1370 SW Magazine Rd #205 · Ankeny, IA 50023

$106,000

1 bd · 1.0 ba · 1,047 sqft · Condo · 58 Days on market

55+ age-restricted Built 2014 Good condition 1-car garage $101/sqft · 20% below area Est $133k · 20% under $1548/mo HOA · 120% of rent

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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).

• ARV discount +15.0/15.0
• Schools +7.8/10.0
• Cash flow +7.5/30.0
• 1% rule +6.1/10.0
• Livability +4.6/5.0
• Condition / age +4.0/5.0
• Rent growth +2.7/5.0
• DSCR +2.5/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Vintage Hills Cooperative, a 55+ community in Ankeny offering independence, convenience, and peace of mind in a more manageable setting. Ideally located next to Prairie Trail, this community is just across the street from restaurants, coffee shops, shopping, entertainment, and the movie theater. This home features one spacious bedroom, a flexible bonus room that could be used as an office, hobby room, or guest space, in-unit laundry, and a covered deck. The cooperative lifestyle allows residents to enjoy the comfort of their own home while many of the responsibilities of homeownership, such as exterior maintenance and shared community spaces, are handled by the cooperative.

Key facts

• Covered deck
• Underground parking
• Fitness center

Tags

• NEXT TO PRAIRIE TRAIL
• IN UNIT LAUNDRY
• COVERED DECK
• FITNESS CENTER
• GUEST SUITES
• UNDERGROUND PARKING

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $106k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-1k ($-15k/yr) — negative.
• Rent doesn't cover operating costs at any purchase price — skip.
• Meets the 1% rule at list price ($1k rent vs $106k).
• Recommended offer: $103k (3.0% below list) — sets the bar for market timing.
• Cap rate -8.0% vs local median 2.9% in Ankeny — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 92/100 on livability (#3 in IA, #29 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, employment A+, housing A+; Watch: commute C-.
• Ankeny Community School District (suburban): math 80% / reading 82% proficiency, ranked #15 of 289 in IA (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Parkview Middle School (math 76% / reading 83%, grade A+, #35 of 246 statewide, top 16%, 867 students, 23% FRL); Ankeny High School (math 77% / reading 84%, grade A, #30 of 336 statewide, top 9%, 1,347 students, 20% FRL).
• Market conditions: Rents flat; 671 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 41% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 2,953 units permitted in Polk County in 2024 (540 in 5+ unit buildings).
• This rent is only 13% of the median local income ($118k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $733 of loan paydown is wiped out by about $3k 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 58 days — a 3% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: HOA is 120% of rent.

Recommended offer $102,820 (3.0% 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 58 days. Have you received any prior offers? Is the seller open to a 3% 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. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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: 1.21% ✓
• Cap rate: -8.02%
• Cash-on-cash: -51.13%
• DSCR: -1.28
• GRM: 6.9

CMA / ARV

• ARV (median comp): $132,839
• List price: $106,000
• Delta: -20.20%
• Verdict: UNDERPRICED
• Comps: 11 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3035 SW Arlan Ln	1.27mi	2/2.0 (+1)	1,056 (+1%)	0mo	$179,500	$170	54
3007 SW Sharmin Ln	1.26mi	2/2.0 (+1)	1,056 (+1%)	3mo	$192,500	$182	52
1825 SW White Birch Cir #16	1.14mi	2/2.0 (+1)	1,014 (-3%)	3mo	$153,000	$151	48
1229 SW Franklin Ct	0.92mi	2/1.5 (+1)	936 (-11%)	1mo	$253,000	$270	40
3176 SW Arlan Ln	1.39mi	2/2.5 (+1)	1,152 (+10%)	1mo	$184,900	$161	36
210 SW Des Moines St	0.97mi	2/1.0 (+1)	912 (-13%)	4mo	$197,500	$217	36
2907 SW Prairie Trail Pkwy	1.22mi	2/2.5 (+1)	1,156 (+10%)	2mo	$251,850	$218	35
209 SE 4th St	1.30mi	2/1.0 (+1)	1,200 (+15%)	2mo	$265,000	$221	34
2911 SW Prairie Trail Pkwy	1.19mi	2/2.5 (+1)	1,156 (+10%)	4mo	$251,850	$218	34
216 SW Logan St	1.22mi	2/1.5 (+1)	1,224 (+17%)	2mo	$255,000	$208	31
2046 SW 35th St	1.41mi	2/2.0 (+1)	1,300 (+24%)	2mo	$267,000	$205	29
2156 SW 35th St	1.49mi	2/2.0 (+1)	1,300 (+24%)	3mo	$268,000	$206	28

