1605 Thul St · Burlington, IA 52601

$49,000

3 bd · 1.0 ba · 1,380 sqft · SingleFamily public records · 193 Days on market

Built 1848 7,405 sqft lot $36/sqft · 40% below area Est $81k · 40% 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 MLS

Tons of potential with this 3 bedroom brick home. Fix it up for a great family home or flip it. New roof and soffits in 2024. Bathroom and upstairs bedrooms are ready for your imagination. Bought as a project house but owner just doesn't have time for it so their loss is your gain. Owner is a licensed agent in IA. Selling AS IS

Key facts

• Soffits
• New roof
• 7,405 sq ft lot

Tags

• NEW ROOF
• SOFFITS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $49k.

Deal economics

• At list price, monthly cash flow is $565 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $49k).
• Recommended offer: $43k (12.0% below list) — sets the bar for market timing.
• Cap rate 20.1% 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; 2 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 $339 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 $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 193 days — a 12% lower offer ($43k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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 $20k; list at $49k implies a 145% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1848 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $43,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 193 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 1848 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 2.34% ✓
• Cap rate: 20.13%
• Cash-on-cash: 49.42%
• DSCR: 3.20
• GRM: 3.6

CMA / ARV

• ARV (median comp): $81,250
• List price: $49,000
• Delta: -39.69%
• 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
2035 Highland Ave	0.31mi	3/1.0	1,350 (-2%)	3mo	$195,000	$144	80
1516 N 9th St	0.37mi	3/1.0	1,288 (-7%)	2mo	$10,000	$8	70
1316 Corse St	0.04mi	2/1.0 (-1)	1,224 (-11%)	5mo	$82,500	$67	70
2100 Osborn St	0.42mi	3/1.5	1,326 (-4%)	8mo	$160,000	$121	66
2058 Sunnyside Ave	0.57mi	3/1.0	1,396 (+1%)	9mo	$110,000	$79	64
1417 Mount Pleasant St	0.52mi	2/1.0 (-1)	1,374 (-0%)	9mo	$30,000	$22	63
2025 Sunnyside Ave	0.47mi	3/2.0	1,345 (-2%)	9mo	$175,000	$130	62
1209 Virginia Ave	0.21mi	3/1.0	1,191 (-14%)	6mo	$74,000	$62	62
613 N Garfield Ave	0.74mi	3/1.0	1,380 (0%)	5mo	$160,000	$116	61
902 N 9th St	0.65mi	3/—	1,554 (+13%)	1mo	$16,000	$10	48
1308 Plank St	0.73mi	3/1.0	1,248 (-10%)	6mo	$90,000	$72	45
2020 Baumberger St	0.72mi	3/1.0	1,540 (+12%)	3mo	$71,000	$46	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: 47.1%
• Equity multiple: 3.05×
• Total profit: $28,065
• Equity at exit: $7,306

10-year hold

• IRR: 52.8%
• Equity multiple: 6.16×
• Total profit: $70,852
• Equity at exit: $4,237

Cash invested: $13,720 (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: 3.6×

Monthly cashflow live

• Estimated rent: $1,146 medium
• Mortgage (P&I): −$257
• Tax from tax record: −$63 /mo · $752/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$241
• Net cashflow: $565

Break-even live

Break-even rent $430

Max offer price $49,000

Occupancy floor 46%

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: $12,250
• Closing costs: $1,470
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
116 N 4th St Unit 214 Burlington, IA	2.0	1.0	1205	$1,295	$1.07	43d	1	1.24mi
1601 Division St Burlington, IA	3.0	1.0	1440	$1,100	$0.76	43d	1	1.24mi

Listing history 22 events

1. 2026-06-19
   days on market $49,000 Active 193 DOM
2. 2026-06-18
   days on market $49,000 Active 192 DOM
3. 2026-06-17
   days on market $49,000 Active 191 DOM
4. 2026-06-16
   days on market $49,000 Active 190 DOM
5. 2026-06-15
   days on market $49,000 Active 189 DOM
6. 2026-06-14
   days on market $49,000 Active 187 DOM
7. 2026-06-12
   days on market $49,000 Active 186 DOM
8. 2026-06-09
   days on market $49,000 Active 183 DOM
9. 2026-06-08
   days on market $49,000 Active 182 DOM
10. 2026-06-07
    days on market $49,000 Active 181 DOM
11. 2026-06-07
    days on market $49,000 Active 180 DOM
12. 2026-06-03
    days on market $49,000 Active 177 DOM
13. 2026-06-02
    days on market $49,000 Active 176 DOM
14. 2026-06-01
    days on market $49,000 Active 175 DOM
15. 2026-05-31
    days on market $49,000 Active 174 DOM
16. 2026-05-30
    days on market $49,000 Active 173 DOM
17. 2026-03-10
    price $49,000 329-char remark

