225 S 15th St · Keokuk, IA 52632

$35,000

3 bd · 1.0 ba · 1,512 sqft · SingleFamily public records · 36 Days on market

Built 1908 3,049 sqft lot $23/sqft · 31% below area Est $50k · 30% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Don't miss out seeing this 3 bedroom, 1 bath home. Spacious livingroom and washer/dryer on main level. All three bedrooms are upstairs with a full bath. Possible non-conforming bedroom on first floor if needed. New plumbing installed in 2016.

Key facts

• Local stores
• 2 story home
• Everyday amenities

Tags

• 2 STORY HOME
• LOCATED ON SOUTH 15TH STREET
• MINUTES FROM MAIN STREET
• LOCAL STORES
• RESTAURANTS
• EVERYDAY AMENITIES

Property features AI

Exterior

• Parking: Gravel parking
• Utilities: Public water; Public sewer
• Home design: Two-story single family residence; Metal siding
• Construction: Metal siding construction
• Exterior features: Gravel parking area

Interior

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

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $35k.

Deal economics

• At list price, monthly cash flow is $525 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• Recommended offer: $34k (3.0% below list) — sets the bar for market timing.
• Cap rate 24.3% 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; 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 $242 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 $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($34k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 10y 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: property tax is 3.1% of price; built in 1908 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $33,950 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 2.94% ✓
• Cap rate: 24.28%
• Cash-on-cash: 64.26%
• DSCR: 3.86
• GRM: 2.8

CMA / ARV

• ARV (median comp): $50,358
• List price: $35,000
• Delta: -30.50%
• 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
902 S 14th St	0.45mi	3/1.0	1,558 (+3%)	2mo	$65,000	$42	72
1322 Blondeau St	0.26mi	3/2.0	1,648 (+9%)	1mo	$169,000	$103	68
1616 High St	0.41mi	3/1.5	1,568 (+4%)	6mo	$125,000	$80	68
829 Carroll St	0.51mi	4/2.0 (+1)	1,555 (+3%)	2mo	$95,500	$61	61
1409 Des Moines St	0.15mi	4/2.5 (+1)	1,708 (+13%)	4mo	$85,000	$50	57
825 Bank St	0.43mi	4/1.5 (+1)	1,640 (+8%)	3mo	$134,000	$82	57
1922 Exchange St	0.34mi	3/2.5	1,331 (-12%)	2mo	$97,000	$73	56
11 Suncrest St	0.52mi	3/1.0	1,312 (-13%)	6mo	$71,400	$54	48
116 S 9th St	0.40mi	2/2.5 (-1)	1,332 (-12%)	3mo	$20,000	$15	48
8 Crestview Dr	0.50mi	2/1.5 (-1)	1,706 (+13%)	4mo	$80,000	$47	45
906 Morgan St	0.60mi	4/2.0 (+1)	1,664 (+10%)	5mo	$32,000	$19	42
1000 Franklin St	0.68mi	2/1.5 (-1)	1,338 (-12%)	8mo	$12,500	$9	36

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: 63.4%
• Equity multiple: 3.84×
• Total profit: $27,794
• Equity at exit: $5,219

10-year hold

• IRR: 67.9%
• Equity multiple: 7.88×
• Total profit: $67,416
• Equity at exit: $3,026

Cash invested: $9,800 (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: 2.8×

Monthly cashflow live

• Estimated rent: $1,028 medium
• Mortgage (P&I): −$184
• Tax from tax record: −$89 /mo · $1,068/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$216
• Net cashflow: $525

Break-even live

Break-even rent $363

Max offer price $35,000

Occupancy floor 44%

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $35,000 Active 36 DOM
2. 2026-06-17
   days on market $35,000 Active 35 DOM
3. 2026-06-16
   days on market $35,000 Active 34 DOM
4. 2026-06-15
   days on market $35,000 Active 33 DOM
5. 2026-06-13
   days on market $35,000 Active 31 DOM
6. 2026-06-12
   days on market $35,000 Active 30 DOM
7. 2026-06-09
   days on market $35,000 Active 27 DOM
8. 2026-06-08
   days on market $35,000 Active 26 DOM
9. 2026-06-07
   days on market $35,000 Active 25 DOM
10. 2026-06-07
    days on market $35,000 Active 24 DOM
11. 2026-06-04
    days on market $35,000 Active 21 DOM
12. 2026-06-02
    days on market $35,000 Active 20 DOM
13. 2026-06-01
    days on market $35,000 Active 19 DOM
14. 2026-05-31
    days on market $35,000 Active 18 DOM
15. 2026-05-31
    days on market $35,000 Active 17 DOM
16. 2026-05-13
    listed $35,000 Active 352-char remark
17. 2019-04-04
    soldstatus $33,000
18. 2019-03-26
    soldstatus $33,000

    Show marketing remark (242 chars)

    Don't miss out seeing this 3 bedroom, 1 bath home. Spacious livingroom and washer/dryer on main level. All three bedrooms are upstairs with a full bath. Possible non-conforming bedroom on first floor if needed. New plumbing installed in 2016.

19. 2018-09-05
    listed $35,000

    Show marketing remark (242 chars)

    Don't miss out seeing this 3 bedroom, 1 bath home. Spacious livingroom and washer/dryer on main level. All three bedrooms are upstairs with a full bath. Possible non-conforming bedroom on first floor if needed. New plumbing installed in 2016.

20. 2018-03-30
    listed $44,500
21. 2016-06-20
    soldstatus $12,000
22. 2016-02-11
    listed $17,500

ⓘ 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: $1,068 · $89/mo
• Projected year-2 tax: $1,068 · $89/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 6/10 Major FEMA zone X (unshaded) · 69% 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: $12,333
• − Mortgage interest: −$1,961
• − Property taxes: −$1,068
• − Insurance: −$175
• − Repairs & maintenance: −$987
• − Management: −$987
• − Depreciation: −$1,018
• Taxable income: $6,138
• Est. tax owed @ 24.0%: −$1,473
• After-tax cash flow: $4,824/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

+100.0% since first listed

7 events — show timeline

• 2026-05-13 Listed $35,000 IAR
• 2019-04-04 Sold (Public Records) $33,000 Public Records
• 2019-03-26 Sold (MLS) $33,000 IAR
• 2018-09-05 Listed $35,000 IAR
• 2018-03-30 Listed $44,500 IAR
• 2016-06-20 Sold (MLS) $12,000 IAR
• 2016-02-11 Listed $17,500 IAR

Property tax history

+2.8%/yr

Latest (2025): $1,068 · +5.1% YoY. Source: county tax records.