1809 Racine Ave · Burlington, IA 52601

$129,900

4 bd · 1.5 ba · 1,800 sqft · SingleFamily public records · 9 Days on market

Built 1927 0.30 ac lot Est $167k · 22% under

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Why this score? — see what drove the C 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 +20.1/30.0
• ARV discount +15.0/15.0
• DSCR +6.4/10.0
• 1% rule +5.1/10.0
• 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 MLS

This two story home sits on three lots and features three bedrooms which could easily be converted back into four, two full bathrooms, and main floor laundry. The spacious primary bedroom provides high ceilings, an ensuite, and an oversized closet. This home is located on a quiet, dead-end street that backs up to a wooded area, providing privacy and tranquility. The two empty lots on each side of the home add to the country feel. Nature enthusiasts will enjoy their very own miniature vineyard, with ample berries for homemade jam or jelly. This home is being sold as-is. Updates include the main floor bathroom, new washer & dryer, updated kitchen appliances which convey with the sale, and new AC replaced in 2023. Come take a look today!

Key facts

• Walk-in closet
• Partial basement
• Private bathroom

Tags

• FENCED BACKYARD
• PRIVATE BATHROOM
• WALK-IN CLOSET
• PARTIAL BASEMENT
• WALK-UP ATTIC
• NEW ROOF

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $162 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• Cap rate 7.8% vs local median 6.0% in Burlington — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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; 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 $898 of loan paydown is wiped out by about $4k 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.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 4y 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 $70k; list at $130k implies a 86% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $129,900

Questions for the listing agent

1. Built in 1927 — 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: 1.01% ✓
• Cap rate: 7.79%
• Cash-on-cash: 5.34%
• DSCR: 1.24
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $167,400
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1809 Racine Ave	0.00mi	4/2.0	1,800 (0%)	1mo	$126,900	$71	98
422 E Wheeler St	0.33mi	3/1.5 (-1)	1,836 (+2%)	10mo	$176,000	$96	68
410 E Wheeler St	0.35mi	4/1.0	1,620 (-10%)	2mo	$168,000	$104	64
401 Swan St	0.59mi	3/1.5 (-1)	1,830 (+2%)	4mo	$90,000	$49	62
201 Ballard St	0.45mi	3/1.5 (-1)	1,770 (-2%)	12mo	$164,900	$93	61
305 Winter St	0.46mi	4/2.0	1,772 (-2%)	18mo	$94,375	$53	59
426 E Glasgow St	0.38mi	3/2.0 (-1)	1,851 (+3%)	14mo	$188,000	$102	59
305 Ruthella Dr	0.64mi	3/2.0 (-1)	1,845 (+2%)	3mo	$198,000	$107	57
104 Cutter Pl	0.41mi	3/2.0 (-1)	1,720 (-4%)	13mo	$250,000	$145	56
206 Ramsey St	0.66mi	3/2.0 (-1)	1,708 (-5%)	9mo	$151,500	$89	46
418 Neva Pl	0.53mi	4/1.5	2,018 (+12%)	11mo	$160,000	$79	46
401 W Mt Pleasant St	0.72mi	3/2.0 (-1)	1,778 (-1%)	17mo	$145,000	$82	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: -8.0%
• Equity multiple: 0.70×
• Total profit: $-10,738
• Equity at exit: $19,369

10-year hold

• IRR: 1.5%
• Equity multiple: 1.11×
• Total profit: $3,940
• Equity at exit: $11,231

Cash invested: $36,372 (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: 8.3×

Monthly cashflow live

• Estimated rent: $1,310 medium
• Mortgage (P&I): −$681
• Tax from tax record: −$138 /mo · $1,650/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$275
• Net cashflow: $162

Break-even live

Break-even rent $1,105

Max offer price $129,900

Occupancy floor 83%

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-04-23
   status Pending
2. 2026-04-14
   listed $129,900 Active
3. 2024-10-11
   soldstatus $70,000 Closed 750-char remark

   Show marketing remark (750 chars)

   This two story home sits on three lots and features three bedrooms which could easily be converted back into four, two full bathrooms, and main floor laundry. The spacious primary bedroom provides high ceilings, an ensuite, and an oversized closet. This home is located on a quiet, dead-end street that backs up to a wooded area, providing privacy and tranquility. The two empty lots on each side of the home add to the country feel. Nature enthusiasts will enjoy their very own miniature vineyard, with ample berries for homemade jam or jelly. This home is being sold as-is. Updates include the main floor bathroom, new washer & dryer, updated kitchen appliances which convey with the sale, and new AC replaced in 2023. Come take a look today!

4. 2024-10-11
   soldstatus $70,000

   Show marketing remark (750 chars)

   This two story home sits on three lots and features three bedrooms which could easily be converted back into four, two full bathrooms, and main floor laundry. The spacious primary bedroom provides high ceilings, an ensuite, and an oversized closet. This home is located on a quiet, dead-end street that backs up to a wooded area, providing privacy and tranquility. The two empty lots on each side of the home add to the country feel. Nature enthusiasts will enjoy their very own miniature vineyard, with ample berries for homemade jam or jelly. This home is being sold as-is. Updates include the main floor bathroom, new washer & dryer, updated kitchen appliances which convey with the sale, and new AC replaced in 2023. Come take a look today!

