1812 Bank Street St · Keokuk, IA 52632

$54,900

2 bd · 1.5 ba · 1,115 sqft · SingleFamily public records · 104 Days on market

Built 1915 6,970 sqft lot $49/sqft · 14% below area Est $64k · 14% under ↓ 21% since listing

---

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
• ARV discount +13.9/15.0
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great opportunity to own this charming home! Situated on an oversized lot just one block from Kilbourne Park, this property offers space, convenience, and potential. Recent updates include a new sump pump in 2025, a water heater installed in 2024, and an updated sewer line, providing peace of mind for the next owner. The generous lot offers plenty of room for outdoor enjoyment, gardening, or future improvements. Whether you're looking for a place to call home or a solid investment opportunity, this property is worth a look!

Key facts

• Updated sewer line
• Water heater
• New sump pump

Tags

• OVERSIZED LOT
• NEW SUMP PUMP
• WATER HEATER
• UPDATED SEWER LINE

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $216 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($767 rent vs $55k).
• Recommended offer: $50k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.0% 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 $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 ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 104 days — a 9% lower offer ($50k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $49,959 (9.0% below list)

Questions for the listing agent

1. It's been on market 104 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1915 — 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: 1.40% ✓
• Cap rate: 11.00%
• Cash-on-cash: 16.82%
• DSCR: 1.75
• GRM: 6.0

CMA / ARV

• ARV (median comp): $63,996
• List price: $54,900
• Delta: -14.21%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1620 Johnson St	0.18mi	2/1.0	1,082 (-3%)	1mo	$20,000	$18	84
1721 Johnson St	0.17mi	3/1.0 (+1)	1,142 (+2%)	5mo	$30,000	$26	76
1307 Timea St	0.36mi	3/1.0 (+1)	1,126 (+1%)	5mo	$6,000	$5	70
1428 Des Moines St	0.29mi	2/1.0	1,051 (-6%)	6mo	$48,000	$46	70
1815 Palean St	0.18mi	3/1.0 (+1)	1,228 (+10%)	10mo	$55,000	$45	59
1528 Franklin St	0.65mi	3/1.5 (+1)	1,140 (+2%)	4mo	$131,000	$115	58
1218 Fulton St	0.69mi	2/2.0	1,084 (-3%)	4mo	$8,000	$7	58
209 N 14th St	0.50mi	3/1.0 (+1)	1,026 (-8%)	4mo	$27,500	$27	53
1901 Plank Rd	0.41mi	3/1.0 (+1)	986 (-12%)	8mo	$109,500	$111	48
16 Rainbo Dr	0.70mi	3/1.5 (+1)	1,171 (+5%)	11mo	$135,000	$115	45
1906 High St	0.43mi	3/1.5 (+1)	968 (-13%)	11mo	$73,000	$75	44
819 Des Moines St	0.69mi	3/1.0 (+1)	950 (-15%)	10mo	$69,000	$73	27

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: 8.0%
• Equity multiple: 1.32×
• Total profit: $4,849
• Equity at exit: $8,186

10-year hold

• IRR: 17.3%
• Equity multiple: 2.43×
• Total profit: $21,972
• 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: 71
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $767 medium
• Mortgage (P&I): −$288
• Tax from tax record: −$79 /mo · $952/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$161
• Net cashflow: $216

Break-even live

Break-even rent $494

Max offer price $54,900

Occupancy floor 67%

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: —

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	0.47mi
212 Washington St Keokuk, IA	1.0–2.0	1.0	632	$715	$1.13	43d	1	0.74mi

Listing history 33 events

1. 2026-06-18
   days on market $54,900 Active 104 DOM
2. 2026-06-17
   days on market $54,900 Active 103 DOM
3. 2026-06-16
   days on market $54,900 Active 102 DOM
4. 2026-06-15
   days on market $54,900 Active 101 DOM
5. 2026-06-13
   days on market $54,900 Active 99 DOM
6. 2026-06-12
   days on market $54,900 Active 98 DOM
7. 2026-06-09
   days on market $54,900 Active 95 DOM
8. 2026-06-08
   days on market $54,900 Active 94 DOM
9. 2026-06-07
   days on market $54,900 Active 93 DOM
10. 2026-06-07
    days on market $54,900 Active 92 DOM
11. 2026-06-04
    days on market $54,900 Active 89 DOM
12. 2026-06-02
    days on market $54,900 Active 88 DOM
13. 2026-06-01
    days on market $54,900 Active 87 DOM
14. 2026-05-31
    days on market $54,900 Active 86 DOM
15. 2026-05-31
    days on market $54,900 Active 85 DOM
16. 2026-03-06
    listed $54,900 Active 529-char remark

    Show marketing remark (529 chars)

    Great opportunity to own this charming home! Situated on an oversized lot just one block from Kilbourne Park, this property offers space, convenience, and potential. Recent updates include a new sump pump in 2025, a water heater installed in 2024, and an updated sewer line, providing peace of mind for the next owner. The generous lot offers plenty of room for outdoor enjoyment, gardening, or future improvements. Whether you're looking for a place to call home or a solid investment opportunity, this property is worth a look!

