1331 SE University Ave #112 · Waukee, IA 50263

$167,400

2 bd · 2.0 ba · 1,150 sqft · Condo public records · 53 Days on market

Built 2005 $146/sqft · 9% below area Est $183k · 9% under $300/mo HOA · 19% 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 +11.4/15.0
• Cash flow +7.2/30.0
• Schools +7.1/10.0
• 1% rule +4.3/10.0
• Livability +4.2/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• DSCR +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

All new carpet and fresh paint in the bedrooms and living room, give this first floor 2-bedroom condo a great option for anyone wanting a turn key place with great amenities, which includes a community swimming pool, club house and exercise center! This is one of the BEST ground units around, if you are hoping for easy accessibility to your garage space, and keeping an eye out for your guests! The interior hallway leads you to a very short distance thru a door into the attached garages! As if that’s not good enough, exit your sliding glass door to your cement patio (w/ additional outdoor storage closet) and you are just steps away outside to the side parking lot which is super convenient if you have a car parked there, or are greeting guests. (They could just walk into the grass a few steps and be on your patio to come inside rather than having to walk thru the building to the front). Quick access to shopping, restaurants, schools and everything that Waukee and neighboring West Des Moines has to offer! All appliances stay with the home, including the kitchen appliances and washer/dryer. and interstate access nearby to Grand Prairie Pkwy! Low HOA Fees! $300 month. Pool, clubhouse, gym, exterior maintenance.

Key facts

• $300 HOA
• Garage
• Pool

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $167k.

Deal economics

• At list price, monthly cash flow is $-232 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $126k (24.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $156k (6.6% below list).
• Recommended offer: $126k (24.5% below list) — sets the bar for cash-flow.
• Cap rate 4.6% 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: Eason Elementary School (math 85% / reading 79%, grade A+, #44 of 616 statewide, top 9%, 641 students, 31% FRL); South Middle School (math 78% / reading 77%, grade A+, #50 of 246 statewide, top 20%, 909 students, 26% FRL); Waukee High School (math 74% / reading 82%, grade A-, #53 of 336 statewide, top 16%, 1,268 students, 24% FRL) — zoned schools average 27% FRL vs 11% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.8%/yr); 891 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $1k of loan paydown is wiped out by about $5k 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 53 days — a 3% lower offer ($162k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 21y 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.
• Current owner paid $1k; list at $167k implies a 11647% gain — meaningful room to come down on a strong offer.

Recommended offer $126,462 (24.5% 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 53 days. Have you received any prior offers? Is the seller open to a 24% 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. 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 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: 0.93% ✗
• Cap rate: 4.63%
• Cash-on-cash: -5.93%
• DSCR: 0.74
• GRM: 8.9

CMA / ARV

• ARV (median comp): $183,337
• List price: $167,400
• Delta: -8.69%
• 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: -28.0%
• Equity multiple: 0.07×
• Total profit: $-43,507
• Equity at exit: $24,960

10-year hold

• IRR: -33.2%
• Equity multiple: -0.35×
• Total profit: $-63,374
• Equity at exit: $14,474

Cash invested: $46,872 (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: 8.9×

Monthly cashflow live

• Estimated rent: $1,564 high
• Mortgage (P&I): −$878
• Tax from tax record: −$220 /mo · $2,634/yr
• Insurance: −$70
• HOA: −$300
• Vacancy / Maint / Mgmt: −$328
• Net cashflow: $-232

Break-even live

Break-even rent $1,857

Max offer price $126,462

Occupancy floor —

Sensitivity live

Price	-10% $-137	-5% $-184	+0% $-232	+5% $-279	+10% $-327
Rent	-10% $-355	-5% $-294	+0% $-232	+5% $-170	+10% $-108
Rate	-1.0pp $-147	-0.5pp $-189	base $-232	+0.5pp $-275	+1.0pp $-319

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: $41,850
• Closing costs: $5,022
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1150 SE Olson Dr Waukee, IA	1.0–3.0	1.0–2.0	1076	$1,340	$1.25	16d	47	0.22mi
1422 SE Emerald Dr Waukee, IA	2.0–3.0	2.0–2.5	1312	$1,575	$1.20	23d	4	0.27mi
1276 SE Brownstone Way Waukee, IA	2.0	2.5	1254	$1,700	$1.36	45d	1	0.32mi
1284 SE Brownstone Way Waukee, IA	2.0	2.5	1254	$1,700	$1.36	25d	1	0.32mi
1400 SE Bishop Dr Waukee, IA	1.0–2.0	1.0–2.0	797	$1,358	$1.70	16d	10	0.34mi
260 SE Waco Pl Waukee, IA	3.0	2.0	1263	$1,795	$1.42	21d	1	0.61mi
266 SE Boulder Ct Waukee, IA	3.0	2.0	1263	$1,750	$1.39	45d	1	0.68mi
1320 SE Florence Dr Unit 16 Waukee, IA	2.0	2.0	995	$1,295	$1.30	25d	1	0.84mi
1340 SE Florence Dr Unit 31 Waukee, IA	2.0	2.0	995	$1,295	$1.30	45d	1	0.89mi
2295 SE Glacier Trl Waukee, IA	1.0–2.0	1.0–2.0	870	$1,550	$1.78	25d	1	0.90mi
1325 SE Centennial Pkwy Waukee, IA	2.0–3.0	2.0	1358	$1,950	$1.44	16d	9	1.00mi
1760 SE L.A. Grant Pkwy #35 Waukee, IA	2.0	2.0	1000	$1,300	$1.30	45d	1	1.09mi
1439 SE Superior Ln Waukee, IA	2.0	2.5	1201	$1,800	$1.50	25d	1	1.10mi
500 NE Horizon Dr Waukee, IA	3.0	1.0–2.0	1027	$1,352	$1.32	16d	24	1.28mi
2595 SE Encompass Dr Waukee, IA	1.0–2.0	1.0–2.0	699	$1,615	$2.31	16d	4	1.35mi
9068 Hayden Dr Waukee, IA	3.0	2.0	1461	$2,295	$1.57	16d	1	1.43mi
307 NE Sandalwood Waukee, IA	2.0	2.0	1108	$1,550	$1.40	45d	1	1.48mi

