2304 Hazeltine Pl · Norwalk, IA 50211

$224,900

3 bd · 2.5 ba · 1,520 sqft · Condo public records · 44 Days on market

Built 2020 $148/sqft · 9% below area Est $247k · 9% under $220/mo HOA · 11% 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 +11.5/15.0
• Cash flow +8.6/30.0
• Schools +6.7/10.0
• Livability +3.8/5.0
• 1% rule +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks

No Rental Restrictions! This comfortable townhouse features the Radcliffe plan in the heart of the Brownstones at the Legacy. The main level is spacious with brand new LVP flooring throughout as well as open kitchen with quartz countertops, accent tile backsplash, stainless steel appliances and pantry. A convenient downstairs half bathroom is located right off the living room. There is a storeroom and closet under the stairs. The upper level provides great space in the primary suite, including a private bath with dual vanity and walk in closet, plus a bonus closet-great for storing games or craft supplies. Down the hall, you will find an additional two bedrooms, full bathroom and a laundry

Key facts

• $220 HOA
• 2 garage spots
• Community pool

Property features AI

Finance

• Other: Pets allowed (size limits apply)
• HOA & community: Homeowners association (Brownstones at the Legacy / Hubbel Community Management); HOA fee $220 per month; HOA covers internet, grounds maintenance, structure maintenance, recreation facilities, snow removal; Community clubhouse; Community pool; Playground

Exterior

• Parking: Attached 2-car garage
• Security: Smoke detectors
• Utilities: Public water; Public sewer
• Home design: 2-story home
• Construction: Vinyl siding; Asphalt shingle roof
• Exterior features: Sprinkler/irrigation; Concrete road surface; Planned Unit Development (PUD) zoning

Interior

• Kitchen: Dishwasher; Microwave; Stove; Refrigerator
• Flooring: Carpet
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom; 1 half bathroom
• Heating & cooling: Heat pump heating; Electric heating; Central air conditioning
• Interior features: Dining area; Window treatments
• Laundry & utility: Washer; Dryer; Laundry on upper level

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $225k.

Deal economics

• At list price, monthly cash flow is $-195 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $190k (15.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $195k (13.1% below list).
• Recommended offer: $190k (15.3% below list) — sets the bar for cash-flow.
• Cap rate 5.3% 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; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 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 ($218k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 6y 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.

Recommended offer $190,480 (15.3% 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 15% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.87% ✗
• Cap rate: 5.25%
• Cash-on-cash: -3.71%
• DSCR: 0.83
• GRM: 9.6

CMA / ARV

• ARV (median comp): $247,018
• List price: $224,900
• Delta: -8.95%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -22.4%
• Equity multiple: 0.23×
• Total profit: $-48,711
• Equity at exit: $33,533

10-year hold

• IRR: -16.4%
• Equity multiple: 0.08×
• Total profit: $-57,817
• Equity at exit: $19,445

Cash invested: $62,972 (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 50211

• Active inventory: 438
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,954 high
• Mortgage (P&I): −$1,179
• Tax from tax record: −$245 /mo · $2,940/yr
• Insurance: −$94
• HOA: −$220
• Vacancy / Maint / Mgmt: −$410
• Net cashflow: $-195

Break-even live

Break-even rent $2,200

Max offer price $190,480

Occupancy floor —

Sensitivity live

Price	-10% $-68	-5% $-131	+0% $-195	+5% $-258	+10% $-322
Rent	-10% $-349	-5% $-272	+0% $-195	+5% $-118	+10% $-41
Rate	-1.0pp $-82	-0.5pp $-138	base $-195	+0.5pp $-253	+1.0pp $-312

