15208 Greenbelt Dr · Urbandale, IA 50323

$200,000

2 bd · 2.0 ba · 1,056 sqft · Townhouse public records · 8 Days on market

Built 2006 530 sqft lot Est $201k · at est. $275/mo HOA · 18% 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 +7.6/15.0
• Appreciation +7.4/10.0
• Schools +7.1/10.0
• Cash flow +5.6/30.0
• Livability +4.5/5.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0

Listing remarks MLS

Not your typical townhome. Upgrades throughout. Features include 2 spacious bedrooms, 2 bathrooms, 2 car attached garage, stainless steel appliances: refrigerator, dishwasher, microwave, stove included, washer and dryer included, laminate flooring, tiled bathrooms/entry/laundry, Upgraded light fixtures, kitchen and bathroom hardware, tiled backsplash, end unit, under and over cabinet lighting, blinds and window treatments included, added can lighting, stairwell lighting, wired for surround sound, spacious deck overlooking green space, front storm door, whisper drive garage door opener, under sink triple water purification for drinking water and refrigerator water and ice maker, whole house reverse osmosis water treatment with water softener (approx. 5k value), and Waukee Schools.

Key facts

• Spacious deck
• Serene green space
• Brand-new ac unit

Tags

• BRAND-NEW AC UNIT
• SPACIOUS DECK
• SERENE GREEN SPACE

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath townhouse listed at $200k.

Deal economics

• At list price, monthly cash flow is $-420 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $126k (37.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $153k (23.5% below list).
• Recommended offer: $126k (37.1% below list) — sets the bar for cash-flow.
• Cap rate 3.8% 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: 378 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 10% 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 $11k of equity ($1k loan paydown + $10k 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 4, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 21y 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 $143k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $125,752 (37.1% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.76% ✗
• Cap rate: 3.77%
• Cash-on-cash: -9.01%
• DSCR: 0.60
• GRM: 10.9

CMA / ARV

• ARV (on-the-fly): $200,640
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15203 Greenbelt Dr	0.03mi	2/2.0	1,056 (0%)	1mo	$177,000	$168	98
15230 Greenbelt Dr	0.03mi	2/2.0	1,056 (0%)	3mo	$172,000	$163	96
15220 Greenbelt Dr	0.03mi	2/2.0	1,056 (0%)	6mo	$180,000	$170	94
15234 Alpine Dr	0.08mi	2/2.0	1,056 (0%)	10mo	$193,000	$183	88
15247 Alpine Dr	0.11mi	2/2.0	1,056 (0%)	13mo	$195,000	$185	84
15415 Walnut Hills Dr	0.18mi	2/2.0	1,024 (-3%)	12mo	$240,000	$234	76
4468 154th St	0.16mi	2/2.5	1,140 (+8%)	3mo	$229,990	$202	75
15407 Hammontree Dr	0.19mi	2/2.5	1,144 (+8%)	2mo	$217,500	$190	73
4441 154th St	0.12mi	2/2.5	1,140 (+8%)	8mo	$245,000	$215	72
4476 154th St	0.16mi	2/2.5	1,140 (+8%)	11mo	$235,000	$206	68
15445 Walnut Hills Dr	0.23mi	2/2.5	1,144 (+8%)	9mo	$214,900	$188	66
4452 154th St	0.15mi	2/2.5	1,196 (+13%)	11mo	$245,000	$205	60

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: 4.8%
• Equity multiple: 1.31×
• Total profit: $17,310
• Equity at exit: $111,005

10-year hold

• IRR: 7.5%
• Equity multiple: 2.37×
• Total profit: $76,903
• Equity at exit: $189,678

Cash invested: $56,000 (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: 378
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $1,529 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$221 /mo · $2,656/yr
• Insurance: −$83
• HOA: −$275
• Vacancy / Maint / Mgmt: −$321
• Net cashflow: $-420