HOA detail condo

• Monthly dues: $300 · $3,600/yr
• Likely covers: exterior maint.poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-04-19
   price $167,400 1231-char remark

   Show marketing remark (1231 chars)

   All new carpet and fresh paint in the bedrooms and living room, give this first floor 2-bedroom condo a great option for anyone wanting a turn key place with great amenities, which includes a community swimming pool, club house and exercise center! This is one of the BEST ground units around, if you are hoping for easy accessibility to your garage space, and keeping an eye out for your guests! The interior hallway leads you to a very short distance thru a door into the attached garages! As if that’s not good enough, exit your sliding glass door to your cement patio (w/ additional outdoor storage closet) and you are just steps away outside to the side parking lot which is super convenient if you have a car parked there, or are greeting guests. (They could just walk into the grass a few steps and be on your patio to come inside rather than having to walk thru the building to the front). Quick access to shopping, restaurants, schools and everything that Waukee and neighboring West Des Moines has to offer! All appliances stay with the home, including the kitchen appliances and washer/dryer. and interstate access nearby to Grand Prairie Pkwy! Low HOA Fees! $300 month. Pool, clubhouse, gym, exterior maintenance.

2. 2026-04-02
   listed $168,900 Active 1231-char remark

   Show marketing remark (1231 chars)

   All new carpet and fresh paint in the bedrooms and living room, give this first floor 2-bedroom condo a great option for anyone wanting a turn key place with great amenities, which includes a community swimming pool, club house and exercise center! This is one of the BEST ground units around, if you are hoping for easy accessibility to your garage space, and keeping an eye out for your guests! The interior hallway leads you to a very short distance thru a door into the attached garages! As if that’s not good enough, exit your sliding glass door to your cement patio (w/ additional outdoor storage closet) and you are just steps away outside to the side parking lot which is super convenient if you have a car parked there, or are greeting guests. (They could just walk into the grass a few steps and be on your patio to come inside rather than having to walk thru the building to the front). Quick access to shopping, restaurants, schools and everything that Waukee and neighboring West Des Moines has to offer! All appliances stay with the home, including the kitchen appliances and washer/dryer. and interstate access nearby to Grand Prairie Pkwy! Low HOA Fees! $300 month. Pool, clubhouse, gym, exterior maintenance.

3. 2026-03-31
   historical
4. 2026-02-23
   price $169,900
5. 2026-01-10
   price $172,500
6. 2025-12-03
   listed $175,000 Active
7. 2025-04-09
   soldstatus $1,425 Closed
8. 2025-04-04
   price $178,000
9. 2025-02-08
   listed $180,000 Active
10. 2023-06-12
    soldstatus $175,000
11. 2023-06-09
    soldstatus $175,000 Closed
12. 2023-05-15
    status Pending
13. 2023-05-13
    listed $175,000 Active
14. 2011-05-20
    soldstatus $96,000
15. 2011-03-30
    listed $96,000
16. 2005-08-20
    listed $116,990

ⓘ 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: $2,634 · $220/mo
• Projected year-2 tax: $2,634 · $220/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 4/10 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: $18,765
• − Mortgage interest: −$9,377
• − Property taxes: −$2,634
• − Insurance: −$837
• − Repairs & maintenance: −$1,501
• − Management: −$1,501
• − HOA: −$3,600
• − Depreciation: −$4,870
• Taxable loss: −$5,555
• Est. tax savings @ 24.0%: +$1,333
• After-tax cash flow: $-1,448/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

+43.1% since first listed

16 events — show timeline

• 2026-04-19 Price Changed $167,400 DMMLS
• 2026-04-02 Listed $168,900 DMMLS
• 2026-03-31 Listing Removed — DMMLS
• 2026-02-23 Price Changed $169,900 DMMLS
• 2026-01-10 Price Changed $172,500 DMMLS
• 2025-12-03 Listed $175,000 DMMLS
• 2025-04-09 Sold (MLS) $1,425 DMMLS
• 2025-04-04 Price Changed $178,000 DMMLS
• 2025-02-08 Listed $180,000 DMMLS
• 2023-06-12 Sold (Public Records) $175,000 Public Records
• 2023-06-09 Sold (MLS) $175,000 DMMLS
• 2023-05-15 Pending — DMMLS
• 2023-05-13 Listed $175,000 DMMLS
• 2011-05-20 Sold (MLS) $96,000 DMMLS
• 2011-03-30 Listed $96,000 DMMLS
• 2005-08-20 Listed $116,990 DMMLS

Property tax history

+4.5%/yr

Latest (2025): $2,634 · +1.5% YoY. Source: county tax records.