1329 SE University Ave #106 · Waukee, IA 50263

$167,500

2 bd · 2.0 ba · 1,162 sqft · Condo public records · 40 Days on market

Built 2005 $144/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 +7.5/30.0
• 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 +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

APPROVED for FHA FINANCING! Country Club style amenities at affordable prices is a perfect combination for the 1st time homebuyer. Get in before the $8000 tax credit expires! The Williams Pointe Condo Community provides its owners country club style luxuries such as a swimming pool, tanning deck, 24-hour fitness center, a large party room, and secured building access. With maintenance free living you spend your time the way you'd like to without being tied to lawns and maintenance. We offer a variety of spacious 2 & 3 BR floor plans that are selling quickly. Each home includes either tall or vaulted ceilings, 2 bathrooms, walk-in closet in MBR, a deck or patio, all appliances including washer & dryer, all window blinds, gas fireplace, a 1-car ATTACHED garage and a fully secured building. Don't miss an opportunity to purchase one of the few remaining FHA approved condominiums in Waukee!

Key facts

• Functional kitchen
• Fitness center
• Clubhouse

Tags

• GROUND-FLOOR CONDO
• PRIVATE PATIO
• FUNCTIONAL KITCHEN
• BUILDING AMENITIES
• FITNESS CENTER
• CLUBHOUSE

Property features AI

Finance

• HOA & community: Homeowners association with a $300 monthly fee; HOA covers grounds and structure maintenance and snow removal; Community amenities include clubhouse, community pool, and fitness center

Exterior

• Parking: Attached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Vinyl siding construction; Zoned R
• Construction: Vinyl siding
• Exterior features: Covered patio; Patio

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove
• Bedrooms: 2 main-level bedrooms
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (gas); Central air conditioning
• Interior features: Dining area; Carpet and vinyl flooring; One fireplace
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $168k.

Deal economics

• At list price, monthly cash flow is $-209 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $131k (22.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $155k (7.5% below list).
• Recommended offer: $131k (22.1% below list) — sets the bar for cash-flow.
• Cap rate 4.8% 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; 20 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 40 days — a 3% lower offer ($162k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 17y 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 $92k; list at $168k implies a 82% gain — meaningful room to come down on a strong offer.

Recommended offer $130,539 (22.1% 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 40 days. Have you received any prior offers? Is the seller open to a 22% 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: 4.79%
• Cash-on-cash: -5.35%
• DSCR: 0.76
• GRM: 9.0

CMA / ARV

• ARV (median comp): $183,305
• List price: $167,500
• Delta: -8.62%
• 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: -27.0%
• Equity multiple: 0.10×
• Total profit: $-42,094
• Equity at exit: $24,975

10-year hold

• IRR: -30.2%
• Equity multiple: -0.29×
• Total profit: $-60,319
• Equity at exit: $14,482

Cash invested: $46,900 (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: 9.0×

Monthly cashflow live

• Estimated rent: $1,550 high
• Mortgage (P&I): −$878
• Tax from tax record: −$186 /mo · $2,228/yr
• Insurance: −$70
• HOA: −$300
• Vacancy / Maint / Mgmt: −$326
• Net cashflow: $-209

Break-even live

Break-even rent $1,815

Max offer price $130,539

Occupancy floor —

Sensitivity live

Price	-10% $-114	-5% $-162	+0% $-209	+5% $-257	+10% $-304
Rent	-10% $-332	-5% $-270	+0% $-209	+5% $-148	+10% $-87
Rate	-1.0pp $-125	-0.5pp $-167	base $-209	+0.5pp $-253	+1.0pp $-297

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: $41,875
• Closing costs: $5,025
• Reserves months: —
• Total cash needed: —

Rent comps 20 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	0.20mi
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	0.33mi
1284 SE Brownstone Way Waukee, IA	2.0	2.5	1254	$1,700	$1.36	25d	1	0.33mi
1400 SE Bishop Dr Waukee, IA	1.0–2.0	1.0–2.0	797	$1,358	$1.70	16d	10	0.36mi
260 SE Waco Pl Waukee, IA	3.0	2.0	1263	$1,795	$1.42	21d	1	0.62mi
266 SE Boulder Ct Waukee, IA	3.0	2.0	1263	$1,750	$1.39	45d	1	0.70mi
1320 SE Florence Dr Unit 16 Waukee, IA	2.0	2.0	995	$1,295	$1.30	25d	1	0.79mi
1340 SE Florence Dr Unit 31 Waukee, IA	2.0	2.0	995	$1,295	$1.30	45d	1	0.84mi
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	0.95mi
1760 SE L.A. Grant Pkwy #35 Waukee, IA	2.0	2.0	1000	$1,300	$1.30	45d	1	1.05mi
1439 SE Superior Ln Waukee, IA	2.0	2.5	1201	$1,800	$1.50	25d	1	1.11mi
500 NE Horizon Dr Waukee, IA	3.0	1.0–2.0	1027	$1,352	$1.32	16d	24	1.26mi
2595 SE Encompass Dr Waukee, IA	1.0–2.0	1.0–2.0	699	$1,615	$2.31	16d	4	1.33mi
307 NE Sandalwood Waukee, IA	2.0	2.0	1108	$1,550	$1.40	45d	1	1.44mi
9068 Hayden Dr Waukee, IA	3.0	2.0	1461	$2,295	$1.57	16d	1	1.46mi
293 NE Basswood Waukee, IA	2.0	2.0	1120	$1,345	$1.20	25d	1	1.48mi
324 NE Sandalwood Waukee, IA	2.0	2.0	1108	$1,400	$1.26	25d	1	1.48mi
386 NE Satinwood Waukee, IA	2.0	2.0	1056	$1,395	$1.32	45d	1	1.50mi

