423 Spring Crest Ln · Waukee, IA 50263

$241,000

2 bd · 2.5 ba · 1,445 sqft · Other public records · 59 Days on market

Built 2020 1,742 sqft lot $167/sqft · 32% below area Est $354k · 32% under $234/mo HOA · 14% 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
• Schools +7.1/10.0
• Cash flow +5.1/30.0
• Livability +4.2/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Location is key in this beautiful townome! Waukee schools, bike and walking trail, parks, old Waukee shopping including the Waukee Ice Cream Shoppe. This quiet 2 bed, 3 bath home is surrounded by trees for privacy. Open floor plan with lofted ceilings, a open staircase to the upper level . Welcoming inside is a huge living area and a large kitchen with eat at counter gives you so much space for entertaining or family living. Main floor laundry and a half bath. Upper 2 bedrooms are a great size with 2 more baths. Seller has updated many things in this property. LVP on entire main floor, new diswasher, custom blinds and added insulation in the garage. Unfinished full basement could be another bedroom/bath/family roon. HOA includes lawncare and snow removal and exterior of the home. All information obtained from seller and public record.

Key facts

• Eat at counter
• Main floor laundry
• Large kitchen

Tags

• BIKE AND WALKING TRAIL
• SURROUNDED BY TREES
• HUGE LIVING AREA
• LARGE KITCHEN
• EAT AT COUNTER
• MAIN FLOOR LAUNDRY

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath other listed at $241k.

Deal economics

• At list price, monthly cash flow is $-562 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $142k (41.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $171k (28.9% below list).
• Recommended offer: $142k (41.2% below list) — sets the bar for cash-flow.

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); 886 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 $2k of loan paydown is wiped out by about $7k 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 59 days — a 3% lower offer ($234k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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.

Recommended offer $141,697 (41.2% 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 59 days. Have you received any prior offers? Is the seller open to a 41% 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. 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 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: 0.71% ✗
• Cap rate: 3.49%
• Cash-on-cash: -10.00%
• DSCR: 0.56
• GRM: 11.7

CMA / ARV

• ARV (median comp): $354,429
• List price: $241,000
• Delta: -32.00%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -35.7%
• Equity multiple: -0.14×
• Total profit: $-76,686
• Equity at exit: $35,934

10-year hold

• IRR: -58.1%
• Equity multiple: -0.78×
• Total profit: $-120,207
• Equity at exit: $20,837

Cash invested: $67,480 (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: 886
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $1,714 high
• Mortgage (P&I): −$1,264
• Tax from tax record: −$318 /mo · $3,814/yr
• Insurance: −$100
• HOA: −$234
• Vacancy / Maint / Mgmt: −$360
• Net cashflow: $-562

Break-even live

Break-even rent $2,425

Max offer price $141,697

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: $60,250
• Closing costs: $7,230
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1008 Maple St Waukee, IA	2.0	2.5	1524	$1,875	$1.23	14d	1	0.09mi
200 NW 2nd St Waukee, IA	2.0	1.0–2.0	746	$1,720	$2.31	14d	4	0.62mi
940 10th St Waukee, IA	1.0–3.0	1.0–2.5	962	$1,435	$1.49	14d	79	0.66mi
191 NW Lexington Dr Waukee, IA	1.0–2.0	1.0–2.0	911	$2,845	$3.12	14d	8	0.72mi
350 NW 6th St Waukee, IA	1.0–3.0	1.0–3.5	1163	$1,854	$1.59	14d	20	0.74mi
1036 NW Richmond Rd Waukee, IA	3.0	2.5	1450	$1,750	$1.21	23d	1	0.83mi
175 NW Common Pl Waukee, IA	1.0–3.0	1.0–2.5	929	$1,407	$1.51	14d	10	0.90mi
395 NW Blackberry St Waukee, IA	2.0	2.0	1349	$1,989	$1.47	14d	3	0.91mi
705 NW 2nd St Waukee, IA	3.0	1.0–2.0	793	$1,363	$1.72	14d	9	1.22mi
324 NE Sandalwood Waukee, IA	2.0	2.0	1108	$1,400	$1.26	23d	1	1.41mi
307 NE Sandalwood Waukee, IA	2.0	2.0	1108	$1,550	$1.40	44d	1	1.42mi
293 NE Basswood Waukee, IA	2.0	2.0	1120	$1,345	$1.20	23d	1	1.46mi
386 NE Satinwood Waukee, IA	2.0	2.0	1056	$1,395	$1.32	44d	1	1.49mi

HOA detail

• Monthly dues: $234 · $2,808/yr
• Likely covers: snow removal

Listing history 20 events

1. 2026-06-18
   days on market $241,000 Active 59 DOM
2. 2026-06-17
   days on market $241,000 Active 58 DOM
3. 2026-06-16
   days on market $241,000 Active 57 DOM
4. 2026-06-15
   days on market $241,000 Active 56 DOM
5. 2026-06-14
   days on market $241,000 Active 54 DOM
6. 2026-06-13
   days on market $241,000 Active 53 DOM
7. 2026-06-10
   days on market $241,000 Active 51 DOM
8. 2026-06-09
   days on market $241,000 Active 50 DOM
9. 2026-06-08
   days on market $241,000 Active 49 DOM
10. 2026-06-07
    days on market $241,000 Active 48 DOM
11. 2026-06-05
    days on market $241,000 Active 45 DOM
12. 2026-06-03
    days on market $241,000 Active 44 DOM
13. 2026-06-02
    days on market $241,000 Active 43 DOM
14. 2026-06-01
    pricedays on market $241,000 Active 42 DOM
15. 2026-05-31
    days on market $243,900 Active 41 DOM
16. 2026-05-31
    days on market $243,900 Active 40 DOM
17. 2026-04-20
    listed $243,900 Active 849-char remark