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Rent comps 8 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	0.68mi
1707 Ashwood Ave Norwalk, IA	3.0	2.5	1588	$2,195	$1.38	45d	1	0.74mi
3026 Myron St Norwalk, IA	3.0	2.0	1390	$2,350	$1.69	45d	1	1.05mi
3103 Bracken Pl Norwalk, IA	3.0	2.5	1465	$2,100	$1.43	16d	1	1.05mi
737 Kitterman Cir Norwalk, IA	3.0	2.0	1576	$1,850	$1.17	45d	1	1.17mi
737 Kitterman Cir Norwalk, IA	3.0	2.0	1576	$1,850	$1.17	20d	1	1.17mi
303 Marie Ave Norwalk, IA	4.0	3.5	1678	$2,195	$1.31	4d	1	1.44mi
216 Maple Ave Norwalk, IA	4.0	3.5	2200	$2,325	$1.06	4d	1	1.49mi

HOA detail condo

• Monthly dues: $220 · $2,640/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 32 events

1. 2026-06-21
   days on market $224,900 Active 44 DOM
2. 2026-06-18
   days on market $224,900 Active 41 DOM
3. 2026-06-17
   days on market $224,900 Active 40 DOM
4. 2026-06-16
   days on market $224,900 Active 39 DOM
5. 2026-06-15
   days on market $224,900 Active 38 DOM
6. 2026-06-14
   days on market $224,900 Active 36 DOM
7. 2026-06-13
   days on market $224,900 Active 35 DOM
8. 2026-06-10
   days on market $224,900 Active 33 DOM
9. 2026-06-09
   days on market $224,900 Active 32 DOM
10. 2026-06-08
    days on market $224,900 Active 31 DOM
11. 2026-06-07
    days on market $224,900 Active 30 DOM
12. 2026-06-05
    days on market $224,900 Active 27 DOM
13. 2026-06-03
    days on market $224,900 Active 26 DOM
14. 2026-06-02
    days on market $224,900 Active 25 DOM
15. 2026-06-01
    days on market $224,900 Active 24 DOM
16. 2026-05-31
    days on market $224,900 Active 23 DOM
17. 2026-05-31
    days on market $224,900 Active 22 DOM
18. 2026-05-08
    listed $224,900 Active 1150-char remark
19. 2026-04-23
    historical
20. 2025-10-23
    listed $224,900 Active
21. 2024-09-16
    historical
22. 2024-09-11
    status Active
23. 2024-09-03
    status Pending
24. 2024-08-23
    listed $225,000 Active
25. 2021-05-05
    soldstatus $199,999 Closed
26. 2021-04-01
    status Pending
27. 2021-03-06
    listed $199,999 Active
28. 2021-02-10
    historical
29. 2020-12-01
    price $204,600
30. 2020-11-13
    price $195,000
31. 2020-11-03
    price $200,000
32. 2020-07-07
    listed $204,600 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: $2,940 · $245/mo
• Projected year-2 tax: $3,235 · $270/mo
• Expected delta: +$295/yr (+$25/mo · 10.0%)

ⓘ 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 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: $23,442
• − Mortgage interest: −$12,598
• − Property taxes: −$2,940
• − Insurance: −$1,124
• − Repairs & maintenance: −$1,875
• − Management: −$1,875
• − HOA: −$2,640
• − Depreciation: −$6,543
• Taxable loss: −$6,154
• Est. tax savings @ 24.0%: +$1,477
• After-tax cash flow: $-861/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

+9.9% since first listed

15 events — show timeline

• 2026-05-08 Listed $224,900 DMMLS
• 2026-04-23 Listing Removed — DMMLS
• 2025-10-23 Listed $224,900 DMMLS
• 2024-09-16 Listing Removed — DMMLS
• 2024-09-11 Relisted — DMMLS
• 2024-09-03 Pending — DMMLS
• 2024-08-23 Listed $225,000 DMMLS
• 2021-05-05 Sold (MLS) $199,999 DMMLS
• 2021-04-01 Pending — DMMLS
• 2021-03-06 Listed $199,999 DMMLS
• 2021-02-10 Listing Removed — DMMLS
• 2020-12-01 Price Changed $204,600 DMMLS
• 2020-11-13 Price Changed $195,000 DMMLS
• 2020-11-03 Price Changed $200,000 DMMLS
• 2020-07-07 Listed $204,600 DMMLS

Property tax history

+330.0%/yr

Latest (2025): $2,940 · +0.1% YoY. Source: county tax records.