508 18th St · Spirit Lake, IA 51360

$100,000

3 bd · 1.0 ba · 982 sqft · SingleFamily public records · 87 Days on market

Built 1920 7,200 sqft lot $102/sqft · 50% 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
• ARV discount +7.5/15.0
• Schools +6.5/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 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 $100k.

Deal economics

• At list price, monthly cash flow is $797 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $94k (6.0% below list) — sets the bar for market timing.
• Cap rate 15.9% 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 $691 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 $28k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($94k) 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 $94,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.82% ✓
• Cap rate: 15.86%
• Cash-on-cash: 34.16%
• DSCR: 2.52
• GRM: 4.6

CMA / ARV

• ARV (median comp): $200,169
• List price: $100,000
• Delta: -50.04%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2103 Denver Ave	0.27mi	3/1.0	912 (-7%)	10mo	$187,000	$205	67
1302 Fargo Ave	0.32mi	2/1.0 (-1)	1,024 (+4%)	8mo	$168,500	$165	67
2403 Erie Ave	0.39mi	3/1.0	1,056 (+8%)	4mo	$230,000	$218	66
1907 Denver Ave	0.18mi	3/1.5	1,073 (+9%)	17mo	$190,000	$177	60
1301 Hill Ave Ave	0.36mi	2/1.0 (-1)	1,064 (+8%)	7mo	$215,000	$202	58
1406 Ithaca Ave Ave	0.36mi	2/1.0 (-1)	834 (-15%)	9mo	$85,000	$102	46
907 9th St	0.66mi	2/2.0 (-1)	1,092 (+11%)	3mo	$249,000	$228	39
712 10th St	0.58mi	3/1.0	1,119 (+14%)	16mo	$195,000	$174	37

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: 29.5%
• Equity multiple: 2.23×
• Total profit: $34,556
• Equity at exit: $14,910

10-year hold

• IRR: 36.9%
• Equity multiple: 4.41×
• Total profit: $95,451
• Equity at exit: $8,646

Cash invested: $28,000 (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: 4.6×

Monthly cashflow live

• Estimated rent: $1,825 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$79 /mo · $944/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$383
• Net cashflow: $797

Break-even live

Break-even rent $816

Max offer price $100,000

Occupancy floor 51%

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: $25,000
• Closing costs: $3,000
• 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	0.93mi

Listing history 17 events

1. 2026-06-18
   days on market $100,000 Active 87 DOM
2. 2026-06-17
   days on market $100,000 Active 86 DOM
3. 2026-06-16
   days on market $100,000 Active 85 DOM
4. 2026-06-15
   days on market $100,000 Active 84 DOM
5. 2026-06-13
   days on market $100,000 Active 82 DOM
6. 2026-06-12
   days on market $100,000 Active 81 DOM
7. 2026-06-09
   days on market $100,000 Active 78 DOM
8. 2026-06-08
   days on market $100,000 Active 77 DOM
9. 2026-06-07
   days on market $100,000 Active 76 DOM
10. 2026-06-07
    days on market $100,000 Active 75 DOM
11. 2026-06-04
    days on market $100,000 Active 72 DOM
12. 2026-06-02
    days on market $100,000 Active 71 DOM
13. 2026-06-01
    days on market $100,000 Active 70 DOM
14. 2026-05-31
    days on market $100,000 Active 69 DOM
15. 2026-05-31
    days on market $100,000 Active 68 DOM
16. 2026-03-23
    listed $100,000 Active 634-char remark

    Show marketing remark (634 chars)

    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.

17. 2015-06-15
    soldstatus $500,000

ⓘ 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: $944 · $79/mo
• Projected year-2 tax: $1,257 · $105/mo
• Expected delta: +$313/yr (+$26/mo · 33.2%)

ⓘ 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: −$5,602
• − Property taxes: −$944
• − Insurance: −$500
• − Repairs & maintenance: −$1,752
• − Management: −$1,752
• − Depreciation: −$2,909
• Taxable income: $8,441
• Est. tax owed @ 24.0%: −$2,026
• After-tax cash flow: $7,538/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

-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.