1113 Gordon Ave · Norwalk, IA 50211

$240,000

2 bd · 2.5 ba · 2,090 sqft · SingleFamily public records · 44 Days on market

Built 1975 9,540 sqft lot $115/sqft · 53% below area Est $289k · 17% 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 +15.0/15.0
• Cash flow +7.4/30.0
• Schools +6.7/10.0
• Livability +3.8/5.0
• 1% rule +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great opportunity in Norwalk to build some sweat equity and get in under the Appraised value! Selling as-is, this split foyer home features 5 beds, 2 baths and over 2000 square feet of finish. Upstairs you will find a nice sized living room that leads into the dining area and kitchen. Off the kitchen is a screened in porch with stairs to the backyard. Back inside you'll find 2 additional bedrooms, a 3/4 bath and a very large primary bedroom. Downstairs has 2 beds, 1 bath, laundry and a bar area. This house is in a great location next to all the new developments in Norwalk including the Gregg Young Sports Complex, Coopers and Fareway! Schedule your showing today! All information obtained from seller and public record.

Key facts

• Screened in porch
• Split foyer home
• Great location

Tags

• SPLIT FOYER HOME
• SCREENED IN PORCH
• BAR AREA
• GREAT LOCATION

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $-305 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $186k (22.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $180k (25.2% below list).
• Recommended offer: $180k (25.2% below list) — sets the bar for 1% rule.
• Cap rate 4.8% vs local median 3.0% in Norwalk — 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 76/100 on livability (#187 in IA, #3,367 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Norwalk Community School District (suburban): math 76% / reading 76% proficiency, ranked #39 of 289 in IA (top 14%) — strong family-tenant draw, lease renewals of 3-5y typical; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Oviatt Elementary School (616 students, 22% FRL); Norwalk Middle School (math 76% / reading 75%, grade A, #65 of 246 statewide, top 29%, 787 students, 21% FRL); Norwalk Senior High School (math 72% / reading 79%, grade A-, #79 of 336 statewide, top 25%, 1,035 students, 19% FRL).
• Market conditions: 438 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 439 units permitted in Warren County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Warren County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• 2 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 $179,512 (25.2% 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 44 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.75% ✗
• Cap rate: 4.77%
• Cash-on-cash: -5.45%
• DSCR: 0.76
• GRM: 11.1

CMA / ARV

• ARV (median comp): $288,755
• List price: $240,000
• Delta: -16.88%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1221 E 17th St	0.51mi	3/3.5 (+1)	2,092 (+0%)	2mo	$365,850	$175	66
1404 E 18th St	0.47mi	3/2.5 (+1)	1,936 (-7%)	12mo	$329,990	$170	51
1033 Shady Lane Dr	0.45mi	3/2.0 (+1)	1,796 (-14%)	0mo	$495,000	$276	48
1412 Parkhill Dr	0.58mi	3/2.5 (+1)	1,820 (-13%)	6mo	$339,500	$187	42
1210 Meadow Dr	0.53mi	3/2.0 (+1)	1,803 (-14%)	6mo	$246,000	$136	40

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -25.6%
• Equity multiple: 0.13×
• Total profit: $-58,245
• Equity at exit: $35,785

10-year hold

• IRR: -21.8%
• Equity multiple: -0.12×
• Total profit: $-75,457
• Equity at exit: $20,751

Cash invested: $67,200 (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 50211

• Active inventory: 438
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $1,795 high
• Mortgage (P&I): −$1,259
• Tax from tax record: −$364 /mo · $4,374/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$377
• Net cashflow: $-305

Break-even live

Break-even rent $2,181

Max offer price $186,131

Occupancy floor —

Sensitivity live

Price	-10% $-169	-5% $-237	+0% $-305	+5% $-373	+10% $-441
Rent	-10% $-447	-5% $-376	+0% $-305	+5% $-234	+10% $-163
Rate	-1.0pp $-184	-0.5pp $-244	base $-305	+0.5pp $-367	+1.0pp $-430

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1451 High Rd Norwalk, IA	3.0	2.5	1564	$1,970	$1.26	4d	2	0.29mi
1707 Ashwood Ave Norwalk, IA	3.0	2.5	1588	$2,195	$1.38	45d	1	0.41mi
737 Kitterman Cir Norwalk, IA	3.0	2.0	1576	$1,850	$1.17	45d	1	0.94mi
737 Kitterman Cir Norwalk, IA	3.0	2.0	1576	$1,850	$1.17	20d	1	0.94mi
3103 Bracken Pl Norwalk, IA	3.0	2.5	1465	$2,100	$1.43	16d	1	1.39mi

Listing history 21 events

1. 2026-06-21
   days on market $240,000 Active 44 DOM
2. 2026-06-18
   days on market $240,000 Active 41 DOM
3. 2026-06-17
   days on market $240,000 Active 40 DOM
4. 2026-06-16
   days on market $240,000 Active 39 DOM
5. 2026-06-15
   days on market $240,000 Active 38 DOM
6. 2026-06-14
   days on market $240,000 Active 36 DOM
7. 2026-06-13
   days on market $240,000 Active 35 DOM
8. 2026-06-10
   days on market $240,000 Active 33 DOM
9. 2026-06-09
   days on market $240,000 Active 32 DOM
10. 2026-06-08
    days on market $240,000 Active 31 DOM
11. 2026-06-07
    days on market $240,000 Active 30 DOM
12. 2026-06-05
    days on market $240,000 Active 27 DOM
13. 2026-06-03
    days on market $240,000 Active 26 DOM
14. 2026-06-02
    days on market $240,000 Active 25 DOM
15. 2026-06-01
    pricedays on market $240,000 Active 24 DOM
16. 2026-05-31
    days on market $244,000 Active 23 DOM
17. 2026-05-31
    days on market $244,000 Active 22 DOM
18. 2026-05-15
    price $244,000 730-char remark

