1329 Des Moines St · Keokuk, IA 52632

$54,900

2 bd · 2.0 ba · 1,764 sqft · MultiFamily public records · 523 Days on market

Built 1890 7,000 sqft lot $31/sqft · 11% above area Est $50k · 11% over ↓ 22% since listing

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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
• Schools +4.2/10.0
• Livability +3.9/5.0
• ARV discount +2.6/15.0
• 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 MLS

100% OCCUPIED DUPLEX POSITIONED ON A CORNER LOT WITH A 2 CAR GARAGE. BOTH TENANTS WOULD LIKE TO REMAIN IF PURCHASED BY AN INVESTOR. ALLOW 24 HOUR NOTICE FOR VIEWING.

Key facts

• Both tenants remain
• Corner lot
• 7,000 sq ft lot

Tags

• CORNER LOT
• BOTH TENANTS REMAIN

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $55k.

Deal economics

• At list price, monthly cash flow is $814 ($10k/yr) — positive. Per door: $407/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $55k).
• Recommended offer: $48k (12.0% below list) — sets the bar for market timing.
• Cap rate 24.1% 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 $380 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 $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 523 days — a 12% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $15k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $48,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 523 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 1890 — 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: 2.79% ✓
• Cap rate: 24.08%
• Cash-on-cash: 63.53%
• DSCR: 3.83
• GRM: 3.0

CMA / ARV

• ARV (median comp): $49,500
• List price: $54,900
• Delta: 10.91%
• Verdict: OVERPRICED
• Comps: 7 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 62.6%
• Equity multiple: 3.80×
• Total profit: $42,971
• Equity at exit: $8,186

10-year hold

• IRR: 67.1%
• Equity multiple: 7.79×
• Total profit: $104,299
• Equity at exit: $4,747

Cash invested: $15,372 (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: 6.0×

Monthly cashflow live

• Estimated rent: $1,532 medium
• Mortgage (P&I): −$288
• Tax from tax record: −$86 /mo · $1,028/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$322
• Net cashflow: $814

Break-even live

Break-even rent $502

Max offer price $54,900

Occupancy floor 42%

Sensitivity live

Price	-10% $845	-5% $829	+0% $814	+5% $798	+10% $783
Rent	-10% $693	-5% $753	+0% $814	+5% $874	+10% $935
Rate	-1.0pp $841	-0.5pp $828	base $814	+0.5pp $800	+1.0pp $785

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,532
Total (2 units)			$1,532

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: $13,725
• Closing costs: $1,647
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-21
   days on market $54,900 Active 523 DOM
2. 2026-06-18
   days on market $54,900 Active 521 DOM
3. 2026-06-17
   days on market $54,900 Active 520 DOM
4. 2026-06-16
   days on market $54,900 Active 519 DOM
5. 2026-06-15
   days on market $54,900 Active 518 DOM
6. 2026-06-13
   days on market $54,900 Active 516 DOM
7. 2026-06-12
   days on market $54,900 Active 515 DOM
8. 2026-06-09
   days on market $54,900 Active 512 DOM
9. 2026-06-08
   days on market $54,900 Active 511 DOM
10. 2026-06-07
    days on market $54,900 Active 510 DOM
11. 2026-06-07
    days on market $54,900 Active 509 DOM
12. 2026-06-04
    days on market $54,900 Active 506 DOM
13. 2026-06-02
    days on market $54,900 Active 505 DOM
14. 2026-06-01
    days on market $54,900 Active 504 DOM
15. 2026-05-31
    days on market $54,900 Active 503 DOM
16. 2026-05-31
    days on market $54,900 Active 502 DOM
17. 2026-02-17
    price $54,900 165-char remark

    Show marketing remark (165 chars)

    100% OCCUPIED DUPLEX POSITIONED ON A CORNER LOT WITH A 2 CAR GARAGE. BOTH TENANTS WOULD LIKE TO REMAIN IF PURCHASED BY AN INVESTOR. ALLOW 24 HOUR NOTICE FOR VIEWING.

