4003 122nd St · Urbandale, IA 50323

$313,000

3 bd · 2.5 ba · 1,324 sqft · SingleFamily public records · 14 Days on market

Built 2002 8,100 sqft lot Est $306k · at est.

---

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).

• Appreciation +7.4/10.0
• Cash flow +6.4/30.0
• ARV discount +6.4/15.0
• Schools +6.1/10.0
• Livability +4.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.3/10.0
• DSCR +0.7/10.0

Listing remarks MLS

Well cared for and lovely split level home in Urbandale's desirable Timberline neighborhood. Neighborhood boasts trails, parks, and lots of green space. Private, with no one behind you, this one owner home is ready for it's new owners. Formal Living space and the eat in kitchen on the main level. One level down to the spacious family room and access to the patio and back yard, plus half bath with laundry. All appliances stay. The bedrooms are on the upper level which include owner's suite with attached bath, two more beds plus 2nd full bath. Basement is ready for future finish with egress window. Back yard faces east to avoid the hot afternoon sun. New roof in 2019. Come and see!

Key facts

• Newer roof
• Eastern sun exposure
• Nearby parks

Tags

• SCENIC WALKING TRAILS
• NEARBY PARKS
• ABUNDANT GREEN SPACE
• FULLY FENCED BACKYARD
• EASTERN SUN EXPOSURE
• NEWER ROOF

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $313k.

Deal economics

• At list price, monthly cash flow is $-548 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $216k (30.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $199k (36.6% below list).
• Recommended offer: $199k (36.6% below list) — sets the bar for 1% rule.
• Cap rate 4.2% vs local median 2.4% in Urbandale — 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 90/100 on livability (#4 in IA, #69 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, amenities A+; Watch: commute F.
• Urbandale Community School District (suburban): math 67% / reading 72% proficiency, ranked #116 of 289 in IA (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 378 active listings in the ZIP; high-income renter base; 2,953 units permitted in Polk County in 2024 (540 in 5+ unit buildings).
• This rent is only 14% of the median local income ($176k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• In year one you build about $17k of equity ($2k loan paydown + $15k appreciation (4.8% local appreciation)).
• Polk County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 3, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 5y 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 $255k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $198,525 (36.6% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 4.19%
• Cash-on-cash: -7.50%
• DSCR: 0.67
• GRM: 13.1

CMA / ARV

• ARV (on-the-fly): $305,844
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4003 122nd St	0.00mi	3/2.5	1,324 (0%)	1mo	$308,000	$233	100
12302 Valdez Dr	0.23mi	3/2.5	1,428 (+8%)	3mo	$325,000	$228	74
12220 Horton Ave	0.21mi	3/2.5	1,414 (+7%)	6mo	$306,000	$216	73
3836 122nd St	0.21mi	3/2.5	1,404 (+6%)	9mo	$325,000	$231	73
12311 Tanglewood Dr	0.31mi	4/3.0 (+1)	1,314 (-1%)	13mo	$350,000	$266	67
3824 122nd St	0.23mi	3/3.0	1,374 (+4%)	20mo	$320,000	$233	64
12304 Horton Ave	0.23mi	3/2.5	1,458 (+10%)	22mo	$335,000	$230	54
3801 122nd St	0.28mi	3/3.5	1,438 (+9%)	21mo	$315,000	$219	52
4316 124th St	0.38mi	3/2.5	1,486 (+12%)	13mo	$320,000	$215	51
12303 Tanglewood Dr	0.30mi	3/2.0	1,456 (+10%)	20mo	$305,000	$209	51
13000 Tanglewood Dr	0.71mi	3/2.0	1,516 (+14%)	2mo	$390,000	$257	39
4422 125th St	0.54mi	4/3.0 (+1)	1,426 (+8%)	23mo	$424,900	$298	36

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

Projected returns pro-forma

4.81% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 6.0%
• Equity multiple: 1.39×
• Total profit: $33,811
• Equity at exit: $173,723

10-year hold

• IRR: 8.4%
• Equity multiple: 2.53×
• Total profit: $134,106
• Equity at exit: $296,846

Cash invested: $87,640 (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 50323

• Home prices YoY: 2.5%
• Active inventory: 378
• Price-to-rent: 13.1×

Monthly cashflow live

• Estimated rent: $1,985 medium
• Mortgage (P&I): −$1,641
• Tax from tax record: −$344 /mo · $4,134/yr
• Insurance: −$130
• HOA: −$0
• Vacancy / Maint / Mgmt: −$417
• Net cashflow: $-548

