2212 Legacy Dr · Norwalk, IA 50211

$248,500

3 bd · 2.0 ba · 1,253 sqft · Other · 371 Days on market

Built 2025 4,900 sqft lot $198/sqft · 8% below area Est $271k · 8% under $29/mo HOA · 2% of rent ↓ 12% 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 +11.2/15.0
• Cash flow +8.0/30.0
• Schools +6.7/10.0
• Livability +3.8/5.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

The Legacy presents the popular Emerson ranch plan. With quick access to the community walking/biking trails, this could be the home for you! Enjoy easy living with an open floorplan featuring living room, kitchen with island and dining area that leads to the back patio. We provide 15-year waterproofing, LVP flooring, passive radon system, and more! Hubbell Homes' Preferred Lenders offer $1750 in closing costs. Not valid with any other offer and subject to change without notice.

Key facts

• Open floorplan
• Emerson ranch plan
• Lvp flooring

Tags

• EMERSON RANCH PLAN
• OPEN FLOORPLAN
• KITCHEN WITH ISLAND
• BACK PATIO
• 15 YEAR WATERPROOFING
• LVP FLOORING

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $248k.

Deal economics

• At list price, monthly cash flow is $-258 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $211k (15.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $188k (24.2% below list).
• Recommended offer: $188k (24.2% below list) — sets the bar for 1% rule.
• Cap rate 5.0% 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: schools A+, crime A+, employment 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.
• Market conditions: 438 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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 371 days — a 12% lower offer ($219k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $41k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $188,395 (24.2% 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 371 days. Have you received any prior offers? Is the seller open to a 24% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 5.05%
• Cash-on-cash: -4.45%
• DSCR: 0.80
• GRM: 11.0

CMA / ARV

• ARV (median comp): $270,813
• List price: $248,500
• Delta: -8.24%
• 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: -23.8%
• Equity multiple: 0.19×
• Total profit: $-56,654
• Equity at exit: $37,052

10-year hold

• IRR: -18.8%
• Equity multiple: -0.01×
• Total profit: $-70,305
• Equity at exit: $21,486

Cash invested: $69,580 (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: 11.0×

Monthly cashflow live

• Estimated rent: $1,884 high
• Mortgage (P&I): −$1,303
• Tax est. 1.5%: −$311 /mo · $3,728/yr
• Insurance: −$104
• HOA: −$29
• Vacancy / Maint / Mgmt: −$396
• Net cashflow: $-258

Break-even live

Break-even rent $2,211

Max offer price $211,166

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: $62,125
• Closing costs: $7,455
• 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	2d	2	0.42mi
1707 Ashwood Ave Norwalk, IA	3.0	2.5	1588	$2,195	$1.38	43d	1	0.50mi
901 E 17th St Norwalk, IA	1.0–3.0	1.0	820	$1,175	$1.43	2d	3	0.89mi
3026 Myron St Norwalk, IA	3.0	2.0	1390	$2,350	$1.69	43d	1	1.01mi
737 Kitterman Cir Norwalk, IA	3.0	2.0	1576	$1,850	$1.17	19d	1	1.03mi
737 Kitterman Cir Norwalk, IA	3.0	2.0	1576	$1,850	$1.17	43d	1	1.03mi
3103 Bracken Pl Norwalk, IA	3.0	2.5	1465	$2,100	$1.43	14d	1	1.28mi
303 Marie Ave Norwalk, IA	4.0	3.5	1678	$2,195	$1.31	2d	1	1.30mi

HOA detail

• Monthly dues: $29 · $348/yr
• Likely covers: water

Listing history 40 events

1. 2026-06-18
   days on market $248,500 Active 371 DOM
2. 2026-06-17
   price $248,500 Active 370 DOM
3. 2026-06-17
   days on market $249,900 Active 370 DOM
4. 2026-06-16
   days on market $249,900 Active 369 DOM
5. 2026-06-15
   remarks 601-char remark
6. 2026-06-15
   days on market $249,900 Active 368 DOM
7. 2026-06-14
   days on market $249,900 Active 366 DOM
8. 2026-06-13
   days on market $249,900 Active 365 DOM
9. 2026-06-10
   days on market $249,900 Active 363 DOM
10. 2026-06-09
    days on market $249,900 Active 362 DOM
11. 2026-06-08
    days on market $249,900 Active 361 DOM
12. 2026-06-07
    days on market $249,900 Active 360 DOM
13. 2026-06-05
    days on market $249,900 Active 357 DOM
14. 2026-06-03
    days on market $249,900 Active 356 DOM
15. 2026-06-02
    days on market $249,900 Active 355 DOM
16. 2026-06-01
    days on market $249,900 Active 354 DOM
17. 2026-05-31
    days on market $249,900 Active 353 DOM
18. 2026-05-31
    days on market $249,900 Active 352 DOM
19. 2026-05-03
    price $254,900 483-char remark

