Finding a home with genuine character, massive square footage, and an affordable price tag feels almost impossible in today’s real estate market. But if you have a passion for restoration and an eye for potential, we have found an incredible opportunity tucked away in the Midwest.
Welcome to another exclusive property dive on Epathgo.com. Today, we are exploring a turn-of-the-century gem located at 514 2nd St NW in Independence, Iowa. Built in 1885, this spacious 5-bedroom, 2-bathroom home is currently listed for an unbelievable $60,000. Offering nearly 2,200 square feet of living space at just $27 per square foot, this is the ultimate blank canvas for investors, DIY enthusiasts, and lovers of historic architecture.
Property Highlights at a Glance
| Feature | Details |
|---|---|
| Listing Price | $60,000 ($27/sqft) |
| Location | Independence, IA 50644 |
| Bedrooms / Bathrooms | 5 Beds |
| Living Area | 2,189 Sq. Ft. |
| Lot Size | 0.30 Acres (Flat Corner Lot) |
| Year Built | 1885 |
| Estimated Rent | $1,664/month |
The moment you walk through the doors of this home, you are transported back in time. While many modern homes lack personality, this 1885 build is overflowing with preserved architectural details.
The home features stunning inlay wood flooring that showcases the brilliant craftsmanship of the era. Beautiful original trim work lines the rooms, complemented by the authentic original hardware on the doors. Elegant French doors separate the living spaces, allowing natural light to flow through the massive main floor.
A 2,189 SqFt Blank Canvas
This property is being sold “as-is,” which means it is a true fixer-upper waiting for its next chapter. The layout offers endless possibilities. The main floor boasts a large living room, a formal dining room, a huge mudroom, and a convenient main-floor bedroom. It also features designated areas that are primed and ready for you to build out a brand-new custom kitchen and bathroom.
Head upstairs, and you will find four additional bedrooms and another bathroom. With 5 total bedrooms, this home could easily accommodate a large family or become a highly lucrative rental property once restored.
The Exterior: A Corner Lot with Big Upgrades
The historic charm extends to the exterior of the home, which features a classic wraparound design and a large front porch—the perfect spot for a morning coffee.
The property sits on a highly desirable, flat 1/3-acre corner lot, giving you plenty of outdoor space. But perhaps the biggest hidden value of this property is the roof. The roof is only 5 years old, which is a massive capital expense that the new buyer will not have to worry about! Additionally, the property includes a large 24×22 two-stall detached garage, providing excellent storage and parking.
The Financials: Incredible Investment Potential
Let’s talk numbers, because the investment potential here is staggering. At an asking price of $60,000, you are paying just $27 per square foot.
The price history of this home is fascinating. Back in 2019, the tax assessment valued this property at over $112,000. It briefly sold for just $15,750 in 2020 during a massive market dip, and is now available for $60K.
With annual property taxes hovering around a very manageable $1,027 and public water/sewer already connected, your holding costs during renovation will be low. Once restored, Zillow estimates the rental value of this 5-bedroom home to be around $1,664 per month, making it a potential cash-flow machine for a buy-and-hold investor.
Whether you are looking to restore a piece of Iowa history, flip a massive property, or create a unique family estate, this home is an incredible opportunity.
Are you ready to take on this 1885 historic restoration project? Let us know your thoughts in the comments below!
Listed on Zillow