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 · 0.75% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: -2.36×
• Total profit: $-99,601
• Equity at exit: $15,805

10-year hold

• IRR: —
• Equity multiple: -5.66×
• Total profit: $-197,673
• Equity at exit: $9,165

Cash invested: $29,680 (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 →

Active competition Active MLS

• For sale now: 1 active
• Median asking: $121,475 ($108/sqft)
• Median days on market: 150 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +17.8% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 50023

• Rents YoY: 0.8%
• Active inventory: 671
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,286 high
• Mortgage (P&I): −$556
• Tax est. 1.5%: −$132 /mo · $1,590/yr
• Insurance: −$44
• HOA: −$1,548
• Vacancy / Maint / Mgmt: −$270
• Net cashflow: $-1,265

Break-even live

Break-even rent $2,887

Max offer price —

Occupancy floor —

Sensitivity live

Price	-10% $-1,191	-5% $-1,228	+0% $-1,265	+5% $-1,301	+10% $-1,338
Rent	-10% $-1,366	-5% $-1,315	+0% $-1,265	+5% $-1,214	+10% $-1,163
Rate	-1.0pp $-1,211	-0.5pp $-1,238	base $-1,265	+0.5pp $-1,292	+1.0pp $-1,320

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: $26,500
• Closing costs: $3,180
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1630 SW Magazine Rd Ankeny, IA	1.0–2.0	1.0	769	$1,130	$1.47	16d	9	0.18mi
1206 SW Franklin Dr Ankeny, IA	1.0	1.0	940	$1,295	$1.38	72d	1	0.20mi
1380 SW District Dr Ankeny, IA	1.0–2.0	1.0–2.0	895	$1,300	$1.45	16d	9	0.20mi
1010 SW Magazine Rd Ankeny, IA	1.0–2.0	1.0–2.0	1080	$1,765	$1.63	63d	56	0.21mi
1370 SW Radcliffe Ln Ankeny, IA	2.0	2.0	1457	$2,126	$1.46	15d	10	0.27mi
1108 SW 11th St Ankeny, IA	1.0–2.0	1.0–2.0	1053	$1,368	$1.30	16d	19	0.29mi
1205 SW Merchant St Ankeny, IA	1.0–2.0	1.0–2.0	875	$1,250	$1.43	15d	11	0.36mi
1235 SW Merchant St Ankeny, IA	1.0	1.0	685	$1,275	$1.86	15d	12	0.39mi
1335 SW Merchant St Ankeny, IA	1.0	1.0	612	$1,182	$1.93	16d	6	0.41mi
1155 SW Prairie Trail Pkwy Ankeny, IA	1.0–2.0	1.0–2.0	790	$1,240	$1.57	15d	75	0.44mi
405 SW Elm St Ankeny, IA	2.0	1.0	850	$985	$1.16	63d	1	0.87mi
401 SW Elm St Ankeny, IA	2.0	1.0	850	$975	$1.15	16d	1	0.88mi
802 SW 3rd St Ankeny, IA	2.0	1.0	780	$1,300	$1.67	16d	1	0.97mi
2333 SW Plaza Pkwy Ankeny, IA	2.0	1.0–2.0	862	$1,330	$1.54	15d	15	1.00mi
1004 SE Belmont Dr Ankeny, IA	2.0	1.0	748	$982	$1.31	16d	5	1.02mi
1102 SE Belmont Dr Ankeny, IA	2.0	1.0	850	$995	$1.17	93d	1	1.04mi
1210 SW 28th St Ankeny, IA	1.0–3.0	1.0–3.0	1060	$1,200	$1.13	15d	1	1.09mi
602 SE Grant St Unit 06 Ankeny, IA	2.0	1.0	792	$825	$1.04	68d	1	1.12mi
602 SE Grant St Apt 3 Ankeny, IA	2.0	1.0	792	$825	$1.04	93d	1	1.12mi
905 SW 28th St Ankeny, IA	1.0–3.0	1.0–2.0	982	$1,076	$1.10	15d	16	1.14mi
215 NW Arlan Dr Ankeny, IA	2.0	1.0	775	$1,095	$1.41	16d	1	1.18mi
218 NW State St Unit 210-06 Ankeny, IA	2.0	1.0	800	$845	$1.06	70d	1	1.22mi
218 NW State St Unit 218-08 Ankeny, IA	2.0	1.0	800	$845	$1.06	16d	1	1.22mi
218 NW State St Unit 206-08 Ankeny, IA	2.0	1.0	800	$845	$1.06	93d	1	1.22mi
310 NW Chapel Dr Ankeny, IA	2.0	1.0	800	$950	$1.19	93d	1	1.26mi
3011 SW Sharmin Ln Ankeny, IA	2.0	2.0	1056	$1,440	$1.36	93d	1	1.27mi
3044 SW Sharmin Ln Ankeny, IA	2.0	2.0	1056	$1,475	$1.40	93d	1	1.30mi
3142 SW Sharmin Ln Ankeny, IA	2.0	2.0	1056	$1,400	$1.33	15d	1	1.39mi
3181 SW Sharmin Ln Ankeny, IA	2.0	2.0	1056	$1,495	$1.42	63d	1	1.40mi

