906 Summer St · Burlington, IA 52601

$61,000

3 bd · 1.5 ba · 1,805 sqft · SingleFamily public records · 11 Days on market

Built 1900 6,098 sqft lot $34/sqft · 43% below area Est $107k · 43% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Spacious 4 bedroom, 2 bath with eat in kitchen & formal dining room. 2 bedrooms up & 2 bedrooms on main level. This property has had utilities off & owner will not have them on. Property being sold "as is". Attached 1 car garage with breezeway between house and garage. Main floor laundry. Appliances remain.

Key facts

• 6,098 sq ft lot
• Garage
• Built 1900

Property features AI

Exterior

• Parking: Attached concrete garage (1 car)
• Utilities: Public water; Public sewer; Electric with circuit breakers
• Home design: Single-family residence; One and one-half stories
• Exterior features: Corner lot; Lot dimensions approximately Front 80' x Side 79' x Rear 75'

Interior

• Kitchen: Range; Refrigerator
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced-air heating
• Interior features: Range; Refrigerator; Basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $61k.

Deal economics

• At list price, monthly cash flow is $523 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $61k).
• Cap rate 16.6% 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; 1 comparable units currently listed for rent nearby; 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 $422 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 $17k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

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

Recommended offer $61,000

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.98% ✓
• Cap rate: 16.59%
• Cash-on-cash: 36.78%
• DSCR: 2.64
• GRM: 4.2

CMA / ARV

• ARV (median comp): $106,647
• List price: $61,000
• Delta: -42.80%
• 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
810 S 14th St	0.03mi	4/1.0 (+1)	1,883 (+4%)	3mo	$15,000	$8	82
526 S Central Ave	0.38mi	3/1.0	1,737 (-4%)	4mo	$73,500	$42	71
910 S 14th St	0.06mi	3/1.0	1,552 (-14%)	1mo	$64,000	$41	70
1632 S Central St	0.52mi	3/1.0	1,768 (-2%)	2mo	$95,000	$54	68
1302 S 14 St	0.24mi	4/1.0 (+1)	1,659 (-8%)	0mo	$15,000	$9	68
705 S Central Ave	0.20mi	3/1.0	1,600 (-11%)	2mo	$99,020	$62	68
1820 Dill St	0.33mi	3/1.0	1,622 (-10%)	1mo	$150,000	$92	65
716 S 5th St	0.57mi	4/2.0 (+1)	1,840 (+2%)	0mo	$84,900	$46	63
718 Louisa St. St	0.47mi	3/1.0	1,635 (-9%)	4mo	$100,000	$61	57
1027 S Plane St	0.54mi	4/2.5 (+1)	1,905 (+6%)	3mo	$245,000	$129	54
407 S Gunnison St	0.61mi	4/2.0 (+1)	1,999 (+11%)	2mo	$159,200	$80	45
817 Plane St	0.60mi	2/2.0 (-1)	1,588 (-12%)	4mo	$130,000	$82	42

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: 32.6%
• Equity multiple: 2.37×
• Total profit: $23,480
• Equity at exit: $9,095

10-year hold

• IRR: 39.7%
• Equity multiple: 4.72×
• Total profit: $63,477
• Equity at exit: $5,274

Cash invested: $17,080 (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: 4.2×

Monthly cashflow live

• Estimated rent: $1,209 medium
• Mortgage (P&I): −$320
• Tax from tax record: −$87 /mo · $1,040/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$254
• Net cashflow: $523

Break-even live

Break-even rent $547

Max offer price $61,000

Occupancy floor 52%

Sensitivity live

Price	-10% $558	-5% $541	+0% $523	+5% $506	+10% $489
Rent	-10% $428	-5% $476	+0% $523	+5% $571	+10% $619
Rate	-1.0pp $554	-0.5pp $539	base $523	+0.5pp $508	+1.0pp $492

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: $15,250
• Closing costs: $1,830
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1601 Division St Burlington, IA	3.0	1.0	1440	$1,100	$0.76	44d	1	0.71mi

Listing history 2 events

1. 2026-05-12
   status Pending 336-char remark
2. 2026-05-01
   listed $61,000 Active 336-char remark

ⓘ 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: $1,040 · $87/mo
• Projected year-2 tax: $1,040 · $87/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: $14,513
• − Mortgage interest: −$3,417
• − Property taxes: −$1,040
• − Insurance: −$305
• − Repairs & maintenance: −$1,161
• − Management: −$1,161
• − Depreciation: −$1,775
• Taxable income: $5,654
• Est. tax owed @ 24.0%: −$1,357
• After-tax cash flow: $4,925/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

2 events — show timeline

• 2026-05-12 Pending — IAR
• 2026-05-01 Listed $61,000 IAR

Property tax history

-0.5%/yr

Latest (2025): $1,040 · +14.8% YoY. Source: county tax records.