 9% of rent ↓ 2% 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 +9.7/30.0
• ARV discount +7.5/15.0
• Schools +7.1/10.0
• Livability +4.2/5.0
• 1% rule +3.9/10.0
• Rent growth +3.0/5.0
• DSCR +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

* MOVE IN READY * Welcome to the Sydney, a two-story townhome in Painted Woods West Townhomes - offering 3 bedrooms, 2.5 bathrooms, and 1,511 sq. ft. of thoughtfully designed space with appliances included. Step through the foyer into a bright, open-concept main level that flows seamlessly from the kitchen to the dining and great room, complete with a cozy electric fireplace. The kitchen shines with white cabinetry, stainless steel appliances, and a large island perfect for cooking and entertaining. Upstairs, the primary suite features a walk-in closet and en-suite with dual vanities and a walk-in shower. Two additional bedrooms with large closets, a full bathroom, and an upstairs laundry

Key facts

• Easy access to i-80
• Great room
• Cozy fireplace

Tags

• EASY ACCESS TO I-80
• ALL APPLIANCES INCLUDED
• WINDOW BLINDS INCLUDED
• GREAT ROOM
• COZY FIREPLACE
• OVERSIZED PANTRY

Property features AI

Finance

• HOA & community: Homeowners association (Painted Woods West TH HOA) with monthly fee; Association managed by Edge Property Management; HOA covers grounds and structure maintenance, snow removal, and trash; Monthly association fee is $195

Exterior

• Parking: Attached two-car garage
• Utilities: Public water; Public sewer
• Home design: Two-story; New construction; Built by DR Horton; Home warranty included
• Construction: Vinyl siding; Asphalt shingle roof; Poured slab foundation
• Exterior features: Concrete road access

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove
• Bathrooms: One full bathroom; One three-quarter bathroom; One half bathroom
• Heating & cooling: Heat pump heating; Electric heating; Central air conditioning
• Interior features: Dining area; Eat-in kitchen; Electric fireplace
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath other listed at $255k.

Deal economics

• At list price, monthly cash flow is $-168 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $231k (9.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $227k (11.2% below list).
• Recommended offer: $224k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.5% 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 $8k 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 184 days — a 12% lower offer ($224k) is reasonable based on typical stale-listing flexibility.

Recommended offer $224,391 (12.0% 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 184 days. Have you received any prior offers? Is the seller open to a 12% 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: 0.89% ✗
• Cap rate: 5.50%
• Cash-on-cash: -2.82%
• DSCR: 0.87
• GRM: 9.4

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: -22.4%
• Equity multiple: 0.24×
• Total profit: $-54,495
• Equity at exit: $38,020

10-year hold

• IRR: -20.0%
• Equity multiple: 0.00×
• Total profit: $-71,221
• Equity at exit: $22,047

Cash invested: $71,397 (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: 9.4×

Monthly cashflow live

• Estimated rent: $2,265 medium
• Mortgage (P&I): −$1,337
• Tax est. 1.5%: −$319 /mo · $3,825/yr
• Insurance: −$106
• HOA: −$195
• Vacancy / Maint / Mgmt: −$476
• Net cashflow: $-168

Break-even live

Break-even rent $2,477

Max offer price $230,746

Occupancy floor —

Sensitivity live

Price	-10% $9	-5% $-79	+0% $-168	+5% $-256	+10% $-344
Rent	-10% $-347	-5% $-257	+0% $-168	+5% $-78	+10% $11
Rate	-1.0pp $-39	-0.5pp $-103	base $-168	+0.5pp $-234	+1.0pp $-301

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: $63,748
• Closing costs: $7,650
• 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	0.11mi
3681 Jasmine Ln Unit HOME1 Waukee, IA	3.0	2.5	1511	$2,545	$1.68	45d	1	0.11mi
3681 Jasmine Ln Unit HOME94 Waukee, IA	3.0	2.5	1418	$2,375	$1.67	45d	1	0.11mi

HOA detail

• Monthly dues: $195 · $2,340/yr
• Likely covers: electric

Listing history 2 events

1. 2026-06-05
   remarks 699-char remark
2. 2026-06-05
   listed $254,990 Pending 184 DOM

ⓘ 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: $27,184
• − Mortgage interest: −$14,283
• − Property taxes: −$3,825
• − Insurance: −$1,275
• − Repairs & maintenance: −$2,175
• − Management: −$2,175
• − HOA: −$2,340
• − Depreciation: −$7,418
• Taxable loss: −$6,306
• Est. tax savings @ 24.0%: +$1,514
• After-tax cash flow: $-497/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

-1.9% since first listed

3 events — show timeline

• 2026-06-04 Pending — DMMLS
• 2026-04-07 Price Changed $254,990 DMMLS
• 2025-10-21 Listed $259,990 DMMLS

Property tax history

+0.0%/yr

Latest (2025): $2 · +0.0% YoY. Source: county tax records.