146 S Central Ave · Burlington, IA 52601

$63,000

4 bd · 2.0 ba · 1,465 sqft · SingleFamily public records · 64 Days on market

Built 1920 4,356 sqft lot Est $91k · 31% 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

This charming two-story home offers over 1,400 square feet of living space and the perfect opportunity to add your personal touch. Full of character, this older home needs just a bit of TLC to truly shine, with several windows already replaced as a head start. The main floor features a comfortable living room, kitchen, and a versatile flex space that could easily serve as a main-floor primary suite, complete with a walk-in closet and private bathroom. Upstairs, you’ll find two bedrooms, an additional full bathroom with a newly installed shower, and the potential for a third bedroom or bonus space. Outside, the lot is easy to maintain while still offering a driveway and a manageable ba

Key facts

• Versatile flex space
• Manageable backyard
• Walk in closet

Tags

• TWO STORY HOME
• VERSATILE FLEX SPACE
• WALK IN CLOSET
• PRIVATE BATHROOM
• NEWLY INSTALLED SHOWER
• MANAGEABLE BACKYARD

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $63k.

Deal economics

• At list price, monthly cash flow is $578 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $63k).
• Recommended offer: $59k (6.0% below list) — sets the bar for market timing.
• Cap rate 17.3% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $436 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 $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y ago; this cycle's ask has dropped $7k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $59,220 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 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 1920 — 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: 2.01% ✓
• Cap rate: 17.30%
• Cash-on-cash: 39.32%
• DSCR: 2.75
• GRM: 4.1

CMA / ARV

• ARV (on-the-fly): $90,830
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
241 S 9th St	0.16mi	3/1.0 (-1)	1,386 (-5%)	1mo	$1	—	74
713 Market St	0.22mi	3/2.0 (-1)	1,315 (-10%)	3mo	$120,000	$91	65
519 S 8th St	0.36mi	3/1.5 (-1)	1,354 (-8%)	1mo	$50,000	$37	62
209 S 8th St	0.16mi	3/1.0 (-1)	1,291 (-12%)	2mo	$71,500	$55	62
308 S Adams St	0.46mi	3/1.0 (-1)	1,400 (-4%)	4mo	$119,500	$85	59
1615 Smith St	0.38mi	3/1.5 (-1)	1,300 (-11%)	2mo	$63,000	$48	55
410 S Starr Ave	0.53mi	3/1.5 (-1)	1,382 (-6%)	5mo	$30,000	$22	54
902 N 9th St	0.69mi	3/— (-1)	1,554 (+6%)	1mo	$16,000	$10	52
104 S Leebrick St	0.41mi	3/2.0 (-1)	1,248 (-15%)	2mo	$94,000	$75	49
613 N Garfield Ave	0.60mi	3/1.0 (-1)	1,380 (-6%)	6mo	$160,000	$116	49
809 S Starr Ave	0.74mi	3/2.0 (-1)	1,382 (-6%)	3mo	$99,900	$72	48
705 S Central Ave	0.59mi	3/1.0 (-1)	1,600 (+9%)	2mo	$99,020	$62	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: 35.6%
• Equity multiple: 2.51×
• Total profit: $26,618
• Equity at exit: $9,394

10-year hold

• IRR: 42.3%
• Equity multiple: 5.00×
• Total profit: $70,632
• Equity at exit: $5,447

Cash invested: $17,640 (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: 4.1×

Monthly cashflow live

• Estimated rent: $1,269 medium
• Mortgage (P&I): −$330
• Tax from tax record: −$68 /mo · $810/yr
• Insurance: −$26
• HOA: −$0
• Vacancy / Maint / Mgmt: −$266
• Net cashflow: $578

Break-even live

Break-even rent $537

Max offer price $63,000

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: $15,750
• Closing costs: $1,890
• 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	44d	1	0.34mi

Listing history 13 events

1. 2026-04-13
   status Pending
2. 2026-03-19
   price $63,000
3. 2026-02-06
   price $67,900
4. 2026-01-19
   listed $69,900 Active
5. 2025-02-06
   price $69,900
6. 2024-11-11
   price $73,000
7. 2024-10-07
   listed $75,000 Active
8. 2023-06-02
   soldstatus $60,500
9. 2023-05-31
   soldstatus $60,500 Closed
10. 2023-04-11
    status Pending
11. 2022-09-01
    listed $60,500 Active
12. 2017-04-26
    listed $56,500
13. 2016-07-05
    soldstatus $16,500

ⓘ 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: $810 · $68/mo
• Projected year-2 tax: $900 · $75/mo
• Expected delta: +$90/yr (+$7/mo · 11.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% 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: $15,222
• − Mortgage interest: −$3,529
• − Property taxes: −$810
• − Insurance: −$315
• − Repairs & maintenance: −$1,218
• − Management: −$1,218
• − Depreciation: −$1,833
• Taxable income: $6,300
• Est. tax owed @ 24.0%: −$1,512
• After-tax cash flow: $5,424/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

+281.8% since first listed

13 events — show timeline

• 2026-04-13 Pending — IAR
• 2026-03-19 Price Changed $63,000 IAR
• 2026-02-06 Price Changed $67,900 IAR
• 2026-01-19 Listed $69,900 IAR
• 2025-02-06 Price Changed $69,900 IAR
• 2024-11-11 Price Changed $73,000 IAR
• 2024-10-07 Listed $75,000 IAR
• 2023-06-02 Sold (Public Records) $60,500 Public Records
• 2023-05-31 Sold (MLS) $60,500 IAR
• 2023-04-11 Pending — IAR
• 2022-09-01 Listed $60,500 IAR
• 2017-04-26 Listed $56,500 IAR
• 2016-07-05 Sold (Public Records) $16,500 Public Records

Property tax history

-0.8%/yr

Latest (2025): $810 · -8.0% YoY. Source: county tax records.