505 S Marshall St · Burlington, IA 52601

$17,900

3 bd · 1.0 ba · 1,828 sqft · SingleFamily public records · 68 Days on market

Built 1878 5,663 sqft lot $10/sqft · 75% below area ↓ 44% 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

This 3 bedroom home is an excellent investment opportunity for fix and flip, rental, or make it your own. Clean out, and repairs/ updates are needed, but this is solid, with instant equity and tons of potential. The home offers tons of character with pocket doors and original woodwork, a fenced in bonus lot, and much more. Call today on this excellent project!

Key facts

• 5,663 sq ft lot
• 2 garage spots
• Built 1878

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $18k.

Deal economics

• At list price, monthly cash flow is $832 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $18k).
• Recommended offer: $17k (6.0% below list) — sets the bar for market timing.
• Cap rate 62.0% 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; 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 $124 of loan paydown is wiped out by about $537 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 68 days — a 6% lower offer ($17k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1878 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $16,826 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 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 1878 — 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. 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?
7. 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.
8. 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.
9. 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: 6.76% ✓
• Cap rate: 62.05%
• Cash-on-cash: 199.13%
• DSCR: 9.86
• GRM: 1.2

CMA / ARV

• ARV (median comp): $70,851
• List price: $17,900
• Delta: -74.74%
• 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
205 S Leebrick St	0.32mi	3/2.0	1,794 (-2%)	2mo	$73,000	$41	77
526 S Central Ave	0.27mi	3/1.0	1,737 (-5%)	4mo	$73,500	$42	76
407 S Gunnison St	0.10mi	4/2.0 (+1)	1,999 (+9%)	2mo	$159,200	$80	69
810 S 14th St	0.50mi	4/1.0 (+1)	1,883 (+3%)	3mo	$15,000	$8	64
716 S 5th St	0.68mi	4/2.0 (+1)	1,840 (+1%)	0mo	$84,900	$46	58
705 S Central Ave	0.44mi	3/1.0	1,600 (-12%)	2mo	$99,020	$62	57
1820 Dill St	0.55mi	3/1.0	1,622 (-11%)	1mo	$150,000	$92	55
1027 S Plane St	0.62mi	4/2.5 (+1)	1,905 (+4%)	3mo	$245,000	$129	50
119 S 8th St	0.44mi	3/2.5	2,082 (+14%)	5mo	$90,000	$43	46
1302 S 14 St	0.75mi	4/1.0 (+1)	1,659 (-9%)	0mo	$15,000	$9	45
817 Plane St	0.52mi	2/2.0 (-1)	1,588 (-13%)	4mo	$130,000	$82	42
513 Elm St	0.53mi	4/1.5 (+1)	2,084 (+14%)	5mo	$47,000	$23	41

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: 10.99×
• Total profit: $50,090
• Equity at exit: $2,669

10-year hold

• IRR: —
• Equity multiple: 23.33×
• Total profit: $111,901
• Equity at exit: $1,548

Cash invested: $5,012 (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: 1.2×

Monthly cashflow live

• Estimated rent: $1,209 medium
• Mortgage (P&I): −$94
• Tax est. 1.5%: −$22 /mo · $268/yr
• Insurance: −$7
• HOA: −$0
• Vacancy / Maint / Mgmt: −$254
• Net cashflow: $832

Break-even live

Break-even rent $157

Max offer price $17,900

Occupancy floor 26%

Sensitivity live

Price	-10% $844	-5% $838	+0% $832	+5% $826	+10% $819
Rent	-10% $736	-5% $784	+0% $832	+5% $879	+10% $927
Rate	-1.0pp $841	-0.5pp $836	base $832	+0.5pp $827	+1.0pp $822

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: $4,475
• Closing costs: $537
• 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	45d	1	0.21mi

Listing history 20 events

1. 2026-06-21
   days on market $17,900 Active 68 DOM
2. 2026-06-19
   days on market $17,900 Active 66 DOM
3. 2026-06-18
   days on market $17,900 Active 65 DOM
4. 2026-06-17
   days on market $17,900 Active 64 DOM
5. 2026-06-16
   days on market $17,900 Active 63 DOM
6. 2026-06-15
   days on market $17,900 Active 62 DOM
7. 2026-06-14
   days on market $17,900 Active 60 DOM
8. 2026-06-12
   days on market $17,900 Active 59 DOM
9. 2026-06-09
   days on market $17,900 Active 56 DOM
10. 2026-06-08
    days on market $17,900 Active 55 DOM
11. 2026-06-07
    days on market $17,900 Active 54 DOM
12. 2026-06-07
    days on market $17,900 Active 53 DOM
13. 2026-06-03
    days on market $17,900 Active 50 DOM
14. 2026-06-02
    days on market $17,900 Active 49 DOM
15. 2026-06-01
    days on market $17,900 Active 48 DOM
16. 2026-05-31
    days on market $17,900 Active 47 DOM
17. 2026-05-30
    days on market $17,900 Active 46 DOM
18. 2026-04-14
    listed $17,900 Active 362-char remark

    Show marketing remark (362 chars)

    This 3 bedroom home is an excellent investment opportunity for fix and flip, rental, or make it your own. Clean out, and repairs/ updates are needed, but this is solid, with instant equity and tons of potential. The home offers tons of character with pocket doors and original woodwork, a fenced in bonus lot, and much more. Call today on this excellent project!

19. 2025-02-12
    soldstatus $17,900
20. 2021-10-18
    soldstatus $32,250

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: −$1,003
• − Property taxes: −$268
• − Insurance: −$90
• − Repairs & maintenance: −$1,161
• − Management: −$1,161
• − Depreciation: −$521
• Taxable income: $10,309
• Est. tax owed @ 24.0%: −$2,474
• After-tax cash flow: $7,506/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

-44.5% since first listed

3 events — show timeline

• 2026-04-14 Listed $17,900 IAR
• 2025-02-12 Sold (Public Records) $17,900 Public Records
• 2021-10-18 Sold (Public Records) $32,250 Public Records

Property tax history

+2.4%/yr

Latest (2025): $1,874 · -0.6% YoY. Source: county tax records.