517-519 A St · Keokuk, IA 52632

$49,000

None bd · None ba · 2,664 sqft · MultiFamily · 327 Days on market

Built 1928 0.41 ac lot Est $43k · 15% over ↓ 18% since listing

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Why this score? — see what drove the C+ 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
• Schools +4.2/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.8/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

A Project/Fixer upper duplex. Each unit downstairs first floor has Kitchen, Pantry, Foyer, Living Room, Dining Room. Second floor has (3) Bedrooms and Full Bath. Separate Utilities for each unit. Property is being sold " AS IS ". Call your Realtor today and take a look!

Key facts

• Pantry
• Separate utilities
• Foyer

Tags

• KITCHEN
• PANTRY
• FOYER
• LIVING ROOM
• DINING ROOM
• SEPARATE UTILITIES

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Duplex residential income property; 2 stories
• Construction: Vinyl siding
• Exterior features: Lot approximately 129 x 140

Interior

• Heating & cooling: Forced air heating; Has heating
• Interior features: Basement

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $49k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $625/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $49k).
• Recommended offer: $43k (12.0% below list) — sets the bar for market timing.
• Cap rate 36.9% vs local median 8.2% in Keokuk — 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 77/100 on livability (#166 in IA, #3,002 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, commute F, employment F.
• Keokuk Community School District (town): math 48% / reading 54% proficiency, ranked #282 of 289 in IA (top 98%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 74 active listings in the ZIP; 15 units permitted in Lee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $339 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Lee County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 327 days — a 12% lower offer ($43k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $43,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 327 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 4.10% ✓
• Cap rate: 36.91%
• Cash-on-cash: 109.33%
• DSCR: 5.86
• GRM: 2.0

CMA / ARV

• ARV (on-the-fly): $42,624
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
517-519 A St	0.00mi	—/—	2,664 (0%)	1mo	$43,000	$16	99
210 S 8th St	0.50mi	—/—	2,604 (-2%)	11mo	$47,000	$18	63
807 Exchange St	0.55mi	—/—	2,660 (-0%)	19mo	$5,000	$2	58
210-214 S 10th St. St	0.55mi	—/—	2,916 (+10%)	7mo	$70,000	$24	53
1606 Des Moines St	0.72mi	—/—	2,332 (-12%)	5mo	$10,000	$4	42

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: 6.23×
• Total profit: $71,707
• Equity at exit: $7,306

10-year hold

• IRR: —
• Equity multiple: 13.03×
• Total profit: $165,085
• Equity at exit: $4,237

Cash invested: $13,720 (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 52632

• Home prices YoY: -25.5%
• Active inventory: 74
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $2,011 medium
• Mortgage (P&I): −$257
• Tax est. 1.5%: −$61 /mo · $735/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$422
• Net cashflow: $1,250

Break-even live

Break-even rent $429

Max offer price $49,000

Occupancy floor 33%

Sensitivity live

Price	-10% $1,284	-5% $1,267	+0% $1,250	+5% $1,233	+10% $1,216
Rent	-10% $1,091	-5% $1,171	+0% $1,250	+5% $1,329	+10% $1,409
Rate	-1.0pp $1,275	-0.5pp $1,263	base $1,250	+0.5pp $1,237	+1.0pp $1,224

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$2,010
Total (2 units)			$2,011

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: $12,250
• Closing costs: $1,470
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-04-30
   status Pending
2. 2026-01-23
   historical Active Under Contract
3. 2025-11-18
   price $49,000
4. 2025-06-07
   listed $59,500 Active

ⓘ 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: $24,132
• − Mortgage interest: −$2,745
• − Property taxes: −$735
• − Insurance: −$245
• − Repairs & maintenance: −$1,931
• − Management: −$1,931
• − Depreciation: −$1,425
• Taxable income: $15,121
• Est. tax owed @ 24.0%: −$3,629
• After-tax cash flow: $11,372/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: Keokuk Community School District
• NCES district ID: 1915630
• Math proficiency: 48% ▼ -9.00%
• Reading proficiency: 54% ▼ -2.00%
• Median HH income: $36,973
• Composite: 42.35/100
• National rank: #3249
• State rank: #282 of 289 in IA

Livability — Keokuk

• Score: 77/100
• State rank: #166
• US rank: #3002

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Keokuk, IA
• Population (ZIP): 11,904

Population outlook (Lee County) Hauer SSP2

• Today (2025): 33,813 people
• By 2030: 32,835 · -2.9%
• By 2040: 30,690 · -9.2%
• By 2050: 28,777 · -14.9%
• By 2075: 25,568 · -24.4%
• By 2100: 21,983 · -35.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 6% Hispanic / Latino 3% Black 3%
• Common ancestry: Portuguese 3% Italian 2% Lithuanian 2%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Lee

• 2024 margin: Strong R (+27.8) · D 35.0% · R 62.9% · Other 2.1%
• 2008→2024 swing: -43.8pp toward R · 2008: 16.0pp · 2024: -27.8pp
• All cycles: 2024: R+27.8 2020: R+19.3 2016: R+16.1 2012: D+16.0 2008: D+16.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -41.80%
• Current HPI: 122.2866
• 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

-17.6% since first listed

4 events — show timeline

• 2026-04-30 Pending — IAR
• 2026-01-23 Contingent — IAR
• 2025-11-18 Price Changed $49,000 IAR
• 2025-06-07 Listed $59,500 IAR