    Show marketing remark (329 chars)

    Tons of potential with this 3 bedroom brick home. Fix it up for a great family home or flip it. New roof and soffits in 2024. Bathroom and upstairs bedrooms are ready for your imagination. Bought as a project house but owner just doesn't have time for it so their loss is your gain. Owner is a licensed agent in IA. Selling AS IS

18. 2025-12-08
    listed $49,900 Active 329-char remark

    Show marketing remark (329 chars)

    Tons of potential with this 3 bedroom brick home. Fix it up for a great family home or flip it. New roof and soffits in 2024. Bathroom and upstairs bedrooms are ready for your imagination. Bought as a project house but owner just doesn't have time for it so their loss is your gain. Owner is a licensed agent in IA. Selling AS IS

19. 2024-03-21
    soldstatus $20,000 Closed 559-char remark

    Show marketing remark (559 chars)

    Take a look at this property loaded with potential for you! Over 1,300 square feet of living space with 3 bedrooms; one of which is on the main floor. The extra large fenced in yard has plenty of room. Detached garage included! This property will be sold AS-IS with seller making no guarantee or representation. This property is eligible under the First Look Initiative which expires after 20 full days on market. No investor offers until first look period expires. No offers regardless of buyer type will not be negotiated within the first 7 days of listing.

20. 2024-02-02
    status Pending 559-char remark

    Show marketing remark (559 chars)

    Take a look at this property loaded with potential for you! Over 1,300 square feet of living space with 3 bedrooms; one of which is on the main floor. The extra large fenced in yard has plenty of room. Detached garage included! This property will be sold AS-IS with seller making no guarantee or representation. This property is eligible under the First Look Initiative which expires after 20 full days on market. No investor offers until first look period expires. No offers regardless of buyer type will not be negotiated within the first 7 days of listing.

21. 2023-11-22
    price $29,900 559-char remark

    Show marketing remark (559 chars)

    Take a look at this property loaded with potential for you! Over 1,300 square feet of living space with 3 bedrooms; one of which is on the main floor. The extra large fenced in yard has plenty of room. Detached garage included! This property will be sold AS-IS with seller making no guarantee or representation. This property is eligible under the First Look Initiative which expires after 20 full days on market. No investor offers until first look period expires. No offers regardless of buyer type will not be negotiated within the first 7 days of listing.

22. 2023-08-30
    listed $39,900 Active 559-char remark

    Show marketing remark (559 chars)

    Take a look at this property loaded with potential for you! Over 1,300 square feet of living space with 3 bedrooms; one of which is on the main floor. The extra large fenced in yard has plenty of room. Detached garage included! This property will be sold AS-IS with seller making no guarantee or representation. This property is eligible under the First Look Initiative which expires after 20 full days on market. No investor offers until first look period expires. No offers regardless of buyer type will not be negotiated within the first 7 days of listing.

ⓘ 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: $752 · $63/mo
• Projected year-2 tax: $761 · $63/mo
• Expected delta: +$9/yr (+$1/mo · 1.2%)

ⓘ 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: $13,748
• − Mortgage interest: −$2,745
• − Property taxes: −$752
• − Insurance: −$245
• − Repairs & maintenance: −$1,100
• − Management: −$1,100
• − Depreciation: −$1,425
• Taxable income: $6,381
• Est. tax owed @ 24.0%: −$1,531
• After-tax cash flow: $5,249/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

+22.8% since first listed

6 events — show timeline

• 2026-03-10 Price Changed $49,000 IAR
• 2025-12-08 Listed $49,900 IAR
• 2024-03-21 Sold (MLS) $20,000 IAR
• 2024-02-02 Pending — IAR
• 2023-11-22 Price Changed $29,900 IAR
• 2023-08-30 Listed $39,900 IAR

Property tax history

-3.1%/yr

Latest (2025): $752 · -55.4% YoY. Source: county tax records.