17321 North Valley Dr · Urbandale, IA 50323

$649,900

6 bd · 3.0 ba · 3,566 sqft · Other public records · 68 Days on market

Built 2024 0.27 ac lot $182/sqft · 53% below area Est $750k · 13% under ↓ 2% since listing

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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 +13.5/15.0
• Appreciation +7.4/10.0
• Schools +7.1/10.0
• Livability +4.5/5.0
• Cash flow +2.8/30.0
• 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 MLS

Stunning quality and attention to detail in the new construction 6 bedroom home! Located in the exclusive Bentley Ridge development AND walking distance to Radiant Elementary. Upon entering you'll notice that the oversized Anderson windows let in an abundance of light. This showcases the beautiful hardwood floors, gorgeous stone fireplace with built-ins, trayed ceiling in great room, the open gourmet kitchen and large dining area that leads to your covered maintenance free deck. A special design offers an office nook or additional pantry just off the kitchen. The luxurious primary suite has a trayed ceiling, tile shower and beautiful walk- in closet. There are 2 more large bedrooms with custom closets and full bath complete the main level. Let's entertain! This walkout lower level lends itself for large or cozy gatherings. Another beautiful stone fireplace with built-ins and a full wet bar, the perfect set up! Walk out to your lower level covered patio. 3 more bedrooms with custom closets and a full bath. So many upgrades! Unbeatable value. Waukee Northwest High School. Unbeatable location near parks, schools, walking paths and so many amenities.

Key facts

• New construction
• Open gourmet kitchen
• Hardwood floors

Tags

• NEW CONSTRUCTION
• OVERSIZED ANDERSON WINDOWS
• HARDWOOD FLOORS
• STONE FIREPLACE WITH BUILT-INS
• OPEN GOURMET KITCHEN
• COVERED MAINTENANCE FREE DECK

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath other listed at $650k.

Deal economics

• At list price, monthly cash flow is $-2k ($-26k/yr) — negative.
• To cash-flow at today's rent, offer at most $269k (58.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $236k (63.7% below list).
• Recommended offer: $236k (63.7% 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; 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 $36k of equity ($4k loan paydown + $31k 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 ~$57k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($611k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts 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.

Recommended offer $235,732 (63.7% 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 68 days. Have you received any prior offers? Is the seller open to a 64% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 0.36% ✗
• Cap rate: 2.32%
• Cash-on-cash: -14.20%
• DSCR: 0.37
• GRM: 23.0

CMA / ARV

• ARV (median comp): $750,489
• List price: $649,900
• Delta: -13.40%
• 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: 0.4%
• Equity multiple: 1.03×
• Total profit: $5,223
• Equity at exit: $360,710

10-year hold

• IRR: 4.0%
• Equity multiple: 1.76×
• Total profit: $137,475
• Equity at exit: $616,359

Cash invested: $181,972 (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: 23.0×

Monthly cashflow live

• Estimated rent: $2,357 medium
• Mortgage (P&I): −$3,408
• Tax from tax record: −$337 /mo · $4,048/yr
• Insurance: −$271
• HOA: −$0
• Vacancy / Maint / Mgmt: −$495
• Net cashflow: $-2,154

Break-even live

Break-even rent $5,084

Max offer price $269,389

Occupancy floor —

Sensitivity live

Price	-10% $-1,786	-5% $-1,970	+0% $-2,154	+5% $-2,338	+10% $-2,522
Rent	-10% $-2,340	-5% $-2,247	+0% $-2,154	+5% $-2,061	+10% $-1,968
Rate	-1.0pp $-1,827	-0.5pp $-1,989	base $-2,154	+0.5pp $-2,322	+1.0pp $-2,494

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: $162,475
• Closing costs: $19,497
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-21
   days on market $649,900 Active 68 DOM
2. 2026-06-18
   days on market $649,900 Active 65 DOM
3. 2026-06-17
   days on market $649,900 Active 64 DOM
4. 2026-06-16
   days on market $649,900 Active 63 DOM
5. 2026-06-15
   days on market $649,900 Active 62 DOM
6. 2026-06-14
   days on market $649,900 Active 60 DOM
7. 2026-06-13
   days on market $649,900 Active 59 DOM
8. 2026-06-10
   days on market $649,900 Active 57 DOM
9. 2026-06-09
   days on market $649,900 Active 56 DOM
10. 2026-06-08
    days on market $649,900 Active 55 DOM
11. 2026-06-07
    days on market $649,900 Active 54 DOM
12. 2026-06-05
    days on market $649,900 Active 51 DOM
13. 2026-06-03
    days on market $649,900 Active 50 DOM
14. 2026-06-02
    days on market $649,900 Active 49 DOM
15. 2026-06-01
    days on market $649,900 Active 48 DOM
16. 2026-05-31
    days on market $649,900 Active 47 DOM
17. 2026-05-31
    days on market $649,900 Active 46 DOM
18. 2026-04-14
    listed $649,900 Active 1164-char remark

    Show marketing remark (1164 chars)

    Stunning quality and attention to detail in the new construction 6 bedroom home! Located in the exclusive Bentley Ridge development AND walking distance to Radiant Elementary. Upon entering you'll notice that the oversized Anderson windows let in an abundance of light. This showcases the beautiful hardwood floors, gorgeous stone fireplace with built-ins, trayed ceiling in great room, the open gourmet kitchen and large dining area that leads to your covered maintenance free deck. A special design offers an office nook or additional pantry just off the kitchen. The luxurious primary suite has a trayed ceiling, tile shower and beautiful walk- in closet. There are 2 more large bedrooms with custom closets and full bath complete the main level. Let's entertain! This walkout lower level lends itself for large or cozy gatherings. Another beautiful stone fireplace with built-ins and a full wet bar, the perfect set up! Walk out to your lower level covered patio. 3 more bedrooms with custom closets and a full bath. So many upgrades! Unbeatable value. Waukee Northwest High School. Unbeatable location near parks, schools, walking paths and so many amenities.

19. 2026-04-09
    historical
20. 2026-03-05
    status Active
21. 2026-03-03
    historical
22. 2026-01-15
    listed $656,900 Active
23. 2026-01-12
    historical
24. 2025-10-03
    listed $664,900 Active
25. 2025-09-24
    historical
26. 2025-05-03
    listed $664,900 Active

ⓘ 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: $4,048 · $337/mo
• Projected year-2 tax: $7,126 · $594/mo
• Expected delta: +$3,078/yr (+$256/mo · 76.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $28,288
• − Mortgage interest: −$36,405
• − Property taxes: −$4,048
• − Insurance: −$3,250
• − Repairs & maintenance: −$2,263
• − Management: −$2,263
• − Depreciation: −$18,906
• Taxable loss: −$38,846
• Est. tax savings @ 24.0%: +$9,323
• After-tax cash flow: $-16,525/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

-2.3% since first listed

9 events — show timeline

• 2026-04-14 Listed $649,900 DMMLS
• 2026-04-09 Listing Removed — DMMLS
• 2026-03-05 Relisted — DMMLS
• 2026-03-03 Listing Removed — DMMLS
• 2026-01-15 Listed $656,900 DMMLS
• 2026-01-12 Listing Removed — DMMLS
• 2025-10-03 Listed $664,900 DMMLS
• 2025-09-24 Listing Removed — DMMLS
• 2025-05-03 Listed $664,900 DMMLS

Property tax history

+50500.0%/yr

Latest (2025): $4,048 · +50500.0% YoY. Source: county tax records.