508 S 10th St · Burlington, IA 52601

$22,500

5 bd · 2.5 ba · 2,493 sqft · Other public records · 235 Days on market

Built 1870 4,356 sqft lot

---

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

Duplex up and down - fully rented. 2 bed 1 bath To be sold as a package with: 801 S 9th - 4 Plex $50,000 MLS 6333183 235 S 9th - Duplex $39,500 MLS 6333178 805s 9th- Single Family $ 32,500 MLS 6333179 518 S Central - Duplex $27,900 MLS 6333181 605 S Central - Duplex $45,000 MLS 6333182 1127 Washington - Duplex $47,500 MLS 6333184 Seller will not divide- Selling As -Is

Key facts

• 4,356 sq ft lot
• Built 1870
• Listed 234 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Duplex residential income property; 2-story
• Construction: Wood siding
• Exterior features: 0.1-acre lot

Interior

• Heating & cooling: Forced air heating
• Interior features: Basement

What this means for you Summary

Snapshot

• This is a 5-bed/2.5-bath other listed at $22k.

Deal economics

• At list price, monthly cash flow is $892 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $22k).
• Recommended offer: $20k (12.0% below list) — sets the bar for market timing.
• Cap rate 53.9% 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; 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 $156 of loan paydown is wiped out by about $675 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 $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 235 days — a 12% lower offer ($20k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $5k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 4.4% of price; built in 1870 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $19,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 235 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 1870 — 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: 6.19% ✓
• Cap rate: 53.85%
• Cash-on-cash: 169.86%
• DSCR: 8.56
• GRM: 1.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 9.45×
• Total profit: $53,204
• Equity at exit: $3,355

10-year hold

• IRR: —
• Equity multiple: 20.00×
• Total profit: $119,682
• Equity at exit: $1,945

Cash invested: $6,300 (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: 1.3×

Monthly cashflow live

• Estimated rent: $1,394 medium
• Mortgage (P&I): −$118
• Tax from tax record: −$82 /mo · $982/yr
• Insurance: −$9
• HOA: −$0
• Vacancy / Maint / Mgmt: −$293
• Net cashflow: $892

Break-even live

Break-even rent $265

Max offer price $22,500

Occupancy floor 31%

Sensitivity live

Price	-10% $904	-5% $898	+0% $892	+5% $885	+10% $879
Rent	-10% $782	-5% $837	+0% $892	+5% $947	+10% $1,002
Rate	-1.0pp $903	-0.5pp $897	base $892	+0.5pp $886	+1.0pp $880

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: $5,625
• Closing costs: $675
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $22,500 Active 235 DOM
2. 2026-06-18
   days on market $22,500 Active 234 DOM
3. 2026-06-17
   days on market $22,500 Active 233 DOM
4. 2026-06-16
   days on market $22,500 Active 232 DOM
5. 2026-06-15
   days on market $22,500 Active 231 DOM
6. 2026-06-14
   days on market $22,500 Active 229 DOM
7. 2026-06-12
   days on market $22,500 Active 228 DOM
8. 2026-06-09
   days on market $22,500 Active 225 DOM
9. 2026-06-09
   pricestatus $22,500 Active 224 DOM
10. 2026-06-08
    days on market $27,500 Active Under Contract 224 DOM
11. 2026-06-07
    days on market $27,500 Active Under Contract 223 DOM
12. 2026-06-07
    days on market $27,500 Active Under Contract 222 DOM
13. 2026-06-03
    days on market $27,500 Active Under Contract 219 DOM
14. 2026-06-02
    days on market $27,500 Active Under Contract 218 DOM
15. 2026-06-01
    days on market $27,500 Active Under Contract 217 DOM
16. 2026-05-31
    days on market $27,500 Active Under Contract 216 DOM
17. 2026-05-30
    days on market $27,500 Active Under Contract 215 DOM
18. 2026-04-23
    historical Active Under Contract
19. 2026-03-27
    status Active
20. 2025-12-18
    historical Active Under Contract
21. 2025-10-27
    listed $27,500 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: $982 · $82/mo
• Projected year-2 tax: $982 · $82/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: $16,723
• − Mortgage interest: −$1,260
• − Property taxes: −$982
• − Insurance: −$112
• − Repairs & maintenance: −$1,338
• − Management: −$1,338
• − Depreciation: −$655
• Taxable income: $11,038
• Est. tax owed @ 24.0%: −$2,649
• After-tax cash flow: $8,052/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

4 events — show timeline

• 2026-04-23 Contingent — IAR
• 2026-03-27 Relisted — IAR
• 2025-12-18 Contingent — IAR
• 2025-10-27 Listed $27,500 IAR

Property tax history

-0.8%/yr

Latest (2025): $982 · +14.5% YoY. Source: county tax records.