17. 2023-11-19
    status Pending 254-char remark

    Show marketing remark (254 chars)

    Ready for immediate occupancy, just bring your toothbrush. All appliances, including full size washer and dryer. Positioned on an alley with an oversized lot for storing all of your toys. Located within a half block of Kilbourne Park. Agent is the Owner.

18. 2023-11-16
    soldstatus $49,000
19. 2023-11-15
    soldstatus $49,000 Closed 254-char remark

    Show marketing remark (254 chars)

    Ready for immediate occupancy, just bring your toothbrush. All appliances, including full size washer and dryer. Positioned on an alley with an oversized lot for storing all of your toys. Located within a half block of Kilbourne Park. Agent is the Owner.

20. 2023-10-31
    historical Active Under Contract 254-char remark

    Show marketing remark (254 chars)

    Ready for immediate occupancy, just bring your toothbrush. All appliances, including full size washer and dryer. Positioned on an alley with an oversized lot for storing all of your toys. Located within a half block of Kilbourne Park. Agent is the Owner.

21. 2023-09-28
    price $49,900 254-char remark

    Show marketing remark (254 chars)

    Ready for immediate occupancy, just bring your toothbrush. All appliances, including full size washer and dryer. Positioned on an alley with an oversized lot for storing all of your toys. Located within a half block of Kilbourne Park. Agent is the Owner.

22. 2023-09-15
    price $52,900 254-char remark

    Show marketing remark (254 chars)

    Ready for immediate occupancy, just bring your toothbrush. All appliances, including full size washer and dryer. Positioned on an alley with an oversized lot for storing all of your toys. Located within a half block of Kilbourne Park. Agent is the Owner.

23. 2023-08-26
    status Active 254-char remark

    Show marketing remark (254 chars)

    Ready for immediate occupancy, just bring your toothbrush. All appliances, including full size washer and dryer. Positioned on an alley with an oversized lot for storing all of your toys. Located within a half block of Kilbourne Park. Agent is the Owner.

24. 2023-08-13
    historical 254-char remark

    Show marketing remark (254 chars)

    Ready for immediate occupancy, just bring your toothbrush. All appliances, including full size washer and dryer. Positioned on an alley with an oversized lot for storing all of your toys. Located within a half block of Kilbourne Park. Agent is the Owner.

25. 2023-08-06
    price $59,900 254-char remark

    Show marketing remark (254 chars)

    Ready for immediate occupancy, just bring your toothbrush. All appliances, including full size washer and dryer. Positioned on an alley with an oversized lot for storing all of your toys. Located within a half block of Kilbourne Park. Agent is the Owner.

26. 2023-07-21
    listed $61,900 Active 254-char remark

    Show marketing remark (254 chars)

    Ready for immediate occupancy, just bring your toothbrush. All appliances, including full size washer and dryer. Positioned on an alley with an oversized lot for storing all of your toys. Located within a half block of Kilbourne Park. Agent is the Owner.

27. 2023-07-18
    listed $61,900,000 Active
28. 2023-06-19
    status Active
29. 2023-05-25
    historical Active Under Contract
30. 2023-04-21
    status Active
31. 2023-03-28
    historical Active Under Contract
32. 2023-03-15
    price $63,900
33. 2023-02-03
    listed $69,900 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: $952 · $79/mo
• Projected year-2 tax: $952 · $79/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 4/10 Moderate FEMA zone X (unshaded) · 22% 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: $9,200
• − Mortgage interest: −$3,075
• − Property taxes: −$952
• − Insurance: −$274
• − Repairs & maintenance: −$736
• − Management: −$736
• − Depreciation: −$1,597
• Taxable income: $1,829
• Est. tax owed @ 24.0%: −$439
• After-tax cash flow: $2,147/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

-21.5% since first listed

18 events — show timeline

• 2026-03-06 Listed $54,900 IAR
• 2023-11-19 Pending — IAR
• 2023-11-16 Sold (Public Records) $49,000 Public Records
• 2023-11-15 Sold (MLS) $49,000 IAR
• 2023-10-31 Contingent — IAR
• 2023-09-28 Price Changed $49,900 IAR
• 2023-09-15 Price Changed $52,900 IAR
• 2023-08-26 Relisted — IAR
• 2023-08-13 Delisted — IAR
• 2023-08-06 Price Changed $59,900 IAR
• 2023-07-21 Listed $61,900 IAR
• 2023-07-18 Listed $61,900,000 IAR
• 2023-06-19 Relisted — IAR
• 2023-05-25 Contingent — IAR
• 2023-04-21 Relisted — IAR
• 2023-03-28 Contingent — IAR
• 2023-03-15 Price Changed $63,900 IAR
• 2023-02-03 Listed $69,900 IAR

Property tax history

+10.4%/yr

Latest (2025): $952 · +100.0% YoY. Source: county tax records.