14143 Wilden Dr

Urbandale, IA 50323

$445,000D-

3 bd · 3.5 ba · 1,961 sqft · Built 2021 · Townhouse · Pending · 33 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,988/mo
• Mortgage (P&I): −$2,334
• Tax + insurance: −$742
• HOA: −$225
• Vac / Maint / Mgmt: −$417
• Net cashflow: $-1,730/mo
• Annual: $-20,757/yr
• Cap rate: 1.63%
• Cash-on-cash: -16.66%
• DSCR: 0.26
• 1% rule: 0.45%
• Cash to close: $124,600

Investor read

• This is a 3-bed/3.5-bath townhouse listed at $445k.
• At list price, monthly cash flow is $-2k ($-21k/yr) — negative.
• To cash-flow at today's rent, offer at most $195k (56.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $199k (55.3% below list).
• It's been on market 33 days — a 3% lower offer ($432k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $195k (56.2% below list) — sets the bar for cash-flow.
• In year one you build about $24k of equity ($3k loan paydown + $21k appreciation (4.8% local appreciation)).
• 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.
• 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.
• Zoned schools: Webster Elementary School (math 87% / reading 82%, grade A+, #31 of 616 statewide, top 6%, 510 students, 20% FRL); Urbandale Middle School (math 66% / reading 71%, grade A, #126 of 246 statewide, top 53%, 894 students, 41% FRL); Urbandale High School (math 66% / reading 77%, grade B+, #134 of 336 statewide, top 41%, 1,347 students, 36% FRL).
• Market conditions: 381 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 2,953 units permitted in Polk County in 2024 (540 in 5+ unit buildings).
• Polk County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 4y 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.
• By year 2, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 1.6% 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.
• 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.

Questions for listing agent

• 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?
• It's been on market 33 days. Have you received any prior offers? Is the seller open to a 56% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.