4009 NW 2nd Pl · Ankeny, IA 50023

$315,000

3 bd · 2.5 ba · 1,810 sqft · SingleFamily public records · 47 Days on market

Built 2000 0.34 ac lot $174/sqft · 13% below area Est $364k · 13% under ↓ 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).

• ARV discount +13.5/15.0
• Schools +7.1/10.0
• Cash flow +5.8/30.0
• Livability +4.6/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• 1% rule +1.3/10.0
• DSCR +0.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this well-maintained two-story home in Ankeny offering space, functionality, and room to grow. Step inside to find a versatile front den—perfect for a home office, playroom, or additional living space. The main level features a convenient half bath, spacious kitchen, dining area, and a comfortable living room complete with a gas fireplace. A main floor laundry room adds everyday ease. Upstairs, you’ll find four bedrooms and a full bathroom, providing a practical layout for a variety of lifestyles. The unfinished lower level offers endless potential for future finish or added storage. Enjoy the large backyard—ideal for entertaining, play, or relaxing outdoors. Schedule your private showing today! All information obtained from seller and public records.

Key facts

• Front den
• Half bath
• Spacious kitchen

Tags

• FRONT DEN
• HALF BATH
• SPACIOUS KITCHEN
• DINING AREA
• GAS FIREPLACE
• MAIN FLOOR LAUNDRY ROOM

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $315k.

Deal economics

• At list price, monthly cash flow is $-627 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $204k (35.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $198k (37.2% below list).
• Recommended offer: $198k (37.2% below list) — sets the bar for 1% rule.
• Cap rate 3.9% vs local median 2.9% 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: schools A+, amenities A+, employment 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.
• Market conditions: Rents flat; 491 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 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 $9k 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 47 days — a 3% lower offer ($306k) 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 $197,851 (37.2% 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 47 days. Have you received any prior offers? Is the seller open to a 37% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.63% ✗
• Cap rate: 3.90%
• Cash-on-cash: -8.54%
• DSCR: 0.62
• GRM: 13.3

CMA / ARV

• ARV (median comp): $363,616
• List price: $315,000
• Delta: -13.37%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4206 NW 2nd Ct	0.15mi	4/3.5 (+1)	1,818 (+0%)	0mo	$421,000	$232	83
3914 NW Windbrooke Ct	0.12mi	4/2.5 (+1)	1,722 (-5%)	3mo	$362,000	$210	79
330 NW Watercrest Dr	0.25mi	3/2.0	1,758 (-3%)	3mo	$375,000	$213	79
402 NW Winterberry St	0.34mi	3/2.5	1,882 (+4%)	0mo	$353,000	$188	77
414 NW Winterberry St	0.35mi	4/2.5 (+1)	1,924 (+6%)	0mo	$344,500	$179	68
4006 SW 5th Ct	0.33mi	4/3.5 (+1)	1,902 (+5%)	1mo	$670,000	$352	66
525 NW Somerset Ct	0.42mi	4/2.5 (+1)	1,756 (-3%)	9mo	$600,000	$342	62
4416 SW 5th St	0.37mi	4/3.0 (+1)	1,679 (-7%)	2mo	$550,000	$328	62
4717 NW 10th St	0.68mi	4/3.0 (+1)	1,789 (-1%)	9mo	$590,000	$330	52
3912 NW 11th St	0.65mi	4/3.5 (+1)	1,661 (-8%)	6mo	$509,000	$306	42
9079 NW 31st St	0.51mi	4/3.5 (+1)	2,012 (+11%)	10mo	$550,000	$273	40
5001 NW 7th St	0.73mi	4/3.0 (+1)	1,556 (-14%)	10mo	$395,000	$254	28

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.75% rent growth · sell at horizon

5-year hold

• IRR: -33.9%
• Equity multiple: -0.08×
• Total profit: $-95,349
• Equity at exit: $46,968

10-year hold

• IRR: -58.7%
• Equity multiple: -0.72×
• Total profit: $-151,515
• Equity at exit: $27,235

Cash invested: $88,200 (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 50023

• Rents YoY: 0.8%
• Active inventory: 491
• Price-to-rent: 13.3×

Monthly cashflow live

• Estimated rent: $1,979 high
• Mortgage (P&I): −$1,652
• Tax from tax record: −$407 /mo · $4,888/yr
• Insurance: −$131
• HOA: −$0
• Vacancy / Maint / Mgmt: −$415
• Net cashflow: $-627

Break-even live

Break-even rent $2,773

Max offer price $204,157

Occupancy floor —

Sensitivity live

Price	-10% $-449	-5% $-538	+0% $-627	+5% $-717	+10% $-806
Rent	-10% $-784	-5% $-706	+0% $-627	+5% $-549	+10% $-471
Rate	-1.0pp $-469	-0.5pp $-547	base $-627	+0.5pp $-709	+1.0pp $-792

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: $78,750
• Closing costs: $9,450
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1106 NW Rockcrest Rd Ankeny, IA	3.0	2.0	1422	$2,125	$1.49	24d	1	0.74mi
2724 NW Casey Jones Ln Ankeny, IA	2.0	2.5	1450	$1,700	$1.17	15d	1	1.40mi
2720 NW Casey Jones Ln Ankeny, IA	3.0	2.5	1550	$1,800	$1.16	44d	1	1.41mi
2613 NW Lois Ln Ankeny, IA	3.0	2.5	1550	$1,850	$1.19	22d	1	1.41mi
202 NW Sharmin Dr Ankeny, IA	3.0	2.5	2052	$1,990	$0.97	44d	1	1.48mi
2517 NW Woodbury Dr Ankeny, IA	4.0	3.0	2084	$2,795	$1.34	44d	1	1.50mi