5. 2024-09-16
   status Pending 750-char remark

   Show marketing remark (750 chars)

   This two story home sits on three lots and features three bedrooms which could easily be converted back into four, two full bathrooms, and main floor laundry. The spacious primary bedroom provides high ceilings, an ensuite, and an oversized closet. This home is located on a quiet, dead-end street that backs up to a wooded area, providing privacy and tranquility. The two empty lots on each side of the home add to the country feel. Nature enthusiasts will enjoy their very own miniature vineyard, with ample berries for homemade jam or jelly. This home is being sold as-is. Updates include the main floor bathroom, new washer & dryer, updated kitchen appliances which convey with the sale, and new AC replaced in 2023. Come take a look today!

6. 2024-09-04
   price $80,000 750-char remark

   Show marketing remark (750 chars)

   This two story home sits on three lots and features three bedrooms which could easily be converted back into four, two full bathrooms, and main floor laundry. The spacious primary bedroom provides high ceilings, an ensuite, and an oversized closet. This home is located on a quiet, dead-end street that backs up to a wooded area, providing privacy and tranquility. The two empty lots on each side of the home add to the country feel. Nature enthusiasts will enjoy their very own miniature vineyard, with ample berries for homemade jam or jelly. This home is being sold as-is. Updates include the main floor bathroom, new washer & dryer, updated kitchen appliances which convey with the sale, and new AC replaced in 2023. Come take a look today!

7. 2024-08-16
   price $82,500 750-char remark

   Show marketing remark (750 chars)

   This two story home sits on three lots and features three bedrooms which could easily be converted back into four, two full bathrooms, and main floor laundry. The spacious primary bedroom provides high ceilings, an ensuite, and an oversized closet. This home is located on a quiet, dead-end street that backs up to a wooded area, providing privacy and tranquility. The two empty lots on each side of the home add to the country feel. Nature enthusiasts will enjoy their very own miniature vineyard, with ample berries for homemade jam or jelly. This home is being sold as-is. Updates include the main floor bathroom, new washer & dryer, updated kitchen appliances which convey with the sale, and new AC replaced in 2023. Come take a look today!

8. 2024-08-02
   listed $86,500 Active 750-char remark

   Show marketing remark (750 chars)

   This two story home sits on three lots and features three bedrooms which could easily be converted back into four, two full bathrooms, and main floor laundry. The spacious primary bedroom provides high ceilings, an ensuite, and an oversized closet. This home is located on a quiet, dead-end street that backs up to a wooded area, providing privacy and tranquility. The two empty lots on each side of the home add to the country feel. Nature enthusiasts will enjoy their very own miniature vineyard, with ample berries for homemade jam or jelly. This home is being sold as-is. Updates include the main floor bathroom, new washer & dryer, updated kitchen appliances which convey with the sale, and new AC replaced in 2023. Come take a look today!

9. 2024-06-29
   listed $86,500 Active
10. 2023-10-17
    listed $84,900 Active
11. 2023-06-06
    soldstatus $65,000
12. 2023-06-02
    soldstatus $65,000 Closed
13. 2023-05-30
    status Pending
14. 2023-05-24
    price $74,500
15. 2023-04-04
    price $79,900
16. 2022-09-26
    listed $98,000 Active

ⓘ 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: $1,650 · $138/mo
• Projected year-2 tax: $1,845 · $154/mo
• Expected delta: +$195/yr (+$16/mo · 11.8%)

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥105°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: $15,716
• − Mortgage interest: −$7,276
• − Property taxes: −$1,650
• − Insurance: −$650
• − Repairs & maintenance: −$1,257
• − Management: −$1,257
• − Depreciation: −$3,779
• Taxable loss: −$153
• Est. tax savings @ 24.0%: +$37
• After-tax cash flow: $1,979/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

+32.6% since first listed

16 events — show timeline

• 2026-04-23 Pending — IAR
• 2026-04-14 Listed $129,900 IAR
• 2024-10-11 Sold (Public Records) $70,000 Public Records
• 2024-10-11 Sold (MLS) $70,000 IAR
• 2024-09-16 Pending — IAR
• 2024-09-04 Price Changed $80,000 IAR
• 2024-08-16 Price Changed $82,500 IAR
• 2024-08-02 Listed $86,500 IAR
• 2024-06-29 Listed $86,500 IAR
• 2023-10-17 Listed $84,900 IAR
• 2023-06-06 Sold (Public Records) $65,000 Public Records
• 2023-06-02 Sold (MLS) $65,000 IAR
• 2023-05-30 Pending — IAR
• 2023-05-24 Price Changed $74,500 IAR
• 2023-04-04 Price Changed $79,900 IAR
• 2022-09-26 Listed $98,000 IAR

Property tax history

+1.1%/yr

Latest (2025): $1,650 · +9.3% YoY. Source: county tax records.