419 S Gertrude St · Burlington, IA 52601

$26,350

2 bd · 1.0 ba · 896 sqft · SingleFamily public records · 123 Days on market

Built 1890 4,792 sqft lot $29/sqft · 67% below area

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This very solid home needs some repairs and updates, but is an excellent investment opportunity, with tons of equity DAY ONE. Clean out, clean up, and a little tlc, and you've got a great flip, rental, or make it your own. Don't miss on this one- call today!

Key facts

• 4,792 sq ft lot
• Built 1890
• Listed 123 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $26k.

Deal economics

• At list price, monthly cash flow is $458 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($841 rent vs $26k).
• Recommended offer: $23k (12.0% below list) — sets the bar for market timing.
• Cap rate 27.2% vs local median 6.0% in Burlington — 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 73/100 on livability (#287 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, employment D, amenities F.
• Burlington Community School District (town): math 42% / reading 54% proficiency, ranked #286 of 289 in IA (top 99%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 184 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 53 units permitted in Des Moines County in 2024 (40 in 5+ unit buildings).
• This rent is only 17% of the median local income ($61k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $182 of loan paydown is wiped out by about $790 of value loss. Plan a longer hold.
• Des Moines County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 123 days — a 12% lower offer ($23k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $23,188 (12.0% below list)

Questions for the listing agent

1. It's been on market 123 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 3.19% ✓
• Cap rate: 27.15%
• Cash-on-cash: 74.50%
• DSCR: 4.32
• GRM: 2.6

CMA / ARV

• ARV (median comp): $89,555
• List price: $26,350
• Delta: -70.58%
• 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
505 S Gertrude St	0.06mi	2/1.0	824 (-8%)	2mo	$67,000	$81	82
2503 Clearview Ave	0.32mi	2/1.5	938 (+5%)	6mo	$155,000	$165	70
320 N Plane St N	0.54mi	2/1.0	944 (+5%)	0mo	$110,150	$117	66
227 Grant St	0.60mi	2/1.0	878 (-2%)	4mo	$20,000	$23	66
120 South Garfield Ave	0.36mi	2/1.0	948 (+6%)	13mo	$127,000	$134	62
402 S Central Ave	0.62mi	2/1.0	868 (-3%)	8mo	$46,000	$53	60
612 S Central Ave	0.70mi	2/1.0	936 (+4%)	3mo	$70,000	$75	57
419 S Marshall St	0.38mi	2/1.0	778 (-13%)	10mo	$66,000	$85	52
103 N Garfield Ave	0.39mi	2/1.0	1,024 (+14%)	11mo	$72,000	$70	49
246 S 9th St St	0.71mi	2/1.0	960 (+7%)	8mo	$50,000	$52	48
524 N Plane St	0.75mi	3/1.0 (+1)	931 (+4%)	10mo	$129,000	$139	45
1810 Dill St St	0.60mi	2/1.0	1,008 (+12%)	9mo	$94,000	$93	44

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: 74.4%
• Equity multiple: 4.38×
• Total profit: $24,933
• Equity at exit: $3,929

10-year hold

• IRR: 78.1%
• Equity multiple: 9.05×
• Total profit: $59,391
• Equity at exit: $2,278

Cash invested: $7,378 (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 52601

• Active inventory: 184
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $841 medium
• Mortgage (P&I): −$138
• Tax from tax record: −$57 /mo · $688/yr
• Insurance: −$11
• HOA: −$0
• Vacancy / Maint / Mgmt: −$177
• Net cashflow: $458

Break-even live

Break-even rent $261

Max offer price $26,350

Occupancy floor 41%

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: $6,588
• Closing costs: $790
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2645 Newbury Cir Burlington, IA	2.0	1.0	825	$825	$1.00	44d	3	0.78mi
2911 Market St Unit 2909 Burlington, IA	2.0	1.0	720	$625	$0.87	44d	1	0.81mi
116 N 5th St Unit 402 Burlington, IA	1.0	1.0	1025	$1,020	$1.00	44d	1	1.02mi
116 N 4th St Unit 205 Burlington, IA	1.0	1.0	930	$900	$0.97	44d	1	1.06mi

Listing history 1 events

1. 2026-01-18
   listed $26,350 Active 258-char remark

   Show marketing remark (258 chars)

   This very solid home needs some repairs and updates, but is an excellent investment opportunity, with tons of equity DAY ONE. Clean out, clean up, and a little tlc, and you've got a great flip, rental, or make it your own. Don't miss on this one- call today!

ⓘ 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: $688 · $57/mo
• Projected year-2 tax: $688 · $57/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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,095
• − Mortgage interest: −$1,476
• − Property taxes: −$688
• − Insurance: −$132
• − Repairs & maintenance: −$808
• − Management: −$808
• − Depreciation: −$767
• Taxable income: $5,417
• Est. tax owed @ 24.0%: −$1,300
• After-tax cash flow: $4,197/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: Burlington Community School District
• NCES district ID: 1905790
• Math proficiency: 42% ▼ -4.00%
• Reading proficiency: 54% ▼ -1.00%
• Median HH income: $41,833
• Composite: 40.3/100
• National rank: #3753
• State rank: #286 of 289 in IA

Livability — Burlington

• Score: 73/100
• State rank: #287
• US rank: #5540

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Burlington, IA
• County: Des Moines County · 27,341 people
• City population: 27,341
• Metro: Burlington, IA-IL
• Population (ZIP): 27,341
• Household income: $60,983
• Rent vs Own: 26.8% rent · 73.2% own
• Severe rent burden: 963.0

Population outlook (Des Moines County) Hauer SSP2

• Today (2025): 39,735 people
• By 2030: 39,257 · -1.2%
• By 2040: 38,090 · -4.1%
• By 2050: 37,156 · -6.5%
• By 2075: 36,905 · -7.1%
• By 2100: 37,222 · -6.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Two or more races 8% Black 5% Hispanic / Latino 4% Asian 1%
• Common ancestry: Iranian 2% Lithuanian 2% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 3% Other Asian/Pacific 1%

Political lean MEDSL · Des Moines

• 2024 margin: R (+15.1) · D 41.8% · R 56.8% · Other 1.4%
• 2008→2024 swing: -38.1pp toward R · 2008: 23.0pp · 2024: -15.1pp
• All cycles: 2024: R+15.1 2020: R+8.5 2016: R+7.0 2012: D+18.5 2008: D+23.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -83.48%
• Current HPI: 149.7662
• Rent YoY: —
• Metro: Burlington, IA-IL
• 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

1 event — show timeline

• 2026-01-18 Listed $26,350 IAR

Property tax history

+9.6%/yr

Latest (2025): $688 · -61.6% YoY. Source: county tax records.