1004 Spring St · Burlington, IA 52601

$52,900

3 bd · 1.0 ba · 1,442 sqft · SingleFamily public records · 367 Days on market

Built 1870 9,148 sqft lot $37/sqft · 21% below area Est $67k · 21% 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

Location: 1004 Spring St. Burlington Iowa 3-bedroom, 1-bathroom home, offering a perfect blend of comfort and convenience. Currently a rental property with a tenant at $725/month, it's an excellent opportunity for investors or first-time homebuyers. Possible flip project! Key Features: • Spacious Living Areas: Enjoy generous living spaces • Kitchen: Ample counter space for meal preparation. • Backyard: A large back yard provides a peaceful retreat and space for outdoor activities. • Off-Street Parking: Convenient parking options with a dedicated space off the alley. • Location: Situated close to the elementary school, downtown Burlington, and shopping centers, offering easy access to essential amenities. Investment Opportunity: The current tenant is scheduled to receive a 60-day notice upon an accepted offer and may be interested in continuing the lease with the new owner. This property offers immediate rental income potential or the option to make it your own. Current rental permit good until 9/2027 Contact us today to schedule a private showing and explore the potential this home has to offer

Key facts

• Large back yard
• 9,148 sq ft lot
• Built 1870

Tags

• LARGE BACK YARD
• DEDICATED SPACE OFF THE ALLEY
• CLOSE TO ELEMENTARY SCHOOL
• CLOSE TO DOWNTOWN BURLINGTON
• CLOSE TO SHOPPING CENTERS

🏷️ Possibly a rental listed for sale. The $52,900 price doesn't fit this home's estimated sale value (~$66,876) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $53k.

Deal economics

• At list price, monthly cash flow is $532 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $53k).
• Recommended offer: $47k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.4% 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 $366 of loan paydown is wiped out by about $2k 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 $15k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 367 days — a 12% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $46k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $46,552 (12.0% below list)

Questions for the listing agent

1. It's been on market 367 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. 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: 2.17% ✓
• Cap rate: 18.36%
• Cash-on-cash: 43.11%
• DSCR: 2.92
• GRM: 3.8

CMA / ARV

• ARV (median comp): $66,876
• List price: $52,900
• Delta: -20.90%
• 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
902 N 9th St	0.09mi	3/—	1,554 (+8%)	1mo	$16,000	$10	82
506 N 8th St	0.32mi	2/1.0 (-1)	1,495 (+4%)	6mo	$19,000	$13	69
613 N Garfield Ave	0.55mi	3/1.0	1,380 (-4%)	6mo	$160,000	$116	63
1516 N 9th St	0.46mi	3/1.0	1,288 (-11%)	2mo	$10,000	$8	59
1417 Mount Pleasant St	0.47mi	2/1.0 (-1)	1,374 (-5%)	9mo	$30,000	$22	58
108 S Central St	0.59mi	3/1.0	1,505 (+4%)	13mo	$36,000	$24	55
1610 Lincoln St	0.67mi	3/1.0	1,391 (-4%)	13mo	$124,000	$89	52
1219 N 7th St	0.31mi	4/2.0 (+1)	1,596 (+11%)	9mo	$89,000	$56	52
713 Market St	0.58mi	3/2.0	1,315 (-9%)	3mo	$120,000	$91	51
1613 Lincoln St	0.69mi	3/2.0	1,487 (+3%)	9mo	$130,000	$87	51
1308 Plank St	0.52mi	3/1.0	1,248 (-14%)	6mo	$90,000	$72	48
209 S 8th St	0.74mi	3/1.0	1,291 (-10%)	2mo	$71,500	$55	46

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: 39.9%
• Equity multiple: 2.71×
• Total profit: $25,340
• Equity at exit: $7,888

10-year hold

• IRR: 46.3%
• Equity multiple: 5.44×
• Total profit: $65,799
• Equity at exit: $4,574

Cash invested: $14,812 (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: 3.8×

