2514 135th St · Urbandale, IA 50323

$485,000

4 bd · 2.5 ba · 2,347 sqft · SingleFamily public records · 28 Days on market

Built 1996 0.25 ac lot $207/sqft · 16% below area Est $580k · 16% under

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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 +14.9/15.0
• Appreciation +7.4/10.0
• Schools +6.0/10.0
• Cash flow +4.8/30.0
• Livability +4.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.6/10.0
• DSCR +0.0/10.0

Listing remarks MLS

The one you have been waiting for! Reverse Osmosis water system! 6 bedroom in the convention Country Club North location. High ceilings and all new interior paint, greet you in the entry to the comfortable living room w/ fireplace. Office with new built-ins create a perfect library, office or music room. More living space provided w/ second fireplace and huge room off of the eat in kitchen w/ newer SS appliances. Off the kitchen, composite deck w/ retractable sun shade overlooking flat yard. Upstairs you will find four beds. Primary suite w/ vaulted ceiling, walk in closet, double vanity and sky light for more natural light. The walk out LL gives you two more bedrooms and large bathroom. Newer windows on main levels and new carpet throughout.

Key facts

• 0.25 acre lot
• 3 garage spots
• Built 1996

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $485k.

Deal economics

• At list price, monthly cash flow is $-1k ($-14k/yr) — negative.
• To cash-flow at today's rent, offer at most $275k (43.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $273k (43.8% below list).
• Recommended offer: $273k (43.8% below list) — sets the bar for 1% rule.
• Cap rate 3.3% 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: crime A+, amenities A+, employment A+; Watch: commute F.
• West Des Moines Community School District (urban): math 66% / reading 71% proficiency, ranked #133 of 289 in IA (top 46%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Westridge Elementary (math 83% / reading 76%, grade A, #71 of 616 statewide, top 15%, 748 students, 25% FRL); Indian Hills Junior High School (math 65% / reading 72%, grade A, #126 of 246 statewide, top 53%, 696 students, 45% FRL); Valley High School (math 71% / reading 81%, grade A-, #75 of 336 statewide, top 23%, 2,152 students, 36% FRL).
• Market conditions: 381 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 2,953 units permitted in Polk County in 2024 (540 in 5+ unit buildings).

Forward outlook

• In year one you build about $27k of equity ($3k loan paydown + $23k appreciation (4.8% local appreciation)).
• Polk County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($478k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 11y 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.
• Current owner paid $340k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $272,604 (43.8% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.56% ✗
• Cap rate: 3.35%
• Cash-on-cash: -10.52%
• DSCR: 0.53
• GRM: 14.8

CMA / ARV

• ARV (median comp): $580,255
• List price: $485,000
• Delta: -16.42%
• 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
2406 133rd St	0.19mi	5/3.5 (+1)	2,256 (-4%)	3mo	$419,000	$186	74
2216 NW 136th St	0.26mi	4/2.5	2,574 (+10%)	7mo	$415,000	$161	66
13425 Ridgeview Dr	0.04mi	5/4.5 (+1)	2,587 (+10%)	5mo	$720,000	$278	64
2212 NW 139th St	0.41mi	4/2.5	2,181 (-7%)	8mo	$373,000	$171	62
14111 Oak Brook Dr	0.51mi	5/2.5 (+1)	2,309 (-2%)	8mo	$417,500	$181	62
14000 Buena Vista Dr	0.42mi	5/3.5 (+1)	2,219 (-6%)	4mo	$408,900	$184	59
13208 Rocklyn Dr	0.21mi	4/3.0	2,000 (-15%)	6mo	$420,000	$210	58
2230 NW 138th St	0.36mi	5/3.5 (+1)	2,141 (-9%)	2mo	$451,500	$211	58
2094 NW 137th St	0.39mi	4/3.5	2,628 (+12%)	2mo	$520,000	$198	56
14448 Briarwood Ln	0.73mi	4/3.5	2,234 (-5%)	4mo	$441,000	$197	50
14425 Briarwood Ln	0.66mi	4/3.5	2,112 (-10%)	4mo	$482,500	$228	45
12917 Timberline Dr	0.71mi	3/3.5 (-1)	2,505 (+7%)	8mo	$850,000	$339	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 3.5%
• Equity multiple: 1.23×
• Total profit: $30,646
• Equity at exit: $269,187

10-year hold

• IRR: 6.4%
• Equity multiple: 2.19×
• Total profit: $160,960
• Equity at exit: $459,969

Cash invested: $135,800 (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: 14.8×

Monthly cashflow live

• Estimated rent: $2,726 medium
• Mortgage (P&I): −$2,543
• Tax from tax record: −$599 /mo · $7,190/yr
• Insurance: −$202
• HOA: −$0
• Vacancy / Maint / Mgmt: −$572
• Net cashflow: $-1,191

Break-even live

Break-even rent $4,234

Max offer price $274,592

Occupancy floor —

Sensitivity live

Price	-10% $-917	-5% $-1,054	+0% $-1,191	+5% $-1,328	+10% $-1,466
Rent	-10% $-1,406	-5% $-1,299	+0% $-1,191	+5% $-1,083	+10% $-976
Rate	-1.0pp $-947	-0.5pp $-1,068	base $-1,191	+0.5pp $-1,317	+1.0pp $-1,445

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: $121,250
• Closing costs: $14,550
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14412 Holcomb Ave Urbandale, IA	4.0	3.0	2565	$2,900	$1.13	16d	1	0.69mi
15561 Rocklyn PL Clive, IA	4.0	4.0	2445	$2,850	$1.17	45d	1	1.45mi
15583 Rocklyn PL Clive, IA	4.0	4.0	2445	$3,150	$1.29	45d	1	1.47mi

Listing history 6 events

1. 2026-05-06
   status Pending 752-char remark

   Show marketing remark (752 chars)

   The one you have been waiting for! Reverse Osmosis water system! 6 bedroom in the convention Country Club North location. High ceilings and all new interior paint, greet you in the entry to the comfortable living room w/ fireplace. Office with new built-ins create a perfect library, office or music room. More living space provided w/ second fireplace and huge room off of the eat in kitchen w/ newer SS appliances. Off the kitchen, composite deck w/ retractable sun shade overlooking flat yard. Upstairs you will find four beds. Primary suite w/ vaulted ceiling, walk in closet, double vanity and sky light for more natural light. The walk out LL gives you two more bedrooms and large bathroom. Newer windows on main levels and new carpet throughout.

