619 Morgan St · Keokuk, IA 52632

$49,000

5 bd · 2.0 ba · 2,868 sqft · MultiFamily public records · 496 Days on market

Built 1870 10,019 sqft lot

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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
• ARV discount +7.5/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Property has been used as both multi unit up and down and as a single family home, most recently a single family home, but a second entrance and staircase still remain.

Key facts

• 0.23 acre lot
• Built 1870
• Listed 496 days

Property features AI

Exterior

• Parking: Gravel parking; Other parking
• Utilities: Public water; Public sewer
• Home design: Two-story single family residence; Residential property with brick construction
• Construction: Brick construction
• Exterior features: Lot approximately 0.23 acres (70 x 140)

Interior

• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Basement present

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $49k.

Deal economics

• At list price, monthly cash flow is $578 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $49k).
• Recommended offer: $43k (12.0% below list) — sets the bar for market timing.
• Cap rate 20.4% 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.
• 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 $339 of loan paydown is wiped out by about $1k 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 $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 496 days — a 12% lower offer ($43k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 6y 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.
• Current owner paid $12k; list at $49k implies a 292% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $43,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 496 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 1870 — 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 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: 2.34% ✓
• Cap rate: 20.44%
• Cash-on-cash: 50.52%
• DSCR: 3.25
• GRM: 3.6

CMA / ARV

• ARV (on-the-fly): $5,736
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1016 High St	0.30mi	6/5.5 (+1)	2,797 (-2%)	11mo	$5,700	$2	54

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: 48.3%
• Equity multiple: 3.10×
• Total profit: $28,862
• Equity at exit: $7,306

10-year hold

• IRR: 53.9%
• Equity multiple: 6.29×
• Total profit: $72,554
• Equity at exit: $4,237

Cash invested: $13,720 (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: 3.6×

Monthly cashflow live

• Estimated rent: $1,148 medium
• Mortgage (P&I): −$257
• Tax from tax record: −$52 /mo · $622/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$241
• Net cashflow: $578

Break-even live

Break-even rent $417

Max offer price $49,000

Occupancy floor 45%

Sensitivity live

Price	-10% $605	-5% $592	+0% $578	+5% $564	+10% $550
Rent	-10% $487	-5% $532	+0% $578	+5% $623	+10% $668
Rate	-1.0pp $602	-0.5pp $590	base $578	+0.5pp $565	+1.0pp $552

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: $12,250
• Closing costs: $1,470
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-21
   days on market $49,000 Active 496 DOM
2. 2026-06-21
   days on market $49,000 Active 495 DOM
3. 2026-06-18
   days on market $49,000 Active 493 DOM
4. 2026-06-17
   days on market $49,000 Active 492 DOM
5. 2026-06-16
   days on market $49,000 Active 491 DOM
6. 2026-06-15
   days on market $49,000 Active 490 DOM
7. 2026-06-13
   days on market $49,000 Active 488 DOM
8. 2026-06-12
   days on market $49,000 Active 487 DOM
9. 2026-06-09
   days on market $49,000 Active 484 DOM
10. 2026-06-08
    days on market $49,000 Active 483 DOM
11. 2026-06-07
    days on market $49,000 Active 482 DOM
12. 2026-06-07
    days on market $49,000 Active 481 DOM
13. 2026-06-04
    days on market $49,000 Active 478 DOM
14. 2026-06-02
    remarks 681-char remark
15. 2026-06-02
    listed $49,000 Active 477 DOM

ⓘ 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: $622 · $52/mo
• Projected year-2 tax: $696 · $58/mo
• Expected delta: +$74/yr (+$6/mo · 11.8%)

ⓘ 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 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: $13,775
• − Mortgage interest: −$2,745
• − Property taxes: −$622
• − Insurance: −$245
• − Repairs & maintenance: −$1,102
• − Management: −$1,102
• − Depreciation: −$1,425
• Taxable income: $6,534
• Est. tax owed @ 24.0%: −$1,568
• After-tax cash flow: $5,364/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

+113.0% since first listed

14 events — show timeline

• 2026-06-02 Relisted — IAR
• 2026-06-02 Price Changed $49,000 IAR
• 2025-07-15 Relisted — IAR
• 2025-07-14 Delisted — IAR
• 2025-06-09 Relisted — IAR
• 2025-05-03 Delisted — IAR
• 2025-03-21 Relisted — IAR
• 2024-05-01 Relisted — IAR
• 2023-08-26 Relisted — IAR
• 2023-08-18 Delisted — IAR
• 2023-06-07 Listed $50,000 IAR
• 2021-07-28 Sold (MLS) $12,500 IAR
• 2021-03-24 Listed $23,000 IAR
• 2020-10-12 Listed $23,000 IAR

Property tax history

-2.1%/yr

Latest (2025): $622 · +5.1% YoY. Source: county tax records.