Listing history 14 events

1. 2026-06-18
   days on market $315,000 Active 47 DOM
2. 2026-06-17
   days on market $315,000 Active 46 DOM
3. 2026-06-16
   days on market $315,000 Active 45 DOM
4. 2026-06-15
   days on market $315,000 Active 44 DOM
5. 2026-06-14
   days on market $315,000 Active 42 DOM
6. 2026-06-13
   days on market $315,000 Active 41 DOM
7. 2026-06-10
   days on market $315,000 Active 39 DOM
8. 2026-06-09
   days on market $315,000 Active 38 DOM
9. 2026-06-08
   days on market $315,000 Active 37 DOM
10. 2026-06-07
    days on market $315,000 Active 36 DOM
11. 2026-05-09
    status Active 791-char remark

    Show marketing remark (791 chars)

    Welcome to this well-maintained two-story home in Ankeny offering space, functionality, and room to grow. Step inside to find a versatile front den—perfect for a home office, playroom, or additional living space. The main level features a convenient half bath, spacious kitchen, dining area, and a comfortable living room complete with a gas fireplace. A main floor laundry room adds everyday ease. Upstairs, you’ll find four bedrooms and a full bathroom, providing a practical layout for a variety of lifestyles. The unfinished lower level offers endless potential for future finish or added storage. Enjoy the large backyard—ideal for entertaining, play, or relaxing outdoors. Schedule your private showing today! All information obtained from seller and public records.

12. 2026-05-04
    status Pending 791-char remark

    Show marketing remark (791 chars)

    Welcome to this well-maintained two-story home in Ankeny offering space, functionality, and room to grow. Step inside to find a versatile front den—perfect for a home office, playroom, or additional living space. The main level features a convenient half bath, spacious kitchen, dining area, and a comfortable living room complete with a gas fireplace. A main floor laundry room adds everyday ease. Upstairs, you’ll find four bedrooms and a full bathroom, providing a practical layout for a variety of lifestyles. The unfinished lower level offers endless potential for future finish or added storage. Enjoy the large backyard—ideal for entertaining, play, or relaxing outdoors. Schedule your private showing today! All information obtained from seller and public records.

13. 2026-04-29
    price $315,000 791-char remark

    Show marketing remark (791 chars)

    Welcome to this well-maintained two-story home in Ankeny offering space, functionality, and room to grow. Step inside to find a versatile front den—perfect for a home office, playroom, or additional living space. The main level features a convenient half bath, spacious kitchen, dining area, and a comfortable living room complete with a gas fireplace. A main floor laundry room adds everyday ease. Upstairs, you’ll find four bedrooms and a full bathroom, providing a practical layout for a variety of lifestyles. The unfinished lower level offers endless potential for future finish or added storage. Enjoy the large backyard—ideal for entertaining, play, or relaxing outdoors. Schedule your private showing today! All information obtained from seller and public records.

14. 2026-04-18
    listed $325,000 Active 791-char remark

    Show marketing remark (791 chars)

    Welcome to this well-maintained two-story home in Ankeny offering space, functionality, and room to grow. Step inside to find a versatile front den—perfect for a home office, playroom, or additional living space. The main level features a convenient half bath, spacious kitchen, dining area, and a comfortable living room complete with a gas fireplace. A main floor laundry room adds everyday ease. Upstairs, you’ll find four bedrooms and a full bathroom, providing a practical layout for a variety of lifestyles. The unfinished lower level offers endless potential for future finish or added storage. Enjoy the large backyard—ideal for entertaining, play, or relaxing outdoors. Schedule your private showing today! All information obtained from seller and public records.

ⓘ 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: $4,888 · $407/mo
• Projected year-2 tax: $4,917 · $410/mo
• Expected delta: +$29/yr (+$2/mo · 0.6%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°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: $23,742
• − Mortgage interest: −$17,645
• − Property taxes: −$4,888
• − Insurance: −$1,575
• − Repairs & maintenance: −$1,899
• − Management: −$1,899
• − Depreciation: −$9,164
• Taxable loss: −$13,328
• Est. tax savings @ 24.0%: +$3,199
• After-tax cash flow: $-4,331/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): 46,306
• Household income: $117,826
• Rent vs Own: 28.5% rent · 71.5% own
• Severe rent burden: 617.0

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 (90%)
• Race & ethnicity: White 90% Two or more races 4% Asian 3% Hispanic / Latino 3% Black 1%
• Common ancestry: Portuguese 6% Iranian 3% Slovak 2%
• Foreign-born: 4% · Canada, South Korea, Vietnam
• Languages at home: 93% English-only · Spanish 2% Other Asian/Pacific 2% Russian/Polish/Slavic 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: ▼ -135.67%
• Current HPI: 215.1034
• Rent YoY: ▲ 0.75%
• 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

-3.1% since first listed

4 events — show timeline

• 2026-05-09 Relisted — DMMLS
• 2026-05-04 Pending — DMMLS
• 2026-04-29 Price Changed $315,000 DMMLS
• 2026-04-18 Listed $325,000 DMMLS

Property tax history

+1.5%/yr

Latest (2025): $4,888 · +2.1% YoY. Source: county tax records.