508 18th St · Spirit Lake, IA 51360

$87,000

3 bd · 1.0 ba · 982 sqft · SingleFamily public records · 138 Days on market

Built 1920 Fair condition 7,200 sqft lot $89/sqft · 55% below 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +7.6/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 3-bedroom, 1.5-story home has 982 sq ft and solid potential for the right buyer. Two bedrooms are located on the main floor, with a third upstairs. The home includes an unfinished basement & a compact kitchen featuring a vintage cast-iron sink, likely original to the 1920 era. This property needs significant updates but offers good bones & a great opportunity to build equity. Conveniently located near downtown Spirit Lake, just one block from a public park & splash pad, and only a minute or two from East Lake Okoboji. Bring your vision and transform this property into something special. Being sold AS-IS.

Key facts

• East lake okoboji
• Unfinished basement
• Splash pad

Tags

• UNFINISHED BASEMENT
• VINTAGE CAST-IRON SINK
• PUBLIC PARK
• SPLASH PAD
• EAST LAKE OKOBOJI

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $87k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $871 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $87k).
• Recommended offer: $77k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.3% 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: 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: 201 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 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 $601 of loan paydown is wiped out by about $3k 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 $24k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 138 days — a 12% lower offer ($77k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $76,560 (12.0% below list)

Questions for the listing agent

1. It's been on market 138 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 2.10% ✓
• Cap rate: 18.30%
• Cash-on-cash: 42.89%
• DSCR: 2.91
• GRM: 4.0

CMA / ARV

• ARV (median comp): $194,535
• List price: $87,000
• Delta: -51.17%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2103 Denver Ave	0.27mi	3/1.0	912 (-7%)	12mo	$187,000	$205	66
1302 Fargo Ave	0.32mi	2/1.0 (-1)	1,024 (+4%)	9mo	$168,500	$165	65
2403 Erie Ave	0.39mi	3/1.0	1,056 (+8%)	5mo	$230,000	$218	65
1907 Denver Ave	0.18mi	3/1.5	1,073 (+9%)	19mo	$190,000	$177	58
1301 Hill Ave Ave	0.36mi	2/1.0 (-1)	1,064 (+8%)	9mo	$215,000	$202	57
911 11th St	0.55mi	2/1.0 (-1)	1,062 (+8%)	2mo	$205,000	$193	54
811 11th St	0.53mi	2/2.0 (-1)	1,066 (+9%)	0mo	$201,500	$189	52
1406 Ithaca Ave Ave	0.36mi	2/1.0 (-1)	834 (-15%)	11mo	$85,000	$102	44
907 9th St	0.66mi	2/2.0 (-1)	1,092 (+11%)	5mo	$249,000	$228	37
712 10th St	0.58mi	3/1.0	1,119 (+14%)	17mo	$195,000	$174	35

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: 39.7%
• Equity multiple: 2.70×
• Total profit: $41,360
• Equity at exit: $12,972

10-year hold

• IRR: 46.0%
• Equity multiple: 5.41×
• Total profit: $107,451
• Equity at exit: $7,522

Cash invested: $24,360 (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 →

Seller's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 1 active · 8 under contract
• Months of supply: 0.9 mo (117%/mo absorbed)
• Median asking: $89,000 ($92/sqft)
• Median days on market: 93 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +115.0% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 51360

• Active inventory: 201
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,825 medium
• Mortgage (P&I): −$456
• Tax from tax record: −$79 /mo · $944/yr
• Insurance: −$36
• HOA: −$0
• Vacancy / Maint / Mgmt: −$383
• Net cashflow: $871

Break-even live

Break-even rent $723

Max offer price $87,000

Occupancy floor 47%

Sensitivity live

Price	-10% $920	-5% $895	+0% $871	+5% $846	+10% $821
Rent	-10% $726	-5% $799	+0% $871	+5% $943	+10% $1,015
Rate	-1.0pp $914	-0.5pp $893	base $871	+0.5pp $848	+1.0pp $825

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: $21,750
• Closing costs: $2,610
• Club membership (one-time): —
• 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	93d	81	0.93mi

