2115 Racine Ave · Burlington, IA 52601

$29,900

2 bd · 1.0 ba · 872 sqft · SingleFamily public records · 6 Days on market

Built 1919 9,583 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Check out this property on Burlington's north side with potential. The property is selling as-is and is selling as an estate. The 3 car garage is appealing and the house is a fix-it-upper with some potential. Make an appointment to see this soon.

Key facts

• 3 car garage
• 9,583 sq ft lot
• 3 garage spots

Tags

• 3 CAR GARAGE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $30k.

Deal economics

• At list price, monthly cash flow is $452 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($879 rent vs $30k).
• Cap rate 24.4% 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; 1 comparable units currently listed for rent nearby; 53 units permitted in Des Moines County in 2024 (40 in 5+ unit buildings).
• This rent is only 17% of the median local income ($61k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $207 of loan paydown is wiped out by about $897 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 $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; built in 1919 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $29,900

Questions for the listing agent

1. Built in 1919 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 2.94% ✓
• Cap rate: 24.42%
• Cash-on-cash: 64.74%
• DSCR: 3.88
• GRM: 2.8

CMA / ARV

• ARV (on-the-fly): $84,584
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2115 Racine Ave	0.00mi	2/1.0	872 (0%)	1mo	$30,000	$34	99
2711 Drebenstedt Cir	0.43mi	3/1.0 (+1)	888 (+2%)	3mo	$82,000	$92	70
306 Prarie St	0.56mi	2/1.0	854 (-2%)	5mo	$52,500	$61	66
2805 Yoder Dr	0.47mi	2/1.5	864 (-1%)	10mo	$117,000	$135	66
405 Cottage Grv	0.63mi	3/1.0 (+1)	897 (+3%)	2mo	$134,000	$149	59
3309 Hillcrest Dr	0.26mi	3/1.5 (+1)	988 (+13%)	2mo	$175,000	$177	57
202 Cottage Grove Ave	0.48mi	2/1.0	960 (+10%)	6mo	$89,000	$93	56
2820 Yoder Dr	0.51mi	3/1.5 (+1)	864 (-1%)	15mo	$134,000	$155	55
1806 Racine Ave	0.23mi	1/1.0 (-1)	966 (+11%)	14mo	$37,900	$39	55
313 West Burlington Ave	0.61mi	3/1.5 (+1)	920 (+6%)	12mo	$89,500	$97	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: 63.9%
• Equity multiple: 3.86×
• Total profit: $23,959
• Equity at exit: $4,458

10-year hold

• IRR: 68.3%
• Equity multiple: 7.93×
• Total profit: $58,051
• Equity at exit: $2,585

Cash invested: $8,372 (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: 2.8×

Monthly cashflow live

• Estimated rent: $879 medium
• Mortgage (P&I): −$157
• Tax from tax record: −$73 /mo · $878/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$185
• Net cashflow: $452

Break-even live

Break-even rent $307

Max offer price $29,900

Occupancy floor 44%

Sensitivity live

Price	-10% $469	-5% $460	+0% $452	+5% $443	+10% $435
Rent	-10% $382	-5% $417	+0% $452	+5% $486	+10% $521
Rate	-1.0pp $467	-0.5pp $459	base $452	+0.5pp $444	+1.0pp $436

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: $7,475
• Closing costs: $897
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2645 Newbury Cir Burlington, IA	2.0	1.0	825	$825	$1.00	44d	3	1.44mi

Listing history 3 events

1. 2026-04-06
   status Pending
2. 2026-03-31
   listed $29,900 Active
3. 2008-07-02
   soldstatus $27,000

ⓘ 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: $878 · $73/mo
• Projected year-2 tax: $878 · $73/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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥105°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: $10,544
• − Mortgage interest: −$1,675
• − Property taxes: −$878
• − Insurance: −$150
• − Repairs & maintenance: −$843
• − Management: −$843
• − Depreciation: −$870
• Taxable income: $5,285
• Est. tax owed @ 24.0%: −$1,268
• After-tax cash flow: $4,152/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

+10.7% since first listed

3 events — show timeline

• 2026-04-06 Pending — IAR
• 2026-03-31 Listed $29,900 IAR
• 2008-07-02 Sold (Public Records) $27,000 Public Records

Property tax history

-1.2%/yr

Latest (2025): $878 · +14.3% YoY. Source: county tax records.