Monroe Plan · Norwalk, IA 50211

$268,200

2 bd · 2.0 ba · 1,259 sqft · SingleFamily · 412 Days on market

↓ 9% since listing

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Why this score? — see what drove the F 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 +7.5/15.0
• Schools +6.7/10.0
• Cash flow +4.1/30.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.3/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

The Monroe floorplan features the best of main level living. A large great room and dining room combination that wraps around to the kitchen-perfect for entertaining. The primary suite is spacious and connects to an en-suite and large walk-in closet. An additional bedroom, bathroom, laundry room, patio, and 2-car garage complete the main level.

Key facts

• 2 garage spots
• Listed 412 days

🏗️ New construction. The $268,200 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $372,615.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $268k.

Deal economics

• At list price, monthly cash flow is $-1k ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $224k (16.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $196k (26.9% below list).
• Recommended offer: $196k (26.9% below list) — sets the bar for 1% rule.

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; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $3k of loan paydown is wiped out by about $11k 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 412 days — a 12% lower offer ($236k) is reasonable based on typical stale-listing flexibility.

Recommended offer $196,127 (26.9% 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 412 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.53% ✗
• Cap rate: 2.99%
• Cash-on-cash: -11.80%
• DSCR: 0.48
• GRM: 15.8

CMA / ARV

• ARV (median comp): $372,615
• List price: $268,200
• Delta: -28.02%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3026 Myron St	0.10mi	3/2.0 (+1)	1,390 (+10%)	2mo	$389,885	$280	71
2005 Waller Ave	0.10mi	3/2.0 (+1)	1,408 (+12%)	10mo	$354,900	$252	62
2013 Waller Ave	0.08mi	3/2.0 (+1)	1,427 (+13%)	11mo	$365,150	$256	60
9330 Bellflower Ln	0.14mi	3/3.0 (+1)	1,410 (+12%)	6mo	$512,000	$363	60
1919 Waller Ave	0.12mi	3/2.0 (+1)	1,408 (+12%)	14mo	$357,040	$254	58
2001 Waller Ave	0.11mi	3/2.0 (+1)	1,435 (+14%)	12mo	$359,990	$251	57
2910 Lund St	0.14mi	3/2.0 (+1)	1,411 (+12%)	14mo	$352,000	$249	56
3009 Lund St	0.14mi	3/2.0 (+1)	1,408 (+12%)	15mo	$374,990	$266	56
1906 Waller Ave	0.16mi	3/2.0 (+1)	1,427 (+13%)	13mo	$414,990	$291	55
2908 Sayre Dr	0.18mi	3/2.0 (+1)	1,433 (+14%)	11mo	$347,100	$242	54
9113 Woodmayr Dr	0.75mi	3/2.0 (+1)	1,125 (-11%)	7mo	$257,500	$229	36
4281 Wakonda Dr	0.71mi	3/1.5 (+1)	1,095 (-13%)	6mo	$205,000	$187	33

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -38.0%
• Equity multiple: -0.20×
• Total profit: $-125,675
• Equity at exit: $55,558

10-year hold

• IRR: -56.4%
• Equity multiple: -0.85×
• Total profit: $-193,431
• Equity at exit: $32,217

Cash invested: $104,332 (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: 11.4×

Monthly cashflow live

• Estimated rent: $1,961 medium
• Mortgage (P&I): −$1,954
• Tax est. 1.5%: −$466 /mo · $5,589/yr
• Insurance: −$155
• HOA: −$0
• Vacancy / Maint / Mgmt: −$412
• Net cashflow: $-1,026

Break-even live

Break-even rent $3,260

Max offer price $224,201

Occupancy floor —

Sensitivity live

Price	-10% $-768	-5% $-897	+0% $-1,026	+5% $-1,154	+10% $-1,283
Rent	-10% $-1,181	-5% $-1,103	+0% $-1,026	+5% $-948	+10% $-871
Rate	-1.0pp $-838	-0.5pp $-931	base $-1,026	+0.5pp $-1,122	+1.0pp $-1,220

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: $93,154
• Closing costs: $11,178
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3026 Myron St Norwalk, IA	3.0	2.0	1390	$2,350	$1.69	45d	1	0.11mi
1707 Ashwood Ave Norwalk, IA	3.0	2.5	1588	$2,195	$1.38	45d	1	0.88mi
1451 High Rd Norwalk, IA	3.0	2.5	1564	$1,970	$1.26	4d	2	1.05mi
901 E 17th St Norwalk, IA	1.0–3.0	1.0	820	$1,038	$1.27	4d	3	1.46mi

Listing history 20 events

1. 2026-06-21
   days on market $268,200 Active 412 DOM
2. 2026-06-18
   days on market $268,200 Active 409 DOM
3. 2026-06-17
   days on market $268,200 Active 408 DOM
4. 2026-06-16
   days on market $268,200 Active 407 DOM
5. 2026-06-15
   days on market $268,200 Active 406 DOM
6. 2026-06-14
   days on market $268,200 Active 404 DOM
7. 2026-06-13
   days on market $268,200 Active 403 DOM
8. 2026-06-10
   days on market $268,200 Active 401 DOM
9. 2026-06-09
   days on market $268,200 Active 400 DOM
10. 2026-06-08
    days on market $268,200 Active 399 DOM
11. 2026-06-07
    days on market $268,200 Active 398 DOM
12. 2026-06-05
    days on market $268,200 Active 395 DOM
13. 2026-06-03
    days on market $268,200 Active 394 DOM
14. 2026-06-02
    days on market $268,200 Active 393 DOM
15. 2026-06-01
    days on market $268,200 Active 392 DOM
16. 2026-05-31
    days on market $268,200 Active 391 DOM
17. 2026-05-31
    days on market $268,200 Active 390 DOM
18. 2026-04-04
    price $268,200 346-char remark

    Show marketing remark (346 chars)

    The Monroe floorplan features the best of main level living. A large great room and dining room combination that wraps around to the kitchen-perfect for entertaining. The primary suite is spacious and connects to an en-suite and large walk-in closet. An additional bedroom, bathroom, laundry room, patio, and 2-car garage complete the main level.

19. 2025-09-10
    price $312,800 346-char remark

    Show marketing remark (346 chars)

    The Monroe floorplan features the best of main level living. A large great room and dining room combination that wraps around to the kitchen-perfect for entertaining. The primary suite is spacious and connects to an en-suite and large walk-in closet. An additional bedroom, bathroom, laundry room, patio, and 2-car garage complete the main level.

20. 2025-05-06
    listed $294,900 Active 346-char remark

    Show marketing remark (346 chars)

    The Monroe floorplan features the best of main level living. A large great room and dining room combination that wraps around to the kitchen-perfect for entertaining. The primary suite is spacious and connects to an en-suite and large walk-in closet. An additional bedroom, bathroom, laundry room, patio, and 2-car garage complete the main level.

ⓘ 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: $23,535
• − Mortgage interest: −$20,872
• − Property taxes: −$5,589
• − Insurance: −$1,863
• − Repairs & maintenance: −$1,883
• − Management: −$1,883
• − Depreciation: −$10,840
• Taxable loss: −$19,395
• Est. tax savings @ 24.0%: +$4,655
• After-tax cash flow: $-7,653/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

-9.1% since first listed

3 events — show timeline

• 2026-04-04 Price Changed $268,200 Zillow
• 2025-09-10 Price Changed $312,800 Zillow
• 2025-05-06 Listed $294,900 Zillow