Property features AI

Finance

• Other: Pets allowed with size limits and pet restrictions
• HOA & community: Homeowners association: Vintage Hills CooperativeMonthly association feeAssociation fee covers cable TV, insurance, internet, grounds maintenance, structure maintenance, recreation facilities, snow removal, security, taxes, and trashCommunity clubhouseOn-site fitness facilitiesSenior community

Exterior

• Parking: Attached 1-car garage
• Security: Smoke detector(s)
• Utilities: Public waterPublic sewer
• Home design: Planned unit development (PUD)
• Construction: Asphalt shingle roofPoured foundationResale property
• Exterior features: Covered deckDeckPond on lotConcrete road accessSmoke detector(s)

Interior

• Kitchen: DishwasherMicrowaveStoveRefrigerator
• Bedrooms: 1 main-level bedroom
• Flooring: CarpetTile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioningForced air heatingGas/Natural gas heating
• Interior features: Eat-in kitchenWindow treatmentsAccessible elevator installedGrab bars
• Laundry & utility: WasherDryerMain-level laundry

HOA detail $1,548/mo · $18,576/yr condo

• Likely covers: exterior maint.
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 48 events

1. 2026-08-08
   days on market $106,000 Active 58 DOM
2. 2026-08-07
   days on market $106,000 Active 57 DOM
3. 2026-08-06
   days on market $106,000 Active 56 DOM
4. 2026-08-05
   days on market $106,000 Active 55 DOM
5. 2026-08-04
   days on market $106,000 Active 54 DOM
6. 2026-08-03
   days on market $106,000 Active 53 DOM
7. 2026-07-31
   days on market $106,000 Active 50 DOM
8. 2026-07-30
   days on market $106,000 Active 49 DOM
9. 2026-07-29
   days on market $106,000 Active 48 DOM
10. 2026-07-27
    days on market $106,000 Active 46 DOM
11. 2026-07-25
    days on market $106,000 Active 44 DOM
12. 2026-07-24
    days on market $106,000 Active 43 DOM
13. 2026-07-23
    days on market $106,000 Active 42 DOM
14. 2026-07-22
    days on market $106,000 Active 41 DOM
15. 2026-07-21
    days on market $106,000 Active 40 DOM
16. 2026-07-18
    days on market $106,000 Active 37 DOM
17. 2026-07-16
    days on market $106,000 Active 35 DOM
18. 2026-07-16
    days on market $106,000 Active 34 DOM
19. 2026-07-14
    days on market $106,000 Active 33 DOM
20. 2026-07-13
    days on market $106,000 Active 32 DOM
21. 2026-07-12
    days on market $106,000 Active 31 DOM
22. 2026-07-11
    days on market $106,000 Active 30 DOM
23. 2026-07-10
    days on market $106,000 Active 29 DOM
24. 2026-07-09
    days on market $106,000 Active 28 DOM
25. 2026-07-07
    days on market $106,000 Active 26 DOM
26. 2026-07-06
    days on market $106,000 Active 25 DOM
27. 2026-07-05
    days on market $106,000 Active 24 DOM
28. 2026-07-04
    days on market $106,000 Active 23 DOM
29. 2026-07-03
    days on market $106,000 Active 22 DOM
30. 2026-07-02
    days on market $106,000 Active 21 DOM
31. 2026-07-01
    days on market $106,000 Active 20 DOM
32. 2026-06-30
    days on market $106,000 Active 19 DOM
33. 2026-06-29
    days on market $106,000 Active 18 DOM
34. 2026-06-28
    days on market $106,000 Active 17 DOM
35. 2026-06-28
    days on market $106,000 Active 16 DOM
36. 2026-06-27
    days on market $106,000 Active 15 DOM
37. 2026-06-25
    days on market $106,000 Active 13 DOM
38. 2026-06-23
    days on market $106,000 Active 11 DOM
39. 2026-06-21
    days on market $106,000 Active 10 DOM
40. 2026-06-18
    days on market $106,000 Active 7 DOM
41. 2026-06-17
    days on market $106,000 Active 6 DOM
42. 2026-06-16
    days on market $106,000 Active 5 DOM
43. 2026-06-15
    days on market $106,000 Active 4 DOM
44. 2026-06-14
    days on market $106,000 Active 2 DOM
45. 2026-06-13
    days on marketlisting id $106,000 Active 1 DOM
46. 2026-04-03
    listed $106,000 Active 1314-char remark
47. 2022-09-14
    historical
48. 2022-07-15
    listed $104,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥104°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: $15,431
• − Mortgage interest: −$5,938
• − Property taxes: −$1,590
• − Insurance: −$530
• − Repairs & maintenance: −$1,234
• − Management: −$1,234
• − HOA: −$18,576
• − Depreciation: −$3,084
• Taxable loss: −$16,755
• Est. tax savings @ 24.0%: +$4,021
• After-tax cash flow: $-11,155/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 Est. rehab $5,235–$15,705 screening

