Historic Elegance and Equity Potential at “Wishing Well Place”
Historic Elegance and Equity Potential at “Wishing Well Place”
628 Franklin St, Keokuk, IA 52632 | Offered at $47,500
Known affectionately as “Wishing Well Place,” this remarkable historic home at 628 Franklin Street in Keokuk, Iowa, offers a rare opportunity to own a piece of 19th-century architectural history while building substantial equity.
Originally constructed in the 1840s as a modest cottage, the home underwent a significant expansion in 1880, transforming it into a grand residence with formal rooms, refined craftsmanship, and opulent features that were considered luxurious for the era.
Today, the home stands as a beautifully preserved example of historic design, ready for thoughtful restoration and modernization.
Priced at $47,500, this property represents an exceptional value, especially considering that similar fully renovated homes in the neighborhood are currently listed for over $200,000. With rehab already started and many original features intact, the stage is set for a rewarding renovation project.
Grand Living Spaces with Historic Character
One of the most striking features of Wishing Well Place is the great room, measuring approximately 16 feet by 27 feet. This expansive space was designed for entertaining and formal gatherings, and it continues to offer an impressive sense of scale and presence.
Tall ceilings, original wood moldings, and historic light fixtures combine to create a warm yet stately atmosphere that modern homes often struggle to replicate.
Throughout the home, original hardwood floors remain in excellent condition, a rare and valuable feature that preserves the authenticity of the residence while reducing renovation costs. Richly detailed wood trim and moldings are found throughout, showcasing the craftsmanship of the late 19th century.
Kitchens Designed for Flexibility and Function
The main-level eat-in kitchen is both spacious and full of character. Tall ceilings enhance the sense of openness, while an art deco–style center island adds visual interest and functionality. The kitchen also includes a walk-in pantry, a highly desirable feature that provides ample storage space. Direct access to the patio and yard makes this area ideal for entertaining, gardening, or outdoor dining.
One of the home’s most unique attributes is its second full kitchen located upstairs. This feature opens the door to a variety of possibilities, including use as a duplex, an income-producing rental, or a multigenerational living arrangement. Few historic homes offer this level of flexibility without extensive structural changes.
Bedrooms, Bathrooms, and Functional Layout
The home offers four bedrooms and three bathrooms, including two full bathrooms and one quarter bath. The layout is highly adaptable, accommodating everything from a large single-family residence to a shared or multi-unit living setup.
An extra-large pocket door divides two upstairs rooms, allowing for flexible use as either private bedrooms, sitting rooms, or home offices. The flow of the home reflects thoughtful design from a time when both formality and function were valued.
Remarkable Historic Details
Historic charm is present in nearly every corner of the home. Original stained-glass windows cast colorful light into the interior, while original doors with elaborate hardware remain intact. 1920s-era light fixtures are still present in nearly every room, adding authenticity and character that would be costly to replicate today.
One of the most distinctive architectural elements is the oriel window, a projecting window feature that adds both interior charm and exterior visual interest. These details make Wishing Well Place not just a house, but a living piece of history.
Basement, Workshop, and Utility Spaces
The basement offers additional value, featuring a workshop complete with historic workbenches that speak to the home’s long and storied past. This space is ideal for hobbyists, craftsmen, or those seeking extra storage and utility space.
A main-floor laundry room adds modern convenience and provides direct access to the basement, improving functionality without compromising historic character.
Condition, Updates, and Rehab Notes
Rehabilitation of the home has already begun, and the property is clean and ready for your imagination. Important updates include a newer roof, though some carpentry work is needed on the wooden eaves and soffits. New PEX plumbing has been run to the bathroom and will need to be connected to fixtures, significantly reducing future plumbing concerns.
The home will require new electric service, though newer electrical panels are already in place, helping streamline the process. Overall, the property is reasonably well maintained, especially for a home dating back to the 1840s, and remains highly original to both its 1840s and 1880s periods.
Exterior, Location, and Neighborhood Appeal
Situated on a corner lot on a quiet street, the home enjoys a desirable location surrounded by other beautiful historic residences. This setting enhances both curb appeal and long-term value. The property includes an attached garage with two parking spaces, a valuable feature for a historic home.
Keokuk’s historic neighborhoods are known for their architectural significance and community charm, making this location especially appealing for buyers who appreciate character and craftsmanship.
Investment and Equity Potential
With a purchase price of $47,500 and after-repair values exceeding $200,000 in the immediate area, this property offers substantial upside. Whether restored as a grand single-family home, converted into a duplex, or used as a multigenerational residence, the possibilities are extensive.
For investors, the combination of low acquisition cost, strong neighborhood comps, and flexible floorplan makes this an outstanding equity-building opportunity. For owner-occupants, it offers the chance to create a truly unique home that blends history with modern comfort.
A Rare Opportunity
“Wishing Well Place” is more than a renovation project—it is a chance to steward a piece of American architectural history while creating lasting value. With its grand rooms, historic details, flexible layout, and strong market upside, 628 Franklin Street stands out as a rare and compelling opportunity in today’s market.
Call today for more information: 760-285-3723
FROM ZILLOW
