1505 Gnahn St · Burlington, IA 52601

$19,000

1 bd · 1.0 ba · 646 sqft · SingleFamily public records · 86 Days on market

Built 1858 4,792 sqft lot $29/sqft · 63% below area ↓ 4% since listing

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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 MLS

One bedroom, one bathroom cottage offering great potential for the right buyer. This home is in need of updates, but with some improvements and personal touches, it could be transformed into a charming residence or investment property. Features a manageable layout and a great opportunity for those looking to build equity. Ideal for those seeking a renovation project.

Key facts

• 4,792 sq ft lot
• Built 1858
• Listed 85 days

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $19k.

Deal economics

• At list price, monthly cash flow is $492 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($812 rent vs $19k).
• Recommended offer: $18k (6.0% below list) — sets the bar for market timing.
• Cap rate 37.3% 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).
• This rent is only 16% 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 $131 of loan paydown is wiped out by about $570 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 $5k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($18k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y ago; this cycle's ask has dropped $5k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1858 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $17,860 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1858 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 4.27% ✓
• Cap rate: 37.34%
• Cash-on-cash: 110.88%
• DSCR: 5.93
• GRM: 1.9

CMA / ARV

• ARV (median comp): $43,943
• List price: $19,000
• Delta: -56.76%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1137 Corse St	0.20mi	1/1.0	636 (-2%)	1mo	$42,000	$66	87
1711 Lincoln St	0.23mi	1/1.0	692 (+7%)	1mo	$89,000	$129	76
1222 Stowe St	0.34mi	1/1.0	650 (+1%)	22mo	$33,000	$51	65
1209 Patterson St	0.63mi	1/1.0	706 (+9%)	2mo	$48,900	$69	54

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: —
• Equity multiple: 6.31×
• Total profit: $28,252
• Equity at exit: $2,833

10-year hold

• IRR: —
• Equity multiple: 13.22×
• Total profit: $65,011
• Equity at exit: $1,643

Cash invested: $5,320 (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: 1.9×

Monthly cashflow live

• Estimated rent: $812 medium
• Mortgage (P&I): −$100
• Tax from tax record: −$42 /mo · $510/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$171
• Net cashflow: $492

Break-even live

Break-even rent $190

Max offer price $19,000

Occupancy floor 34%

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: $4,750
• Closing costs: $570
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
424 N 3rd St Burlington, IA	—	1.0	392	$972	$2.48	43d	3	1.08mi

Listing history 20 events

1. 2026-06-19
   days on market $19,000 Active 86 DOM
2. 2026-06-18
   days on market $19,000 Active 85 DOM
3. 2026-06-17
   days on market $19,000 Active 84 DOM
4. 2026-06-16
   days on market $19,000 Active 83 DOM
5. 2026-06-15
   days on market $19,000 Active 82 DOM
6. 2026-06-14
   days on market $19,000 Active 80 DOM
7. 2026-06-12
   days on market $19,000 Active 79 DOM
8. 2026-06-09
   days on market $19,000 Active 76 DOM
9. 2026-06-09
   price $19,000 Active 75 DOM
10. 2026-06-08
    days on market $24,000 Active 75 DOM
11. 2026-06-07
    days on market $24,000 Active 74 DOM
12. 2026-06-07
    days on market $24,000 Active 73 DOM
13. 2026-06-03
    days on market $24,000 Active 70 DOM
14. 2026-06-02
    days on market $24,000 Active 69 DOM
15. 2026-06-01
    days on market $24,000 Active 68 DOM
16. 2026-05-31
    days on market $24,000 Active 67 DOM
17. 2026-05-30
    days on market $24,000 Active 66 DOM
18. 2026-03-25
    listed $24,000 Active 369-char remark

    Show marketing remark (369 chars)

    One bedroom, one bathroom cottage offering great potential for the right buyer. This home is in need of updates, but with some improvements and personal touches, it could be transformed into a charming residence or investment property. Features a manageable layout and a great opportunity for those looking to build equity. Ideal for those seeking a renovation project.

19. 2017-06-06
    soldstatus $23,400 102-char remark

    Show marketing remark (102 chars)

    Cute 1 bedroom cottage! Needs someone to do some updating. With some TLC this could be a darling home!

20. 2017-02-22
    listed $24,900 102-char remark

    Show marketing remark (102 chars)

    Cute 1 bedroom cottage! Needs someone to do some updating. With some TLC this could be a darling home!

ⓘ 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: $510 · $42/mo
• Projected year-2 tax: $510 · $42/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: $9,746
• − Mortgage interest: −$1,064
• − Property taxes: −$510
• − Insurance: −$95
• − Repairs & maintenance: −$780
• − Management: −$780
• − Depreciation: −$553
• Taxable income: $5,965
• Est. tax owed @ 24.0%: −$1,431
• After-tax cash flow: $4,467/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

-3.6% since first listed

3 events — show timeline

• 2026-03-25 Listed $24,000 IAR
• 2017-06-06 Sold (MLS) $23,400 IAR
• 2017-02-22 Listed $24,900 IAR

Property tax history

+0.2%/yr

Latest (2025): $510 · +14.9% YoY. Source: county tax records.