1502 Memphis Ave #32 · Spirit Lake, IA 51360

$72,000

3 bd · 2.0 ba · 1,216 sqft · Manufactured · 23 Days on market

Built 2000 Average condition $240/mo HOA · 13% of rent

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +6.5/10.0
• Livability +4.0/5.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Affordable, spacious, mostly furnished, and close to everything that makes Spirit Lake enjoyable—homes like this don’t come along often. Located in A & K Mobile Home Court, this well-maintained 3 bedroom, 2 bath home offers 1,216 sq. ft. with a smart, comfortable floor plan that feels open, functional, and larger than expected. Built in 2000, it features inviting living spaces, an eat-in kitchen with abundant cabinet storage, generous countertop space, and a highly functional layout that makes everyday living easy. The private primary suite offers its own bath plus a walk-in closet, while an additional bedroom includes a beautiful bunk bed setup featuring full-size mattresse

Key facts

• Walk-in closet
• Eat-in kitchen
• Built 2000

Tags

• EAT-IN KITCHEN
• ABUNDANT CABINET STORAGE
• GENEROUS COUNTERTOP SPACE
• PRIVATE PRIMARY SUITE
• WALK-IN CLOSET
• LOCATION CLOSE TO RESTAURANTS

Property features AI

Finance

• HOA & community: Homeowners association with $240 monthly fee; Located in A&K Mobile Home Park

Exterior

• Parking: Gravel parking; Shared driveway
• Utilities: Public water; Public sewer
• Home design: Mobile home; One story / single level
• Construction: Vinyl siding; Asphalt roof
• Exterior features: Level lot; Gravel road; Leased land

Interior

• Kitchen: Refrigerator
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas forced-air heating; Window cooling unit(s)
• Interior features: Eat-in kitchen; Walk-in closet(s); Window coverings
• Laundry & utility: Washer; Dryer; Main-level laundry; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $72k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $704 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $72k).
• Recommended offer: $71k (1.5% below list) — sets the bar for market timing.
• Cap rate 18.0% vs local median 1.6% in Spirit Lake — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 81/100 on livability (#69 in IA, #1,522 nationally) — a professional / high-income tenant draw. Strengths: schools A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Spirit Lake Community School District (town): math 73% / reading 78% proficiency, ranked #59 of 289 in IA (top 20%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 143 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 295 units permitted in Dickinson County in 2024 (16 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $498 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Dickinson County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($71k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $70,920 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
5. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.53% ✓
• Cap rate: 18.03%
• Cash-on-cash: 41.92%
• DSCR: 2.86
• GRM: 3.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 38.7%
• Equity multiple: 2.65×
• Total profit: $33,357
• Equity at exit: $10,735

10-year hold

• IRR: 45.2%
• Equity multiple: 5.34×
• Total profit: $87,508
• Equity at exit: $6,225

Cash invested: $20,160 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Iowa: 83 Strongly Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; mostly landlord-friendly statewide.

Methodology + full state rankings →

ZIP-level market 51360

• Active inventory: 143
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,825 medium
• Mortgage (P&I): −$378
• Tax est. 1.5%: −$90 /mo · $1,080/yr
• Insurance: −$30
• HOA: −$240
• Vacancy / Maint / Mgmt: −$383
• Net cashflow: $704

Break-even live

Break-even rent $934

Max offer price $72,000

Occupancy floor 56%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $18,000
• Closing costs: $2,160
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2125 Royal Ave Spirit Lake, IA	3.0	1.0–2.5	913	$1,825	$2.00	43d	81	0.46mi