    Show marketing remark (849 chars)

    Location is key in this beautiful townome! Waukee schools, bike and walking trail, parks, old Waukee shopping including the Waukee Ice Cream Shoppe. This quiet 2 bed, 3 bath home is surrounded by trees for privacy. Open floor plan with lofted ceilings, a open staircase to the upper level . Welcoming inside is a huge living area and a large kitchen with eat at counter gives you so much space for entertaining or family living. Main floor laundry and a half bath. Upper 2 bedrooms are a great size with 2 more baths. Seller has updated many things in this property. LVP on entire main floor, new diswasher, custom blinds and added insulation in the garage. Unfinished full basement could be another bedroom/bath/family roon. HOA includes lawncare and snow removal and exterior of the home. All information obtained from seller and public record.

18. 2020-10-02
    soldstatus $211,100 Closed 1038-char remark

    Show marketing remark (1038 chars)

    Freshly-built designer townhome in Waukee’s newest Development! This beautiful townhome is centered in up-and-coming Waukee within a short distance to restaurants, entertainment, & outdoor activities. 2 bedroom, 2 1/2 bath townhome ready Summer 2020. Modern details feature honed countertops, white marble backsplash, designer lighting, HardiePlank siding & real stone on the exterior. Spacious dining, living room area & laundry on the main level. The 2nd level features a large master bedroom w/ walk-in closet, private master bath, 1 additional bedroom, & full guest bath. Adding to the appeal of this townhome is its full basement, which can be finished by the builder as an upgrade! (not included in current price, contact us for details. ) Super low HOA dues are just $95/mo. Enjoy the ease of townhome living with lawn care, snow removal, irrigation, & exterior maintenance! Quality new construction shines through with top notch products & meticulous craftsmanship! Call for your tour today!

19. 2020-06-17
    status Pending 1038-char remark

    Show marketing remark (1038 chars)

    Freshly-built designer townhome in Waukee’s newest Development! This beautiful townhome is centered in up-and-coming Waukee within a short distance to restaurants, entertainment, & outdoor activities. 2 bedroom, 2 1/2 bath townhome ready Summer 2020. Modern details feature honed countertops, white marble backsplash, designer lighting, HardiePlank siding & real stone on the exterior. Spacious dining, living room area & laundry on the main level. The 2nd level features a large master bedroom w/ walk-in closet, private master bath, 1 additional bedroom, & full guest bath. Adding to the appeal of this townhome is its full basement, which can be finished by the builder as an upgrade! (not included in current price, contact us for details. ) Super low HOA dues are just $95/mo. Enjoy the ease of townhome living with lawn care, snow removal, irrigation, & exterior maintenance! Quality new construction shines through with top notch products & meticulous craftsmanship! Call for your tour today!

20. 2020-03-02
    listed $209,900 Active 1038-char remark

    Show marketing remark (1038 chars)

    Freshly-built designer townhome in Waukee’s newest Development! This beautiful townhome is centered in up-and-coming Waukee within a short distance to restaurants, entertainment, & outdoor activities. 2 bedroom, 2 1/2 bath townhome ready Summer 2020. Modern details feature honed countertops, white marble backsplash, designer lighting, HardiePlank siding & real stone on the exterior. Spacious dining, living room area & laundry on the main level. The 2nd level features a large master bedroom w/ walk-in closet, private master bath, 1 additional bedroom, & full guest bath. Adding to the appeal of this townhome is its full basement, which can be finished by the builder as an upgrade! (not included in current price, contact us for details. ) Super low HOA dues are just $95/mo. Enjoy the ease of townhome living with lawn care, snow removal, irrigation, & exterior maintenance! Quality new construction shines through with top notch products & meticulous craftsmanship! Call for your tour today!

ⓘ 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: $3,814 · $318/mo
• Projected year-2 tax: $3,814 · $318/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 ≥102°F today · 16 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: $20,566
• − Mortgage interest: −$13,500
• − Property taxes: −$3,814
• − Insurance: −$1,205
• − Repairs & maintenance: −$1,645
• − Management: −$1,645
• − HOA: −$2,808
• − Depreciation: −$7,011
• Taxable loss: −$11,062
• Est. tax savings @ 24.0%: +$2,655
• After-tax cash flow: $-4,091/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

+16.2% since first listed

4 events — show timeline

• 2026-04-20 Listed $243,900 DMMLS
• 2020-10-02 Sold (MLS) $211,100 DMMLS
• 2020-06-17 Pending — DMMLS
• 2020-03-02 Listed $209,900 DMMLS

Property tax history

+213.7%/yr

Latest (2025): $3,814 · +1.8% YoY. Source: county tax records.