301 2nd Ave · Keystone, IA 52249

$234,900

3 bd · 2.0 ba · 1,622 sqft · SingleFamily public records · 84 Days on market

Built 1963 9,148 sqft lot

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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).

• Appreciation +9.1/10.0
• ARV discount +7.5/15.0
• Cash flow +6.0/30.0
• Schools +6.0/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.4/10.0
• 1% rule +0.3/10.0

Listing remarks MLS

Brand new everything! Completely remodeled home. New kitchen cabinets and counters and sink. New appliances. New flooring. Remodeled and updated bathrooms. New roof. New siding. New windows. Laundry hookups on main floor and downstairs. Patio and Fire Pit. Terrific location! City park immediately out the back. School, too! Come and see this one before it sells!

Key facts

• New siding
• New kitchen cabinets
• New appliances

Tags

• REMODELED HOME
• NEW KITCHEN CABINETS
• NEW APPLIANCES
• REMODELED BATHROOMS
• NEW ROOF
• NEW SIDING

Property features AI

Finance

• HOA & community: Association fee paid annually

Exterior

• Parking: Attached garage; On-street parking; 1 total parking space
• Utilities: Public water; Public sewer
• Home design: Single family residence; Residential property
• Construction: Vinyl siding with frame construction
• Exterior features: Patio; Level lot; Street lights in the community

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas forced air heating; Central air conditioning
• Interior features: Other interior features; Full basement
• Laundry & utility: Laundry on lower level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $235k.

Deal economics

• At list price, monthly cash flow is $-444 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $156k (33.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $125k (46.7% below list).
• Recommended offer: $125k (46.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 68/100 on livability (#459 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Benton Community School District (rural): math 63% / reading 74% proficiency, ranked #140 of 289 in IA (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Benton Community Middle School (math 61% / reading 76%, grade A, #126 of 246 statewide, top 53%, 235 students, 23% FRL); Benton Community Senior High School (math 63% / reading 78%, grade B+, #140 of 336 statewide, top 43%, 496 students, 27% FRL).
• Market conditions: 9 active listings in the ZIP; 34 units permitted in Benton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $21k of equity ($2k loan paydown + $19k appreciation (8.2% local appreciation)).
• Benton County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($221k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $15k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $67k; list at $235k implies a 251% gain — meaningful room to come down on a strong offer.

Recommended offer $125,146 (46.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 84 days. Have you received any prior offers? Is the seller open to a 47% concession, seller financing, or rate buy-down credit?
3. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 0.53% ✗
• Cap rate: 4.02%
• Cash-on-cash: -8.11%
• DSCR: 0.64
• GRM: 15.6

CMA / ARV

• ARV (on-the-fly): $123,272
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
95 3rd Ave	0.26mi	3/2.5	1,611 (-1%)	8mo	$165,000	$102	79
208 4th Ave	0.18mi	4/1.5 (+1)	1,624 (+0%)	9mo	$63,650	$39	77
207 2nd Ave	0.05mi	3/2.0	1,606 (-1%)	23mo	$97,500	$61	77
203 3rd Ave	0.16mi	3/2.0	1,748 (+8%)	4mo	$130,000	$74	77
209 2nd Ave	0.04mi	2/1.0 (-1)	1,727 (+6%)	4mo	$82,950	$48	75
218 2nd St	0.14mi	2/1.0 (-1)	1,662 (+2%)	8mo	$126,000	$76	74
99 3rd Ave	0.24mi	3/2.0	1,546 (-5%)	12mo	$175,000	$113	71
99 4th Ave	0.29mi	4/1.0 (+1)	1,620 (-0%)	17mo	$138,000	$85	64
108 4th Ave	0.22mi	3/1.5	1,688 (+4%)	23mo	$145,000	$86	62
306 2nd Ave	0.04mi	3/2.0	1,796 (+11%)	22mo	$101,000	$56	61

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

8.18% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 14.3%
• Equity multiple: 2.08×
• Total profit: $71,095
• Equity at exit: $181,366

10-year hold

• IRR: 14.2%
• Equity multiple: 4.45×
• Total profit: $227,236
• Equity at exit: $362,817

Cash invested: $65,772 (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 52249

• Home prices YoY: 3.8%
• Active inventory: 9
• Price-to-rent: 15.6×

Monthly cashflow live

• Estimated rent: $1,251 medium
• Mortgage (P&I): −$1,232
• Tax from tax record: −$103 /mo · $1,240/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$263
• Net cashflow: $-444

Break-even live

Break-even rent $1,814

Max offer price $156,396

Occupancy floor —

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: $58,725
• Closing costs: $7,047
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-05-01
   status Pending 363-char remark

   Show marketing remark (363 chars)

   Brand new everything! Completely remodeled home. New kitchen cabinets and counters and sink. New appliances. New flooring. Remodeled and updated bathrooms. New roof. New siding. New windows. Laundry hookups on main floor and downstairs. Patio and Fire Pit. Terrific location! City park immediately out the back. School, too! Come and see this one before it sells!