    Show marketing remark (730 chars)

    Great opportunity in Norwalk to build some sweat equity and get in under the Appraised value! Selling as-is, this split foyer home features 5 beds, 2 baths and over 2000 square feet of finish. Upstairs you will find a nice sized living room that leads into the dining area and kitchen. Off the kitchen is a screened in porch with stairs to the backyard. Back inside you'll find 2 additional bedrooms, a 3/4 bath and a very large primary bedroom. Downstairs has 2 beds, 1 bath, laundry and a bar area. This house is in a great location next to all the new developments in Norwalk including the Gregg Young Sports Complex, Coopers and Fareway! Schedule your showing today! All information obtained from seller and public record.

19. 2026-05-14
    status Active 730-char remark

    Show marketing remark (730 chars)

    Great opportunity in Norwalk to build some sweat equity and get in under the Appraised value! Selling as-is, this split foyer home features 5 beds, 2 baths and over 2000 square feet of finish. Upstairs you will find a nice sized living room that leads into the dining area and kitchen. Off the kitchen is a screened in porch with stairs to the backyard. Back inside you'll find 2 additional bedrooms, a 3/4 bath and a very large primary bedroom. Downstairs has 2 beds, 1 bath, laundry and a bar area. This house is in a great location next to all the new developments in Norwalk including the Gregg Young Sports Complex, Coopers and Fareway! Schedule your showing today! All information obtained from seller and public record.

20. 2026-04-06
    status Pending 730-char remark

    Show marketing remark (730 chars)

    Great opportunity in Norwalk to build some sweat equity and get in under the Appraised value! Selling as-is, this split foyer home features 5 beds, 2 baths and over 2000 square feet of finish. Upstairs you will find a nice sized living room that leads into the dining area and kitchen. Off the kitchen is a screened in porch with stairs to the backyard. Back inside you'll find 2 additional bedrooms, a 3/4 bath and a very large primary bedroom. Downstairs has 2 beds, 1 bath, laundry and a bar area. This house is in a great location next to all the new developments in Norwalk including the Gregg Young Sports Complex, Coopers and Fareway! Schedule your showing today! All information obtained from seller and public record.

21. 2026-03-31
    listed $236,000 Active 730-char remark

    Show marketing remark (730 chars)

    Great opportunity in Norwalk to build some sweat equity and get in under the Appraised value! Selling as-is, this split foyer home features 5 beds, 2 baths and over 2000 square feet of finish. Upstairs you will find a nice sized living room that leads into the dining area and kitchen. Off the kitchen is a screened in porch with stairs to the backyard. Back inside you'll find 2 additional bedrooms, a 3/4 bath and a very large primary bedroom. Downstairs has 2 beds, 1 bath, laundry and a bar area. This house is in a great location next to all the new developments in Norwalk including the Gregg Young Sports Complex, Coopers and Fareway! Schedule your showing today! All information obtained from seller and public record.

ⓘ 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: $4,374 · $364/mo
• Projected year-2 tax: $4,374 · $364/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 2/10 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: $21,541
• − Mortgage interest: −$13,444
• − Property taxes: −$4,374
• − Insurance: −$1,200
• − Repairs & maintenance: −$1,723
• − Management: −$1,723
• − Depreciation: −$6,982
• Taxable loss: −$7,905
• Est. tax savings @ 24.0%: +$1,897
• After-tax cash flow: $-1,762/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: Norwalk Community School District
• NCES district ID: 1921240
• Math proficiency: 76% ▼ -6.00%
• Reading proficiency: 76% ▼ -2.00%
• Median HH income: $76,652
• Composite: 66.9/100
• National rank: #401
• State rank: #39 of 289 in IA

Livability — Norwalk

• Score: 76/100
• State rank: #187
• US rank: #3367

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment A+ Housing A+ Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norwalk, IA
• County: Warren County · 16,835 people
• City population: 16,835
• Metro: Des Moines-West Des Moines, IA
• Population (ZIP): 16,835
• Household income: $103,712
• Rent vs Own: 15.7% rent · 84.3% own
• Severe rent burden: 157.0

Population outlook (Warren County) Hauer SSP2

• Today (2025): 54,222 people
• By 2030: 56,863 · +4.9%
• By 2040: 61,691 · +13.8%
• By 2050: 65,939 · +21.6%
• By 2075: 75,626 · +39.5%
• By 2100: 80,425 · +48.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Portuguese 4% Italian 3% Iranian 3%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Warren

• 2024 margin: Strong R (+20.7) · D 38.9% · R 59.7% · Other 1.4%
• 2008→2024 swing: -21.4pp toward R · 2008: 0.6pp · 2024: -20.7pp
• All cycles: 2024: R+20.7 2020: R+16.8 2016: R+16.4 2012: R+2.0 2008: D+0.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -158.74%
• Current HPI: 206.2899
• 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

+3.4% since first listed

4 events — show timeline

• 2026-05-15 Price Changed $244,000 DMMLS
• 2026-05-14 Relisted — DMMLS
• 2026-04-06 Pending — DMMLS
• 2026-03-31 Listed $236,000 DMMLS

Property tax history

+2.7%/yr

Latest (2025): $4,374 · +0.2% YoY. Source: county tax records.