    Show marketing remark (483 chars)

    The Legacy presents the popular Emerson ranch plan. With quick access to the community walking/biking trails, this could be the home for you! Enjoy easy living with an open floorplan featuring living room, kitchen with island and dining area that leads to the back patio. We provide 15-year waterproofing, LVP flooring, passive radon system, and more! Hubbell Homes' Preferred Lenders offer $1750 in closing costs. Not valid with any other offer and subject to change without notice.

20. 2026-04-30
    price $254,900 483-char remark

    Show marketing remark (483 chars)

    The Legacy presents the popular Emerson ranch plan. With quick access to the community walking/biking trails, this could be the home for you! Enjoy easy living with an open floorplan featuring living room, kitchen with island and dining area that leads to the back patio. We provide 15-year waterproofing, LVP flooring, passive radon system, and more! Hubbell Homes' Preferred Lenders offer $1750 in closing costs. Not valid with any other offer and subject to change without notice.

21. 2026-03-25
    price $259,900 483-char remark

    Show marketing remark (483 chars)

    The Legacy presents the popular Emerson ranch plan. With quick access to the community walking/biking trails, this could be the home for you! Enjoy easy living with an open floorplan featuring living room, kitchen with island and dining area that leads to the back patio. We provide 15-year waterproofing, LVP flooring, passive radon system, and more! Hubbell Homes' Preferred Lenders offer $1750 in closing costs. Not valid with any other offer and subject to change without notice.

22. 2026-03-24
    price $259,900 483-char remark

    Show marketing remark (483 chars)

    The Legacy presents the popular Emerson ranch plan. With quick access to the community walking/biking trails, this could be the home for you! Enjoy easy living with an open floorplan featuring living room, kitchen with island and dining area that leads to the back patio. We provide 15-year waterproofing, LVP flooring, passive radon system, and more! Hubbell Homes' Preferred Lenders offer $1750 in closing costs. Not valid with any other offer and subject to change without notice.

23. 2026-01-01
    price $264,000 483-char remark

    Show marketing remark (483 chars)

    The Legacy presents the popular Emerson ranch plan. With quick access to the community walking/biking trails, this could be the home for you! Enjoy easy living with an open floorplan featuring living room, kitchen with island and dining area that leads to the back patio. We provide 15-year waterproofing, LVP flooring, passive radon system, and more! Hubbell Homes' Preferred Lenders offer $1750 in closing costs. Not valid with any other offer and subject to change without notice.

24. 2025-12-31
    price $264,000 483-char remark

    Show marketing remark (483 chars)

    The Legacy presents the popular Emerson ranch plan. With quick access to the community walking/biking trails, this could be the home for you! Enjoy easy living with an open floorplan featuring living room, kitchen with island and dining area that leads to the back patio. We provide 15-year waterproofing, LVP flooring, passive radon system, and more! Hubbell Homes' Preferred Lenders offer $1750 in closing costs. Not valid with any other offer and subject to change without notice.

25. 2025-12-12
    price $265,900 483-char remark

    Show marketing remark (483 chars)

    The Legacy presents the popular Emerson ranch plan. With quick access to the community walking/biking trails, this could be the home for you! Enjoy easy living with an open floorplan featuring living room, kitchen with island and dining area that leads to the back patio. We provide 15-year waterproofing, LVP flooring, passive radon system, and more! Hubbell Homes' Preferred Lenders offer $1750 in closing costs. Not valid with any other offer and subject to change without notice.

26. 2025-12-10
    price $265,900 483-char remark

    Show marketing remark (483 chars)

    The Legacy presents the popular Emerson ranch plan. With quick access to the community walking/biking trails, this could be the home for you! Enjoy easy living with an open floorplan featuring living room, kitchen with island and dining area that leads to the back patio. We provide 15-year waterproofing, LVP flooring, passive radon system, and more! Hubbell Homes' Preferred Lenders offer $1750 in closing costs. Not valid with any other offer and subject to change without notice.