Break-even live

Break-even rent $2,679

Max offer price $216,198

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: $78,250
• Closing costs: $9,390
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-04-17
   status Pending
2. 2026-04-13
   price $313,000
3. 2026-04-03
   listed $315,000 Active
4. 2021-09-14
   soldstatus $255,000
5. 2021-09-03
   soldstatus $255,000 Closed 688-char remark

   Show marketing remark (688 chars)

   Well cared for and lovely split level home in Urbandale's desirable Timberline neighborhood. Neighborhood boasts trails, parks, and lots of green space. Private, with no one behind you, this one owner home is ready for it's new owners. Formal Living space and the eat in kitchen on the main level. One level down to the spacious family room and access to the patio and back yard, plus half bath with laundry. All appliances stay. The bedrooms are on the upper level which include owner's suite with attached bath, two more beds plus 2nd full bath. Basement is ready for future finish with egress window. Back yard faces east to avoid the hot afternoon sun. New roof in 2019. Come and see!

6. 2021-07-21
   status Pending 688-char remark

   Show marketing remark (688 chars)

   Well cared for and lovely split level home in Urbandale's desirable Timberline neighborhood. Neighborhood boasts trails, parks, and lots of green space. Private, with no one behind you, this one owner home is ready for it's new owners. Formal Living space and the eat in kitchen on the main level. One level down to the spacious family room and access to the patio and back yard, plus half bath with laundry. All appliances stay. The bedrooms are on the upper level which include owner's suite with attached bath, two more beds plus 2nd full bath. Basement is ready for future finish with egress window. Back yard faces east to avoid the hot afternoon sun. New roof in 2019. Come and see!

7. 2021-07-16
   listed $260,000 Active 688-char remark

   Show marketing remark (688 chars)

   Well cared for and lovely split level home in Urbandale's desirable Timberline neighborhood. Neighborhood boasts trails, parks, and lots of green space. Private, with no one behind you, this one owner home is ready for it's new owners. Formal Living space and the eat in kitchen on the main level. One level down to the spacious family room and access to the patio and back yard, plus half bath with laundry. All appliances stay. The bedrooms are on the upper level which include owner's suite with attached bath, two more beds plus 2nd full bath. Basement is ready for future finish with egress window. Back yard faces east to avoid the hot afternoon sun. New roof in 2019. Come and see!

ⓘ 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: $4,134 · $344/mo
• Projected year-2 tax: $4,524 · $377/mo
• Expected delta: +$390/yr (+$33/mo · 9.4%)

ⓘ 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 ≥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: $23,823
• − Mortgage interest: −$17,533
• − Property taxes: −$4,134
• − Insurance: −$1,565
• − Repairs & maintenance: −$1,906
• − Management: −$1,906
• − Depreciation: −$9,105
• Taxable loss: −$12,326
• Est. tax savings @ 24.0%: +$2,958
• After-tax cash flow: $-3,617/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: Urbandale Community School District
• NCES district ID: 1928680
• Math proficiency: 67% ▼ -10.00%
• Reading proficiency: 72% ▼ -3.00%
• Median HH income: $71,098
• Composite: 60.95/100
• National rank: #807
• State rank: #116 of 289 in IA

Livability — Urbandale

• Score: 90/100
• State rank: #4
• US rank: #69

Category grades

Amenities A+ 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: Urbandale, IA
• County: Polk County · 453,298 people
• City population: 49,196
• Metro: Des Moines-West Des Moines, IA
• Population (ZIP): 17,265
• Household income: $175,944
• Rent vs Own: 12.8% rent · 87.2% own
• Severe rent burden: 63.0

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 (86%)
• Race & ethnicity: White 86% Asian 6% Two or more races 4% Hispanic / Latino 3% Black 2%
• Common ancestry: Portuguese 6% Iranian 5% Lithuanian 2%
• Foreign-born: 7% · Canada, China, Philippines
• Languages at home: 92% English-only · Russian/Polish/Slavic 2% Chinese 1% Spanish 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: ▲ 4.81%
• Current HPI: 199.789
• Rent YoY: —
• 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

+20.4% since first listed

7 events — show timeline

• 2026-04-17 Pending — DMMLS
• 2026-04-13 Price Changed $313,000 DMMLS
• 2026-04-03 Listed $315,000 DMMLS
• 2021-09-14 Sold (Public Records) $255,000 Public Records
• 2021-09-03 Sold (MLS) $255,000 DMMLS
• 2021-07-21 Pending — DMMLS
• 2021-07-16 Listed $260,000 DMMLS

Property tax history

+2.6%/yr

Latest (2025): $4,134 · +2.2% YoY. Source: county tax records.