817 E 4th St · Spencer, IA 51301

$129,500

2 bd · 1.0 ba · 1,719 sqft · SingleFamily public records · 43 Days on market

Built 1942 7,500 sqft lot $75/sqft · 21% below area Est $164k · 21% under

---

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 +25.2/30.0
• ARV discount +15.0/15.0
• DSCR +8.3/10.0
• 1% rule +6.3/10.0
• Schools +6.1/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming updated bungalow in a prime location! Just 2 blocks from high school and 5 blocks from middle school, this 2-bedroom, 1-bath with attached garage provides great peace of mind for buyers. Major improvements include new water heater, interior sewer line and sewer line to the street replaced, updated electrical panel and newer vinyl windows throughout. Egress window in the unfinished basement offers possibility of a 3rd conforming bedroom. Freshly painted and waiting for you! Minor groundwater backup during city flooding, but did not take on standing flood water.

Key facts

• New water heater
• Egress window
• Fresh interior paint

Tags

• FRESH INTERIOR PAINT
• NEW GARAGE DOOR OPENER
• NEW WATER HEATER
• NEW INTERIOR SEWER LINE
• UPDATED ELECTRICAL PANEL
• EGRESS WINDOW

Property features AI

Finance

• Other: Annual tax amount reported

Exterior

• Parking: Attached concrete garage with 1 parking space
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Vinyl siding construction; Below-grade finished area
• Exterior features: Shingle roof; Vinyl siding; 0.17-acre lot

Interior

• Flooring: Hardwood
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating with forced air; Central air conditioning
• Interior features: Hardwood floors; Full, partially finished basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $291 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• Recommended offer: $126k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 4.6% 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: crime A+, cost of living A+, housing 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.
• Zoned schools: Spencer Middle School (math 77% / reading 75%, grade A, #59 of 246 statewide, top 26%, 514 students, 43% FRL); Spencer High School (math 68% / reading 76%, grade B+, #117 of 336 statewide, top 39%, 712 students, 40% FRL).
• Market conditions: 108 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $895 of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y 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 $85k; list at $130k implies a 52% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $125,615 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.13% ✓
• Cap rate: 8.99%
• Cash-on-cash: 9.64%
• DSCR: 1.43
• GRM: 7.4

CMA / ARV

• ARV (median comp): $164,250
• List price: $129,500
• Delta: -18.72%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
920 E 11th ST St	0.49mi	3/1.0 (+1)	1,728 (+0%)	2mo	$190,000	$110	70
809 E 8th Ave E	0.31mi	3/1.0 (+1)	1,588 (-8%)	6mo	$165,000	$104	63
913 E 13th St	0.65mi	3/1.0 (+1)	1,670 (-3%)	9mo	$168,000	$101	53
9 E 2nd St	0.57mi	2/1.0	1,860 (+8%)	12mo	$100,000	$54	50
911 E 11 St	0.51mi	3/2.0 (+1)	1,829 (+6%)	8mo	$178,500	$98	50
916 9th Ave E	0.40mi	3/2.0 (+1)	1,840 (+7%)	14mo	$235,500	$128	50
720 3rd Ave E	0.45mi	3/2.0 (+1)	1,566 (-9%)	9mo	$160,000	$102	48
620 E 10th St	0.42mi	3/2.0 (+1)	1,936 (+13%)	8mo	$229,000	$118	44
709 E 8th St	0.30mi	3/3.0 (+1)	1,488 (-13%)	10mo	$223,000	$150	42
26 W 1st St	0.69mi	3/1.0 (+1)	1,470 (-14%)	7mo	$108,000	$73	33
119 E 9th St	0.59mi	2/1.5	1,976 (+15%)	17mo	$132,500	$67	31
105 W 1st St	0.71mi	3/2.0 (+1)	1,484 (-14%)	13mo	$164,000	$111	25

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: -1.8%
• Equity multiple: 0.93×
• Total profit: $-2,428
• Equity at exit: $19,309

10-year hold

• IRR: 7.9%
• Equity multiple: 1.60×
• Total profit: $21,786
• Equity at exit: $11,197

Cash invested: $36,260 (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: 7.4×

Monthly cashflow live

• Estimated rent: $1,460 medium
• Mortgage (P&I): −$679
• Tax from tax record: −$129 /mo · $1,548/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$307
• Net cashflow: $291

Break-even live

Break-even rent $1,091

Max offer price $129,500

Occupancy floor 75%

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: $32,375
• Closing costs: $3,885
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
801 9th St SW Unit 814-D6 Spencer, IA	3.0	2.0	1230	$1,460	$1.19	44d	1	1.46mi

