3630 Pershing Ln · Waukee, IA 50263

$249,990

3 bd · 2.5 ba · 1,511 sqft · Other · 201 Days on market

Built 2025 Good condition 2,015 sqft lot $165/sqft · at area comps Est $246k · at est. $195/mo HOA · 9% of rent ↓ 3% 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 +10.4/30.0
• Schools +7.1/10.0
• ARV discount +6.8/15.0
• Livability +4.2/5.0
• 1% rule +4.1/10.0
• Condition / age +4.0/5.0
• DSCR +3.0/10.0
• Rent growth +3.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

* 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 area provide flexibility and convenience. All D. R. Horton homes include smart home features. Visit today and see why the Sydney is built for the way you live! Ask about builder incentives with preferred lender. Photos similar to.

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

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath other listed at $250k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-133 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $231k (7.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $227k (9.4% below list).
• Recommended offer: $220k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.7% 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 201 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $219,991 (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 201 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: 0.91% ✗
• Cap rate: 5.65%
• Cash-on-cash: -2.28%
• DSCR: 0.90
• GRM: 9.2

CMA / ARV

• ARV (median comp): $246,198
• List price: $249,990
• Delta: 1.54%
• 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: -21.5%
• Equity multiple: 0.26×
• Total profit: $-51,484
• Equity at exit: $37,274

10-year hold

• IRR: -18.4%
• Equity multiple: 0.06×
• Total profit: $-65,765
• Equity at exit: $21,615

Cash invested: $69,997 (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: 9.2×

Monthly cashflow live

• Estimated rent: $2,265 medium
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,750/yr
• Insurance: −$104
• HOA: −$195
• Vacancy / Maint / Mgmt: −$476
• Net cashflow: $-133

Break-even live

Break-even rent $2,434

Max offer price $230,746

Occupancy floor —

Sensitivity live

Price	-10% $40	-5% $-47	+0% $-133	+5% $-219	+10% $-306
Rent	-10% $-312	-5% $-222	+0% $-133	+5% $-44	+10% $46
Rate	-1.0pp $-7	-0.5pp $-69	base $-133	+0.5pp $-198	+1.0pp $-264

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: $62,498
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3681 Jasmine Ln Unit HOME1 Waukee, IA	3.0	2.5	1511	$2,545	$1.68	45d	1	0.08mi
3681 Jasmine Ln Unit HOME94 Waukee, IA	3.0	2.5	1418	$2,375	$1.67	45d	1	0.08mi
3681 Jasmine Ln Waukee, IA	3.0	2.5	1464	$2,235	$1.53	16d	13	0.08mi

HOA detail

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

Listing history 5 events

1. 2026-05-14
   status Pending 929-char remark

   Show marketing remark (929 chars)

   * 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 area provide flexibility and convenience. All D. R. Horton homes include smart home features. Visit today and see why the Sydney is built for the way you live! Ask about builder incentives with preferred lender. Photos similar to.

2. 2026-05-08
   price $252,990 929-char remark

   Show marketing remark (929 chars)

   * 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 area provide flexibility and convenience. All D. R. Horton homes include smart home features. Visit today and see why the Sydney is built for the way you live! Ask about builder incentives with preferred lender. Photos similar to.

3. 2026-04-27
   status Active 929-char remark

   Show marketing remark (929 chars)

   * 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 area provide flexibility and convenience. All D. R. Horton homes include smart home features. Visit today and see why the Sydney is built for the way you live! Ask about builder incentives with preferred lender. Photos similar to.

4. 2026-04-07
   price $254,990 929-char remark

   Show marketing remark (929 chars)

   * 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 area provide flexibility and convenience. All D. R. Horton homes include smart home features. Visit today and see why the Sydney is built for the way you live! Ask about builder incentives with preferred lender. Photos similar to.

5. 2025-10-21
   listed $259,990 Active 929-char remark

   Show marketing remark (929 chars)

   * 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 area provide flexibility and convenience. All D. R. Horton homes include smart home features. Visit today and see why the Sydney is built for the way you live! Ask about builder incentives with preferred lender. Photos similar to.

ⓘ 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: −$14,003
• − Property taxes: −$3,750
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,175
• − Management: −$2,175
• − HOA: −$2,340
• − Depreciation: −$7,272
• Taxable loss: −$5,781
• Est. tax savings @ 24.0%: +$1,387
• After-tax cash flow: $-209/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 None rehab

This move-in ready home features a well-maintained kitchen, bathrooms, and living spaces. It has a good condition score and minimal repairs needed, making it a solid investment opportunity.

Value-add opportunities

• Both Paint the exterior — Enhances curb appeal and resale value
• Both Replace the light fixtures — Improves aesthetics and energy efficiency
• Both Install smart home devices — Enhances convenience and marketability

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior — Enhances curb appeal and resale value ↑
• Both Replace the light fixtures — Improves aesthetics and energy efficiency ↑
• Both Install smart home devices — Enhances convenience and marketability ↑

ⓘ 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: 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

-2.7% since first listed

5 events — show timeline

• 2026-05-14 Pending — DMMLS
• 2026-05-08 Price Changed $252,990 DMMLS
• 2026-04-27 Relisted — 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.