This condo is in good condition with upgrades and a well-maintained exterior. Painting, new carpet, and landscaping would significantly enhance its value.

Value-add opportunities

• Both Painting — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both New carpet — New carpet improves comfort and adds value ↑
• Both Landscaping — Well-maintained landscaping enhances curb appeal and property value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

B Composite school gradezoned avg 78/100

Zoned Schools

Elementary Heritage Elementary A IA #177/616 Nat'l #2,730/41,679 Middle Parkview Middle School A+ IA #35/246 Nat'l #292/14,009 High Ankeny High School A IA #30/336 Nat'l #1,058/17,239

Schools (NCES district)

• District: Ankeny Community School District
• NCES district ID: 1903690
• Math proficiency: 80% ▼ -5.00%
• Reading proficiency: 82% ▬ 0.00%
• Median HH income: $75,384
• Composite: 70.91/100
• National rank: #246
• State rank: #15 of 289 in IA

A Composite livability gradescore 92/100

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 · 548,042 people
• City population: 76,589
• Metro: Des Moines-West Des Moines, IA
• Population (ZIP): 46,306
• Household income: $117,826
• Rent vs Own: 28.5% rent · 71.5% own
• Severe rent burden: 7% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 4% Asian 3% Hispanic / Latino 3% Black 1%
• Common ancestry: Portuguese 6% Iranian 3% Slovak 2%
• Foreign-born: 4% · Canada, South Korea, Vietnam
• Languages at home: 93% English-only · Spanish 2% Other Asian/Pacific 2% Russian/Polish/Slavic 1%

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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: ▼ -135.67%
• Current HPI: 215.1034
• Rent YoY: ▲ 0.75%
• Metro: Des Moines-West Des Moines, IA
• State GDP YoY: ▲ 2.48%
• F500 in state: 4

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Industry mix (Fortune 500 HQ in IA)

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

Property features AI

Finance

• Other: Pets allowed with size limits and pet restrictions
• HOA & community: Homeowners association: Vintage Hills CooperativeMonthly association feeAssociation fee covers cable TV, insurance, internet, grounds maintenance, structure maintenance, recreation facilities, snow removal, security, taxes, and trashCommunity clubhouseOn-site fitness facilitiesSenior community

Exterior

• Parking: Attached 1-car garage
• Security: Smoke detector(s)
• Utilities: Public waterPublic sewer
• Home design: Planned unit development (PUD)
• Construction: Asphalt shingle roofPoured foundationResale property
• Exterior features: Covered deckDeckPond on lotConcrete road accessSmoke detector(s)

Interior

• Kitchen: DishwasherMicrowaveStoveRefrigerator
• Bedrooms: 1 main-level bedroom
• Flooring: CarpetTile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioningForced air heatingGas/Natural gas heating
• Interior features: Eat-in kitchenWindow treatmentsAccessible elevator installedGrab bars
• Laundry & utility: WasherDryerMain-level laundry

Price history

+1.0% since first listed

5 events — show timeline

• 2026-06-11 Listed $106,000 DMMLS
• 2026-05-27 Listing Removed — DMMLS
• 2026-04-03 Listed $106,000 DMMLS
• 2022-09-14 Listing Removed — DMMLS
• 2022-07-15 Listed $104,900 DMMLS