902 Ridge St · Keokuk, IA 52632

$24,700

2 bd · 1.0 ba · 720 sqft · SingleFamily public records · 324 Days on market

Built 1880 6,970 sqft lot $34/sqft · 29% above area Est $19k · 29% over ↓ 10% 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 +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

THIS HOME GIVES OPPORTUNITY FOR YOU TO COMPLETE YOUR NEW HOME WITH SOME OF THE WORK ALREADY STARTED. The home has been gutted, walls framed, insulation installed and more! Bring your creativity and finish as you wish! Do you prefer one or two bedrooms? This one story home has ground level entry, two new exterior doors, new windows, new sewer line and water access in the basement. The property includes mature trees with a quiet location. PRICED TO SELL at $27,500.00. This home is selling in "as is where is". Call for your appointment.

Key facts

• Ground level entry
• New sewer line
• New windows

Tags

• GROUND LEVEL ENTRY
• TWO NEW EXTERIOR DOORS
• NEW WINDOWS
• NEW SEWER LINE
• WATER ACCESS IN THE BASEMENT
• MATURE TREES

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $25k.

Deal economics

• At list price, monthly cash flow is $445 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($763 rent vs $25k).
• Recommended offer: $22k (12.0% below list) — sets the bar for market timing.
• Cap rate 27.9% 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: 71 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $171 of loan paydown is wiped out by about $741 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 $7k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 324 days — a 12% lower offer ($22k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $21,736 (12.0% below list)

Questions for the listing agent

1. It's been on market 324 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 3.09% ✓
• Cap rate: 27.91%
• Cash-on-cash: 77.21%
• DSCR: 4.44
• GRM: 2.7

CMA / ARV

• ARV (median comp): $19,143
• List price: $24,700
• Delta: 29.03%
• Verdict: OVERPRICED
• Comps: 12 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
415 S 8th St	0.28mi	1/1.0 (-1)	780 (+8%)	0mo	$6,200	$8	68
1304 Johnson St	0.56mi	1/1.0 (-1)	804 (+12%)	16mo	$250,000	$311	36

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: 77.2%
• Equity multiple: 4.52×
• Total profit: $24,344
• Equity at exit: $3,683

10-year hold

• IRR: 80.8%
• Equity multiple: 9.34×
• Total profit: $57,709
• Equity at exit: $2,136

Cash invested: $6,916 (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: 2.7×

Monthly cashflow live

• Estimated rent: $763 medium
• Mortgage (P&I): −$130
• Tax from tax record: −$18 /mo · $216/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$160
• Net cashflow: $445

Break-even live

Break-even rent $200

Max offer price $24,700

Occupancy floor 37%

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: $6,175
• Closing costs: $741
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1 Richards Dr Unit 1-8 Keokuk, IA	2.0	1.0	725	$795	$1.10	43d	1	1.09mi
212 Washington St Keokuk, IA	1.0–2.0	1.0	632	$715	$1.13	43d	1	1.45mi

Listing history 17 events

1. 2026-06-18
   days on market $24,700 Active 324 DOM
2. 2026-06-17
   days on market $24,700 Active 323 DOM
3. 2026-06-16
   days on market $24,700 Active 322 DOM
4. 2026-06-15
   days on market $24,700 Active 321 DOM
5. 2026-06-13
   days on market $24,700 Active 319 DOM
6. 2026-06-12
   days on market $24,700 Active 318 DOM
7. 2026-06-09
   days on market $24,700 Active 315 DOM
8. 2026-06-08
   days on market $24,700 Active 314 DOM
9. 2026-06-07
   days on market $24,700 Active 313 DOM
10. 2026-06-07
    days on market $24,700 Active 312 DOM
11. 2026-06-04
    days on market $24,700 Active 309 DOM
12. 2026-06-02
    days on market $24,700 Active 308 DOM
13. 2026-06-01
    days on market $24,700 Active 307 DOM
14. 2026-05-31
    days on market $24,700 Active 306 DOM
15. 2026-05-31
    days on market $24,700 Active 305 DOM
16. 2026-01-11
    price $24,700 554-char remark

    Show marketing remark (554 chars)

    THIS HOME GIVES OPPORTUNITY FOR YOU TO COMPLETE YOUR NEW HOME WITH SOME OF THE WORK ALREADY STARTED. The home has been gutted, walls framed, insulation installed and more! Bring your creativity and finish as you wish! Do you prefer one or two bedrooms? This one story home has ground level entry, two new exterior doors, new windows, new sewer line and water access in the basement. The property includes mature trees with a quiet location. PRICED TO SELL at $27,500.00. This home is selling in "as is where is". Call for your appointment.

17. 2025-07-29
    listed $27,500 Active 554-char remark

    Show marketing remark (554 chars)

    THIS HOME GIVES OPPORTUNITY FOR YOU TO COMPLETE YOUR NEW HOME WITH SOME OF THE WORK ALREADY STARTED. The home has been gutted, walls framed, insulation installed and more! Bring your creativity and finish as you wish! Do you prefer one or two bedrooms? This one story home has ground level entry, two new exterior doors, new windows, new sewer line and water access in the basement. The property includes mature trees with a quiet location. PRICED TO SELL at $27,500.00. This home is selling in "as is where is". Call for your appointment.

ⓘ 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: $216 · $18/mo
• Projected year-2 tax: $302 · $25/mo
• Expected delta: +$86/yr (+$7/mo · 39.8%)

ⓘ 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 ≥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: $9,157
• − Mortgage interest: −$1,384
• − Property taxes: −$216
• − Insurance: −$124
• − Repairs & maintenance: −$733
• − Management: −$733
• − Depreciation: −$719
• Taxable income: $5,250
• Est. tax owed @ 24.0%: −$1,260
• After-tax cash flow: $4,080/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

-10.2% since first listed

2 events — show timeline

• 2026-01-11 Price Changed $24,700 IAR
• 2025-07-29 Listed $27,500 IAR

Property tax history

+2.5%/yr

Latest (2025): $216 · +5.9% YoY. Source: county tax records.