27. 2025-11-06
    price $267,500 483-char remark

    Show marketing remark (483 chars)

    The Legacy presents the popular Emerson ranch plan. With quick access to the community walking/biking trails, this could be the home for you! Enjoy easy living with an open floorplan featuring living room, kitchen with island and dining area that leads to the back patio. We provide 15-year waterproofing, LVP flooring, passive radon system, and more! Hubbell Homes' Preferred Lenders offer $1750 in closing costs. Not valid with any other offer and subject to change without notice.

28. 2025-11-05
    price $267,500 483-char remark

    Show marketing remark (483 chars)

    The Legacy presents the popular Emerson ranch plan. With quick access to the community walking/biking trails, this could be the home for you! Enjoy easy living with an open floorplan featuring living room, kitchen with island and dining area that leads to the back patio. We provide 15-year waterproofing, LVP flooring, passive radon system, and more! Hubbell Homes' Preferred Lenders offer $1750 in closing costs. Not valid with any other offer and subject to change without notice.

29. 2025-10-24
    price $269,900 483-char remark

    Show marketing remark (483 chars)

    The Legacy presents the popular Emerson ranch plan. With quick access to the community walking/biking trails, this could be the home for you! Enjoy easy living with an open floorplan featuring living room, kitchen with island and dining area that leads to the back patio. We provide 15-year waterproofing, LVP flooring, passive radon system, and more! Hubbell Homes' Preferred Lenders offer $1750 in closing costs. Not valid with any other offer and subject to change without notice.

30. 2025-10-23
    price $269,900 483-char remark

    Show marketing remark (483 chars)

    The Legacy presents the popular Emerson ranch plan. With quick access to the community walking/biking trails, this could be the home for you! Enjoy easy living with an open floorplan featuring living room, kitchen with island and dining area that leads to the back patio. We provide 15-year waterproofing, LVP flooring, passive radon system, and more! Hubbell Homes' Preferred Lenders offer $1750 in closing costs. Not valid with any other offer and subject to change without notice.

31. 2025-10-09
    price $272,900 483-char remark

    Show marketing remark (483 chars)

    The Legacy presents the popular Emerson ranch plan. With quick access to the community walking/biking trails, this could be the home for you! Enjoy easy living with an open floorplan featuring living room, kitchen with island and dining area that leads to the back patio. We provide 15-year waterproofing, LVP flooring, passive radon system, and more! Hubbell Homes' Preferred Lenders offer $1750 in closing costs. Not valid with any other offer and subject to change without notice.

32. 2025-10-08
    price $272,900 483-char remark

    Show marketing remark (483 chars)

    The Legacy presents the popular Emerson ranch plan. With quick access to the community walking/biking trails, this could be the home for you! Enjoy easy living with an open floorplan featuring living room, kitchen with island and dining area that leads to the back patio. We provide 15-year waterproofing, LVP flooring, passive radon system, and more! Hubbell Homes' Preferred Lenders offer $1750 in closing costs. Not valid with any other offer and subject to change without notice.

33. 2025-10-02
    status Active 483-char remark

    Show marketing remark (483 chars)

    The Legacy presents the popular Emerson ranch plan. With quick access to the community walking/biking trails, this could be the home for you! Enjoy easy living with an open floorplan featuring living room, kitchen with island and dining area that leads to the back patio. We provide 15-year waterproofing, LVP flooring, passive radon system, and more! Hubbell Homes' Preferred Lenders offer $1750 in closing costs. Not valid with any other offer and subject to change without notice.

34. 2025-10-02
    price $274,900 483-char remark

    Show marketing remark (483 chars)

    The Legacy presents the popular Emerson ranch plan. With quick access to the community walking/biking trails, this could be the home for you! Enjoy easy living with an open floorplan featuring living room, kitchen with island and dining area that leads to the back patio. We provide 15-year waterproofing, LVP flooring, passive radon system, and more! Hubbell Homes' Preferred Lenders offer $1750 in closing costs. Not valid with any other offer and subject to change without notice.

35. 2025-08-26
    price $274,900 483-char remark

    Show marketing remark (483 chars)

    The Legacy presents the popular Emerson ranch plan. With quick access to the community walking/biking trails, this could be the home for you! Enjoy easy living with an open floorplan featuring living room, kitchen with island and dining area that leads to the back patio. We provide 15-year waterproofing, LVP flooring, passive radon system, and more! Hubbell Homes' Preferred Lenders offer $1750 in closing costs. Not valid with any other offer and subject to change without notice.

