4330 NE Spear Ln · Ankeny, IA 50021

$219,990

3 bd · 3.0 ba · 1,511 sqft · Other · 197 Days on market

Built 2025 1,170 sqft lot $175/mo HOA · 9% of rent ↓ 4% 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 +9.8/30.0
• ARV discount +7.5/15.0
• Schools +7.1/10.0
• Livability +4.6/5.0
• 1% rule +3.9/10.0
• DSCR +2.8/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover 4330 NE Spear Ln in Ankeny, IA. This thoughtfully designed two-story townhome offers 3 bedrooms, 2.5 bathrooms, and 1,511 sq. ft. of comfortable living space. Step inside to a long foyer that leads you to the heart of the home-a bright, open-concept main floor seamlessly connecting the kitchen, dining, and great room, complete with a cozy electric fireplace. The kitchen shines with sleek white cabinetry, stainless steel appliances, and a spacious island, perfect for everyday living and entertaining. Upstairs, all bedrooms are thoughtfully positioned for privacy. At the front of the home, the primary bedroom boasts a generous walk-in closet and an en-suite bathroom with dual vanity sinks and a walk-in shower. At the back, two spacious bedrooms with large closets share a full bathroom. A conveniently located laundry area completes the upper level, making this layout ideal for families or guests. This home comes with all appliances and blinds. Step into your new home at Canyon Landing in Ankeny today! This home is currently under construction. Photos and video may be similar but not necessarily of subject property, including interior and exterior colors, finishes and appliances.

Key facts

• Gourmet kitchen
• Large island
• Cozy fireplace

Tags

• CANYON LANDING COMMUNITY
• COZY FIREPLACE
• GOURMET KITCHEN
• OVERSIZED PANTRY
• LARGE ISLAND
• PRIMARY BEDROOM

Property features AI

Finance

• HOA & community: Homeowners association (Canyon Landing Townhome HOA); Association managed by Edge Property Management; Monthly HOA fee of $175; HOA covers insurance, grounds and structure maintenance, snow removal, and trash

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Townhome / multi-story property; 2 stories; New construction; Built by DR Horton
• Construction: Vinyl siding; Asphalt shingle roof; Poured slab foundation
• Exterior features: Patio (open); Sprinkler/Irrigation; Concrete road access

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove
• Bedrooms: 2-story home (bedroom level details not provided)
• Bathrooms: 1 full bathroom; 2 three-quarter bathrooms
• Heating & cooling: Central air conditioning; Electric heating; Forced air heating; Gas heating
• Interior features: Electric fireplace
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath other listed at $220k.

Deal economics

• At list price, monthly cash flow is $-141 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $200k (9.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $197k (10.6% below list).
• Recommended offer: $194k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.5% vs local median 3.0% in Ankeny — 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 92/100 on livability (#3 in IA, #29 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, employment A+, housing 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.
• Zoned schools: East Elementary School (math 62% / reading 62%, grade B, #363 of 616 statewide, top 62%, 413 students, 37% FRL); Parkview Middle School (math 76% / reading 83%, grade A+, #35 of 246 statewide, top 16%, 867 students, 23% FRL); Ankeny High School (math 77% / reading 84%, grade A, #30 of 336 statewide, top 9%, 1,347 students, 20% FRL) — zoned schools average 26% FRL vs 10% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 712 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 2,953 units permitted in Polk County in 2024 (540 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.
• Polk County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 197 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $20k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $193,591 (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 197 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: 0.89% ✗
• Cap rate: 5.52%
• Cash-on-cash: -2.74%
• DSCR: 0.88
• GRM: 9.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.92% rent growth · sell at horizon

5-year hold

• IRR: -23.4%
• Equity multiple: 0.21×
• Total profit: $-48,518
• Equity at exit: $32,801

10-year hold

• IRR: -25.9%
• Equity multiple: -0.12×
• Total profit: $-69,124
• Equity at exit: $19,021

