601 Orchard Hills Dr #6010 · Norwalk, IA 50211

$169,900

2 bd · 1.5 ba · 1,348 sqft · Condo public records · 162 Days on market

Built 2008 $126/sqft · 13% below area Est $195k · 13% under $215/mo HOA · 12% of rent ↓ 58% since listing

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Why this score? — see what drove the C- 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 +13.3/15.0
• Cash flow +12.9/30.0
• Schools +6.7/10.0
• 1% rule +5.3/10.0
• DSCR +3.9/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located in a highly desirable area of Norwalk, this well-maintained, one-owner townhome offers comfort, convenience, and scenic surroundings. Built in 2008 and situated in Orchard Hills Villas, the two-story home overlooks a peaceful green space with beautiful west-facing views—perfect for enjoying evening sunsets. An inviting open front patio provides a great space for outdoor grilling or relaxing. Inside, you’ll find a spacious family room highlighted by a cozy gas fireplace, flowing seamlessly into the dining area and efficient galley-style kitchen. The kitchen comes fully equipped with appliances, ample cabinetry, a pantry, and a convenient half bath located just off the attached garage entry. Upstairs features two generously sized bedrooms, including one with a large walk-in closet and ceiling fan, along with a full bath offering a jetted tub and separate shower. Additional highlights include low HOA dues that cover exterior maintenance, lawn care, and snow removal, allowing for low-maintenance living. The extra-deep one-car attached garage adds valuable storage and everyday convenience. A great opportunity to enjoy easy living in a well-cared-for community—this home is ready for its next chapter. The rental cap has been reached for this development for investment properties. It's set at 10% cap and they are currently above that.

Key facts

• Cozy gas fireplace
• Walk-in closet
• Open front patio

Tags

• OPEN FRONT PATIO
• COZY GAS FIREPLACE
• WALK-IN CLOSET
• JETTED TUB
• SEPARATE SHOWER
• LOW HOA DUES

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $170k.

Deal economics

• At list price, monthly cash flow is $-11 ($-137/yr) — negative.
• To cash-flow at today's rent, offer at most $168k (1.2% below list).
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $150k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.2% 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; 4 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 $1k of loan paydown is wiped out by about $5k 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 162 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 18y 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 $111k; list at $170k implies a 53% gain — meaningful room to come down on a strong offer.

Recommended offer $149,512 (12.0% 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 162 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.03% ✓
• Cap rate: 6.21%
• Cash-on-cash: -0.29%
• DSCR: 0.99
• GRM: 8.1

CMA / ARV

• ARV (median comp): $194,810
• List price: $169,900
• Delta: -12.79%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -16.7%
• Equity multiple: 0.41×
• Total profit: $-28,098
• Equity at exit: $25,333

10-year hold

• IRR: -8.3%
• Equity multiple: 0.48×
• Total profit: $-24,751
• Equity at exit: $14,690

Cash invested: $47,572 (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: 8.1×

Monthly cashflow live

• Estimated rent: $1,749 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$216 /mo · $2,594/yr
• Insurance: −$71
• HOA: −$215
• Vacancy / Maint / Mgmt: −$367
• Net cashflow: $-11

Break-even live

Break-even rent $1,763

Max offer price $167,881

Occupancy floor 96%

Sensitivity live

Price	-10% $85	-5% $37	+0% $-11	+5% $-60	+10% $-108
Rent	-10% $-150	-5% $-81	+0% $-11	+5% $58	+10% $127
Rate	-1.0pp $74	-0.5pp $32	base $-11	+0.5pp $-55	+1.0pp $-100

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
229 Red Oak Ct Norwalk, IA	3.0	2.5	1500	$1,850	$1.23	15d	1	0.40mi
619 W Wright Rd Norwalk, IA	3.0	2.5	1593	$2,200	$1.38	15d	1	0.45mi
737 Kitterman Cir Norwalk, IA	3.0	2.0	1576	$1,850	$1.17	45d	1	0.67mi
737 Kitterman Cir Norwalk, IA	3.0	2.0	1576	$1,850	$1.17	20d	1	0.67mi

HOA detail condo

• Monthly dues: $215 · $2,580/yr
• Likely covers: gaslandscapingsnow removalexterior maint.
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-16
   statusdays on market $169,900 Pending 162 DOM
2. 2026-06-15
   days on market $169,900 Active 161 DOM
3. 2026-06-14
   days on market $169,900 Active 159 DOM
4. 2026-06-13
   days on market $169,900 Active 158 DOM
5. 2026-06-10
   pricedays on market $169,900 Active 156 DOM
6. 2026-06-09
   days on market $174,900 Active 155 DOM
7. 2026-06-08
   days on market $174,900 Active 154 DOM
8. 2026-06-07
   days on market $174,900 Active 153 DOM
9. 2026-06-05
   days on market $174,900 Active 150 DOM
10. 2026-06-03
    days on market $174,900 Active 149 DOM
11. 2026-06-02
    days on market $174,900 Active 148 DOM
12. 2026-06-01
    days on market $174,900 Active 147 DOM
13. 2026-05-31
    days on market $174,900 Active 146 DOM
14. 2026-05-31
    days on market $174,900 Active 145 DOM
15. 2026-01-02
    listed $174,900 Active 1374-char remark

    Show marketing remark (1374 chars)

    Located in a highly desirable area of Norwalk, this well-maintained, one-owner townhome offers comfort, convenience, and scenic surroundings. Built in 2008 and situated in Orchard Hills Villas, the two-story home overlooks a peaceful green space with beautiful west-facing views—perfect for enjoying evening sunsets. An inviting open front patio provides a great space for outdoor grilling or relaxing. Inside, you’ll find a spacious family room highlighted by a cozy gas fireplace, flowing seamlessly into the dining area and efficient galley-style kitchen. The kitchen comes fully equipped with appliances, ample cabinetry, a pantry, and a convenient half bath located just off the attached garage entry. Upstairs features two generously sized bedrooms, including one with a large walk-in closet and ceiling fan, along with a full bath offering a jetted tub and separate shower. Additional highlights include low HOA dues that cover exterior maintenance, lawn care, and snow removal, allowing for low-maintenance living. The extra-deep one-car attached garage adds valuable storage and everyday convenience. A great opportunity to enjoy easy living in a well-cared-for community—this home is ready for its next chapter. The rental cap has been reached for this development for investment properties. It's set at 10% cap and they are currently above that.

16. 2008-09-16
    soldstatus $110,900
17. 2008-02-25
    listed $110,900
18. 2005-10-27
    soldstatus $414,120

ⓘ 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: $2,594 · $216/mo
• Projected year-2 tax: $2,631 · $219/mo
• Expected delta: +$37/yr (+$3/mo · 1.4%)

ⓘ 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: $20,985
• − Mortgage interest: −$9,517
• − Property taxes: −$2,594
• − Insurance: −$850
• − Repairs & maintenance: −$1,679
• − Management: −$1,679
• − HOA: −$2,580
• − Depreciation: −$4,943
• Taxable loss: −$2,856
• Est. tax savings @ 24.0%: +$685
• After-tax cash flow: $548/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

-57.8% since first listed

4 events — show timeline

• 2026-01-02 Listed $174,900 DMMLS
• 2008-09-16 Sold (MLS) $110,900 DMMLS
• 2008-02-25 Listed $110,900 DMMLS
• 2005-10-27 Sold (Public Records) $414,120 Public Records

Property tax history

+4.7%/yr

Latest (2025): $2,594 · -11.8% YoY. Source: county tax records.