Break-even live

Break-even rent $2,061

Max offer price $125,752

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4315 152nd Ct Urbandale, IA	2.0	2.5	1240	$1,495	$1.21	14d	1	0.04mi
4304 153rd Pl Urbandale, IA	2.0	2.5	1240	$1,450	$1.17	21d	1	0.05mi
15211 Greenbelt Dr Urbandale, IA	2.0	2.0	1056	$1,450	$1.37	19d	1	0.06mi
15221 Alpine Dr Urbandale, IA	2.0	2.0	1056	$1,550	$1.47	43d	1	0.10mi
4307 154th St Urbandale, IA	3.0	2.5	1445	$1,850	$1.28	23d	1	0.11mi
4304 154th St Urbandale, IA	2.0	2.5	1240	$1,595	$1.29	43d	1	0.13mi
15403 Aurora Ave Unit 1 Urbandale, IA	2.0	1.0	800	$999	$1.25	23d	1	0.24mi
4015 154th St Urbandale, IA	3.0	2.5	1428	$2,295	$1.61	19d	1	0.33mi
4454 142nd St Urbandale, IA	1.0–3.0	1.0–2.0	949	$1,190	$1.25	14d	6	0.82mi
3504 163rd St Urbandale, IA	3.0	2.5	1454	$2,245	$1.54	19d	1	1.18mi

HOA detail

• Monthly dues: $275 · $3,300/yr
• Likely covers: water

Listing history 26 events

1. 2026-06-18
   days on market $200,000 Active 8 DOM
2. 2026-06-17
   days on market $200,000 Active 7 DOM
3. 2026-06-16
   days on market $200,000 Active 6 DOM
4. 2026-06-15
   days on market $200,000 Active 5 DOM
5. 2026-06-14
   days on market $200,000 Active 3 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   days on marketlisting id $200,000 Active 2 DOM
8. 2026-06-10
   days on market $200,000 Active 15 DOM
9. 2026-06-09
   days on market $200,000 Active 14 DOM
10. 2026-06-08
    days on market $200,000 Active 13 DOM
11. 2026-06-07
    days on market $200,000 Active 12 DOM
12. 2026-06-05
    days on market $200,000 Active 9 DOM
13. 2026-06-03
    days on market $200,000 Active 8 DOM
14. 2026-06-02
    days on market $200,000 Active 7 DOM
15. 2026-06-01
    days on market $200,000 Active 6 DOM
16. 2026-05-31
    days on market $200,000 Active 5 DOM
17. 2026-05-31
    days on market $200,000 Active 4 DOM
18. 2026-05-27
    listed $200,000 Active
19. 2018-07-03
    soldstatus $143,000
20. 2018-06-29
    soldstatus $143,000 Sold 790-char remark

    Show marketing remark (790 chars)

    Not your typical townhome. Upgrades throughout. Features include 2 spacious bedrooms, 2 bathrooms, 2 car attached garage, stainless steel appliances: refrigerator, dishwasher, microwave, stove included, washer and dryer included, laminate flooring, tiled bathrooms/entry/laundry, Upgraded light fixtures, kitchen and bathroom hardware, tiled backsplash, end unit, under and over cabinet lighting, blinds and window treatments included, added can lighting, stairwell lighting, wired for surround sound, spacious deck overlooking green space, front storm door, whisper drive garage door opener, under sink triple water purification for drinking water and refrigerator water and ice maker, whole house reverse osmosis water treatment with water softener (approx. 5k value), and Waukee Schools.

21. 2018-05-15
    status Pending 790-char remark

    Show marketing remark (790 chars)

    Not your typical townhome. Upgrades throughout. Features include 2 spacious bedrooms, 2 bathrooms, 2 car attached garage, stainless steel appliances: refrigerator, dishwasher, microwave, stove included, washer and dryer included, laminate flooring, tiled bathrooms/entry/laundry, Upgraded light fixtures, kitchen and bathroom hardware, tiled backsplash, end unit, under and over cabinet lighting, blinds and window treatments included, added can lighting, stairwell lighting, wired for surround sound, spacious deck overlooking green space, front storm door, whisper drive garage door opener, under sink triple water purification for drinking water and refrigerator water and ice maker, whole house reverse osmosis water treatment with water softener (approx. 5k value), and Waukee Schools.

