They wouldn't exist. First, we need to understand early power transmission in the United States. In 1887-88, the primary uses for electrical power were running streetcars, industrial motors and electric lighting. Large scale generating plants were few and far between, and instead, power was created by small local plants, often designed for a single city or area of a larger city.

Running AC power to the middle of nowhere Iowa would have been feasible at the time, but just barely and at high cost of equipment and lines. Running a DC line would have not been possible, unless the generating plant was close by. It took the Rural Electrification Administration until the 1950's to wire up most rural areas (PDF warning). In the late 1880's, other than electric lighting, there would be little reason at all to even consider electrifying this Iowa farm, and the cost would make it prohibitive.

This article gives a simple explanation of the history of electrical transmission in the United States. Again, distance, technology and economic demand are the key factors in running a power line of that era. it's unlikely that Iowa farm would have even had a telephone, unless the farmers in the area formed a cooperative telephone company, and even then, that would be unlikely until the early 20th century. This farm, probably wouldn't have had a chance of seeing electricity until the early 1910's to 20's, depending on the number of farmers in the area, and their willingness to perhaps form a cooperative venture. Otherwise, they would have had to wait for enough population growth, or the REA to step up, or relied on small gasoline generators in the early 20th century for farm specific production.