1320 S 10th St · Burlington, IA 52601

$35,000

2 bd · 1.0 ba · 1,229 sqft · SingleFamily public records · 130 Days on market

Built 1868 4,661 sqft lot ↓ 40% since listing

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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

Take a look at this 2 bedroom home with main floor laundry and open living and dining area. Call for a private showing today! This is a Fannie Mae Homepath property. SEE WWW. HOMEPATH. COM FOR DETAILS. * PROPERTY IN AN ONLINE AUCTION. ALL OFFERS MUST BE SUBMITTED THROUGH THE PROPERTY'S LISTING ON www. auction.com. THE SALE WILL BE SUBJECT TO A 5% BUYER'S PREMIUM PURSUANT TO THE AUCTION TERMS AND CONDITIONS. *

Key facts

• 4,661 sq ft lot
• Built 1868
• Listed 130 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $35k.

Deal economics

• At list price, monthly cash flow is $494 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($992 rent vs $35k).
• Recommended offer: $31k (12.0% below list) — sets the bar for market timing.
• Cap rate 23.2% 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; 5 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $242 of loan paydown is wiped out by about $1k 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 $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 130 days — a 12% lower offer ($31k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 11y ago; this cycle's ask has dropped $8k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price; built in 1868 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $30,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 130 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 1868 — 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: 2.84% ✓
• Cap rate: 23.24%
• Cash-on-cash: 60.52%
• DSCR: 3.69
• GRM: 2.9

CMA / ARV

• ARV (on-the-fly): $109,381
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1101 S Central Ave	0.18mi	3/1.0 (+1)	1,235 (+0%)	1mo	$1	—	85
1208 S 15th St	0.30mi	2/2.0	1,224 (-0%)	1mo	$125,000	$102	81
1300 Summer St	0.35mi	2/1.0	1,192 (-3%)	1mo	$140,000	$117	78
1625 Louisa St	0.43mi	3/1.0 (+1)	1,266 (+3%)	1mo	$112,900	$89	69
109 Orchard Pl	0.70mi	2/1.0	1,208 (-2%)	1mo	$97,000	$80	64
714 S 4th St	0.57mi	2/1.0	1,300 (+6%)	0mo	$34,000	$26	64
1800 Barret St St	0.49mi	2/2.5	1,284 (+4%)	0mo	$218,000	$170	64
2016 S 15th St	0.52mi	3/2.0 (+1)	1,260 (+2%)	1mo	$139,800	$111	62
2123 S Central Ave	0.53mi	2/1.0	1,123 (-9%)	0mo	$63,500	$57	60
564 S Central Ave Ave	0.57mi	2/1.0	1,122 (-9%)	1mo	$66,500	$59	58
2107 S Central Ave	0.50mi	2/1.0	1,084 (-12%)	0mo	$116,500	$107	57
519 S 8th St	0.64mi	3/1.5 (+1)	1,354 (+10%)	1mo	$50,000	$37	45

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: 59.3%
• Equity multiple: 3.64×
• Total profit: $25,851
• Equity at exit: $5,219

10-year hold

• IRR: 64.1%
• Equity multiple: 7.45×
• Total profit: $63,225
• Equity at exit: $3,026

Cash invested: $9,800 (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: 2.9×

Monthly cashflow live

• Estimated rent: $992 high
• Mortgage (P&I): −$184
• Tax from tax record: −$92 /mo · $1,100/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$208
• Net cashflow: $494

Break-even live

Break-even rent $367

Max offer price $35,000

Occupancy floor 45%

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2216 Piper Pl Unit 1 Burlington, IA	2.0	1.0	728	$875	$1.20	43d	1	0.76mi
116 N 4th St Unit 205 Burlington, IA	1.0	1.0	930	$900	$0.97	43d	1	1.04mi
116 N 4th St Unit 214 Burlington, IA	2.0	1.0	1205	$1,295	$1.07	43d	1	1.04mi
116 N 5th St Unit 402 Burlington, IA	1.0	1.0	1025	$1,020	$1.00	43d	1	1.06mi
1601 Division St Burlington, IA	3.0	1.0	1440	$1,100	$0.76	43d	1	1.11mi

Listing history 6 events

1. 2026-04-17
   status Pending
2. 2026-03-10
   price $35,000
3. 2026-02-06
   price $39,000
4. 2026-01-07
   price $42,000
5. 2025-12-08
   listed $42,900 Active
6. 2015-06-22
   listed $58,000

ⓘ 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: $1,100 · $92/mo
• Projected year-2 tax: $1,100 · $92/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: $11,909
• − Mortgage interest: −$1,961
• − Property taxes: −$1,100
• − Insurance: −$175
• − Repairs & maintenance: −$953
• − Management: −$953
• − Depreciation: −$1,018
• Taxable income: $5,750
• Est. tax owed @ 24.0%: −$1,380
• After-tax cash flow: $4,551/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

-39.7% since first listed

6 events — show timeline

• 2026-04-17 Pending — IAR
• 2026-03-10 Price Changed $35,000 IAR
• 2026-02-06 Price Changed $39,000 IAR
• 2026-01-07 Price Changed $42,000 IAR
• 2025-12-08 Listed $42,900 IAR
• 2015-06-22 Listed $58,000 IAR

Property tax history

+1.4%/yr

Latest (2025): $1,100 · +14.6% YoY. Source: county tax records.