We study the hydrodynamic-type system of differential equations modeling isothermal no-slip drift flux. Using the facts that the system is partially coupled and its subsystem reduces to the (1+1)-dimensional Klein-Gordon equation, we exhaustively describe generalized symmetries, cosymmetries and local conservation laws of this system. A generating set of local conservation laws under the action of generalized symmetries is proved to consist of two zeroth-order conservation laws. The subspace of translation-invariant conservation laws is singled out from the entire space of local conservation laws. We also find broad families of local recursion operators and a nonlocal recursion operator, and construct an infinite family of Hamiltonian structures involving an arbitrary function of a single argument. For each of the constructed Hamiltonian operators, we obtain the associated algebra of Hamiltonian symmetries.