Monthly cashflow live

• Estimated rent: $1,150 medium
• Mortgage (P&I): −$277
• Tax from tax record: −$77 /mo · $926/yr
• Insurance: −$22
• HOA: −$0
• Vacancy / Maint / Mgmt: −$242
• Net cashflow: $532

Break-even live

Break-even rent $477

Max offer price $52,900

Occupancy floor 49%

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: $13,225
• Closing costs: $1,587
• 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	44d	1	0.69mi
1601 Division St Burlington, IA	3.0	1.0	1440	$1,100	$0.76	44d	1	0.91mi

Listing history 22 events

1. 2026-06-19
   days on market $52,900 Active 367 DOM
2. 2026-06-18
   days on market $52,900 Active 366 DOM
3. 2026-06-17
   days on market $52,900 Active 365 DOM
4. 2026-06-16
   days on market $52,900 Active 364 DOM
5. 2026-06-15
   days on market $52,900 Active 363 DOM
6. 2026-06-14
   days on market $52,900 Active 361 DOM
7. 2026-06-12
   days on market $52,900 Active 360 DOM
8. 2026-06-09
   days on market $52,900 Active 357 DOM
9. 2026-06-08
   days on market $52,900 Active 356 DOM
10. 2026-06-07
    days on market $52,900 Active 355 DOM
11. 2026-06-07
    days on market $52,900 Active 354 DOM
12. 2026-06-03
    days on market $52,900 Active 351 DOM
13. 2026-06-02
    days on market $52,900 Active 350 DOM
14. 2026-06-01
    days on market $52,900 Active 349 DOM
15. 2026-05-31
    days on market $52,900 Active 348 DOM
16. 2026-05-30
    days on market $52,900 Active 347 DOM
17. 2026-04-29
    price $52,900 1136-char remark

    Show marketing remark (1136 chars)

    Location: 1004 Spring St. Burlington Iowa 3-bedroom, 1-bathroom home, offering a perfect blend of comfort and convenience. Currently a rental property with a tenant at $725/month, it's an excellent opportunity for investors or first-time homebuyers. Possible flip project! Key Features: • Spacious Living Areas: Enjoy generous living spaces • Kitchen: Ample counter space for meal preparation. • Backyard: A large back yard provides a peaceful retreat and space for outdoor activities. • Off-Street Parking: Convenient parking options with a dedicated space off the alley. • Location: Situated close to the elementary school, downtown Burlington, and shopping centers, offering easy access to essential amenities. Investment Opportunity: The current tenant is scheduled to receive a 60-day notice upon an accepted offer and may be interested in continuing the lease with the new owner. This property offers immediate rental income potential or the option to make it your own. Current rental permit good until 9/2027 Contact us today to schedule a private showing and explore the potential this home has to offer

18. 2026-03-04
    price $57,900 1136-char remark

    Show marketing remark (1136 chars)

    Location: 1004 Spring St. Burlington Iowa 3-bedroom, 1-bathroom home, offering a perfect blend of comfort and convenience. Currently a rental property with a tenant at $725/month, it's an excellent opportunity for investors or first-time homebuyers. Possible flip project! Key Features: • Spacious Living Areas: Enjoy generous living spaces • Kitchen: Ample counter space for meal preparation. • Backyard: A large back yard provides a peaceful retreat and space for outdoor activities. • Off-Street Parking: Convenient parking options with a dedicated space off the alley. • Location: Situated close to the elementary school, downtown Burlington, and shopping centers, offering easy access to essential amenities. Investment Opportunity: The current tenant is scheduled to receive a 60-day notice upon an accepted offer and may be interested in continuing the lease with the new owner. This property offers immediate rental income potential or the option to make it your own. Current rental permit good until 9/2027 Contact us today to schedule a private showing and explore the potential this home has to offer

19. 2025-12-15
    price $61,900 1136-char remark

    Show marketing remark (1136 chars)