36. 2025-08-01
    historical 483-char remark

    Show marketing remark (483 chars)

    The Legacy presents the popular Emerson ranch plan. With quick access to the community walking/biking trails, this could be the home for you! Enjoy easy living with an open floorplan featuring living room, kitchen with island and dining area that leads to the back patio. We provide 15-year waterproofing, LVP flooring, passive radon system, and more! Hubbell Homes' Preferred Lenders offer $1750 in closing costs. Not valid with any other offer and subject to change without notice.

37. 2025-07-18
    status Active 483-char remark

    Show marketing remark (483 chars)

    The Legacy presents the popular Emerson ranch plan. With quick access to the community walking/biking trails, this could be the home for you! Enjoy easy living with an open floorplan featuring living room, kitchen with island and dining area that leads to the back patio. We provide 15-year waterproofing, LVP flooring, passive radon system, and more! Hubbell Homes' Preferred Lenders offer $1750 in closing costs. Not valid with any other offer and subject to change without notice.

38. 2025-07-15
    historical 483-char remark

    Show marketing remark (483 chars)

    The Legacy presents the popular Emerson ranch plan. With quick access to the community walking/biking trails, this could be the home for you! Enjoy easy living with an open floorplan featuring living room, kitchen with island and dining area that leads to the back patio. We provide 15-year waterproofing, LVP flooring, passive radon system, and more! Hubbell Homes' Preferred Lenders offer $1750 in closing costs. Not valid with any other offer and subject to change without notice.

39. 2025-06-14
    listed $289,900 Active 483-char remark

    Show marketing remark (483 chars)

    The Legacy presents the popular Emerson ranch plan. With quick access to the community walking/biking trails, this could be the home for you! Enjoy easy living with an open floorplan featuring living room, kitchen with island and dining area that leads to the back patio. We provide 15-year waterproofing, LVP flooring, passive radon system, and more! Hubbell Homes' Preferred Lenders offer $1750 in closing costs. Not valid with any other offer and subject to change without notice.

40. 2025-06-12
    listed $289,900 Active 483-char remark

    Show marketing remark (483 chars)

    The Legacy presents the popular Emerson ranch plan. With quick access to the community walking/biking trails, this could be the home for you! Enjoy easy living with an open floorplan featuring living room, kitchen with island and dining area that leads to the back patio. We provide 15-year waterproofing, LVP flooring, passive radon system, and more! Hubbell Homes' Preferred Lenders offer $1750 in closing costs. Not valid with any other offer and subject to change without notice.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $22,607
• − Mortgage interest: −$13,920
• − Property taxes: −$3,728
• − Insurance: −$1,242
• − Repairs & maintenance: −$1,809
• − Management: −$1,809
• − HOA: −$348
• − Depreciation: −$7,229
• Taxable loss: −$7,477
• Est. tax savings @ 24.0%: +$1,794
• After-tax cash flow: $-1,302/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

-12.1% since first listed

22 events — show timeline

• 2026-05-03 Price Changed $254,900 Zillow
• 2026-04-30 Price Changed $254,900 DMMLS
• 2026-03-25 Price Changed $259,900 Zillow
• 2026-03-24 Price Changed $259,900 DMMLS
• 2026-01-01 Price Changed $264,000 Zillow
• 2025-12-31 Price Changed $264,000 DMMLS
• 2025-12-12 Price Changed $265,900 Zillow
• 2025-12-10 Price Changed $265,900 DMMLS
• 2025-11-06 Price Changed $267,500 Zillow
• 2025-11-05 Price Changed $267,500 DMMLS
• 2025-10-24 Price Changed $269,900 Zillow
• 2025-10-23 Price Changed $269,900 DMMLS
• 2025-10-09 Price Changed $272,900 Zillow
• 2025-10-08 Price Changed $272,900 DMMLS
• 2025-10-02 Relisted — Zillow
• 2025-10-02 Price Changed $274,900 Zillow
• 2025-08-26 Price Changed $274,900 DMMLS
• 2025-08-01 Delisted — Zillow
• 2025-07-18 Relisted — Zillow
• 2025-07-15 Delisted — Zillow
• 2025-06-14 Listed $289,900 Zillow
• 2025-06-12 Listed $289,900 DMMLS

Property tax history

+0.0%/yr

Latest (2025): $2 · +0.0% YoY. Source: county tax records.