18. 2025-09-11
    price $59,000 165-char remark

    Show marketing remark (165 chars)

    100% OCCUPIED DUPLEX POSITIONED ON A CORNER LOT WITH A 2 CAR GARAGE. BOTH TENANTS WOULD LIKE TO REMAIN IF PURCHASED BY AN INVESTOR. ALLOW 24 HOUR NOTICE FOR VIEWING.

19. 2025-07-12
    price $61,900 165-char remark

    Show marketing remark (165 chars)

    100% OCCUPIED DUPLEX POSITIONED ON A CORNER LOT WITH A 2 CAR GARAGE. BOTH TENANTS WOULD LIKE TO REMAIN IF PURCHASED BY AN INVESTOR. ALLOW 24 HOUR NOTICE FOR VIEWING.

20. 2025-07-05
    status Active 165-char remark

    Show marketing remark (165 chars)

    100% OCCUPIED DUPLEX POSITIONED ON A CORNER LOT WITH A 2 CAR GARAGE. BOTH TENANTS WOULD LIKE TO REMAIN IF PURCHASED BY AN INVESTOR. ALLOW 24 HOUR NOTICE FOR VIEWING.

21. 2025-05-03
    historical 165-char remark

    Show marketing remark (165 chars)

    100% OCCUPIED DUPLEX POSITIONED ON A CORNER LOT WITH A 2 CAR GARAGE. BOTH TENANTS WOULD LIKE TO REMAIN IF PURCHASED BY AN INVESTOR. ALLOW 24 HOUR NOTICE FOR VIEWING.

22. 2025-03-03
    price $65,000 165-char remark

    Show marketing remark (165 chars)

    100% OCCUPIED DUPLEX POSITIONED ON A CORNER LOT WITH A 2 CAR GARAGE. BOTH TENANTS WOULD LIKE TO REMAIN IF PURCHASED BY AN INVESTOR. ALLOW 24 HOUR NOTICE FOR VIEWING.

23. 2024-12-13
    price $68,000 165-char remark

    Show marketing remark (165 chars)

    100% OCCUPIED DUPLEX POSITIONED ON A CORNER LOT WITH A 2 CAR GARAGE. BOTH TENANTS WOULD LIKE TO REMAIN IF PURCHASED BY AN INVESTOR. ALLOW 24 HOUR NOTICE FOR VIEWING.

24. 2024-11-12
    listed $70,000 Active 165-char remark

    Show marketing remark (165 chars)

    100% OCCUPIED DUPLEX POSITIONED ON A CORNER LOT WITH A 2 CAR GARAGE. BOTH TENANTS WOULD LIKE TO REMAIN IF PURCHASED BY AN INVESTOR. ALLOW 24 HOUR NOTICE FOR VIEWING.

ⓘ 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: $1,028 · $86/mo
• Projected year-2 tax: $1,028 · $86/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 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: $18,384
• − Mortgage interest: −$3,075
• − Property taxes: −$1,028
• − Insurance: −$274
• − Repairs & maintenance: −$1,471
• − Management: −$1,471
• − Depreciation: −$1,597
• Taxable income: $9,468
• Est. tax owed @ 24.0%: −$2,272
• After-tax cash flow: $7,494/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

-21.6% since first listed

8 events — show timeline

• 2026-02-17 Price Changed $54,900 IAR
• 2025-09-11 Price Changed $59,000 IAR
• 2025-07-12 Price Changed $61,900 IAR
• 2025-07-05 Relisted — IAR
• 2025-05-03 Delisted — IAR
• 2025-03-03 Price Changed $65,000 IAR
• 2024-12-13 Price Changed $68,000 IAR
• 2024-11-12 Listed $70,000 IAR

Property tax history

+2.9%/yr

Latest (2025): $1,028 · +5.1% YoY. Source: county tax records.