60 Keith Dr · Shenandoah, IA 51601

$139,500

2 bd · 1.0 ba · 952 sqft · SingleFamily public records · 34 Days on market

Built 1975 0.30 ac lot $147/sqft · 25% above area Est $112k · 25% over

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Why this score? — see what drove the D 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 +17.3/30.0
• Schools +5.6/10.0
• DSCR +5.4/10.0
• 1% rule +4.2/10.0
• Livability +3.8/5.0
• 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

Relax and sit outside on your back patio, enjoy the countryside view, shaded area and lots of room! This home sits on an extra-large lot with mature trees and a creek in your back yard which looks out over a farm field. Inside is everything you need. Two bedrooms, bath with walk in shower, laundry, living and dining room and kitchen. Newer carpet throughout, sliding glass doors overlooking the back yard. Front yard is shaded as well with large area. Storage shed to the north with room for all your overflow and lawncare items. Make an appointment to see this great house today!

Key facts

• Extra-large lot
• Creek
• Farm field

Tags

• BACK PATIO
• COUNTRYSIDE VIEW
• EXTRA-LARGE LOT
• MATURE TREES
• CREEK
• FARM FIELD

Property features AI

Exterior

• Parking: Attached garage (1 car) with concrete surface
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Vinyl siding
• Exterior features: Irregular lot (approximately 0.3 acres) with dimensions ~87 x 80 x 79 x 123

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Central air; Forced air heating
• Interior features: Accessible full bathroom; Central air conditioning; Forced air heating

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $102 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $128k (8.2% below list).
• Recommended offer: $128k (8.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 76/100 on livability (#206 in IA, #3,757 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D-, amenities F, commute F.
• Shenandoah Community School District (town): math 64% / reading 69% proficiency, ranked #190 of 289 in IA (top 66%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 24 active listings in the ZIP; 25 units permitted in Page County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $964 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Page County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($135k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $128,078 (8.2% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 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: 0.92% ✗
• Cap rate: 7.17%
• Cash-on-cash: 3.14%
• DSCR: 1.14
• GRM: 9.1

CMA / ARV

• ARV (median comp): $111,862
• List price: $139,500
• Delta: 24.71%
• Verdict: OVERPRICED
• Comps: 16 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
204 W Nishna Rd	0.70mi	2/2.0	1,064 (+12%)	15mo	$90,000	$85	31

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: -11.4%
• Equity multiple: 0.59×
• Total profit: $-16,103
• Equity at exit: $20,800

10-year hold

• IRR: -2.1%
• Equity multiple: 0.85×
• Total profit: $-5,690
• Equity at exit: $12,061

Cash invested: $39,060 (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 51601

• Home prices YoY: -14.9%
• Active inventory: 24
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,281 medium
• Mortgage (P&I): −$732
• Tax from tax record: −$120 /mo · $1,438/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$269
• Net cashflow: $102

Break-even live

Break-even rent $1,151

Max offer price $139,500

Occupancy floor 87%

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: $34,875
• Closing costs: $4,185
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   price $139,500 Active 34 DOM
2. 2026-06-18
   days on market $149,500 Active 34 DOM
3. 2026-06-17
   days on market $149,500 Active 33 DOM
4. 2026-06-16
   days on market $149,500 Active 32 DOM
5. 2026-06-15
   days on market $149,500 Active 31 DOM
6. 2026-06-13
   days on market $149,500 Active 29 DOM
7. 2026-06-12
   days on market $149,500 Active 28 DOM
8. 2026-06-09
   days on market $149,500 Active 25 DOM
9. 2026-06-08
   days on market $149,500 Active 24 DOM
10. 2026-06-07
    days on market $149,500 Active 23 DOM
11. 2026-06-07
    days on market $149,500 Active 22 DOM
12. 2026-06-04
    days on market $149,500 Active 19 DOM
13. 2026-06-02
    days on market $149,500 Active 18 DOM
14. 2026-06-01
    days on market $149,500 Active 17 DOM
15. 2026-05-31
    days on market $149,500 Active 16 DOM
16. 2026-05-31
    days on market $149,500 Active 15 DOM
17. 2026-05-15
    listed $149,500 Active 582-char remark

ⓘ 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: $1,438 · $120/mo
• Projected year-2 tax: $1,814 · $151/mo
• Expected delta: +$376/yr (+$31/mo · 26.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 66% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥106°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,369
• − Mortgage interest: −$7,814
• − Property taxes: −$1,438
• − Insurance: −$698
• − Repairs & maintenance: −$1,230
• − Management: −$1,230
• − Depreciation: −$4,058
• Taxable loss: −$1,098
• Est. tax savings @ 24.0%: +$263
• After-tax cash flow: $1,491/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: Shenandoah Community School District
• NCES district ID: 1926070
• Math proficiency: 64% ▼ -10.00%
• Reading proficiency: 69% ▼ -5.00%
• Median HH income: $41,835
• Composite: 55.67/100
• National rank: #1225
• State rank: #190 of 289 in IA

Livability — Shenandoah

• Score: 76/100
• State rank: #206
• US rank: #3757

Category grades

Amenities F Commute F Cost of living A+ Crime D- Employment D- Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shenandoah, IA
• Population (ZIP): 5,562

Population outlook (Page County) Hauer SSP2

• Today (2025): 15,052 people
• By 2030: 14,709 · -2.3%
• By 2040: 13,981 · -7.1%
• By 2050: 13,302 · -11.6%
• By 2075: 11,678 · -22.4%
• By 2100: 9,213 · -38.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 3% Two or more races 3%
• Common ancestry: Greek 3% Lithuanian 2% Iranian 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 1%

Political lean MEDSL · Page

• 2024 margin: Solid R (+42.4) · D 28.2% · R 70.6% · Other 1.1%
• 2008→2024 swing: -22.7pp toward R · 2008: -19.7pp · 2024: -42.4pp
• All cycles: 2024: R+42.4 2020: R+43.0 2016: R+44.1 2012: R+24.9 2008: R+19.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -31.90%
• Current HPI: 181.7259
• 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

1 event — show timeline

• 2026-05-15 Listed $149,500 IAR

Property tax history

+1.9%/yr

Latest (2025): $1,438 · -0.8% YoY. Source: county tax records.