    Location: 1004 Spring St. Burlington Iowa 3-bedroom, 1-bathroom home, offering a perfect blend of comfort and convenience. Currently a rental property with a tenant at $725/month, it's an excellent opportunity for investors or first-time homebuyers. Possible flip project! Key Features: • Spacious Living Areas: Enjoy generous living spaces • Kitchen: Ample counter space for meal preparation. • Backyard: A large back yard provides a peaceful retreat and space for outdoor activities. • Off-Street Parking: Convenient parking options with a dedicated space off the alley. • Location: Situated close to the elementary school, downtown Burlington, and shopping centers, offering easy access to essential amenities. Investment Opportunity: The current tenant is scheduled to receive a 60-day notice upon an accepted offer and may be interested in continuing the lease with the new owner. This property offers immediate rental income potential or the option to make it your own. Current rental permit good until 9/2027 Contact us today to schedule a private showing and explore the potential this home has to offer

20. 2025-10-17
    price $69,900 1136-char remark

    Show marketing remark (1136 chars)

    Location: 1004 Spring St. Burlington Iowa 3-bedroom, 1-bathroom home, offering a perfect blend of comfort and convenience. Currently a rental property with a tenant at $725/month, it's an excellent opportunity for investors or first-time homebuyers. Possible flip project! Key Features: • Spacious Living Areas: Enjoy generous living spaces • Kitchen: Ample counter space for meal preparation. • Backyard: A large back yard provides a peaceful retreat and space for outdoor activities. • Off-Street Parking: Convenient parking options with a dedicated space off the alley. • Location: Situated close to the elementary school, downtown Burlington, and shopping centers, offering easy access to essential amenities. Investment Opportunity: The current tenant is scheduled to receive a 60-day notice upon an accepted offer and may be interested in continuing the lease with the new owner. This property offers immediate rental income potential or the option to make it your own. Current rental permit good until 9/2027 Contact us today to schedule a private showing and explore the potential this home has to offer

21. 2025-06-17
    listed $74,900 Active 1136-char remark

    Show marketing remark (1136 chars)

    Location: 1004 Spring St. Burlington Iowa 3-bedroom, 1-bathroom home, offering a perfect blend of comfort and convenience. Currently a rental property with a tenant at $725/month, it's an excellent opportunity for investors or first-time homebuyers. Possible flip project! Key Features: • Spacious Living Areas: Enjoy generous living spaces • Kitchen: Ample counter space for meal preparation. • Backyard: A large back yard provides a peaceful retreat and space for outdoor activities. • Off-Street Parking: Convenient parking options with a dedicated space off the alley. • Location: Situated close to the elementary school, downtown Burlington, and shopping centers, offering easy access to essential amenities. Investment Opportunity: The current tenant is scheduled to receive a 60-day notice upon an accepted offer and may be interested in continuing the lease with the new owner. This property offers immediate rental income potential or the option to make it your own. Current rental permit good until 9/2027 Contact us today to schedule a private showing and explore the potential this home has to offer

22. 2017-12-12
    soldstatus $45,900

ⓘ 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: $926 · $77/mo
• Projected year-2 tax: $926 · $77/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 2/10 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: $13,803
• − Mortgage interest: −$2,963
• − Property taxes: −$926
• − Insurance: −$264
• − Repairs & maintenance: −$1,104
• − Management: −$1,104
• − Depreciation: −$1,539
• Taxable income: $5,902
• Est. tax owed @ 24.0%: −$1,416
• After-tax cash flow: $4,968/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

+15.3% since first listed

6 events — show timeline

• 2026-04-29 Price Changed $52,900 IAR
• 2026-03-04 Price Changed $57,900 IAR
• 2025-12-15 Price Changed $61,900 IAR
• 2025-10-17 Price Changed $69,900 IAR
• 2025-06-17 Listed $74,900 IAR
• 2017-12-12 Sold (Public Records) $45,900 Public Records

Property tax history

+2.4%/yr

Latest (2025): $926 · +14.3% YoY. Source: county tax records.