1010 E 17th St · Norwalk, IA 50211

$200,000

3 bd · 2.5 ba · 1,554 sqft · Condo public records · 47 Days on market

Built 1995 $129/sqft · 45% below area Est $294k · 32% under $210/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 +15.0/15.0
• Cash flow +11.0/30.0
• Schools +6.7/10.0
• 1% rule +4.6/10.0
• Livability +3.8/5.0
• DSCR +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Immaculate 3 bedroom, 3 bath townhome with over 1500 s. f. finished on all 3 levels! Located in a quaint, well-maintained neighborhood steps away from schools, park, library, and community pool! Adorable open floor plan with a charming front porch inviting you into the living room with a cozy corner fireplace. The kitchen offers a generous amount of cabinets and counter space with room for bar stools. Dinette area leads out onto the deck with beautiful mature trees shading the hot western sun. Upstairs are 3 bedrms: Master suite offers a full bath and walk-in closet. The other 2 bedrms share the 2nd full bath. Expand your family living in the lower level, finished with one large family/play room plus a good-sized storage space. One car detached garage (#1010) is extra deep for additional storage. New carpet in lower level. Washer, dryer, refrigerator, dishwasher, garage door opener ALL new in last 2 years. New roof (on garage too) in 2013. Low HOA dues!

Key facts

• New furnace
• Walk-in closet
• Gas fireplace

Tags

• HARDWOOD FLOORS
• GAS FIREPLACE
• STAINLESS STEEL APPLIANCES
• WALK-IN CLOSET
• PARTIALLY FINISHED BASEMENT
• NEW FURNACE

Property features AI

Finance

• Other: Pets allowed with breed and size restrictions
• HOA & community: Homeowners association (Southwoods HOA); Self-managed (contact listing agent for details); Association fee $210 monthly; HOA covers grounds and structure maintenance and snow removal

Exterior

• Parking: Detached one-car garage
• Utilities: Public water; Public sewer
• Home design: 2 stories; Residential zoning
• Construction: Vinyl siding; Asphalt shingle roof; Poured foundation; Built with partial below-grade finished area
• Exterior features: Concrete road access; Smoke detectors

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove
• Flooring: Carpet; Hardwood
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Central air; Forced air heating; Natural gas heating
• Interior features: Dining area; Window treatments; Partial finished basement; Gas log fireplace
• 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 $200k.

Deal economics

• At list price, monthly cash flow is $-85 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $185k (7.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $193k (3.5% below list).
• Recommended offer: $185k (7.5% below list) — sets the bar for cash-flow.
• Cap rate 5.8% 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; 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 $1k of loan paydown is wiped out by about $6k 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 47 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 21y 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 $145k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $184,932 (7.5% 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 47 days. Have you received any prior offers? Is the seller open to a 8% 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: 0.96% ✗
• Cap rate: 5.78%
• Cash-on-cash: -1.83%
• DSCR: 0.92
• GRM: 8.6

CMA / ARV

• ARV (median comp): $293,677
• List price: $200,000
• Delta: -31.90%
• 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: -19.2%
• Equity multiple: 0.33×
• Total profit: $-37,672
• Equity at exit: $29,821

10-year hold

• IRR: -11.6%
• Equity multiple: 0.30×
• Total profit: $-39,112
• Equity at exit: $17,292

Cash invested: $56,000 (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: 8.6×

Monthly cashflow live

• Estimated rent: $1,930 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$268 /mo · $3,214/yr
• Insurance: −$83
• HOA: −$210
• Vacancy / Maint / Mgmt: −$405
• Net cashflow: $-85

Break-even live

Break-even rent $2,038

Max offer price $184,932

Occupancy floor 99%

Sensitivity live

Price	-10% $28	-5% $-29	+0% $-85	+5% $-142	+10% $-199
Rent	-10% $-238	-5% $-162	+0% $-85	+5% $-9	+10% $67
Rate	-1.0pp $15	-0.5pp $-34	base $-85	+0.5pp $-137	+1.0pp $-190

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: $50,000
• Closing costs: $6,000
• 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	0.39mi
1707 Ashwood Ave Norwalk, IA	3.0	2.5	1588	$2,195	$1.38	45d	1	0.47mi
737 Kitterman Cir Norwalk, IA	3.0	2.0	1576	$1,850	$1.17	45d	1	0.92mi
737 Kitterman Cir Norwalk, IA	3.0	2.0	1576	$1,850	$1.17	21d	1	0.92mi
303 Marie Ave Norwalk, IA	4.0	3.5	1678	$2,195	$1.31	4d	1	1.09mi
216 Maple Ave Norwalk, IA	4.0	3.5	2200	$2,325	$1.06	4d	1	1.13mi
3026 Myron St Norwalk, IA	3.0	2.0	1390	$2,350	$1.69	45d	1	1.33mi
229 Red Oak Ct Norwalk, IA	3.0	2.5	1500	$1,850	$1.23	16d	1	1.48mi

HOA detail condo

• Monthly dues: $210 · $2,520/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 31 events

