537 Summer St · Burlington, IA 52601

$22,000

5 bd · 2.5 ba · 3,580 sqft · SingleFamily public records · 183 Days on market

Built 1890 0.28 ac lot ↓ 2% 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

Nice 2 story federal style brick home. This home features 5 bedrooms and 2 bathrooms. Interior has been gutted and ready for the next owner's creativity. Beautiful stairway and a nice lot with a 2 car garage. Home being sold as-is

Key facts

• 0.28 acre lot
• 2 garage spots
• Built 1890

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $997 ($12k/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: $19k (12.0% below list) — sets the bar for market timing.
• Cap rate 60.7% 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: 188 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 $152 of loan paydown is wiped out by about $660 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 183 days — a 12% lower offer ($19k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $38k (63%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $19,360 (12.0% below list)

Questions for the listing agent

1. It's been on market 183 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 1890 — 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: 6.61% ✓
• Cap rate: 60.69%
• Cash-on-cash: 194.27%
• DSCR: 9.64
• GRM: 1.3

CMA / ARV

• ARV (on-the-fly): $78,760
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
537 Summer St	0.00mi	5/2.0	3,580 (0%)	1mo	$19,000	$5	97
205 Marietta St	0.45mi	4/3.0 (-1)	3,172 (-11%)	1mo	$159,000	$50	52
401 Cedar St	0.55mi	4/1.5 (-1)	3,280 (-8%)	9mo	$225,000	$69	43
717 S 4th St	0.54mi	5/2.0	3,076 (-14%)	19mo	$4,000	$1	34
317 S 5th St	0.49mi	4/4.0 (-1)	4,010 (+12%)	21mo	$89,000	$22	29

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: 10.74×
• Total profit: $59,973
• Equity at exit: $3,280

10-year hold

• IRR: —
• Equity multiple: 22.77×
• Total profit: $134,100
• Equity at exit: $1,902

Cash invested: $6,160 (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: 1.3×

Monthly cashflow live

• Estimated rent: $1,455 medium
• Mortgage (P&I): −$115
• Tax est. 1.5%: −$28 /mo · $330/yr
• Insurance: −$9
• HOA: −$0
• Vacancy / Maint / Mgmt: −$306
• Net cashflow: $997

Break-even live

Break-even rent $192

Max offer price $22,000

Occupancy floor 26%

Sensitivity live

Price	-10% $1,012	-5% $1,005	+0% $997	+5% $990	+10% $982
Rent	-10% $882	-5% $940	+0% $997	+5% $1,055	+10% $1,112
Rate	-1.0pp $1,008	-0.5pp $1,003	base $997	+0.5pp $992	+1.0pp $986

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: $5,500
• Closing costs: $660
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-04-07
   status Pending
2. 2026-03-27
   price $22,000
3. 2026-01-07
   price $27,500
4. 2025-12-19
   price $39,900
5. 2025-10-30
   price $49,900
6. 2025-10-06
   listed $59,900 Active
7. 2021-01-08
   listed $39,999
8. 2013-03-19
   soldstatus $22,500

ⓘ 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: $17,458
• − Mortgage interest: −$1,232
• − Property taxes: −$330
• − Insurance: −$110
• − Repairs & maintenance: −$1,397
• − Management: −$1,397
• − Depreciation: −$640
• Taxable income: $12,352
• Est. tax owed @ 24.0%: −$2,965
• After-tax cash flow: $9,003/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

-2.2% since first listed

8 events — show timeline

• 2026-04-07 Pending — Muscatine BOR
• 2026-03-27 Price Changed $22,000 Muscatine BOR
• 2026-01-07 Price Changed $27,500 Muscatine BOR
• 2025-12-19 Price Changed $39,900 Muscatine BOR
• 2025-10-30 Price Changed $49,900 Muscatine BOR
• 2025-10-06 Listed $59,900 Muscatine BOR
• 2021-01-08 Listed $39,999 IAR
• 2013-03-19 Sold (Public Records) $22,500 Public Records

Property tax history

+7.7%/yr

Latest (2025): $3,816 · +82.9% YoY. Source: county tax records.