5521 143rd St · Urbandale, IA 50111

$389,990

5 bd · 3.5 ba · 2,053 sqft · SingleFamily · 38 Days on market

Built 2026 5,520 sqft lot $190/sqft · 16% below area Est $464k · 16% under $19/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 +14.7/15.0
• Schools +7.1/10.0
• Cash flow +5.4/30.0
• Livability +4.5/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• 1% rule +1.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

MODEL HOME - NOT FOR SALE - Welcome to the Bellhaven in Waterford Pointe - a 5 bedroom, 3.5 bath home offering 2,556 sq. ft. of finished living space, including a spacious finished basement. Step inside to a versatile front flex room—ideal for a home office, playroom, or formal dining. A guest half bath and staircase lead to the open-concept living area, featuring an electric fireplace, large windows, and a bright, spacious feel. The kitchen showcases white cabinetry, stainless steel appliances, a walk-in pantry, and a large island perfect for casual dining. Upstairs, a centrally located laundry room is surrounded by three secondary bedrooms, a full bath, and a linen closet. The expan

Key facts

• Large windows
• Front flex room
• Finished basement

Tags

• FINISHED BASEMENT
• FRONT FLEX ROOM
• OPEN-CONCEPT LIVING AREA
• ELECTRIC FIREPLACE
• LARGE WINDOWS
• WHITE CABINETRY

Property features AI

Finance

• HOA & community: Homeowners association (Waterford Heights HOA / Edge Management); HOA fee $225 annually

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water; Public sewer
• Home design: 2-story new construction; Built by DR HORTON; Facing/entry direction not provided
• Construction: Asphalt shingle roof; Poured foundation; Below-grade finished area (basement) with egress windows; unfinished space
• Exterior features: Concrete road access; 0.13-acre lot

Interior

• Kitchen: Eat-in kitchen (appliance details not provided)
• Bathrooms: 2 full bathrooms; 1 three-quarter bathroom; 1 half bathroom
• Heating & cooling: Central air conditioning; Gas (natural gas) heating
• Interior features: Dining area; Eat-in kitchen; Electric fireplace

What this means for you Summary

Snapshot

• This is a 5-bed/3.5-bath single-family listed at $390k.

Deal economics

• At list price, monthly cash flow is $-857 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $266k (31.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $235k (39.7% below list).
• Recommended offer: $235k (39.7% below list) — sets the bar for 1% rule.
• Cap rate 3.7% 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.
• 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.
• Market conditions: Rents flat; 327 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,503 units permitted in Dallas County in 2024 (630 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Dallas County population projected at +74% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($378k) is reasonable based on typical stale-listing flexibility.

Recommended offer $235,141 (39.7% 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 38 days. Have you received any prior offers? Is the seller open to a 40% 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: 0.60% ✗
• Cap rate: 3.66%
• Cash-on-cash: -9.41%
• DSCR: 0.58
• GRM: 13.8

CMA / ARV

• ARV (median comp): $464,259
• List price: $389,990
• Delta: -16.00%
• 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
14518 North Valley Dr	0.18mi	4/2.5 (-1)	2,113 (+3%)	1mo	$444,990	$211	77
14503 Catalpa Dr	0.38mi	5/4.5	1,953 (-5%)	3mo	$721,200	$369	68
14417 Catalpa Dr	0.36mi	5/3.0	1,931 (-6%)	6mo	$677,500	$351	66
14617 Brookview Dr	0.25mi	4/3.5 (-1)	1,835 (-11%)	2mo	$677,500	$369	64
14204 Persimmon Dr	0.41mi	5/3.5	1,867 (-9%)	2mo	$785,000	$420	64
14506 Catalpa Dr	0.41mi	5/3.0	1,902 (-7%)	6mo	$605,000	$318	62
5535 148th Cir	0.65mi	5/3.5	1,924 (-6%)	0mo	$430,000	$223	59
14608 N Valley Dr	0.24mi	4/2.5 (-1)	1,809 (-12%)	3mo	$401,160	$222	58
15034 Walnut Meadows Dr	0.75mi	5/3.0	2,114 (+3%)	5mo	$745,000	$352	54
5016 150th St	0.55mi	4/3.0 (-1)	1,868 (-9%)	1mo	$800,000	$428	51
5028 149th Ct	0.44mi	4/3.0 (-1)	1,797 (-12%)	2mo	$557,500	$310	50
14308 Oakwood Dr	0.56mi	4/3.0 (-1)	2,348 (+14%)	0mo	$527,500	$225	43

