1227 Franklin St · Keokuk, IA 52632

$15,000

5 bd · 4.0 ba · 2,965 sqft · MultiFamily public records · 38 Days on market

Built 1880 6,970 sqft lot $5/sqft · 87% below area

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Thisn property is being sold as-is. This is a great investment opportunity. This property was foreclosed during renovation. It could be finished as a single family home, duplex, 3 plex or 4 plex. It is approved by the city as a 4- family conversion as far as Code. Text Dave at 712-269-8191 for details.

Key facts

• 6,970 sq ft lot
• Built 1880
• Listed 38 days

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: Two-story single-family residence; Wood siding
• Construction: Wood siding construction
• Exterior features: Lot approximately 0.16 acres (50 x 140)

Interior

• Bathrooms: 4 full bathrooms; 3 half bathrooms
• Heating & cooling: Baseboard heating; No central cooling
• Interior features: Baseboard heating

What this means for you Summary

Snapshot

• This is a 5-bed/4.0-bath multifamily listed at $15k.

Deal economics

• At list price, monthly cash flow is $770 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $15k).
• Recommended offer: $15k (3.0% below list) — sets the bar for market timing.
• Cap rate 67.9% 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 $104 of loan paydown is wiped out by about $450 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 $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($15k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $15k (50%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $8k; list at $15k implies a 88% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 4.3% of price; built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $14,550 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 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 1880 — 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. 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 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: 7.67% ✓
• Cap rate: 67.91%
• Cash-on-cash: 220.06%
• DSCR: 10.79
• GRM: 1.1

CMA / ARV

• ARV (median comp): $118,969
• List price: $15,000
• Delta: -87.39%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1016 High St	0.29mi	6/5.5 (+1)	2,797 (-6%)	11mo	$5,700	$2	57

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: —
• Equity multiple: 12.11×
• Total profit: $46,664
• Equity at exit: $2,237

10-year hold

• IRR: —
• Equity multiple: 25.75×
• Total profit: $103,959
• Equity at exit: $1,297

Cash invested: $4,200 (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: 1.1×

Monthly cashflow live

• Estimated rent: $1,150 medium
• Mortgage (P&I): −$79
• Tax from tax record: −$54 /mo · $642/yr
• Insurance: −$6
• HOA: −$0
• Vacancy / Maint / Mgmt: −$242
• Net cashflow: $770

Break-even live

Break-even rent $175

Max offer price $15,000

Occupancy floor 28%

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: $3,750
• Closing costs: $450
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $15,000 Active 38 DOM
2. 2026-06-17
   days on market $15,000 Active 37 DOM
3. 2026-06-16
   days on market $15,000 Active 36 DOM
4. 2026-06-15
   days on market $15,000 Active 35 DOM
5. 2026-06-13
   days on market $15,000 Active 33 DOM
6. 2026-06-12
   days on market $15,000 Active 32 DOM
7. 2026-06-09
   days on market $15,000 Active 29 DOM
8. 2026-06-08
   days on market $15,000 Active 28 DOM
9. 2026-06-07
   days on market $15,000 Active 27 DOM
10. 2026-06-07
    days on market $15,000 Active 26 DOM
11. 2026-06-04
    days on market $15,000 Active 23 DOM
12. 2026-06-02
    days on market $15,000 Active 22 DOM
13. 2026-06-01
    days on market $15,000 Active 21 DOM
14. 2026-05-31
    days on market $15,000 Active 20 DOM
15. 2026-05-31
    days on market $15,000 Active 19 DOM
16. 2026-05-11
    listed $30,000 Active 447-char remark
17. 2023-03-09
    price $30,500
18. 2022-11-28
    price $35,500
19. 2022-11-14
    listed $45,000 Active
20. 2022-09-28
    soldstatus $8,000

    Show marketing remark (303 chars)

    Thisn property is being sold as-is. This is a great investment opportunity. This property was foreclosed during renovation. It could be finished as a single family home, duplex, 3 plex or 4 plex. It is approved by the city as a 4- family conversion as far as Code. Text Dave at 712-269-8191 for details.

21. 2021-11-01
    listed $9,800

    Show marketing remark (303 chars)

    Thisn property is being sold as-is. This is a great investment opportunity. This property was foreclosed during renovation. It could be finished as a single family home, duplex, 3 plex or 4 plex. It is approved by the city as a 4- family conversion as far as Code. Text Dave at 712-269-8191 for details.

ⓘ 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: $642 · $54/mo
• Projected year-2 tax: $642 · $54/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 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: $13,802
• − Mortgage interest: −$840
• − Property taxes: −$642
• − Insurance: −$75
• − Repairs & maintenance: −$1,104
• − Management: −$1,104
• − Depreciation: −$436
• Taxable income: $9,600
• Est. tax owed @ 24.0%: −$2,304
• After-tax cash flow: $6,939/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

+53.1% since first listed

7 events — show timeline

• 2026-05-21 Price Changed $15,000 IAR
• 2026-05-11 Listed $30,000 IAR
• 2023-03-09 Price Changed $30,500 IAR
• 2022-11-28 Price Changed $35,500 IAR
• 2022-11-14 Listed $45,000 IAR
• 2022-09-28 Sold (MLS) $8,000 IAR
• 2021-11-01 Listed $9,800 IAR

Property tax history

-2.5%/yr

Latest (2025): $642 · +4.9% YoY. Source: county tax records.