2. 2026-05-01
   status Pending

   Show marketing remark (363 chars)

   Brand new everything! Completely remodeled home. New kitchen cabinets and counters and sink. New appliances. New flooring. Remodeled and updated bathrooms. New roof. New siding. New windows. Laundry hookups on main floor and downstairs. Patio and Fire Pit. Terrific location! City park immediately out the back. School, too! Come and see this one before it sells!

3. 2026-04-14
   price $234,900

   Show marketing remark (363 chars)

   Brand new everything! Completely remodeled home. New kitchen cabinets and counters and sink. New appliances. New flooring. Remodeled and updated bathrooms. New roof. New siding. New windows. Laundry hookups on main floor and downstairs. Patio and Fire Pit. Terrific location! City park immediately out the back. School, too! Come and see this one before it sells!

4. 2026-04-14
   price $234,900 363-char remark

   Show marketing remark (363 chars)

   Brand new everything! Completely remodeled home. New kitchen cabinets and counters and sink. New appliances. New flooring. Remodeled and updated bathrooms. New roof. New siding. New windows. Laundry hookups on main floor and downstairs. Patio and Fire Pit. Terrific location! City park immediately out the back. School, too! Come and see this one before it sells!

5. 2026-03-31
   price $239,900 363-char remark

   Show marketing remark (363 chars)

   Brand new everything! Completely remodeled home. New kitchen cabinets and counters and sink. New appliances. New flooring. Remodeled and updated bathrooms. New roof. New siding. New windows. Laundry hookups on main floor and downstairs. Patio and Fire Pit. Terrific location! City park immediately out the back. School, too! Come and see this one before it sells!

6. 2026-02-27
   price $247,900 363-char remark

   Show marketing remark (363 chars)

   Brand new everything! Completely remodeled home. New kitchen cabinets and counters and sink. New appliances. New flooring. Remodeled and updated bathrooms. New roof. New siding. New windows. Laundry hookups on main floor and downstairs. Patio and Fire Pit. Terrific location! City park immediately out the back. School, too! Come and see this one before it sells!

7. 2026-02-06
   listed $249,500 Active

   Show marketing remark (363 chars)

   Brand new everything! Completely remodeled home. New kitchen cabinets and counters and sink. New appliances. New flooring. Remodeled and updated bathrooms. New roof. New siding. New windows. Laundry hookups on main floor and downstairs. Patio and Fire Pit. Terrific location! City park immediately out the back. School, too! Come and see this one before it sells!

8. 2026-02-06
   listed $249,500 Active 363-char remark

   Show marketing remark (363 chars)

   Brand new everything! Completely remodeled home. New kitchen cabinets and counters and sink. New appliances. New flooring. Remodeled and updated bathrooms. New roof. New siding. New windows. Laundry hookups on main floor and downstairs. Patio and Fire Pit. Terrific location! City park immediately out the back. School, too! Come and see this one before it sells!

9. 2025-07-28
   soldstatus $67,000
10. 2025-07-23
    soldstatus $67,000 Closed 1115-char remark

    Show marketing remark (1115 chars)

    Charming 3-Bedroom Ranch Home in As-Is Condition with Park Views! Welcome to this cozy 3-bedroom, 1.5-bathroom ranch-style home located in a quiet neighborhood, just steps from the park! This property is offered in as-is condition, providing you with the perfect opportunity to put your personal touch on it. With vinyl siding, the home offers low-maintenance exterior care, leaving you more time to enjoy the great outdoors. Inside, you'll find spacious living areas with room for customization. The main floor features three bedrooms. The large yard is perfect for relaxation, gardening, or entertaining, while the attached one-stall garage provides easy access to your home and extra storage space. One of the standout features of this property is the backyard, which backs up to a beautiful park. Whether you're enjoying the quiet of your backyard or taking a stroll through the park, this location is sure to be a highlight. Don’t miss this opportunity to make this home your own and enjoy the unbeatable location! Great opportunity for sweat equity improvements. Contact us today to schedule a showing.

