301 Morgan St · Keokuk, IA 52632

$75,000

8 bd · 3.0 ba · 4,576 sqft · MultiFamily public records · 62 Days on market

Built 1900 6,969 sqft lot

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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: 2 units. confirmed

Listing remarks

Spacious Side-by-Side Duplex for Sale. This well-maintained two-story duplex offers exceptional space and comfort, with each unit featuring approximately 2,288 sq ft of living space, plus an additional 1,100 sq ft basement and ~ 900 sq ft walk-up attic—perfect for storage or flexible use. Each side includes a functional and inviting main level with a kitchen, formal dining room, living room, and convenient half bath. Upstairs, you’ll find 4 bedrooms and a full bathroom, providing plenty of room. The units feature beautiful hardwood flooring throughout, with linoleum flooring in the kitchens. Each unit also enjoys its own private, outdoor space with a fenced-in backyard. Addition

Key facts

• Two-story duplex
• Side-by-side duplex
• Fenced-in backyard

Tags

• SIDE-BY-SIDE DUPLEX
• TWO-STORY DUPLEX
• PRIVATE OUTDOOR SPACE
• FENCED-IN BACKYARD
• CENTRAL A/C FOR EACH UNIT
• GAS WATER HEATER PER UNIT

Property features AI

Exterior

• Parking: 2-car garage; 1-car carport
• Utilities: Public water; Public sewer
• Home design: Duplex residential income property; 2 stories
• Exterior features: Corner lot; Fenced yard with full chain link and privacy sections; Shingle roof

Interior

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

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $75k.

Deal economics

• At list price, monthly cash flow is $827 ($10k/yr) — positive. Per door: $414/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Recommended offer: $70k (6.0% below list) — sets the bar for market timing.
• Cap rate 19.5% vs local median 8.3% 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 $519 of loan paydown is wiped out by about $2k 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 $21k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($70k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.9% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $70,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 2.53% ✓
• Cap rate: 19.53%
• Cash-on-cash: 47.27%
• DSCR: 3.10
• GRM: 3.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 44.7%
• Equity multiple: 2.94×
• Total profit: $40,651
• Equity at exit: $11,183

10-year hold

• IRR: 50.7%
• Equity multiple: 5.94×
• Total profit: $103,729
• Equity at exit: $6,485

Cash invested: $21,000 (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: 74
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,895 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$245 /mo · $2,944/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$398
• Net cashflow: $827

Break-even live

Break-even rent $848

Max offer price $75,000

Occupancy floor 51%

Sensitivity live

Price	-10% $870	-5% $848	+0% $827	+5% $806	+10% $785
Rent	-10% $677	-5% $752	+0% $827	+5% $902	+10% $977
Rate	-1.0pp $865	-0.5pp $846	base $827	+0.5pp $808	+1.0pp $788

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$1,896
Total (2 units)			$1,895

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-02
   statusdays on market $75,000 Pending 62 DOM
2. 2026-06-01
   days on market $75,000 Active Under Contract 61 DOM
3. 2026-05-31
   days on market $75,000 Active Under Contract 60 DOM
4. 2026-05-31
   days on market $75,000 Active Under Contract 59 DOM
5. 2026-04-25
   historical Active Under Contract
6. 2026-04-01
   listed $75,000 Active
7. 2005-10-19
   soldstatus $74,500

ⓘ 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: $2,944 · $245/mo
• Projected year-2 tax: $2,944 · $245/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 1/10 Low FEMA zone X (unshaded) · 0% 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: $22,740
• − Mortgage interest: −$4,201
• − Property taxes: −$2,944
• − Insurance: −$375
• − Repairs & maintenance: −$1,819
• − Management: −$1,819
• − Depreciation: −$2,182
• Taxable income: $9,400
• Est. tax owed @ 24.0%: −$2,256
• After-tax cash flow: $7,670/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

+0.7% since first listed

3 events — show timeline

• 2026-04-25 Contingent — IAR
• 2026-04-01 Listed $75,000 IAR
• 2005-10-19 Sold (Public Records) $74,500 Public Records

Property tax history

+3.3%/yr

Latest (2025): $2,944 · +5.1% YoY. Source: county tax records.