Cash invested: $61,597 (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 50021

• Rents YoY: 0.9%
• Active inventory: 712
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,968 medium
• Mortgage (P&I): −$1,154
• Tax est. 1.5%: −$275 /mo · $3,300/yr
• Insurance: −$92
• HOA: −$175
• Vacancy / Maint / Mgmt: −$413
• Net cashflow: $-141

Break-even live

Break-even rent $2,146

Max offer price $199,603

Occupancy floor —

Sensitivity live

Price	-10% $11	-5% $-65	+0% $-141	+5% $-217	+10% $-293
Rent	-10% $-296	-5% $-219	+0% $-141	+5% $-63	+10% $15
Rate	-1.0pp $-30	-0.5pp $-85	base $-141	+0.5pp $-198	+1.0pp $-256

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: $54,998
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4342 NE Spear Ln Unit 4342 Ankeny, IA	3.0	2.5	1511	$1,850	$1.22	45d	1	0.04mi
4311 NE 16th St Ankeny, IA	4.0	2.5	1762	$2,395	$1.36	16d	1	0.27mi
604 NE Pearl Dr Ankeny, IA	3.0	2.0	1464	$2,395	$1.64	45d	1	0.35mi
221 NE Crossing Oaks Dr Ankeny, IA	4.0	2.5	1709	$2,195	$1.28	16d	1	0.46mi

HOA detail

• Monthly dues: $175 · $2,100/yr
• Likely covers: electric

Listing history 10 events

1. 2026-06-15
   status $219,990 Pending 197 DOM
2. 2026-06-15
   days on market $219,990 Active 197 DOM
3. 2026-06-14
   days on market $219,990 Active 195 DOM
4. 2026-06-13
   days on market $219,990 Active 194 DOM
5. 2026-06-10
   pricedays on market $219,990 Active 192 DOM
6. 2026-06-09
   days on market $229,990 Active 191 DOM
7. 2026-06-08
   days on market $229,990 Active 190 DOM
8. 2026-06-07
   days on market $229,990 Active 189 DOM
9. 2026-06-03
   remarks 699-char remark
10. 2026-06-03
    listed $229,990 Active 185 DOM

ⓘ 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: $23,611
• − Mortgage interest: −$12,323
• − Property taxes: −$3,300
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,889
• − Management: −$1,889
• − HOA: −$2,100
• − Depreciation: −$6,400
• Taxable loss: −$5,389
• Est. tax savings @ 24.0%: +$1,293
• After-tax cash flow: $-397/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: 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): 30,283
• Household income: $99,572
• Rent vs Own: 25.5% rent · 74.5% own
• Severe rent burden: 472.0

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 (84%)
• Race & ethnicity: White 84% Hispanic / Latino 6% Black 5% Two or more races 4% Asian 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 5% Portuguese 4% Iranian 3%
• Foreign-born: 6% · Canada, South Korea, Jamaica
• Languages at home: 91% English-only · Spanish 5% Russian/Polish/Slavic 1% Other Asian/Pacific 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: ▼ -150.38%
• Current HPI: 208.945
• Rent YoY: ▲ 0.92%
• 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

-4.2% since first listed

13 events — show timeline

• 2026-06-04 Relisted — Zillow
• 2026-06-04 Price Changed $229,990 Zillow
• 2026-06-03 Relisted — DMMLS
• 2026-06-03 Price Changed $229,990 DMMLS
• 2026-04-25 Delisted — Zillow
• 2026-04-23 Price Changed $234,990 Zillow
• 2026-04-22 Price Changed $234,990 DMMLS
• 2026-02-25 Price Changed $239,990 Zillow
• 2026-02-24 Price Changed $239,990 DMMLS
• 2025-11-19 Price Changed $234,990 Zillow
• 2025-11-18 Price Changed $234,990 DMMLS
• 2025-10-22 Listed $239,990 Zillow
• 2025-10-21 Listed $239,990 DMMLS