1012 E Walnut St · Elkhart, IA 50073

$19,900

2 bd · 2.0 ba · 1,076 sqft · Other · 176 Days on market

Built 1997 $18/sqft · 94% below area

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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).

• Cash flow +15.0/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +7.5/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Beautiful & Affordable Living at Elkhart Vista Village! Fall in love with this charming 2-bedroom, 2-bath home featuring a spacious primary ensuite, an open-concept living area, and a kitchen ready to inspire your inner chef! This 1997 Dutch Limited home sits on a convenient corner lot and features a large front deck and a storage shed. Step inside to a bright living room that flows seamlessly into the kitchen complete with a pantry closet, bakers rack, plentiful cabinetry, and a breakfast bar perfect for casual dining. Even better all major appliances stay refrigerator, stove, washer, dryer, and a water softener! Ceiling fans throughout help circulate air to improve comfort and utility efficiency year-round. This home has been well cared for and is in excellent condition, with only a few minor cosmetic touches needed so you can personalize it to your taste and make it truly your own. Down the hall, youll find a comfortable second bedroom that works well for guests, family, or a home office. The laundry area sits conveniently near the main full bathroom. The primary bedroom includes a double closet and a private ensuite with a walk-in shower and an inviting corner soaking tub your new favorite spot to unwind. Elkhart Vista Village offers the peace and charm of small-town living while being just 10 minutes from Ankeny and major shopping, dining, and amenities. ________________________________________ Community & Purchase Details We do not provide in-house financing, but youre welcome to work with the lender of your choice or pay cash. All residents age 18+ must be approved through a background and credit check. Application fee: $25 per person. Felonies and serious criminal history are not permitted. Applicants must have a stable credit history. ________________________________________ Contact Tim for More Information or a Showing! Tim Dreher Community Manager Call or Text: 515-494-4448

Key facts

• Storage shed
• Bakers rack
• Large front deck

Tags

• CORNER LOT
• LARGE FRONT DECK
• STORAGE SHED
• OPEN-CONCEPT LIVING AREA
• PANTRY CLOSET
• BAKERS RACK

🏷️ Possibly a rental listed for sale. The $19,900 price doesn't fit this home's estimated sale value (~$311,651) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath other listed at $20k.

Deal economics

• At list price, monthly cash flow is $636 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($979 rent vs $20k).
• Recommended offer: $18k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 68/100 on livability (#422 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B+; Watch: schools D-, amenities F, commute F.
• North Polk Community School District (rural): math 87% / reading 84% proficiency, ranked #7 of 289 in IA (top 2%) — strong family-tenant draw, lease renewals of 3-5y typical; only 9% free/reduced lunch — higher-income household profile.
• Market conditions: 27 active listings in the ZIP; 2,953 units permitted in Polk County in 2024 (540 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($138 loan paydown + $2k appreciation (10.0% local appreciation)).
• Polk County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 176 days — a 12% lower offer ($18k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 14y ago; this cycle's ask has dropped $5k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $17,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 176 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. 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: 4.92% ✓
• Cap rate: 44.63%
• Cash-on-cash: 136.92%
• DSCR: 7.09
• GRM: 1.7

CMA / ARV

• ARV (median comp): $311,651
• List price: $19,900
• Delta: -93.61%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 10.21×
• Total profit: $51,345
• Equity at exit: $17,927

10-year hold

• IRR: —
• Equity multiple: 22.43×
• Total profit: $119,388
• Equity at exit: $38,661

Cash invested: $5,572 (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 50073

• Home prices YoY: 8.9%
• Active inventory: 27
• Price-to-rent: 1.7×

Monthly cashflow live

• Estimated rent: $979 medium
• Mortgage (P&I): −$104
• Tax est. 1.5%: −$25 /mo · $298/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$206
• Net cashflow: $636

Break-even live

Break-even rent $174

Max offer price $19,900

Occupancy floor 30%

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: $4,975
• Closing costs: $597
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $19,900 Active 176 DOM
2. 2026-06-17
   days on market $19,900 Active 175 DOM
3. 2026-06-16
   days on market $19,900 Active 174 DOM
4. 2026-06-15
   days on market $19,900 Active 173 DOM
5. 2026-06-14
   days on market $19,900 Active 171 DOM
6. 2026-06-13
   days on market $19,900 Active 170 DOM
7. 2026-06-10
   days on market $19,900 Active 168 DOM
8. 2026-06-09
   days on market $19,900 Active 167 DOM
9. 2026-06-08
   days on market $19,900 Active 166 DOM
10. 2026-06-07
    days on market $19,900 Active 165 DOM
11. 2026-06-05
    days on market $19,900 Active 162 DOM
12. 2026-06-03
    days on market $19,900 Active 161 DOM
13. 2026-06-02
    days on market $19,900 Active 160 DOM
14. 2026-06-01
    days on market $19,900 Active 159 DOM
15. 2026-05-31
    days on market $19,900 Active 158 DOM
16. 2026-05-31
    days on market $19,900 Active 157 DOM
17. 2026-02-10
    price $19,900 1934-char remark

    Show marketing remark (1934 chars)