Listing history 21 events

1. 2026-06-18
   days on market $129,500 Active 43 DOM
2. 2026-06-17
   price $129,500 Active 42 DOM

   Show marketing remark (577 chars)

   Charming updated bungalow in a prime location! Just 2 blocks from high school and 5 blocks from middle school, this 2-bedroom, 1-bath with attached garage provides great peace of mind for buyers. Major improvements include new water heater, interior sewer line and sewer line to the street replaced, updated electrical panel and newer vinyl windows throughout. Egress window in the unfinished basement offers possibility of a 3rd conforming bedroom. Freshly painted and waiting for you! Minor groundwater backup during city flooding, but did not take on standing flood water.

3. 2026-06-17
   days on market $133,500 Active 42 DOM

   Show marketing remark (577 chars)

   Charming updated bungalow in a prime location! Just 2 blocks from high school and 5 blocks from middle school, this 2-bedroom, 1-bath with attached garage provides great peace of mind for buyers. Major improvements include new water heater, interior sewer line and sewer line to the street replaced, updated electrical panel and newer vinyl windows throughout. Egress window in the unfinished basement offers possibility of a 3rd conforming bedroom. Freshly painted and waiting for you! Minor groundwater backup during city flooding, but did not take on standing flood water.

4. 2026-06-16
   days on market $133,500 Active 41 DOM
5. 2026-06-15
   days on market $133,500 Active 40 DOM
6. 2026-06-13
   days on market $133,500 Active 38 DOM
7. 2026-06-12
   days on market $133,500 Active 37 DOM
8. 2026-06-09
   days on market $133,500 Active 34 DOM
9. 2026-06-08
   days on market $133,500 Active 33 DOM
10. 2026-06-07
    days on market $133,500 Active 32 DOM
11. 2026-06-04
    days on market $133,500 Active 28 DOM
12. 2026-06-03
    price $133,500 Active 27 DOM
13. 2026-06-02
    days on market $137,500 Active 27 DOM
14. 2026-06-01
    days on market $137,500 Active 26 DOM
15. 2026-05-31
    days on market $137,500 Active 25 DOM
16. 2026-05-31
    days on market $137,500 Active 24 DOM
17. 2026-05-06
    listed $137,500 Active 939-char remark
18. 2020-05-04
    soldstatus $85,000
19. 2020-04-30
    soldstatus $84,900 268-char remark

    Show marketing remark (268 chars)

    Beautiful original oak floor in living room and master bedroom. Double hung vinyl Windows. Finished attic area for additional space. Basement is finished and ready for you to make it into your own space. Deep one stall garage, beautiful back yard and nice curb appeal.

20. 2019-09-06
    listed $84,900 268-char remark

    Show marketing remark (268 chars)

    Beautiful original oak floor in living room and master bedroom. Double hung vinyl Windows. Finished attic area for additional space. Basement is finished and ready for you to make it into your own space. Deep one stall garage, beautiful back yard and nice curb appeal.

21. 2012-05-11
    soldstatus $62,000

ⓘ 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: $1,548 · $129/mo
• Projected year-2 tax: $1,791 · $149/mo
• Expected delta: +$243/yr (+$20/mo · 15.7%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°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: $17,520
• − Mortgage interest: −$7,254
• − Property taxes: −$1,548
• − Insurance: −$648
• − Repairs & maintenance: −$1,402
• − Management: −$1,402
• − Depreciation: −$3,767
• Taxable income: $1,500
• Est. tax owed @ 24.0%: −$360
• After-tax cash flow: $3,136/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: 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

+108.9% since first listed

9 events — show timeline

• 2026-06-17 Price Changed $129,500 Iowa Great Lakes BOR
• 2026-06-17 Price Changed $129,500 NWIA
• 2026-06-10 Listed $133,500 Iowa Great Lakes BOR
• 2026-06-02 Price Changed $133,500 NWIA
• 2026-05-06 Listed $137,500 NWIA
• 2020-05-04 Sold (Public Records) $85,000 Public Records
• 2020-04-30 Sold (MLS) $84,900 Iowa Great Lakes BOR
• 2019-09-06 Listed $84,900 Iowa Great Lakes BOR
• 2012-05-11 Sold (Public Records) $62,000 Public Records

Property tax history

+2.5%/yr

Latest (2025): $1,548 · +3.9% YoY. Source: county tax records.