HOA detail

• Monthly dues: $240 · $2,880/yr

Listing history 16 events

1. 2026-06-18
   days on market $72,000 Active 23 DOM
2. 2026-06-17
   days on market $72,000 Active 22 DOM
3. 2026-06-16
   days on market $72,000 Active 21 DOM
4. 2026-06-15
   days on market $72,000 Active 20 DOM
5. 2026-06-13
   days on market $72,000 Active 18 DOM
6. 2026-06-12
   days on market $72,000 Active 17 DOM
7. 2026-06-09
   days on market $72,000 Active 14 DOM
8. 2026-06-08
   days on market $72,000 Active 13 DOM
9. 2026-06-07
   days on market $72,000 Active 12 DOM
10. 2026-06-07
    days on market $72,000 Active 11 DOM
11. 2026-06-04
    days on market $72,000 Active 8 DOM
12. 2026-06-02
    days on market $72,000 Active 7 DOM
13. 2026-06-01
    days on market $72,000 Active 6 DOM
14. 2026-05-31
    days on market $72,000 Active 5 DOM
15. 2026-05-31
    days on market $72,000 Active 4 DOM
16. 2026-05-26
    listed $72,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,900
• − Mortgage interest: −$4,033
• − Property taxes: −$1,080
• − Insurance: −$360
• − Repairs & maintenance: −$1,752
• − Management: −$1,752
• − HOA: −$2,880
• − Depreciation: −$2,095
• Taxable income: $7,948
• Est. tax owed @ 24.0%: −$1,908
• After-tax cash flow: $6,542/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 26 photos

Average 55/100 Moderate rehab

This mobile home presents as needing moderate repairs and maintenance, with average condition overall. Upgrades to paint, landscaping, flooring, and appliances would significantly enhance its value.

Repairs flagged

• Minor exterior siding — slight wear
• Minor interior paint — some wear
• Minor landscaping — overgrowth

Value-add opportunities

• Both paint interior — enhances curb appeal and interior aesthetics
• Both landscaping — improves curb appeal and enhances property value
• Both replace worn flooring — improves comfort and aesthetics
• Both update kitchen appliances — modernizes kitchen and enhances functionality

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · slight wear	Minor	$500–3,000
interior paint · some wear	Minor	$500–3,000
landscaping · overgrowth	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both paint interior — enhances curb appeal and interior aesthetics ↑
• Both landscaping — improves curb appeal and enhances property value ↑
• Both replace worn flooring — improves comfort and aesthetics ↑
• Both update kitchen appliances — modernizes kitchen and enhances functionality ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Spirit Lake Community School District
• NCES district ID: 1927000
• Math proficiency: 73% ▼ -9.00%
• Reading proficiency: 78% ▬ 0.00%
• Median HH income: $56,797
• Composite: 64.57/100
• National rank: #535
• State rank: #59 of 289 in IA

Livability — Spirit Lake

• Score: 81/100
• State rank: #69
• US rank: #1522

Category grades

Amenities F Commute F Cost of living A+ Crime C Employment C+ Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spirit Lake, IA
• City population: 8,561
• Population (ZIP): 8,561

Population outlook (Dickinson County) Hauer SSP2

• Today (2025): 18,133 people
• By 2030: 18,610 · +2.6%
• By 2040: 19,456 · +7.3%
• By 2050: 20,307 · +12.0%
• By 2075: 23,155 · +27.7%
• By 2100: 24,449 · +34.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 6% Hispanic / Latino 2% Asian 1%
• Common ancestry: Portuguese 9% Iranian 8% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% Tagalog/Filipino 1%

Political lean MEDSL · Dickinson

• 2024 margin: Solid R (+40.0) · D 29.5% · R 69.5% · Other 1.1%
• 2008→2024 swing: -34.6pp toward R · 2008: -5.4pp · 2024: -40.0pp
• All cycles: 2024: R+40.0 2020: R+33.6 2016: R+36.0 2012: R+18.0 2008: R+5.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -126.60%
• Current HPI: 209.6205
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.48%
• F500 in state: 4

Industry mix (Fortune 500 HQ in IA)

Industry	F500 HQs	Revenue
▸Financial Services	1	$16B
▸Retail / Convenience	1	$15B

Price history

1 event — show timeline

• 2026-05-26 Listed $72,000 Iowa Great Lakes BOR