    Beautiful & Affordable Living at Elkhart Vista Village! Fall in love with this charming 2-bedroom, 2-bath home featuring a spacious primary ensuite, an open-concept living area, and a kitchen ready to inspire your inner chef! This 1997 Dutch Limited home sits on a convenient corner lot and features a large front deck and a storage shed. Step inside to a bright living room that flows seamlessly into the kitchen complete with a pantry closet, bakers rack, plentiful cabinetry, and a breakfast bar perfect for casual dining. Even better all major appliances stay refrigerator, stove, washer, dryer, and a water softener! Ceiling fans throughout help circulate air to improve comfort and utility efficiency year-round. This home has been well cared for and is in excellent condition, with only a few minor cosmetic touches needed so you can personalize it to your taste and make it truly your own. Down the hall, youll find a comfortable second bedroom that works well for guests, family, or a home office. The laundry area sits conveniently near the main full bathroom. The primary bedroom includes a double closet and a private ensuite with a walk-in shower and an inviting corner soaking tub your new favorite spot to unwind. Elkhart Vista Village offers the peace and charm of small-town living while being just 10 minutes from Ankeny and major shopping, dining, and amenities. ________________________________________ Community & Purchase Details We do not provide in-house financing, but youre welcome to work with the lender of your choice or pay cash. All residents age 18+ must be approved through a background and credit check. Application fee: $25 per person. Felonies and serious criminal history are not permitted. Applicants must have a stable credit history. ________________________________________ Contact Tim for More Information or a Showing! Tim Dreher Community Manager Call or Text: 515-494-4448

18. 2025-12-24
    listed $24,995 Active 1934-char remark

    Show marketing remark (1934 chars)

    Beautiful & Affordable Living at Elkhart Vista Village! Fall in love with this charming 2-bedroom, 2-bath home featuring a spacious primary ensuite, an open-concept living area, and a kitchen ready to inspire your inner chef! This 1997 Dutch Limited home sits on a convenient corner lot and features a large front deck and a storage shed. Step inside to a bright living room that flows seamlessly into the kitchen complete with a pantry closet, bakers rack, plentiful cabinetry, and a breakfast bar perfect for casual dining. Even better all major appliances stay refrigerator, stove, washer, dryer, and a water softener! Ceiling fans throughout help circulate air to improve comfort and utility efficiency year-round. This home has been well cared for and is in excellent condition, with only a few minor cosmetic touches needed so you can personalize it to your taste and make it truly your own. Down the hall, youll find a comfortable second bedroom that works well for guests, family, or a home office. The laundry area sits conveniently near the main full bathroom. The primary bedroom includes a double closet and a private ensuite with a walk-in shower and an inviting corner soaking tub your new favorite spot to unwind. Elkhart Vista Village offers the peace and charm of small-town living while being just 10 minutes from Ankeny and major shopping, dining, and amenities. ________________________________________ Community & Purchase Details We do not provide in-house financing, but youre welcome to work with the lender of your choice or pay cash. All residents age 18+ must be approved through a background and credit check. Application fee: $25 per person. Felonies and serious criminal history are not permitted. Applicants must have a stable credit history. ________________________________________ Contact Tim for More Information or a Showing! Tim Dreher Community Manager Call or Text: 515-494-4448

19. 2018-08-24
    soldstatus $600,000
20. 2013-10-28
    soldstatus $600,000
21. 2013-05-15
    historical
22. 2012-11-15
    listed $650,000
23. 2005-08-02
    soldstatus $400,000

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°F today · 16 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: $11,746
• − Mortgage interest: −$1,115
• − Property taxes: −$298
• − Insurance: −$100
• − Repairs & maintenance: −$940
• − Management: −$940
• − Depreciation: −$579
• Taxable income: $7,775
• Est. tax owed @ 24.0%: −$1,866
• After-tax cash flow: $5,763/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: North Polk Community School District
• NCES district ID: 1920910
• Math proficiency: 87% ▼ -2.00%
• Reading proficiency: 84% ▼ -3.00%
• Median HH income: $80,205
• Composite: 75.13/100
• National rank: #140
• State rank: #7 of 289 in IA

Livability — Elkhart

• Score: 68/100
• State rank: #422
• US rank: #9103

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elkhart, IA
• City population: 1,018
• Population (ZIP): 1,018

Population outlook (Polk County) Hauer SSP2

• Today (2025): 548,042 people
• By 2030: 588,557 · +7.4%
• By 2040: 670,629 · +22.4%
• By 2050: 752,830 · +37.4%
• By 2075: 955,069 · +74.3%
• By 2100: 1,115,436 · +103.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Black 2% Hispanic / Latino 1%
• Common ancestry: Iranian 10% Portuguese 9% Lithuanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Other Indo-European 2%

Political lean MEDSL · Polk

• 2024 margin: D (+10.9) · D 54.8% · R 43.9% · Other 1.3%
• 2008→2024 swing: -3.7pp toward R · 2008: 14.6pp · 2024: 10.9pp
• All cycles: 2024: D+10.9 2020: D+15.2 2016: D+11.5 2012: D+14.2 2008: D+14.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 21.86%
• Current HPI: 266.9733
• Rent YoY: —
• Metro: —
• 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

-95.0% since first listed

7 events — show timeline

• 2026-02-10 Price Changed $19,900 ForSaleByOwner.com
• 2025-12-24 Listed $24,995 ForSaleByOwner.com
• 2018-08-24 Sold (Public Records) $600,000 Public Records
• 2013-10-28 Sold (Public Records) $600,000 Public Records
• 2013-05-15 Listing Removed — DMMLS
• 2012-11-15 Listed $650,000 DMMLS
• 2005-08-02 Sold (Public Records) $400,000 Public Records

Property tax history

+47.9%/yr

Latest (2025): $16,590 · +2.2% YoY. Source: county tax records.