1. 2026-06-21
   days on market $200,000 Active 47 DOM
2. 2026-06-18
   days on market $200,000 Active 44 DOM
3. 2026-06-17
   days on market $200,000 Active 43 DOM
4. 2026-06-16
   days on market $200,000 Active 42 DOM
5. 2026-06-15
   days on market $200,000 Active 41 DOM
6. 2026-06-14
   days on market $200,000 Active 39 DOM
7. 2026-06-13
   days on market $200,000 Active 38 DOM
8. 2026-06-10
   days on market $200,000 Active 36 DOM
9. 2026-06-09
   days on market $200,000 Active 35 DOM
10. 2026-06-08
    days on market $200,000 Active 34 DOM
11. 2026-06-07
    days on market $200,000 Active 33 DOM
12. 2026-06-05
    days on market $200,000 Active 30 DOM
13. 2026-06-03
    days on market $200,000 Active 29 DOM
14. 2026-06-02
    days on market $200,000 Active 28 DOM
15. 2026-06-01
    days on market $200,000 Active 27 DOM
16. 2026-05-31
    days on market $200,000 Active 26 DOM
17. 2026-05-31
    days on market $200,000 Active 25 DOM
18. 2026-05-05
    listed $210,000 Active 952-char remark
19. 2020-07-06
    soldstatus $145,000
20. 2020-06-29
    soldstatus $145,000 Closed
21. 2020-05-19
    historical
22. 2020-05-18
    listed $150,900
23. 2015-04-06
    soldstatus $121,500
24. 2015-03-31
    soldstatus $121,500

    Show marketing remark (970 chars)

    Immaculate 3 bedroom, 3 bath townhome with over 1500 s. f. finished on all 3 levels! Located in a quaint, well-maintained neighborhood steps away from schools, park, library, and community pool! Adorable open floor plan with a charming front porch inviting you into the living room with a cozy corner fireplace. The kitchen offers a generous amount of cabinets and counter space with room for bar stools. Dinette area leads out onto the deck with beautiful mature trees shading the hot western sun. Upstairs are 3 bedrms: Master suite offers a full bath and walk-in closet. The other 2 bedrms share the 2nd full bath. Expand your family living in the lower level, finished with one large family/play room plus a good-sized storage space. One car detached garage (#1010) is extra deep for additional storage. New carpet in lower level. Washer, dryer, refrigerator, dishwasher, garage door opener ALL new in last 2 years. New roof (on garage too) in 2013. Low HOA dues!

25. 2014-03-04
    listed $128,900

    Show marketing remark (970 chars)

    Immaculate 3 bedroom, 3 bath townhome with over 1500 s. f. finished on all 3 levels! Located in a quaint, well-maintained neighborhood steps away from schools, park, library, and community pool! Adorable open floor plan with a charming front porch inviting you into the living room with a cozy corner fireplace. The kitchen offers a generous amount of cabinets and counter space with room for bar stools. Dinette area leads out onto the deck with beautiful mature trees shading the hot western sun. Upstairs are 3 bedrms: Master suite offers a full bath and walk-in closet. The other 2 bedrms share the 2nd full bath. Expand your family living in the lower level, finished with one large family/play room plus a good-sized storage space. One car detached garage (#1010) is extra deep for additional storage. New carpet in lower level. Washer, dryer, refrigerator, dishwasher, garage door opener ALL new in last 2 years. New roof (on garage too) in 2013. Low HOA dues!

26. 2010-02-11
    soldstatus $123,900
27. 2010-02-11
    soldstatus $124,000
28. 2009-12-16
    soldstatus $123,900
29. 2009-10-25
    listed $133,000
30. 2006-03-30
    soldstatus $127,500
31. 2005-10-13
    listed $129,900

ⓘ 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: $3,214 · $268/mo
• Projected year-2 tax: $3,214 · $268/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 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: $23,160
• − Mortgage interest: −$11,203
• − Property taxes: −$3,214
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,853
• − Management: −$1,853
• − HOA: −$2,520
• − Depreciation: −$5,818
• Taxable loss: −$4,301
• Est. tax savings @ 24.0%: +$1,032
• After-tax cash flow: $9/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

+54.0% since first listed

15 events — show timeline

• 2026-05-28 Price Changed $200,000 DMMLS
• 2026-05-05 Listed $210,000 DMMLS
• 2020-07-06 Sold (Public Records) $145,000 Public Records
• 2020-06-29 Sold (MLS) $145,000 DMMLS
• 2020-05-19 Listing Removed — DMMLS
• 2020-05-18 Listed $150,900 DMMLS
• 2015-04-06 Sold (Public Records) $121,500 Public Records
• 2015-03-31 Sold (MLS) $121,500 DMMLS
• 2014-03-04 Listed $128,900 DMMLS
• 2010-02-11 Sold (Public Records) $124,000 Public Records
• 2010-02-11 Sold (MLS) $123,900 DMMLS
• 2009-12-16 Sold (Public Records) $123,900 Public Records
• 2009-10-25 Listed $133,000 DMMLS
• 2006-03-30 Sold (Public Records) $127,500 Public Records
• 2005-10-13 Listed $129,900 DMMLS

Property tax history

+1.1%/yr

Latest (2025): $3,214 · +0.2% YoY. Source: county tax records.