11. 2025-06-27
    status Pending 1115-char remark

    Show marketing remark (1115 chars)

    Charming 3-Bedroom Ranch Home in As-Is Condition with Park Views! Welcome to this cozy 3-bedroom, 1.5-bathroom ranch-style home located in a quiet neighborhood, just steps from the park! This property is offered in as-is condition, providing you with the perfect opportunity to put your personal touch on it. With vinyl siding, the home offers low-maintenance exterior care, leaving you more time to enjoy the great outdoors. Inside, you'll find spacious living areas with room for customization. The main floor features three bedrooms. The large yard is perfect for relaxation, gardening, or entertaining, while the attached one-stall garage provides easy access to your home and extra storage space. One of the standout features of this property is the backyard, which backs up to a beautiful park. Whether you're enjoying the quiet of your backyard or taking a stroll through the park, this location is sure to be a highlight. Don’t miss this opportunity to make this home your own and enjoy the unbeatable location! Great opportunity for sweat equity improvements. Contact us today to schedule a showing.

12. 2025-06-19
    listed $75,000 Active 1115-char remark

    Show marketing remark (1115 chars)

    Charming 3-Bedroom Ranch Home in As-Is Condition with Park Views! Welcome to this cozy 3-bedroom, 1.5-bathroom ranch-style home located in a quiet neighborhood, just steps from the park! This property is offered in as-is condition, providing you with the perfect opportunity to put your personal touch on it. With vinyl siding, the home offers low-maintenance exterior care, leaving you more time to enjoy the great outdoors. Inside, you'll find spacious living areas with room for customization. The main floor features three bedrooms. The large yard is perfect for relaxation, gardening, or entertaining, while the attached one-stall garage provides easy access to your home and extra storage space. One of the standout features of this property is the backyard, which backs up to a beautiful park. Whether you're enjoying the quiet of your backyard or taking a stroll through the park, this location is sure to be a highlight. Don’t miss this opportunity to make this home your own and enjoy the unbeatable location! Great opportunity for sweat equity improvements. Contact us today to schedule a showing.

13. 2013-01-16
    soldstatus $73,000

ⓘ 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: $1,240 · $103/mo
• Projected year-2 tax: $2,464 · $205/mo
• Expected delta: +$1,224/yr (+$102/mo · 98.7%)

ⓘ 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 ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,018
• − Mortgage interest: −$13,158
• − Property taxes: −$1,240
• − Insurance: −$1,174
• − Repairs & maintenance: −$1,201
• − Management: −$1,201
• − Depreciation: −$6,833
• Taxable loss: −$9,791
• Est. tax savings @ 24.0%: +$2,350
• After-tax cash flow: $-2,983/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: Benton Community School District
• NCES district ID: 1904830
• Math proficiency: 63% ▼ -9.00%
• Reading proficiency: 74% ▬ 0.00%
• Median HH income: $66,104
• Composite: 59.62/100
• National rank: #908
• State rank: #140 of 289 in IA

Livability — Keystone

• Score: 68/100
• State rank: #459
• US rank: #10071

Category grades

Amenities F Commute F Cost of living A+ Crime C+ Employment B- Housing A+ Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Keystone, IA
• Population (ZIP): 1,106

Population outlook (Benton County) Hauer SSP2

• Today (2025): 25,078 people
• By 2030: 24,606 · -1.9%
• By 2040: 23,425 · -6.6%
• By 2050: 21,891 · -12.7%
• By 2075: 19,482 · -22.3%
• By 2100: 17,139 · -31.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Iranian 6% Lithuanian 3% Romanian 1%
• Foreign-born: 0%
• Languages at home: 98% English-only · German/W. Germanic 2%

Political lean MEDSL · Benton

• 2024 margin: Solid R (+33.2) · D 32.8% · R 66.0% · Other 1.3%
• 2008→2024 swing: -37.7pp toward R · 2008: 4.5pp · 2024: -33.2pp
• All cycles: 2024: R+33.2 2020: R+27.5 2016: R+26.0 2012: R+0.6 2008: D+4.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.18%
• Current HPI: 223.9803
• Rent YoY: —
• Metro: —
• 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

+221.8% since first listed

13 events — show timeline

• 2026-05-01 Pending — CRAAR, CDRMLS
• 2026-05-01 Pending — ICAARMLS
• 2026-04-14 Price Changed $234,900 ICAARMLS
• 2026-04-14 Price Changed $234,900 CRAAR, CDRMLS
• 2026-03-31 Price Changed $239,900 CRAAR, CDRMLS
• 2026-02-27 Price Changed $247,900 CRAAR, CDRMLS
• 2026-02-06 Listed $249,500 ICAARMLS
• 2026-02-06 Listed $249,500 CRAAR, CDRMLS
• 2025-07-28 Sold (Public Records) $67,000 Public Records
• 2025-07-23 Sold (MLS) $67,000 CRAAR, CDRMLS
• 2025-06-27 Pending — CRAAR, CDRMLS
• 2025-06-19 Listed $75,000 CRAAR, CDRMLS
• 2013-01-16 Sold (Public Records) $73,000 Public Records

Property tax history

-0.2%/yr

Latest (2025): $1,240 · +1.3% YoY. Source: county tax records.