4722 178th St · Urbandale, IA 50323

$499,900

4 bd · 2.5 ba · 2,260 sqft · Other · 46 Days on market

Built 2026 8,775 sqft lot $221/sqft · 8% below area Est $544k · 8% under $29/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 +11.1/15.0
• Appreciation +7.4/10.0
• Schools +7.1/10.0
• Livability +4.5/5.0
• Cash flow +3.1/30.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks

Two-story gem offering the perfect balance of modern living and quality construction. Welcome home to Biltmore West and the Berkeley plan by KRM. This home blends charm and craftsmanship. 4-bedroom, 3-bath home offers functional living with 1,059sqft on the main level and 1201sqft on the second. Step inside to a bright and open layout featuring a main floor office, triple sliding doors in the dining area that flood the home with natural light, and a 12x12 covered deck ideal for relaxing or entertaining. The kitchen stands out with abundant cabinetry, ample counter space, & convenient pantry. The great room features a stunning electric fireplace and large windows. The primary suite offe

Key facts

• Main floor office
• Triple sliding doors
• 12x12 covered deck

Tags

• MAIN FLOOR OFFICE
• TRIPLE SLIDING DOORS
• 12X12 COVERED DECK
• ABUNDANT CABINETRY
• CONVENIENT PANTRY
• ELECTRIC FIREPLACE

Property features AI

Finance

• HOA & community: Homeowners association (Biltmore West HOA / DSM Property); HOA fee $350 annually

Exterior

• Parking: Attached 3-car garage
• Security: Smoke detectors
• Utilities: Public water; Public sewer
• Home design: 2-story new construction; Built by KRM Development; PUD zoning; Poured foundation; Faces concrete road (concrete driveway/road surface)
• Construction: Cement siding with stone accents; Asphalt shingle roof; New construction with home warranty
• Exterior features: Covered deck; Deck

Interior

• Kitchen: Dishwasher; Microwave; Stove
• Bedrooms: Upper-level laundry (bedroom level mention only appears for laundry)
• Flooring: Carpet; Tile
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom; 1 half bathroom
• Heating & cooling: Central air conditioning; Forced air heating (natural gas)
• Interior features: Dining area; Unfinished basement with egress windows; Electric fireplace
• Laundry & utility: Laundry located on upper level

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath other listed at $500k.

Deal economics

• At list price, monthly cash flow is $-2k ($-19k/yr) — negative.
• To cash-flow at today's rent, offer at most $267k (46.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $237k (52.5% below list).
• Recommended offer: $237k (52.5% below list) — sets the bar for 1% rule.

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; 2 comparable units currently listed for rent nearby; high-income renter base; 1,503 units permitted in Dallas County in 2024 (630 in 5+ unit buildings).
• This rent is only 16% 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 $27k of equity ($3k loan paydown + $24k 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 ~$44k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($485k) is reasonable based on typical stale-listing flexibility.

Recommended offer $237,327 (52.5% 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 46 days. Have you received any prior offers? Is the seller open to a 53% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.47% ✗
• Cap rate: 2.43%
• Cash-on-cash: -13.79%
• DSCR: 0.39
• GRM: 17.6

CMA / ARV

• ARV (median comp): $543,799
• List price: $499,900
• Delta: -8.07%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 0.8%
• Equity multiple: 1.05×
• Total profit: $7,327
• Equity at exit: $277,457

10-year hold

• IRR: 4.3%
• Equity multiple: 1.81×
• Total profit: $113,585
• Equity at exit: $474,100

Cash invested: $139,972 (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: 17.6×

Monthly cashflow live

• Estimated rent: $2,373 medium
• Mortgage (P&I): −$2,622
• Tax est. 1.5%: −$625 /mo · $7,498/yr
• Insurance: −$208
• HOA: −$29
• Vacancy / Maint / Mgmt: −$498
• Net cashflow: $-1,609

Break-even live

Break-even rent $4,410

Max offer price $267,102

Occupancy floor —

Sensitivity live

Price	-10% $-1,263	-5% $-1,436	+0% $-1,609	+5% $-1,782	+10% $-1,954
Rent	-10% $-1,796	-5% $-1,703	+0% $-1,609	+5% $-1,515	+10% $-1,421
Rate	-1.0pp $-1,357	-0.5pp $-1,482	base $-1,609	+0.5pp $-1,738	+1.0pp $-1,870

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: $124,975
• Closing costs: $14,997
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4736 167th St Urbandale, IA	3.0	2.5	1585	$2,296	$1.45	16d	1	0.92mi
16008 Springbrook Trl Urbandale, IA	5.0	3.0	1670	$2,900	$1.74	45d	1	1.42mi

HOA detail

• Monthly dues: $29 · $348/yr
• Likely covers: electric

Listing history 18 events

1. 2026-06-21
   days on market $499,900 Active 46 DOM
2. 2026-06-18
   days on market $499,900 Active 43 DOM
3. 2026-06-17
   days on market $499,900 Active 42 DOM
4. 2026-06-16
   days on market $499,900 Active 41 DOM
5. 2026-06-15
   days on market $499,900 Active 40 DOM
6. 2026-06-14
   days on market $499,900 Active 38 DOM
7. 2026-06-13
   days on market $499,900 Active 37 DOM
8. 2026-06-10
   days on market $499,900 Active 35 DOM
9. 2026-06-09
   days on market $499,900 Active 34 DOM
10. 2026-06-08
    days on market $499,900 Active 33 DOM
11. 2026-06-07
    days on market $499,900 Active 32 DOM
12. 2026-06-05
    days on market $499,900 Active 29 DOM
13. 2026-06-03
    days on market $499,900 Active 28 DOM
14. 2026-06-02
    days on market $499,900 Active 27 DOM
15. 2026-06-01
    days on market $499,900 Active 26 DOM
16. 2026-05-31
    days on market $499,900 Active 25 DOM
17. 2026-05-31
    days on market $499,900 Active 24 DOM
18. 2026-05-06
    listed $499,900 Active 1104-char remark

ⓘ 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: $28,479
• − Mortgage interest: −$28,002
• − Property taxes: −$7,498
• − Insurance: −$2,500
• − Repairs & maintenance: −$2,278
• − Management: −$2,278
• − HOA: −$348
• − Depreciation: −$14,543
• Taxable loss: −$28,968
• Est. tax savings @ 24.0%: +$6,952
• After-tax cash flow: $-12,353/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

1 event — show timeline

• 2026-05-06 Listed $499,900 DMMLS

Property tax history

-16.1%/yr

Latest (2025): $792 · +2.1% YoY. Source: county tax records.