4660 177th St · Urbandale, IA 50323

$544,990

4 bd · 3.5 ba · 2,643 sqft · Other · 230 Days on market

Built 2025 8,775 sqft lot $206/sqft · 18% below area Est $668k · 18% under $17/mo HOA · 1% 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 +15.0/15.0
• Appreciation +7.4/10.0
• Schools +7.1/10.0
• Livability +4.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +2.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Jerry Homes Bridgewater in Urbandale's Biltmore West is Amazing!! Over 2600 sq. ft. of WOW! This 4 Bed, 4 Bath, Two Story Home features an impressive kitchen with stained cabinets & a oversized island, pantry, plus upgraded appliances, including a gas range. The LVP flows throughout the main floor with full stone fireplace in the great room. Locker/Drop Zone. Upstairs a massive primary suite with a tiled shower and free standing soaker tub, a tiled shower w/ frameless door, a jack and Jill bathroom in-between beds 3-4 and bedroom 2 has its own bath. A laundry room with lots of cabinets and a sink! The basement is ready to be finished for future fun to include a Bedroom, (stubbed for) a 3/4 Bathroom & Familyroom. Enjoy entertaining on the covered deck. LP Siding and a irrigated lawn. Jerry's homes has been building since 1957. Located in Waukee's Northwest High School boundaries and only minutes from DSM Christian. Close to Truimph Park. Jerry's Homes has been building since 1957. Call Today!

Key facts

• Oversized island
• Impressive kitchen
• Full stone fireplace

Tags

• IMPRESSIVE KITCHEN
• OVERSIZED ISLAND
• FULL STONE FIREPLACE
• MASSIVE PRIMARY SUITE
• TILED SHOWER
• FREE STANDING SOAKER TUB

What this means for you Summary

Snapshot

• This is a 4-bed/3.5-bath other listed at $545k.

Deal economics

• At list price, monthly cash flow is $-2k ($-24k/yr) — negative.
• To cash-flow at today's rent, offer at most $253k (53.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $224k (59.0% below list).
• Recommended offer: $224k (59.0% below list) — sets the bar for 1% rule.
• Cap rate 1.9% vs local median 2.4% in Urbandale — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 90/100 on livability (#4 in IA, #69 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, employment A+; Watch: 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: Walnut Hills Elementary School (math 91% / reading 81%, grade A+, #26 of 616 statewide, top 4%, 625 students, 9% 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) — zoned schools at 15% FRL track the district average.
• Market conditions: 381 active listings in the ZIP; high-income renter base; 1,503 units permitted in Dallas County in 2024 (630 in 5+ unit buildings).
• This rent is only 15% 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 $30k of equity ($4k loan paydown + $26k appreciation (4.8% local appreciation)).
• Dallas County population projected at +74% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$48k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 230 days — a 12% lower offer ($480k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $430k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $223,696 (59.0% 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 230 days. Have you received any prior offers? Is the seller open to a 59% 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: 0.41% ✗
• Cap rate: 1.85%
• Cash-on-cash: -15.85%
• DSCR: 0.29
• GRM: 20.3

CMA / ARV

• ARV (median comp): $667,885
• List price: $544,990
• Delta: -18.40%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -0.9%
• Equity multiple: 0.94×
• Total profit: $-8,724
• Equity at exit: $302,483

10-year hold

• IRR: 3.0%
• Equity multiple: 1.57×
• Total profit: $87,718
• Equity at exit: $516,863

Cash invested: $152,597 (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 50323

• Home prices YoY: 2.5%
• Active inventory: 381
• Price-to-rent: 20.3×

Monthly cashflow live

• Estimated rent: $2,237 medium
• Mortgage (P&I): −$2,858
• Tax est. 1.5%: −$681 /mo · $8,175/yr
• Insurance: −$227
• HOA: −$17
• Vacancy / Maint / Mgmt: −$470
• Net cashflow: $-2,016

Break-even live

Break-even rent $4,789

Max offer price $253,258

Occupancy floor —

Sensitivity live

Price	-10% $-1,639	-5% $-1,828	+0% $-2,016	+5% $-2,204	+10% $-2,393
Rent	-10% $-2,193	-5% $-2,104	+0% $-2,016	+5% $-1,928	+10% $-1,839
Rate	-1.0pp $-1,742	-0.5pp $-1,877	base $-2,016	+0.5pp $-2,157	+1.0pp $-2,301

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: $136,248
• Closing costs: $16,350
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $17 · $204/yr
• Likely covers: watergassecurity

Listing history 3 events

1. 2026-05-08
   price $544,990 1026-char remark

   Show marketing remark (1026 chars)

   Jerry Homes Bridgewater in Urbandale's Biltmore West is Amazing!! Over 2600 sq. ft. of WOW! This 4 Bed, 4 Bath, Two Story Home features an impressive kitchen with stained cabinets & a oversized island, pantry, plus upgraded appliances, including a gas range. The LVP flows throughout the main floor with full stone fireplace in the great room. Locker/Drop Zone. Upstairs a massive primary suite with a tiled shower and free standing soaker tub, a tiled shower w/ frameless door, a jack and Jill bathroom in-between beds 3-4 and bedroom 2 has its own bath. A laundry room with lots of cabinets and a sink! The basement is ready to be finished for future fun to include a Bedroom, (stubbed for) a 3/4 Bathroom & Familyroom. Enjoy entertaining on the covered deck. LP Siding and a irrigated lawn. Jerry's homes has been building since 1957. Located in Waukee's Northwest High School boundaries and only minutes from DSM Christian. Close to Truimph Park. Jerry's Homes has been building since 1957. Call Today!

2. 2025-10-10
   listed $549,990 Active 1026-char remark

   Show marketing remark (1026 chars)

   Jerry Homes Bridgewater in Urbandale's Biltmore West is Amazing!! Over 2600 sq. ft. of WOW! This 4 Bed, 4 Bath, Two Story Home features an impressive kitchen with stained cabinets & a oversized island, pantry, plus upgraded appliances, including a gas range. The LVP flows throughout the main floor with full stone fireplace in the great room. Locker/Drop Zone. Upstairs a massive primary suite with a tiled shower and free standing soaker tub, a tiled shower w/ frameless door, a jack and Jill bathroom in-between beds 3-4 and bedroom 2 has its own bath. A laundry room with lots of cabinets and a sink! The basement is ready to be finished for future fun to include a Bedroom, (stubbed for) a 3/4 Bathroom & Familyroom. Enjoy entertaining on the covered deck. LP Siding and a irrigated lawn. Jerry's homes has been building since 1957. Located in Waukee's Northwest High School boundaries and only minutes from DSM Christian. Close to Truimph Park. Jerry's Homes has been building since 1957. Call Today!

3. 2025-05-20
   soldstatus $429,500

ⓘ 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: $26,844
• − Mortgage interest: −$30,528
• − Property taxes: −$8,175
• − Insurance: −$2,725
• − Repairs & maintenance: −$2,147
• − Management: −$2,147
• − HOA: −$204
• − Depreciation: −$15,854
• Taxable loss: −$34,937
• Est. tax savings @ 24.0%: +$8,385
• After-tax cash flow: $-15,808/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 — 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 (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 (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 · 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: ▲ 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

+26.9% since first listed

3 events — show timeline

• 2026-05-08 Price Changed $544,990 DMMLS
• 2025-10-10 Listed $549,990 DMMLS
• 2025-05-20 Sold (Public Records) $429,500 Public Records

Property tax history

-22.5%/yr

Latest (2025): $6 · +0.0% YoY. Source: county tax records.