2. 2026-04-08
   listed $485,000 Active 752-char remark

   Show marketing remark (752 chars)

   The one you have been waiting for! Reverse Osmosis water system! 6 bedroom in the convention Country Club North location. High ceilings and all new interior paint, greet you in the entry to the comfortable living room w/ fireplace. Office with new built-ins create a perfect library, office or music room. More living space provided w/ second fireplace and huge room off of the eat in kitchen w/ newer SS appliances. Off the kitchen, composite deck w/ retractable sun shade overlooking flat yard. Upstairs you will find four beds. Primary suite w/ vaulted ceiling, walk in closet, double vanity and sky light for more natural light. The walk out LL gives you two more bedrooms and large bathroom. Newer windows on main levels and new carpet throughout.

3. 2015-08-31
   soldstatus $340,000 941-char remark

   Show marketing remark (941 chars)

   Inviting and spacious 5 bedroom/ 4 bath, 3 car garage home in Country Club North. This home offers many unique qualities and great updates. The huge no maintenance deck offers a serene setting overlooking the woods of Deerfield and bike trails. The home is 3200 sq. ft finished with open floor plan, formal living/dining, den, family room eat in kitchen area and 2 fireplaces. Upstairs, three spacious bedrooms and a large master with tray ceiling, new updated shower, Jacuzzi tub, and spacious walk-in closet. The walk out basement features a 5th bedroom, office/ 6th bedroom, a fantastic children’s playhouse as well as a shower bathroom. First floor laundry. Updates include: Brand new Kitchenaid SS kitchen appliances, quartz kitchen counter tops, carpet in first and second floors, granite countertops in master and full bath. Outside updates include new roof in 2012, oversize gutters and recent paint and large deck. Must see!

4. 2015-08-28
   soldstatus $340,000
5. 2015-07-25
   listed $347,500 941-char remark

   Show marketing remark (941 chars)

   Inviting and spacious 5 bedroom/ 4 bath, 3 car garage home in Country Club North. This home offers many unique qualities and great updates. The huge no maintenance deck offers a serene setting overlooking the woods of Deerfield and bike trails. The home is 3200 sq. ft finished with open floor plan, formal living/dining, den, family room eat in kitchen area and 2 fireplaces. Upstairs, three spacious bedrooms and a large master with tray ceiling, new updated shower, Jacuzzi tub, and spacious walk-in closet. The walk out basement features a 5th bedroom, office/ 6th bedroom, a fantastic children’s playhouse as well as a shower bathroom. First floor laundry. Updates include: Brand new Kitchenaid SS kitchen appliances, quartz kitchen counter tops, carpet in first and second floors, granite countertops in master and full bath. Outside updates include new roof in 2012, oversize gutters and recent paint and large deck. Must see!

6. 2004-11-18
   soldstatus $292,100

ⓘ 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: $7,190 · $599/mo
• Projected year-2 tax: $7,402 · $617/mo
• Expected delta: +$212/yr (+$18/mo · 3.0%)

ⓘ 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: $32,712
• − Mortgage interest: −$27,168
• − Property taxes: −$7,190
• − Insurance: −$2,425
• − Repairs & maintenance: −$2,617
• − Management: −$2,617
• − Depreciation: −$14,109
• Taxable loss: −$23,413
• Est. tax savings @ 24.0%: +$5,619
• After-tax cash flow: $-8,674/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: West Des Moines Community School District
• NCES district ID: 1930930
• Math proficiency: 66% ▼ -9.00%
• Reading proficiency: 71% ▬ 0.00%
• Median HH income: $69,043
• Composite: 59.93/100
• National rank: #878
• State rank: #133 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 (Polk County) Hauer SSP2

• Today (2025): 548,042 people
• By 2030: 588,557 · +7.4%
• By 2040: 670,629 · +22.4%
• By 2050: 752,830 · +37.4%
• By 2075: 955,069 · +74.3%
• By 2100: 1,115,436 · +103.5%

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 · Polk

• 2024 margin: D (+10.9) · D 54.8% · R 43.9% · Other 1.3%
• 2008→2024 swing: -3.7pp toward R · 2008: 14.6pp · 2024: 10.9pp
• All cycles: 2024: D+10.9 2020: D+15.2 2016: D+11.5 2012: D+14.2 2008: D+14.6

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

+66.0% since first listed

6 events — show timeline

• 2026-05-06 Pending — DMMLS
• 2026-04-08 Listed $485,000 DMMLS
• 2015-08-31 Sold (MLS) $340,000 DMMLS
• 2015-08-28 Sold (Public Records) $340,000 Public Records
• 2015-07-25 Listed $347,500 DMMLS
• 2004-11-18 Sold (Public Records) $292,100 Public Records

Property tax history

+2.8%/yr

Latest (2025): $7,190 · +2.0% YoY. Source: county tax records.