On 24 February 2016, Mr. Ken Frasher, with The Forgotten Iowa Historical Society, provided me the following information:
Originally this school was located in section 29 of Newton township Buchanan County with the ground being owned by C.W. Butterfield. The school was moved to Troy Mills in probably the early to mid 50's and became the carpenter shop of Virgil Chester for years. After that I believe it sat empty for several years and then became a dance studio. The name Holman probably comes from the early families that lived in the area with many being buried either in Troy Mills or Upper Spring Grove.”
The western section of the school, behind the three windows and with the side door, looks to have been added after the move to Troy Mills.
The following photos were taken on 23 February 2016: