1307 Blondeau St

Keokuk, IA 52632

$79,900C

2 bd · 1.5 ba · 1,261 sqft · Built 1870 · SingleFamily · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $972/mo
• Mortgage (P&I): −$419
• Tax + insurance: −$144
• HOA: −$0
• Vac / Maint / Mgmt: −$204
• Net cashflow: $205/mo
• Annual: $2,454/yr
• Cap rate: 9.36%
• Cash-on-cash: 10.97%
• DSCR: 1.49
• 1% rule: 1.22%
• Cash to close: $22,372

Investor read

• This is a 2-bed/1.5-bath single-family listed at $80k.
• At list price, monthly cash flow is $205 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($972 rent vs $80k).
• It's been on market 17 days — a 2% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $79k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• 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.
• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 74 active listings in the ZIP; 15 units permitted in Lee County in 2024 (0 in 5+ unit buildings).
• Lee County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $40k; list at $80k implies a 100% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~10 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.