702 15th St · Spirit Lake, IA 51360

$188,800

2 bd · 1.0 ba · 816 sqft · SingleFamily public records · 23 Days on market

Built 1915 5,280 sqft lot Est $253k · 25% under

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Why this score? — see what drove the C- 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).

• ARV discount +15.0/15.0
• Cash flow +14.0/30.0
• Schools +6.5/10.0
• DSCR +4.3/10.0
• Livability +4.0/5.0
• 1% rule +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great first time home-buyer or investment property. 9ft ceilings and all new electrical, plumbing, furnace, ac, siding, roof, windows, insulation, cabinets and flooring end of 2014 beginning of 2015. A must see!

Key facts

• Open-concept kitchen
• New garage
• Steps to downtown

Tags

• OPEN-CONCEPT KITCHEN
• MAIN-FLOOR LAUNDRY
• NEW GARAGE
• CEMENT PATIO
• CORNER LOT
• STEPS TO DOWNTOWN

Property features AI

Exterior

• Parking: Detached garage with 1 car space; Concrete and gravel driveway; Garage door opener
• Utilities: Public water; Public sewer; Cable available
• Home design: Single-family residence; One story
• Construction: Asphalt roof; Crawl space foundation
• Exterior features: Patio; Lot approximately 80 x 66 (0.12 acre)

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas forced-air heating; Central air; Ceiling fans
• Interior features: Eat-in kitchen; Pantry; Window coverings
• Laundry & utility: Main-level laundry; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $189k.

Deal economics

• At list price, monthly cash flow is $25 ($298/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $152k (19.2% below list).
• Recommended offer: $152k (19.2% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 1.5% 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: cost of living A+, housing A+, health & safety 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.
• Zoned schools: Spirit Lake Elementary School (math 77% / reading 67%, grade A-, #181 of 616 statewide, top 34%, 537 students, 28% FRL); Spirit Lake Middle School (math 70% / reading 75%, grade A, #90 of 246 statewide, top 38%, 358 students, 24% FRL); Spirit Lake High School (math 77% / reading 87%, grade A, #20 of 336 statewide, top 7%, 409 students, 23% FRL) — zoned schools at 25% FRL track the district average.
• Market conditions: 141 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 $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($186k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y 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.
• Current owner paid $100k; list at $189k implies a 89% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $152,500 (19.2% below list)

Questions for the listing agent

1. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.81% ✗
• Cap rate: 6.45%
• Cash-on-cash: 0.56%
• DSCR: 1.03
• GRM: 10.3

CMA / ARV

• ARV (on-the-fly): $252,960
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1406 Ithaca Ave Ave	0.15mi	2/1.0	834 (+2%)	9mo	$85,000	$102	82
1504 Dundee Ave	0.21mi	3/1.0 (+1)	816 (0%)	10mo	$320,000	$392	77
1502 Memphis Ave #7	0.45mi	1/1.0 (-1)	808 (-1%)	1mo	$55,000	$68	72
1503 Erie Ave	0.20mi	3/1.0 (+1)	816 (0%)	21mo	$248,000	$304	68
1505 Erie Ave	0.20mi	3/1.0 (+1)	816 (0%)	21mo	$253,000	$310	68
1502 Dundee Ave	0.22mi	3/1.0 (+1)	816 (0%)	22mo	$289,000	$354	67
1504 Dundee Ave	0.22mi	3/1.0 (+1)	816 (0%)	22mo	$289,000	$354	66
2103 Denver Ave	0.51mi	3/1.0 (+1)	912 (+12%)	10mo	$187,000	$205	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -15.4%
• Equity multiple: 0.45×
• Total profit: $-29,066
• Equity at exit: $28,151

10-year hold

• IRR: -7.0%
• Equity multiple: 0.56×
• Total profit: $-23,492
• Equity at exit: $16,324

Cash invested: $52,864 (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: 141
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $1,525 medium
• Mortgage (P&I): −$990
• Tax from tax record: −$111 /mo · $1,334/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$320
• Net cashflow: $25

Break-even live

Break-even rent $1,494

Max offer price $188,800

Occupancy floor 93%

Sensitivity live

Price	-10% $132	-5% $78	+0% $25	+5% $-29	+10% $-82
Rent	-10% $-96	-5% $-35	+0% $25	+5% $85	+10% $145
Rate	-1.0pp $120	-0.5pp $73	base $25	+0.5pp $-24	+1.0pp $-74

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: $47,200
• Closing costs: $5,664
• 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	$1,525	$1.67	45d	81	0.86mi

Listing history 9 events

1. 2026-05-15
   status Pending
2. 2026-04-23
   historical Active Under Contract
3. 2026-04-21
   listed $188,800 Active
4. 2019-06-27
   soldstatus $100,000
5. 2019-06-21
   soldstatus $99,700 211-char remark

   Show marketing remark (211 chars)

   Great first time home-buyer or investment property. 9ft ceilings and all new electrical, plumbing, furnace, ac, siding, roof, windows, insulation, cabinets and flooring end of 2014 beginning of 2015. A must see!

6. 2019-05-01
   listed $99,700 211-char remark

   Show marketing remark (211 chars)

   Great first time home-buyer or investment property. 9ft ceilings and all new electrical, plumbing, furnace, ac, siding, roof, windows, insulation, cabinets and flooring end of 2014 beginning of 2015. A must see!

7. 2017-04-20
   soldstatus $90,100
8. 2017-04-18
   soldstatus $90,000 309-char remark

   Show marketing remark (309 chars)

   Attention first time home buyers and investors. Fully remodeled home by HRR Construction on a corner lot. 2 bedroom 1 bath home remodeled past the studs with 9 ft ceilings. All new electrical, plumbing, furnance, A/C, siding, roof, windows, insulation, cabinets, and flooring in end of 2014 beginning of 2015.

9. 2017-03-03
   listed $97,500 309-char remark

   Show marketing remark (309 chars)

   Attention first time home buyers and investors. Fully remodeled home by HRR Construction on a corner lot. 2 bedroom 1 bath home remodeled past the studs with 9 ft ceilings. All new electrical, plumbing, furnance, A/C, siding, roof, windows, insulation, cabinets, and flooring in end of 2014 beginning of 2015.

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

Tax reassessment forecast IA · Partial reset (capped growth)

• Current annual tax: $1,334 · $111/mo
• Projected year-2 tax: $2,149 · $179/mo
• Expected delta: +$815/yr (+$68/mo · 61.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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: $18,300
• − Mortgage interest: −$10,576
• − Property taxes: −$1,334
• − Insurance: −$944
• − Repairs & maintenance: −$1,464
• − Management: −$1,464
• − Depreciation: −$5,492
• Taxable loss: −$2,974
• Est. tax savings @ 24.0%: +$714
• After-tax cash flow: $1,012/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.

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

+93.6% since first listed

9 events — show timeline

• 2026-05-15 Pending — Iowa Great Lakes BOR
• 2026-04-23 Contingent — Iowa Great Lakes BOR
• 2026-04-21 Listed $188,800 Iowa Great Lakes BOR
• 2019-06-27 Sold (Public Records) $100,000 Public Records
• 2019-06-21 Sold (MLS) $99,700 Iowa Great Lakes BOR
• 2019-05-01 Listed $99,700 Iowa Great Lakes BOR
• 2017-04-20 Sold (Public Records) $90,100 Public Records
• 2017-04-18 Sold (MLS) $90,000 Iowa Great Lakes BOR
• 2017-03-03 Listed $97,500 Iowa Great Lakes BOR

Property tax history

+6.6%/yr

Latest (2025): $1,334 · -3.8% YoY. Source: county tax records.