621 Concert St · Keokuk, IA 52632

$100,000

6 bd · 4.0 ba · 2,756 sqft · MultiFamily public records · 38 Days on market

Built 1890 6,969 sqft lot $36/sqft · 63% above area

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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 +4.2/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Four-unit apartment complex featuring four 1-bedroom, 1-bath units with strong rental income potential. Property includes a multi-car carport in the rear with alley access for tenant parking. Needs updating and repairs, offering a great value-add opportunity for investors or rehab buyers looking to increase cash flow and property value. Excellent potential for a multi-income investment property. Call for a showing today!

Key facts

• Alley access
• Multi-car carport
• 6,969 sq ft lot

Tags

• MULTI-CAR CARPORT
• ALLEY ACCESS
• VALUE-ADD OPPORTUNITY
• MULTI-INCOME INVESTMENT

Property features AI

Finance

• Financial info: Annual taxes listed

Exterior

• Parking: Attached or detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Residential income property (quadruplex)
• Construction: Metal siding construction
• Exterior features: Lot approximately 0.16 acres (50 x 140); Metal siding

Interior

• Interior features: Baseboard heating

What this means for you Summary

Snapshot

• This is a 6-bed/4.0-bath multifamily listed at $100k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $100k).
• Recommended offer: $97k (3.0% below list) — sets the bar for market timing.
• Cap rate 23.6% 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: 71 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 $691 of loan paydown is wiped out by about $3k 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 $28k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 12y ago; this cycle's ask has dropped $15k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $73k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; flood insurance adds $56/mo; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $97,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 2.83% ✓
• Cap rate: 23.55%
• Cash-on-cash: 61.65%
• DSCR: 3.74
• GRM: 2.9

CMA / ARV

• ARV (median comp): $61,377
• List price: $100,000
• Delta: 62.93%
• Verdict: OVERPRICED
• Comps: 18 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1016 High St	0.27mi	6/5.5	2,797 (+2%)	11mo	$5,700	$2	70

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: 58.0%
• Equity multiple: 3.57×
• Total profit: $72,017
• Equity at exit: $14,910

10-year hold

• IRR: 62.8%
• Equity multiple: 7.31×
• Total profit: $176,711
• Equity at exit: $8,646

Cash invested: $28,000 (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: 71
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $2,834 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$234 /mo · $2,812/yr
• Insurance: −$42
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$595
• Net cashflow: $1,383

Break-even live

Break-even rent $1,083

Max offer price $100,000

Occupancy floor 46%

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$2,832
Total (4 units)			$2,834

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $100,000 Active 38 DOM
2. 2026-06-17
   days on market $100,000 Active 37 DOM
3. 2026-06-16
   days on market $100,000 Active 36 DOM
4. 2026-06-15
   days on market $100,000 Active 35 DOM
5. 2026-06-13
   days on market $100,000 Active 33 DOM
6. 2026-06-12
   days on market $100,000 Active 32 DOM
7. 2026-06-09
   days on market $100,000 Active 29 DOM
8. 2026-06-08
   days on market $100,000 Active 28 DOM
9. 2026-06-07
   days on market $100,000 Active 27 DOM
10. 2026-06-07
    days on market $100,000 Active 26 DOM
11. 2026-06-04
    days on market $100,000 Active 23 DOM
12. 2026-06-02
    days on market $100,000 Active 22 DOM
13. 2026-06-01
    days on market $100,000 Active 21 DOM
14. 2026-05-31
    days on market $100,000 Active 20 DOM
15. 2026-05-31
    days on market $100,000 Active 19 DOM
16. 2026-05-11
    listed $115,000 Active 424-char remark
17. 2023-08-08
    historical Active Under Contract
18. 2023-05-01
    price $110,000
19. 2023-03-09
    price $124,900
20. 2022-09-08
    listed $129,900 Active
21. 2022-04-01
    soldstatus $73,000
22. 2022-03-30
    soldstatus $73,000
23. 2022-01-28
    listed $77,500
24. 2014-12-10
    listed $65,500

ⓘ 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: $2,812 · $234/mo
• Projected year-2 tax: $2,812 · $234/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 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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: $34,008
• − Mortgage interest: −$5,602
• − Property taxes: −$2,812
• − Insurance: −$1,166
• − Repairs & maintenance: −$2,721
• − Management: −$2,721
• − Depreciation: −$2,909
• Taxable income: $16,077
• Est. tax owed @ 24.0%: −$3,859
• After-tax cash flow: $12,736/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

+52.7% since first listed

10 events — show timeline

• 2026-05-21 Price Changed $100,000 IAR
• 2026-05-11 Listed $115,000 IAR
• 2023-08-08 Contingent — IAR
• 2023-05-01 Price Changed $110,000 IAR
• 2023-03-09 Price Changed $124,900 IAR
• 2022-09-08 Listed $129,900 IAR
• 2022-04-01 Sold (Public Records) $73,000 Public Records
• 2022-03-30 Sold (MLS) $73,000 IAR
• 2022-01-28 Listed $77,500 IAR
• 2014-12-10 Listed $65,500 IAR

Property tax history

+3.1%/yr

Latest (2025): $2,812 · -34.8% YoY. Source: county tax records.