The correct statement is: Heat will flow from the iron block to the water until both reach a temperature somewhere between 50 degrees Celsius and 250 degrees Celsius.
When the hot iron block is placed in the cooler water, heat will transfer from the iron (which is at a higher temperature) to the water (which is at a lower temperature) until thermal equilibrium is reached, meaning both substances will eventually reach the same temperature, which will be between the initial temperatures of the two (greater than 50 degrees Celsius but less than 250 degrees Celsius).