1370 SW Magazine Rd #205 · Ankeny, IA 50023

$106,000

1 bd · 1.0 ba · 1,047 sqft · Condo · 7 Days on market

Built 2014 Good condition $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 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 +15.0/15.0
• 1% rule +7.2/10.0
• Schools +7.1/10.0
• Livability +4.6/5.0
• Condition / age +4.0/5.0
• Rent growth +2.7/5.0
• Cash flow +0.0/30.0
• DSCR +0.0/10.0
• 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. Vinta

Key facts

• Covered deck
• Underground parking
• Fitness center

Tags

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

Property features AI

Finance

• Other: Pets allowed with size limits and pet restrictions
• HOA & community: Homeowners association: Vintage Hills Cooperative; Monthly association fee; Association fee covers cable TV, insurance, internet, grounds maintenance, structure maintenance, recreation facilities, snow removal, security, taxes, and trash; Community clubhouse; On-site fitness facilities; Senior community

Exterior

• Parking: Attached 1-car garage
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: Planned unit development (PUD)
• Construction: Asphalt shingle roof; Poured foundation; Resale property
• Exterior features: Covered deck; Deck; Pond on lot; Concrete road access; Smoke detector(s)

Interior

• Kitchen: Dishwasher; Microwave; Stove; Refrigerator
• Bedrooms: 1 main-level bedroom
• Flooring: Carpet; Tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating; Gas/Natural gas heating
• Interior features: Eat-in kitchen; Window treatments; Accessible elevator installed; Grab bars
• Laundry & utility: Washer; Dryer; Main-level laundry

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).
• 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: schools A+, amenities A+, employment 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.
• Market conditions: Rents flat; 491 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 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

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 $129,327

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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 1.22% ✓
• Cap rate: -7.96%
• Cash-on-cash: -50.90%
• DSCR: -1.26
• GRM: 6.8

CMA / ARV

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

Projected returns pro-forma

-3.0% appreciation · 0.75% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: -2.34×
• Total profit: $-99,247
• Equity at exit: $15,805

10-year hold

• IRR: —
• Equity multiple: -5.64×
• Total profit: $-196,952
• 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 →

ZIP-level market 50023

• Rents YoY: 0.8%
• Active inventory: 491
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,293 high
• Mortgage (P&I): −$556
• Tax est. 1.5%: −$132 /mo · $1,590/yr
• Insurance: −$44
• HOA: −$1,548
• Vacancy / Maint / Mgmt: −$272
• Net cashflow: $-1,259

Break-even live

Break-even rent $2,887

Max offer price —

Occupancy floor —

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
• Reserves months: —
• Total cash needed: —

Rent comps 22 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	14d	10	0.18mi
1206 SW Franklin Dr Ankeny, IA	1.0	1.0	940	$1,295	$1.38	23d	1	0.20mi
1010 SW Magazine Rd Ankeny, IA	1.0–2.0	1.0–2.0	1080	$1,765	$1.63	14d	56	0.21mi
1115 SW 11th St Ankeny, IA	1.0	1.0	940	$1,295	$1.38	19d	1	0.24mi
1370 SW Radcliffe Ln Ankeny, IA	2.0	2.0	1457	$2,027	$1.39	14d	11	0.27mi
1108 SW 11th St Ankeny, IA	1.0–2.0	1.0–2.0	1003	$1,279	$1.28	14d	10	0.29mi
1205 SW Merchant St Ankeny, IA	1.0–2.0	1.0–2.0	874	$1,250	$1.43	14d	11	0.36mi
1235 SW Merchant St Ankeny, IA	1.0	1.0	680	$1,275	$1.87	14d	11	0.39mi
1155 SW Prairie Trail Pkwy Ankeny, IA	1.0–2.0	1.0–2.0	837	$1,200	$1.43	14d	69	0.44mi
405 SW Elm St Ankeny, IA	2.0	1.0	850	$985	$1.16	14d	1	0.87mi
2333 SW Plaza Pkwy Ankeny, IA	2.0	1.0–2.0	886	$1,400	$1.58	14d	16	1.00mi
1102 SE Belmont Dr Ankeny, IA	2.0	1.0	850	$995	$1.17	43d	1	1.04mi
1210 SW 28th St Ankeny, IA	1.0–3.0	1.0–3.0	962	$730	$0.76	14d	20	1.09mi
602 SE Grant St Unit 06 Ankeny, IA	2.0	1.0	792	$825	$1.04	19d	1	1.12mi
602 SE Grant St Apt 3 Ankeny, IA	2.0	1.0	792	$825	$1.04	43d	1	1.12mi
905 SW 28th St Ankeny, IA	1.0–3.0	1.0–2.0	988	$1,320	$1.34	14d	13	1.14mi
218 NW State St Unit 210-06 Ankeny, IA	2.0	1.0	800	$845	$1.06	21d	1	1.22mi
218 NW State St Unit 206-08 Ankeny, IA	2.0	1.0	800	$845	$1.06	43d	1	1.22mi
310 NW Chapel Dr Ankeny, IA	2.0	1.0	800	$950	$1.19	43d	1	1.26mi
3011 SW Sharmin Ln Ankeny, IA	2.0	2.0	1056	$1,440	$1.36	43d	1	1.27mi
3044 SW Sharmin Ln Ankeny, IA	2.0	2.0	1056	$1,475	$1.40	43d	1	1.30mi
3181 SW Sharmin Ln Ankeny, IA	2.0	2.0	1056	$1,495	$1.42	14d	1	1.40mi

HOA detail condo

• Monthly dues: $1,548 · $18,576/yr
• Likely covers: exterior maint.
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 9 events

1. 2026-06-18
   days on market $106,000 Active 7 DOM
2. 2026-06-17
   days on market $106,000 Active 6 DOM
3. 2026-06-16
   days on market $106,000 Active 5 DOM
4. 2026-06-15
   days on market $106,000 Active 4 DOM
5. 2026-06-14
   days on market $106,000 Active 2 DOM
6. 2026-06-13
   days on marketlisting id $106,000 Active 1 DOM
7. 2026-04-03
   listed $106,000 Active 1314-char remark
8. 2022-09-14
   historical
9. 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: $15,519
• − Mortgage interest: −$5,938
• − Property taxes: −$1,590
• − Insurance: −$530
• − Repairs & maintenance: −$1,242
• − Management: −$1,242
• − HOA: −$18,576
• − Depreciation: −$3,084
• Taxable loss: −$16,681
• Est. tax savings @ 24.0%: +$4,003
• After-tax cash flow: $-11,103/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 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

Renovation cost estimate screening

Value-add ROI direction

• 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 ↑

ⓘ 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: 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

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 · 453,298 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: 617.0

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%

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%

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

Industry mix (Fortune 500 HQ in IA)

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

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