Brick c.1900 Iowa Queen Anne W/ Gorgeous Original Elements – The Megchelson House $98K

Pros

• Extremely affordable housing. Current data puts the median owner-occupied home value around $104,300, with median rent around $871/month. That’s dramatically below national and Iowa averages.
• Low overall cost of living. BestPlaces estimates Keokuk’s cost of living at about 28% below the U.S. average. Housing is particularly inexpensive.
• Beautiful Mississippi River setting. The bluffs, riverfront, historic neighborhoods and proximity to Illinois and Missouri give Keokuk considerably more character than many similarly priced Midwestern towns.
• More amenities than you’d expect for 10,000 people. There’s a Walmart Supercenter, Hy-Vee, ALDI and a reasonable selection of independent businesses. Walmart Supercenter Hy-Vee Pickup ALDI
• Surprisingly decent local restaurant scene. Angelini’s Ristorante Italiano, Java River | Café & Bakery and Gate City Restaurant & Bar are examples of independent spots that give the town some personality.
• Healthcare is better than I previously made it sound. Keokuk has multiple primary/urgent-care options, including Keokuk Clinic and Community Health Centers of Southeastern Iowa. There are also specialty/diagnostic services locally.
• Good for retirees. About 21% of residents are 65+, and Niche ranks Keokuk #38 among Iowa places for retirement.
• Historic housing can be a bargain. If you like older houses, Keokuk has a substantial inventory of historic homes and river-bluff properties.
• Convenient tri-state location. You can cross into Illinois or Missouri easily, giving you access to additional shopping, restaurants and recreation.
• Shorter commutes. You’re not dealing with metropolitan traffic, and daily errands are generally straightforward.

Cons

• Population decline is the biggest concern. Keokuk had about 9,462 residents in 2024, down about 17% since 2000. That’s a meaningful warning sign if you’re thinking about long-term property appreciation.
• Local incomes are low. Median household income is only around $52,700, versus about $75,000 for Iowa and $80,700 nationally.
• Poverty is relatively high. Census-based data puts the city’s poverty rate around 18%.
• Job opportunities are limited. There is an industrial/manufacturing base, healthcare, education and retail, but this isn’t a place I’d choose for a highly specialized professional career unless I already had employment lined up. The local school district describes the economy as having a strong industrial core, but the overall labor market remains small.
• Schools aren’t a major attraction. Niche gives the public-school category a C-, although the local district offers K–12 schools plus Southeastern Community College.
• Crime deserves investigation. Niche gives Keokuk a C for crime and safety. I would definitely examine the specific neighborhood before buying rather than treating the entire city equally.
• Some neighborhoods have significant housing deterioration. The very low prices are partly an opportunity and partly a warning. A $90k house can be a tremendous bargain—or a $150k renovation project.
• Specialty healthcare may require travel. Primary care and urgent care are available, but for complicated medical needs you’ll likely be traveling to a larger regional medical center.
• Limited big-city amenities. You have the necessities, but not the cultural, shopping, entertainment and restaurant selection of a larger city.
• Severe weather/flood considerations. The Mississippi River is an asset, but when buying property I’d specifically check the FEMA flood zone, elevation and insurance requirements.
• Older population and aging housing stock. That’s not necessarily bad for retirement, but it can mean fewer young families and less new construction.
• Property appreciation is questionable. This is probably the most important financial downside. I’d buy here because the house is cheap and I like the lifestyle—not because I expect rapid appreciation.