2106 1st Ave E #30 · Spencer, IA 51301

$95,000

2 bd · 2.0 ba · 1,012 sqft · Manufactured · 51 Days on market

Built 2024 Good condition 5,000 sqft lot $94/sqft · 194% above area

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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
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• ARV discount +7.5/15.0
• Schools +6.1/10.0
• Condition / age +4.0/5.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Brand New Mobile home model 2024 with two bedrooms, two bathrooms and a nice big open kitchen and living room area. All stainless steel appliances come with the home including the washer and dryer. The skirting has R17 insulation with steel on both sides. Schedule your own private tour today!

Key facts

• Bright kitchen
• New gutters
• Storage shed

Tags

• BRIGHT KITCHEN
• STAINLESS STEEL APPLIANCES
• ABUNDANT CABINETRY
• NEW DECK
• STORAGE SHED
• NEW GUTTERS

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Mobile home; Single-story
• Construction: Vinyl siding
• Exterior features: Lot approximately 100 x 50

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Electric forced-air heating; Central air conditioning
• Interior features: Dishwasher; Dryer; Microwave; Refrigerator; Washer; Central air conditioning; Electric forced-air heating
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $95k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $427 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Recommended offer: $92k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.7% vs local median 4.8% in Spencer — 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 77/100 on livability (#168 in IA, #3,020 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, cost of living A+; Watch: employment D, amenities F, commute F.
• Spencer Community School District (town): math 73% / reading 72% proficiency, ranked #114 of 289 in IA (top 39%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 108 active listings in the ZIP; 11 units permitted in Clay County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $657 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Clay County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $92,150 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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: 1.44% ✓
• Cap rate: 11.69%
• Cash-on-cash: 19.26%
• DSCR: 1.86
• GRM: 5.8

CMA / ARV

• ARV (median comp): $32,310
• List price: $95,000
• Delta: 194.03%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 11.2%
• Equity multiple: 1.44×
• Total profit: $11,821
• Equity at exit: $14,165

10-year hold

• IRR: 20.2%
• Equity multiple: 2.71×
• Total profit: $45,394
• Equity at exit: $8,214

Cash invested: $26,600 (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 51301

• Home prices YoY: -35.0%
• Active inventory: 108
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,372 medium
• Mortgage (P&I): −$498
• Tax est. 1.5%: −$119 /mo · $1,425/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$288
• Net cashflow: $427

Break-even live

Break-even rent $831

Max offer price $95,000

Occupancy floor 64%

Sensitivity live

Price	-10% $493	-5% $460	+0% $427	+5% $394	+10% $361
Rent	-10% $319	-5% $373	+0% $427	+5% $481	+10% $535
Rate	-1.0pp $475	-0.5pp $451	base $427	+0.5pp $402	+1.0pp $377

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $95,000 Active 51 DOM
2. 2026-06-21
   days on market $95,000 Active 50 DOM
3. 2026-06-18
   days on market $95,000 Active 48 DOM
4. 2026-06-17
   days on market $95,000 Active 47 DOM
5. 2026-06-16
   days on market $95,000 Active 46 DOM
6. 2026-06-15
   days on market $95,000 Active 45 DOM
7. 2026-06-13
   days on market $95,000 Active 43 DOM
8. 2026-06-12
   days on market $95,000 Active 42 DOM
9. 2026-06-09
   days on market $95,000 Active 39 DOM
10. 2026-06-08
    days on market $95,000 Active 38 DOM
11. 2026-06-07
    days on market $95,000 Active 37 DOM
12. 2026-06-04
    days on market $95,000 Active 33 DOM
13. 2026-06-02
    days on market $95,000 Active 32 DOM
14. 2026-06-01
    days on market $95,000 Active 31 DOM
15. 2026-05-31
    days on market $95,000 Active 30 DOM
16. 2026-05-31
    days on market $95,000 Active 29 DOM
17. 2026-05-01
    listed $95,000 Active 658-char remark
18. 2025-04-16
    soldstatus $84,400 Closed 293-char remark

    Show marketing remark (293 chars)

    Brand New Mobile home model 2024 with two bedrooms, two bathrooms and a nice big open kitchen and living room area. All stainless steel appliances come with the home including the washer and dryer. The skirting has R17 insulation with steel on both sides. Schedule your own private tour today!

19. 2025-04-14
    status Pending 293-char remark

    Show marketing remark (293 chars)

    Brand New Mobile home model 2024 with two bedrooms, two bathrooms and a nice big open kitchen and living room area. All stainless steel appliances come with the home including the washer and dryer. The skirting has R17 insulation with steel on both sides. Schedule your own private tour today!

20. 2024-11-27
    listed $84,900 Active 293-char remark

    Show marketing remark (293 chars)

    Brand New Mobile home model 2024 with two bedrooms, two bathrooms and a nice big open kitchen and living room area. All stainless steel appliances come with the home including the washer and dryer. The skirting has R17 insulation with steel on both sides. Schedule your own private tour today!

ⓘ 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 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,458
• − Mortgage interest: −$5,321
• − Property taxes: −$1,425
• − Insurance: −$475
• − Repairs & maintenance: −$1,317
• − Management: −$1,317
• − Depreciation: −$2,764
• Taxable income: $3,840
• Est. tax owed @ 24.0%: −$922
• After-tax cash flow: $4,202/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 · 12 photos

Good 80/100 Cosmetic rehab

This move-in ready mobile home offers a fresh, modern layout with new features and a good condition score. Potential buyers and renters will appreciate the updated exterior and interior finishes.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value
• Both Replace deck railings — Improves safety and aesthetics
• Both Install new outdoor lighting — Enhances safety and curb appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Replace deck railings — Improves safety and aesthetics ↑
• Both Install new outdoor lighting — Enhances safety and curb appeal ↑

ⓘ 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: Spencer Community School District
• NCES district ID: 1926910
• Math proficiency: 73% ▼ -7.00%
• Reading proficiency: 72% ▼ -6.00%
• Median HH income: $45,474
• Composite: 61.02/100
• National rank: #797
• State rank: #114 of 289 in IA

Livability — Spencer

• Score: 77/100
• State rank: #168
• US rank: #3020

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spencer, IA
• City population: 12,402
• Population (ZIP): 12,402

Population outlook (Clay County) Hauer SSP2

• Today (2025): 16,277 people
• By 2030: 16,073 · -1.3%
• By 2040: 15,638 · -3.9%
• By 2050: 15,315 · -5.9%
• By 2075: 15,026 · -7.7%
• By 2100: 14,638 · -10.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 5% Two or more races 4%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 14% Iranian 4% Lithuanian 2%
• Foreign-born: 1% · Canada, South Korea
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Clay

• 2024 margin: Solid R (+43.2) · D 27.8% · R 71.0% · Other 1.2%
• 2008→2024 swing: -38.1pp toward R · 2008: -5.1pp · 2024: -43.2pp
• All cycles: 2024: R+43.2 2020: R+38.7 2016: R+42.4 2012: R+18.7 2008: R+5.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -103.43%
• Current HPI: 192.1741
• 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

+11.9% since first listed

4 events — show timeline

• 2026-05-01 Listed $95,000 Iowa Great Lakes BOR
• 2025-04-16 Sold (MLS) $84,400 Iowa Great Lakes BOR
• 2025-04-14 Pending — Iowa Great Lakes BOR
• 2024-11-27 Listed $84,900 Iowa Great Lakes BOR