1346 Garnet St · Burlington, IA 52601

$78,000

2 bd · 1.0 ba · 1,242 sqft · SingleFamily public records · 34 Days on market

Built 1900 Est $83k · 6% under

---

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 +29.2/30.0
• ARV discount +10.3/15.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• 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

Excellent starter home with tons of potential!

Key facts

• Built 1900
• Listed 33 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $78k.

Deal economics

• At list price, monthly cash flow is $271 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $78k).
• Recommended offer: $76k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.5% 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.
• Zoned schools: Black Hawk Elementary School (math 52% / reading 52%, grade C-, #494 of 616 statewide, top 83%, 316 students, 72% FRL); Edward Stone Middle School (math 34% / reading 48%, grade F, #236 of 246 statewide, top 96%, 489 students, 63% FRL); Burlington Community High School (math 45% / reading 64%, grade C-, #290 of 336 statewide, top 87%, 1,092 students, 58% FRL).
• Market conditions: 188 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); 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 $539 of loan paydown is wiped out by about $2k 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 $22k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($76k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y 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 $55k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $75,660 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.31% ✓
• Cap rate: 10.46%
• Cash-on-cash: 14.88%
• DSCR: 1.66
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $83,214
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1516 N 9th St	0.14mi	3/1.0 (+1)	1,288 (+4%)	2mo	$10,000	$8	81
1316 Corse St	0.31mi	2/1.0	1,224 (-1%)	5mo	$82,500	$67	79
1209 Virginia Ave	0.26mi	3/1.0 (+1)	1,191 (-4%)	7mo	$74,000	$62	71
830 North St	0.21mi	2/1.0	1,086 (-13%)	6mo	$45,500	$42	65
1104 Arch St	0.43mi	2/1.0	1,144 (-8%)	5mo	$10,000	$9	63
1227 N 6th St	0.33mi	2/1.0	1,088 (-12%)	8mo	$65,000	$60	57
1308 Plank St	0.71mi	3/1.0 (+1)	1,248 (+0%)	6mo	$90,000	$72	56
2035 Highland Ave	0.48mi	3/1.0 (+1)	1,350 (+9%)	3mo	$195,000	$144	56
1417 Mount Pleasant St	0.55mi	2/1.0	1,374 (+11%)	9mo	$30,000	$22	49
2100 Osborn St	0.60mi	3/1.5 (+1)	1,326 (+7%)	8mo	$160,000	$121	47
613 N Garfield Ave	0.74mi	3/1.0 (+1)	1,380 (+11%)	6mo	$160,000	$116	38
2025 Sunnyside Ave	0.74mi	3/2.0 (+1)	1,345 (+8%)	9mo	$175,000	$130	35

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: 5.5%
• Equity multiple: 1.21×
• Total profit: $4,626
• Equity at exit: $11,630

10-year hold

• IRR: 14.9%
• Equity multiple: 2.20×
• Total profit: $26,298
• Equity at exit: $6,744

Cash invested: $21,840 (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: 188
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,021 medium
• Mortgage (P&I): −$409
• Tax from tax record: −$94 /mo · $1,132/yr
• Insurance: −$32
• HOA: −$0
• Vacancy / Maint / Mgmt: −$214
• Net cashflow: $271

Break-even live

Break-even rent $678

Max offer price $78,000

Occupancy floor 68%

Sensitivity live

Price	-10% $315	-5% $293	+0% $271	+5% $249	+10% $227
Rent	-10% $190	-5% $231	+0% $271	+5% $311	+10% $352
Rate	-1.0pp $310	-0.5pp $291	base $271	+0.5pp $251	+1.0pp $230

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: $19,500
• Closing costs: $2,340
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
116 N 5th St Unit 402 Burlington, IA	1.0	1.0	1025	$1,020	$1.00	45d	1	0.98mi
116 N 4th St Unit 205 Burlington, IA	1.0	1.0	930	$900	$0.97	45d	1	1.02mi
116 N 4th St Unit 214 Burlington, IA	2.0	1.0	1205	$1,295	$1.07	45d	1	1.02mi
1601 Division St Burlington, IA	3.0	1.0	1440	$1,100	$0.76	45d	1	1.20mi

Listing history 22 events

1. 2026-06-21
   days on market $78,000 Active 34 DOM
2. 2026-06-19
   days on market $78,000 Active 32 DOM
3. 2026-06-18
   days on market $78,000 Active 31 DOM
4. 2026-06-17
   days on market $78,000 Active 30 DOM
5. 2026-06-16
   days on market $78,000 Active 29 DOM
6. 2026-06-15
   days on market $78,000 Active 28 DOM
7. 2026-06-14
   days on market $78,000 Active 26 DOM
8. 2026-06-12
   days on market $78,000 Active 25 DOM
9. 2026-06-09
   days on market $78,000 Active 22 DOM
10. 2026-06-08
    days on market $78,000 Active 21 DOM
11. 2026-06-07
    days on market $78,000 Active 20 DOM
12. 2026-06-07
    days on market $78,000 Active 19 DOM
13. 2026-06-03
    days on market $78,000 Active 16 DOM
14. 2026-06-02
    days on market $78,000 Active 15 DOM
15. 2026-06-01
    days on market $78,000 Active 14 DOM
16. 2026-05-31
    days on market $78,000 Active 13 DOM
17. 2026-05-30
    days on market $78,000 Active 12 DOM
18. 2026-05-19
    listed $78,000 Active
19. 2018-03-16
    soldstatus $54,600
20. 2016-07-01
    listed $54,500
21. 2016-01-07
    listed $56,900
22. 2015-06-05
    listed $62,900

ⓘ 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: $1,132 · $94/mo
• Projected year-2 tax: $1,178 · $98/mo
• Expected delta: +$46/yr (+$4/mo · 4.1%)

ⓘ 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: $12,254
• − Mortgage interest: −$4,369
• − Property taxes: −$1,132
• − Insurance: −$390
• − Repairs & maintenance: −$980
• − Management: −$980
• − Depreciation: −$2,269
• Taxable income: $2,133
• Est. tax owed @ 24.0%: −$512
• After-tax cash flow: $2,738/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

+24.0% since first listed

5 events — show timeline

• 2026-05-19 Listed $78,000 FSBO.com
• 2018-03-16 Sold (Public Records) $54,600 Public Records
• 2016-07-01 Listed $54,500 IAR
• 2016-01-07 Listed $56,900 IAR
• 2015-06-05 Listed $62,900 IAR

Property tax history

-0.8%/yr

Latest (2025): $1,132 · +14.8% YoY. Source: county tax records.