3500 152nd St · Urbandale, IA 50323

$325,000

2 bd · 2.0 ba · 1,797 sqft · Condo public records · 4 Days on market

Built 2003 $181/sqft · 32% below area Est $477k · 32% under $400/mo HOA · 22% 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 +1.7/30.0
• 1% rule +0.5/10.0
• DSCR +0.0/10.0

Listing remarks

This home is priced UNDER assessed value, giving you the rare opportunity to get into a great neighborhood at an incredible price! Welcome to this stunning end-unit townhome that perfectly blends comfort, space, and value. Featuring an oversized 2-car garage and a thoughtfully designed layout, this home stands out from the moment you walk in. The spacious living room is filled with natural light and anchored by a cozy corner fireplace, creating the perfect spot to unwind or entertain. The kitchen offers stainless steel appliances, excellent functionality, and plenty of room to gather. Retreat to the primary suite, complete with a generous walk-in closet and a private en-suite featuring dual

Key facts

• Private en-suite
• $400 HOA
• 2 garage spots

Tags

• OVERSIZED 2-CAR GARAGE
• COZY CORNER FIREPLACE
• STAINLESS STEEL APPLIANCES
• GENEROUS WALK-IN CLOSET
• PRIVATE EN-SUITE
• LARGE UNFINISHED BASEMENT

Property features AI

Finance

• HOA & community: Homeowners association (self-managed); Monthly association fee of $400 covering insurance, grounds maintenance, and snow removal

Exterior

• Parking: Attached two-car garage
• Utilities: Public water; Public sewer
• Home design: Single-story home; Brick construction; Asphalt shingle roof; Poured foundation; Zoned R
• Construction: Brick exterior; Asphalt shingle roof; Poured foundation; Built as single-story
• Exterior features: Deck; Sprinkler/irrigation system; Concrete road access; Rectangular lot

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove
• Bedrooms: Two main-level bedrooms
• Flooring: Carpet; Hardwood; Tile
• Bathrooms: One full bathroom; One three-quarter bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Dining area; Eat-in kitchen; Window treatments; Accessibility features including grab bars and low-threshold shower
• Laundry & utility: Washer and dryer; Main-level laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $325k.

Deal economics

• At list price, monthly cash flow is $-1k ($-15k/yr) — negative.
• To cash-flow at today's rent, offer at most $105k (67.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $180k (44.6% below list).
• Recommended offer: $105k (67.8% below list) — sets the bar for cash-flow.
• Cap rate 1.7% 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: Shuler Elementary School (math 91% / reading 86%, grade A+, #12 of 616 statewide, top 2%, 658 students, 7% 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 14% FRL track the district average.
• Market conditions: 381 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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).
• This rent is only 12% 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 $18k of equity ($2k loan paydown + $16k 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 3, paydown + projected appreciation supports a ~$44k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 20y 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.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.

Recommended offer $104,630 (67.8% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.55% ✗
• Cap rate: 1.69%
• Cash-on-cash: -16.45%
• DSCR: 0.27
• GRM: 15.0

CMA / ARV

• ARV (median comp): $476,552
• List price: $325,000
• Delta: -31.80%
• 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: -1.3%
• Equity multiple: 0.91×
• Total profit: $-7,819
• Equity at exit: $180,383

10-year hold

• IRR: 2.7%
• Equity multiple: 1.52×
• Total profit: $47,386
• Equity at exit: $308,227

Cash invested: $91,000 (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: 15.0×

Monthly cashflow live

• Estimated rent: $1,800 high
• Mortgage (P&I): −$1,704
• Tax from tax record: −$430 /mo · $5,158/yr
• Insurance: −$135
• HOA: −$400
• Vacancy / Maint / Mgmt: −$378
• Net cashflow: $-1,247

Break-even live

Break-even rent $3,379

Max offer price $104,630

Occupancy floor —

Sensitivity live

Price	-10% $-1,063	-5% $-1,155	+0% $-1,247	+5% $-1,339	+10% $-1,431
Rent	-10% $-1,390	-5% $-1,319	+0% $-1,247	+5% $-1,176	+10% $-1,105
Rate	-1.0pp $-1,084	-0.5pp $-1,165	base $-1,247	+0.5pp $-1,332	+1.0pp $-1,417