Listing history 50 events

1. 2026-08-08
   days on market $87,000 Active 138 DOM
2. 2026-08-07
   days on market $87,000 Active 137 DOM
3. 2026-08-06
   days on market $87,000 Active 136 DOM
4. 2026-08-05
   pricedays on market $87,000 Active 135 DOM
5. 2026-08-04
   days on market $95,000 Active 134 DOM
6. 2026-08-03
   days on market $95,000 Active 133 DOM
7. 2026-07-31
   days on market $95,000 Active 130 DOM
8. 2026-07-30
   days on market $95,000 Active 129 DOM
9. 2026-07-29
   days on market $95,000 Active 128 DOM
10. 2026-07-27
    days on market $95,000 Active 126 DOM
11. 2026-07-25
    days on market $95,000 Active 124 DOM
12. 2026-07-24
    days on market $95,000 Active 123 DOM
13. 2026-07-23
    days on market $95,000 Active 122 DOM
14. 2026-07-22
    days on market $95,000 Active 121 DOM
15. 2026-07-21
    days on market $95,000 Active 120 DOM
16. 2026-07-18
    days on market $95,000 Active 117 DOM
17. 2026-07-16
    days on market $95,000 Active 115 DOM
18. 2026-07-15
    days on market $95,000 Active 114 DOM
19. 2026-07-14
    days on market $95,000 Active 113 DOM
20. 2026-07-13
    days on market $95,000 Active 112 DOM
21. 2026-07-12
    days on market $95,000 Active 111 DOM
22. 2026-07-12
    days on market $95,000 Active 110 DOM
23. 2026-07-10
    days on market $95,000 Active 109 DOM
24. 2026-07-09
    days on market $95,000 Active 108 DOM
25. 2026-07-09
    days on market $95,000 Active 107 DOM
26. 2026-07-08
    days on market $95,000 Active 106 DOM
27. 2026-07-06
    days on market $95,000 Active 105 DOM
28. 2026-07-05
    days on market $95,000 Active 104 DOM
29. 2026-07-04
    days on market $95,000 Active 103 DOM
30. 2026-07-03
    days on market $95,000 Active 102 DOM
31. 2026-07-02
    days on market $95,000 Active 101 DOM
32. 2026-07-01
    days on market $95,000 Active 100 DOM
33. 2026-06-30
    days on market $95,000 Active 99 DOM
34. 2026-06-29
    days on market $95,000 Active 98 DOM
35. 2026-06-29
    price $95,000 Active 97 DOM
36. 2026-06-28
    days on market $100,000 Active 97 DOM
37. 2026-06-27
    days on market $100,000 Active 96 DOM
38. 2026-06-26
    days on market $100,000 Active 94 DOM
39. 2026-06-22
    days on market $100,000 Active 91 DOM
40. 2026-06-21
    days on market $100,000 Active 90 DOM
41. 2026-06-21
    days on market $100,000 Active 89 DOM
42. 2026-06-18
    days on market $100,000 Active 87 DOM
43. 2026-06-17
    days on market $100,000 Active 86 DOM
44. 2026-06-16
    days on market $100,000 Active 85 DOM
45. 2026-06-15
    days on market $100,000 Active 84 DOM
46. 2026-06-13
    days on market $100,000 Active 82 DOM
47. 2026-06-12
    days on market $100,000 Active 81 DOM
48. 2026-06-09
    days on market $100,000 Active 78 DOM
49. 2026-06-08
    days on market $100,000 Active 77 DOM
50. 2026-06-07
    days on market $100,000 Active 76 DOM

ⓘ 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: $944 · $79/mo
• Projected year-2 tax: $1,155 · $96/mo
• Expected delta: +$211/yr (+$18/mo · 22.3%)

ⓘ 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 ≥98°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: −$4,873
• − Property taxes: −$944
• − Insurance: −$435
• − Repairs & maintenance: −$1,752
• − Management: −$1,752
• − Depreciation: −$2,531
• Taxable income: $9,613
• Est. tax owed @ 24.0%: −$2,307
• After-tax cash flow: $8,140/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 · 9 photos

Fair 45/100 Moderate rehab Est. rehab $24,550–$44,190 screening

This 3-bedroom home requires moderate renovations to improve its exterior and interior condition, enhancing its resale and rental value.

Components & finishes AI

Roof asphalt shingle · good Flooring hardwood Counters laminate

Deferred maintenance Est. $2,500–$10,000 screening

• Minor Roof (roof) — No visible signs of damage or wear
• Minor Windows (windows) — No visible signs of damage or wear
• Minor Electrical (electrical) — No visible signs of damage or wear
• Minor Plumbing (plumbing) — No visible signs of damage or wear
• Minor Exterior (exterior) — No visible signs of damage or wear

Repairs flagged

• Major siding — Severe weathering and peeling paint.
• Moderate roof — Aged appearance, potential for leaks.
• Major bathroom fixtures — Bathtub and toilet in poor condition.
• Major kitchen cabinets — Outdated and worn-out appearance.
• Major landscaping — Overgrown yard and lack of landscaping.

Value-add opportunities

• Both painting and updating the exterior — Enhances curb appeal and resale value. ↑
• Both replacing the bathroom fixtures and kitchen cabinets — Improves functionality and aesthetics, attracting more buyers. ↑
• Both landscaping and yard maintenance — Enhances curb appeal and rental value by creating a more inviting environment. ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

B Composite school gradezoned avg 76/100

Zoned Schools

Elementary Spirit Lake Elementary School A- IA #181/616 Nat'l #2,792/41,679 Middle Spirit Lake Middle School A IA #90/246 Nat'l #656/14,009 High Spirit Lake High School A IA #20/336 Nat'l #918/17,239

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

A Composite livability gradescore 81/100

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
• County: Dickinson · 18,133 people
• City population: 8,561
• Population (ZIP): 8,561
• Household income: $77,464
• Rent vs Own: 26.2% rent · 73.8% own
• Severe rent burden: 7% of renters

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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%

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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%

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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

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Industry mix (Fortune 500 HQ in IA)

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

Price history

-80.0% since first listed

2 events — show timeline

• 2026-03-23 Listed $100,000 Iowa Great Lakes BOR
• 2015-06-15 Sold (Public Records) $500,000 Public Records

Property tax history

+1.8%/yr

Latest (2025): $944 · -4.1% YoY. Source: county tax records.