HOA detail condo

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

Listing history 22 events

1. 2026-06-21
   days on market $167,500 Active 40 DOM
2. 2026-06-18
   days on market $167,500 Active 37 DOM
3. 2026-06-17
   days on market $167,500 Active 36 DOM
4. 2026-06-16
   days on market $167,500 Active 35 DOM
5. 2026-06-15
   price $167,500 Active 34 DOM
6. 2026-06-15
   days on market $169,900 Active 34 DOM
7. 2026-06-14
   days on market $169,900 Active 32 DOM
8. 2026-06-13
   days on market $169,900 Active 31 DOM
9. 2026-06-10
   days on market $169,900 Active 29 DOM
10. 2026-06-09
    days on market $169,900 Active 28 DOM
11. 2026-06-08
    days on market $169,900 Active 27 DOM
12. 2026-06-07
    days on market $169,900 Active 26 DOM
13. 2026-06-05
    days on market $169,900 Active 23 DOM
14. 2026-06-03
    days on market $169,900 Active 22 DOM
15. 2026-06-03
    price $169,900 Active 21 DOM
16. 2026-06-02
    days on market $174,900 Active 21 DOM
17. 2026-06-01
    days on market $174,900 Active 20 DOM
18. 2026-05-31
    days on market $174,900 Active 19 DOM
19. 2026-05-31
    days on market $174,900 Active 18 DOM
20. 2026-05-11
    listed $174,900 Active 745-char remark
21. 2009-11-23
    soldstatus $92,000 910-char remark

    Show marketing remark (910 chars)

    APPROVED for FHA FINANCING! Country Club style amenities at affordable prices is a perfect combination for the 1st time homebuyer. Get in before the $8000 tax credit expires! The Williams Pointe Condo Community provides its owners country club style luxuries such as a swimming pool, tanning deck, 24-hour fitness center, a large party room, and secured building access. With maintenance free living you spend your time the way you'd like to without being tied to lawns and maintenance. We offer a variety of spacious 2 & 3 BR floor plans that are selling quickly. Each home includes either tall or vaulted ceilings, 2 bathrooms, walk-in closet in MBR, a deck or patio, all appliances including washer & dryer, all window blinds, gas fireplace, a 1-car ATTACHED garage and a fully secured building. Don't miss an opportunity to purchase one of the few remaining FHA approved condominiums in Waukee!

22. 2009-01-18
    listed $96,815 910-char remark

    Show marketing remark (910 chars)

    APPROVED for FHA FINANCING! Country Club style amenities at affordable prices is a perfect combination for the 1st time homebuyer. Get in before the $8000 tax credit expires! The Williams Pointe Condo Community provides its owners country club style luxuries such as a swimming pool, tanning deck, 24-hour fitness center, a large party room, and secured building access. With maintenance free living you spend your time the way you'd like to without being tied to lawns and maintenance. We offer a variety of spacious 2 & 3 BR floor plans that are selling quickly. Each home includes either tall or vaulted ceilings, 2 bathrooms, walk-in closet in MBR, a deck or patio, all appliances including washer & dryer, all window blinds, gas fireplace, a 1-car ATTACHED garage and a fully secured building. Don't miss an opportunity to purchase one of the few remaining FHA approved condominiums in Waukee!

ⓘ 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: $2,228 · $186/mo
• Projected year-2 tax: $2,429 · $202/mo
• Expected delta: +$201/yr (+$17/mo · 9.0%)

ⓘ 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: $18,602
• − Mortgage interest: −$9,383
• − Property taxes: −$2,228
• − Insurance: −$838
• − Repairs & maintenance: −$1,488
• − Management: −$1,488
• − HOA: −$3,600
• − Depreciation: −$4,873
• Taxable loss: −$5,295
• Est. tax savings @ 24.0%: +$1,271
• After-tax cash flow: $-1,240/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

+73.0% since first listed

5 events — show timeline

• 2026-06-15 Price Changed $167,500 DMMLS
• 2026-06-02 Price Changed $169,900 DMMLS
• 2026-05-11 Listed $174,900 DMMLS
• 2009-11-23 Sold (MLS) $92,000 DMMLS
• 2009-01-18 Listed $96,815 DMMLS

Property tax history

+2.0%/yr

Latest (2025): $2,228 · -3.2% YoY. Source: county tax records.