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4015 154th St Urbandale, IA	3.0	2.5	1428	$2,295	$1.61	21d	1	0.63mi
3504 163rd St Urbandale, IA	3.0	2.5	1454	$2,245	$1.54	21d	1	0.72mi
4315 152nd Ct Urbandale, IA	2.0	2.5	1240	$1,495	$1.21	16d	1	0.93mi
4304 153rd Pl Urbandale, IA	2.0	2.5	1240	$1,450	$1.17	23d	1	0.93mi
4304 154th St Urbandale, IA	2.0	2.5	1240	$1,595	$1.29	45d	1	0.97mi
4307 154th St Urbandale, IA	3.0	2.5	1445	$1,850	$1.28	25d	1	0.97mi
266 SE Boulder Ct Waukee, IA	3.0	2.0	1263	$1,750	$1.39	45d	1	1.27mi
4454 142nd St Urbandale, IA	1.0–3.0	1.0–2.0	949	$1,190	$1.25	16d	6	1.28mi
260 SE Waco Pl Waukee, IA	3.0	2.0	1263	$1,795	$1.42	21d	1	1.36mi
425 SE Waco Pl Waukee, IA	3.0	2.5	1816	$2,250	$1.24	23d	1	1.44mi
869 NE Traverse Dr Waukee, IA	3.0	3.0	1868	$2,095	$1.12	16d	1	1.45mi
878 NE Traverse Dr Waukee, IA	3.0	3.0	1868	$2,050	$1.10	45d	1	1.45mi
856 NE Larkspur Ave Unit 1 Waukee, IA	3.0	2.5	1630	$1,800	$1.10	45d	1	1.47mi
854 NE Phlox Ave Waukee, IA	3.0	3.0	1596	$1,750	$1.10	16d	1	1.48mi

HOA detail condo

• Monthly dues: $400 · $4,800/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-05-15
   listed $325,000 Active 1032-char remark
2. 2026-05-12
   historical
3. 2026-04-16
   price $339,900
4. 2026-03-06
   price $350,000
5. 2026-02-06
   listed $365,000 Active
6. 2025-11-10
   price $394,900
7. 2025-10-01
   listed $399,900 Active
8. 2021-10-04
   soldstatus $330,000
9. 2021-10-01
   soldstatus $330,000 Closed
10. 2021-09-10
    status Pending
11. 2021-07-29
    listed $335,000 Active
12. 2012-02-15
    soldstatus $216,000
13. 2011-03-07
    listed $230,000
14. 2006-02-15
    listed $275,000

ⓘ 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: $5,158 · $430/mo
• Projected year-2 tax: $5,158 · $430/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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: $21,602
• − Mortgage interest: −$18,205
• − Property taxes: −$5,158
• − Insurance: −$1,625
• − Repairs & maintenance: −$1,728
• − Management: −$1,728
• − HOA: −$4,800
• − Depreciation: −$9,455
• Taxable loss: −$21,097
• Est. tax savings @ 24.0%: +$5,063
• After-tax cash flow: $-9,906/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

+18.2% since first listed

15 events — show timeline

• 2026-05-19 Pending — DMMLS
• 2026-05-15 Listed $325,000 DMMLS
• 2026-05-12 Listing Removed — DMMLS
• 2026-04-16 Price Changed $339,900 DMMLS
• 2026-03-06 Price Changed $350,000 DMMLS
• 2026-02-06 Listed $365,000 DMMLS
• 2025-11-10 Price Changed $394,900 DMMLS
• 2025-10-01 Listed $399,900 DMMLS
• 2021-10-04 Sold (Public Records) $330,000 Public Records
• 2021-10-01 Sold (MLS) $330,000 DMMLS
• 2021-09-10 Pending — DMMLS
• 2021-07-29 Listed $335,000 DMMLS
• 2012-02-15 Sold (MLS) $216,000 DMMLS
• 2011-03-07 Listed $230,000 DMMLS
• 2006-02-15 Listed $275,000 DMMLS

Property tax history

+1.9%/yr

Latest (2025): $5,158 · -0.2% YoY. Source: county tax records.