320 N 2nd St · Keokuk, IA 52632

$129,900

3 bd · 1.5 ba · 1,823 sqft · SingleFamily public records · 46 Days on market

Built 1890 6,098 sqft lot Est $129k · at est.

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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 +13.3/30.0
• ARV discount +7.3/15.0
• Schools +4.2/10.0
• DSCR +4.0/10.0
• Livability +3.9/5.0
• 1% rule +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this charming 4-bedroom, 1.5-bath home perfectly situated in a highly desirable location! Offering the ideal blend of comfort, space, and convenience, this property is ready to meet a variety of lifestyle needs. Step inside to find a warm and inviting layout with generous living spaces, perfect for both relaxing and entertaining. The four bedrooms provide flexibility for family, guests, or a home office setup. The full bathroom and additional half bath add everyday convenience for busy households. Outside, enjoy a fenced in yard with plenty of room for outdoor gatherings, gardening, or simply unwinding after a long day. The home’s prime location puts you close to schools, s

Key facts

• Local amenities
• Prime location
• Fenced in yard

Tags

• FENCED IN YARD
• PRIME LOCATION
• LOCAL AMENITIES

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Vinyl siding
• Exterior features: Lot approximately 0.14 acres (50.00 x 125.00)

Interior

• Bathrooms: 1 full bathroom; 1 half bathroom
• Interior features: Basement present; Central air conditioning; Forced air heating

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $0 ($-5/yr) — negative.
• To cash-flow at today's rent, offer at most $130k (0.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $106k (18.5% below list).
• Recommended offer: $106k (18.5% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 8.2% in Keokuk — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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.
• Zoned schools: Hawthorne Elementary School (math 62% / reading 37%, grade D, #514 of 616 statewide, top 85%, 464 students, 68% FRL); Keokuk Middle School (math 45% / reading 48%, grade D+, #230 of 246 statewide, top 93%, 377 students, 60% FRL); Keokuk High School (math 48% / reading 63%, grade C, #287 of 336 statewide, top 86%, 598 students, 53% FRL).
• 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 $898 of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $105,855 (18.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.81% ✗
• Cap rate: 6.29%
• Cash-on-cash: -0.01%
• DSCR: 1.00
• GRM: 10.2

CMA / ARV

• ARV (on-the-fly): $129,433
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
320 N 2nd St	0.00mi	4/1.5 (+1)	1,823 (0%)	1mo	$130,000	$71	94
222 Morgan	0.02mi	3/1.0	1,980 (+9%)	4mo	$12,000	$6	79
508 Fulton St	0.23mi	3/1.5	1,920 (+5%)	8mo	$89,000	$46	74
622 Morgan St	0.31mi	2/1.0 (-1)	1,820 (-0%)	7mo	$25,000	$14	72
1002 Orleans Ave	0.59mi	3/2.5	1,856 (+2%)	6mo	$133,000	$72	60
202 Franklin 8th St	0.58mi	3/2.0	1,856 (+2%)	11mo	$380,000	$205	59
803 Orleans Ave	0.49mi	3/2.0	1,926 (+6%)	11mo	$142,500	$74	56
216 Bank St	0.48mi	2/1.0 (-1)	1,890 (+4%)	13mo	$9,800	$5	54
922 Bank St	0.71mi	3/2.0	1,801 (-1%)	13mo	$41,000	$23	53
909 Leighton St	0.59mi	4/1.5 (+1)	1,982 (+9%)	2mo	$172,500	$87	52
906 Morgan St	0.49mi	4/2.0 (+1)	1,664 (-9%)	5mo	$32,000	$19	52
825 Bank St	0.64mi	4/1.5 (+1)	1,640 (-10%)	3mo	$134,000	$82	46

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: -16.4%
• Equity multiple: 0.42×
• Total profit: $-21,097
• Equity at exit: $19,369

10-year hold

• IRR: -8.1%
• Equity multiple: 0.49×
• Total profit: $-18,493
• Equity at exit: $11,231

Cash invested: $36,372 (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: 10.2×

Monthly cashflow live

• Estimated rent: $1,059 medium
• Mortgage (P&I): −$681
• Tax from tax record: −$101 /mo · $1,216/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$222
• Net cashflow: $-0

Break-even live

Break-even rent $1,059

Max offer price $129,827

Occupancy floor 95%

Sensitivity live

Price	-10% $73	-5% $36	+0% $0	+5% $-37	+10% $-74
Rent	-10% $-84	-5% $-42	+0% $0	+5% $41	+10% $83
Rate	-1.0pp $65	-0.5pp $33	base $0	+0.5pp $-34	+1.0pp $-68

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-12
   status Pending
2. 2026-04-06
   historical Active Under Contract
3. 2026-03-27
   listed $129,900 Active

ⓘ 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: $1,216 · $101/mo
• Projected year-2 tax: $1,628 · $136/mo
• Expected delta: +$412/yr (+$34/mo · 33.9%)

ⓘ 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: $12,703
• − Mortgage interest: −$7,276
• − Property taxes: −$1,216
• − Insurance: −$650
• − Repairs & maintenance: −$1,016
• − Management: −$1,016
• − Depreciation: −$3,779
• Taxable loss: −$2,251
• Est. tax savings @ 24.0%: +$540
• After-tax cash flow: $535/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

3 events — show timeline

• 2026-05-12 Pending — IAR
• 2026-04-06 Contingent — IAR
• 2026-03-27 Listed $129,900 IAR

Property tax history

+1.2%/yr

Latest (2025): $1,216 · -7.5% YoY. Source: county tax records.