613 N 10th St · Keokuk, IA 52632

$26,900

2 bd · 2.0 ba · 1,746 sqft · MultiFamily public records · 67 Days on market

Built 1900 2,614 sqft lot $15/sqft · 46% below area Est $50k · 46% under

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Why this score? — see what drove the C- 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 +15.0/30.0
• ARV discount +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Attention investors!! Check out this duplex, offering instant equity, and tons of potential. Clean out, tree work, repairs, and updates are needed. The added-on areas need roof repair, but otherwise the structure is solid and dry. Call or text today and get this duplex added to your rental inventory, or live in one unit, and rent out the other.

Key facts

• 2,614 sq ft lot
• Built 1900
• Listed 67 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $27k.

Deal economics

• At list price, monthly cash flow is $970 ($12k/yr) — positive. Per door: $485/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $27k).
• Recommended offer: $25k (6.0% below list) — sets the bar for market timing.
• Cap rate 52.0% 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: 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 $186 of loan paydown is wiped out by about $807 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 $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 67 days — a 6% lower offer ($25k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $25,286 (6.0% below list)

Questions for the listing agent

1. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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.
9. 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.
10. 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: 5.70% ✓
• Cap rate: 52.03%
• Cash-on-cash: 163.33%
• DSCR: 8.27
• GRM: 1.5

CMA / ARV

• ARV (median comp): $49,500
• List price: $26,900
• Delta: -45.66%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 8.63×
• Total profit: $57,454
• Equity at exit: $4,011

10-year hold

• IRR: —
• Equity multiple: 18.23×
• Total profit: $129,784
• Equity at exit: $2,326

Cash invested: $7,532 (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: 2.9×

Monthly cashflow live

• Estimated rent: $1,533 medium
• Mortgage (P&I): −$141
• Tax est. 1.5%: −$34 /mo · $404/yr
• Insurance: −$11
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$322
• Net cashflow: $970

Break-even live

Break-even rent $306

Max offer price $26,900

Occupancy floor 32%

Sensitivity live

Price	-10% $988	-5% $979	+0% $970	+5% $960	+10% $951
Rent	-10% $849	-5% $909	+0% $970	+5% $1,030	+10% $1,091
Rate	-1.0pp $983	-0.5pp $976	base $970	+0.5pp $963	+1.0pp $956

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,534
Total (2 units)			$1,533

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: $6,725
• Closing costs: $807
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $26,900 Active 67 DOM
2. 2026-06-18
   days on market $26,900 Active 65 DOM
3. 2026-06-17
   days on market $26,900 Active 64 DOM
4. 2026-06-16
   days on market $26,900 Active 63 DOM
5. 2026-06-15
   days on market $26,900 Active 62 DOM
6. 2026-06-13
   days on market $26,900 Active 60 DOM
7. 2026-06-12
   days on market $26,900 Active 59 DOM
8. 2026-06-09
   days on market $26,900 Active 56 DOM
9. 2026-06-08
   days on market $26,900 Active 55 DOM
10. 2026-06-07
    days on market $26,900 Active 54 DOM
11. 2026-06-07
    days on market $26,900 Active 53 DOM
12. 2026-06-04
    days on market $26,900 Active 50 DOM
13. 2026-06-02
    days on market $26,900 Active 49 DOM
14. 2026-06-01
    days on market $26,900 Active 48 DOM
15. 2026-05-31
    days on market $26,900 Active 47 DOM
16. 2026-05-31
    days on market $26,900 Active 46 DOM
17. 2026-04-14
    listed $26,900 Active 346-char remark

    Show marketing remark (346 chars)

    Attention investors!! Check out this duplex, offering instant equity, and tons of potential. Clean out, tree work, repairs, and updates are needed. The added-on areas need roof repair, but otherwise the structure is solid and dry. Call or text today and get this duplex added to your rental inventory, or live in one unit, and rent out the other.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 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: $18,396
• − Mortgage interest: −$1,507
• − Property taxes: −$404
• − Insurance: −$801
• − Repairs & maintenance: −$1,472
• − Management: −$1,472
• − Depreciation: −$783
• Taxable income: $11,959
• Est. tax owed @ 24.0%: −$2,870
• After-tax cash flow: $8,765/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

1 event — show timeline

• 2026-04-14 Listed $26,900 IAR

Property tax history

+3.3%/yr

Latest (2025): $1,352 · +5.1% YoY. Source: county tax records.