22. 2018-04-27
    listed $144,900 Active 790-char remark

    Show marketing remark (790 chars)

    Not your typical townhome. Upgrades throughout. Features include 2 spacious bedrooms, 2 bathrooms, 2 car attached garage, stainless steel appliances: refrigerator, dishwasher, microwave, stove included, washer and dryer included, laminate flooring, tiled bathrooms/entry/laundry, Upgraded light fixtures, kitchen and bathroom hardware, tiled backsplash, end unit, under and over cabinet lighting, blinds and window treatments included, added can lighting, stairwell lighting, wired for surround sound, spacious deck overlooking green space, front storm door, whisper drive garage door opener, under sink triple water purification for drinking water and refrigerator water and ice maker, whole house reverse osmosis water treatment with water softener (approx. 5k value), and Waukee Schools.

23. 2013-09-03
    soldstatus $110,500
24. 2013-08-30
    soldstatus $110,500 732-char remark

    Show marketing remark (732 chars)

    Not your typical townhome. Upgrades throughout. Features include 2 spacious bedrooms, 2 bathrooms, 2 car attached garage, stainless steel appliances, washer and dryer, new laminate flooring, tiled bathrooms/entry/laundry, Upgraded light fixtures, kitchen and bathroom hardware, tiled backsplash, end unit, under and over cabinet lighting, blinds and window treatments included, added can lighting, stairwell lighting, wired for surround sound, spacious deck overlooking green space, front storm door, whisper drive garage door opener, under sink triple water purification for drinking water and refrigerator water and ice maker, whole house reverse osmosis water treatment with water softener (approx. 5k value), and Waukee Schools.

25. 2013-04-11
    listed $116,900 732-char remark

    Show marketing remark (732 chars)

    Not your typical townhome. Upgrades throughout. Features include 2 spacious bedrooms, 2 bathrooms, 2 car attached garage, stainless steel appliances, washer and dryer, new laminate flooring, tiled bathrooms/entry/laundry, Upgraded light fixtures, kitchen and bathroom hardware, tiled backsplash, end unit, under and over cabinet lighting, blinds and window treatments included, added can lighting, stairwell lighting, wired for surround sound, spacious deck overlooking green space, front storm door, whisper drive garage door opener, under sink triple water purification for drinking water and refrigerator water and ice maker, whole house reverse osmosis water treatment with water softener (approx. 5k value), and Waukee Schools.

26. 2005-08-16
    listed $122,900

ⓘ 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: $2,656 · $221/mo
• Projected year-2 tax: $2,898 · $242/mo
• Expected delta: +$242/yr (+$20/mo · 9.1%)

ⓘ 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 3/10 Moderate
• 🌡 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: $18,352
• − Mortgage interest: −$11,203
• − Property taxes: −$2,656
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,468
• − Management: −$1,468
• − HOA: −$3,300
• − Depreciation: −$5,818
• Taxable loss: −$8,561
• Est. tax savings @ 24.0%: +$2,055
• After-tax cash flow: $-2,989/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

+62.7% since first listed

9 events — show timeline

• 2026-05-27 Listed $200,000 FSBO.com
• 2018-07-03 Sold (Public Records) $143,000 Public Records
• 2018-06-29 Sold (MLS) $143,000 DMMLS
• 2018-05-15 Pending — DMMLS
• 2018-04-27 Listed $144,900 DMMLS
• 2013-09-03 Sold (Public Records) $110,500 Public Records
• 2013-08-30 Sold (MLS) $110,500 DMMLS
• 2013-04-11 Listed $116,900 DMMLS
• 2005-08-16 Listed $122,900 DMMLS

Property tax history

+3.2%/yr

Latest (2025): $2,656 · +1.8% YoY. Source: county tax records.