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 · 0.71% rent growth · sell at horizon

5-year hold

• IRR: -35.6%
• Equity multiple: -0.13×
• Total profit: $-122,997
• Equity at exit: $58,149

10-year hold

• IRR: -65.4%
• Equity multiple: -0.81×
• Total profit: $-197,917
• Equity at exit: $33,719

Cash invested: $109,197 (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 50111

• Home prices YoY: -11.1%
• Rents YoY: 0.7%
• Active inventory: 327
• Price-to-rent: 13.8×

Monthly cashflow live

• Estimated rent: $2,351 medium
• Mortgage (P&I): −$2,045
• Tax est. 1.5%: −$487 /mo · $5,850/yr
• Insurance: −$162
• HOA: −$19
• Vacancy / Maint / Mgmt: −$494
• Net cashflow: $-857

Break-even live

Break-even rent $3,436

Max offer price $266,050

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: $97,498
• Closing costs: $11,700
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5437 155th St Urbandale, IA	3.0–4.0	2.5	1590	$2,096	$1.32	14d	8	0.86mi
5440 154th Ct Urbandale, IA	4.0	3.5	2367	$2,200	$0.93	19d	1	0.87mi
16008 Springbrook Trl Urbandale, IA	5.0	3.0	1670	$2,900	$1.74	43d	1	1.26mi

HOA detail

• Monthly dues: $19 · $228/yr
• Likely covers: waterelectric

Listing history 17 events

1. 2026-06-18
   days on market $389,990 Active 38 DOM
2. 2026-06-17
   days on market $389,990 Active 37 DOM
3. 2026-06-16
   days on market $389,990 Active 36 DOM
4. 2026-06-15
   days on market $389,990 Active 35 DOM
5. 2026-06-14
   days on market $389,990 Active 33 DOM
6. 2026-06-13
   days on market $389,990 Active 32 DOM
7. 2026-06-10
   days on market $389,990 Active 30 DOM
8. 2026-06-09
   days on market $389,990 Active 29 DOM
9. 2026-06-08
   days on market $389,990 Active 28 DOM
10. 2026-06-07
    days on market $389,990 Active 27 DOM
11. 2026-06-05
    days on market $389,990 Active 24 DOM
12. 2026-06-03
    days on market $389,990 Active 23 DOM
13. 2026-06-02
    days on market $389,990 Active 22 DOM
14. 2026-06-01
    days on market $389,990 Active 21 DOM
15. 2026-05-31
    days on market $389,990 Active 20 DOM
16. 2026-05-31
    days on market $389,990 Active 19 DOM
17. 2026-05-11
    listed $364,990 Active 903-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥102°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: $28,217
• − Mortgage interest: −$21,846
• − Property taxes: −$5,850
• − Insurance: −$1,950
• − Repairs & maintenance: −$2,257
• − Management: −$2,257
• − HOA: −$228
• − Depreciation: −$11,345
• Taxable loss: −$17,516
• Est. tax savings @ 24.0%: +$4,204
• After-tax cash flow: $-6,074/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): 16,865
• Household income: $120,769
• Rent vs Own: 28.3% rent · 71.7% own
• Severe rent burden: 249.0

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 (85%)
• Race & ethnicity: White 85% Hispanic / Latino 6% Two or more races 5% Asian 3% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 3% Italian 3% Iranian 2%
• Foreign-born: 6% · China, Canada
• Languages at home: 92% English-only · Other Asian/Pacific 3% Spanish 2% Other Indo-European 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: ▼ -30.93%
• Current HPI: 249.0614
• Rent YoY: ▲ 0.71%
• 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

+6.8% since first listed

2 events — show timeline

• 2026-05-21 Price Changed $389,990 DMMLS
• 2026-05-11 Listed $364,990 DMMLS