1625 3rd Ave E · Spencer, IA 51301

$139,900

2 bd · 2.0 ba · 1,081 sqft · SingleFamily public records · 289 Days on market

Built 1930 7,500 sqft lot $129/sqft · 20% above area Est $163k · 14% 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).

• Cash flow +20.2/30.0
• ARV discount +13.9/15.0
• DSCR +6.4/10.0
• Schools +6.1/10.0
• 1% rule +5.0/10.0
• 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 2-Bed, 2-Bath Home with Original Character and Modern Comforts Step into this beautifully maintained 2-bedroom, 2-bath home featuring original hardwood flooring, grand trim work, and tongue-and-groove ceilings that add warmth and character throughout. Enjoy abundant natural light in every room, highlighting the home’s timeless charm. Situated on a deep lot, there's plenty of outdoor space for entertaining, gardening, or expansion. A perfect blend of classic details and inviting atmosphere! This house was not affected by the flood.

Key facts

• Deep lot
• Grand trim work
• Outdoor space

Tags

• ORIGINAL HARDWOOD FLOORING
• GRAND TRIM WORK
• TONGUE-AND-GROOVE CEILINGS
• ABUNDANT NATURAL LIGHT
• DEEP LOT
• OUTDOOR SPACE

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $176 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 4.7% 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: 109 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 $967 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 289 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $79k; list at $140k implies a 77% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 289 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — 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: 1.00% ✓
• Cap rate: 7.80%
• Cash-on-cash: 5.39%
• DSCR: 1.24
• GRM: 8.3

CMA / ARV

• ARV (median comp): $162,954
• List price: $139,900
• Delta: -14.15%
• 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
1622 1st Ave E	0.11mi	2/1.0	1,104 (+2%)	0mo	$174,900	$158	87
321 E 14th St	0.20mi	2/1.0	1,118 (+3%)	1mo	$134,890	$121	80
1609 4th Ave E	0.08mi	2/1.5	1,025 (-5%)	8mo	$166,000	$162	79
1222 4th Ave E	0.30mi	2/2.0	1,144 (+6%)	4mo	$170,000	$149	72
511 Elmwood Dr	0.19mi	3/1.0 (+1)	1,064 (-2%)	9mo	$175,000	$164	72
313 E 14th St	0.20mi	3/1.0 (+1)	1,200 (+11%)	6mo	$135,000	$113	59
704 E 18th St	0.31mi	3/1.5 (+1)	1,236 (+14%)	0mo	$175,100	$142	54
518 E 13th St	0.35mi	2/1.0	952 (-12%)	7mo	$180,000	$189	54
1112 3rd Ave W	0.53mi	3/1.0 (+1)	1,144 (+6%)	10mo	$102,800	$90	48
302 E 9th St	0.57mi	2/2.0	1,224 (+13%)	12mo	$137,500	$112	42
409 E 9th St	0.55mi	3/1.0 (+1)	1,204 (+11%)	10mo	$145,900	$121	38
21 W 11th St	0.47mi	3/1.0 (+1)	936 (-13%)	12mo	$137,000	$146	36

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: -7.9%
• Equity multiple: 0.71×
• Total profit: $-11,459
• Equity at exit: $20,860

10-year hold

• IRR: 1.6%
• Equity multiple: 1.11×
• Total profit: $4,455
• Equity at exit: $12,096

Cash invested: $39,172 (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: 109
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,400 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$138 /mo · $1,660/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $176

Break-even live

Break-even rent $1,178

Max offer price $139,900

Occupancy floor 82%

Sensitivity live

Price	-10% $255	-5% $216	+0% $176	+5% $136	+10% $97
Rent	-10% $65	-5% $121	+0% $176	+5% $231	+10% $287
Rate	-1.0pp $247	-0.5pp $212	base $176	+0.5pp $140	+1.0pp $103

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-21
   days on market $139,900 Active 289 DOM
2. 2026-06-18
   days on market $139,900 Active 287 DOM
3. 2026-06-17
   days on market $139,900 Active 286 DOM
4. 2026-06-16
   days on market $139,900 Active 285 DOM
5. 2026-06-15
   days on market $139,900 Active 284 DOM
6. 2026-06-13
   days on market $139,900 Active 282 DOM
7. 2026-06-12
   days on market $139,900 Active 281 DOM
8. 2026-06-09
   days on market $139,900 Active 278 DOM
9. 2026-06-08
   days on market $139,900 Active 277 DOM
10. 2026-06-07
    days on market $139,900 Active 276 DOM
11. 2026-06-04
    days on market $139,900 Active 272 DOM
12. 2026-06-02
    days on market $139,900 Active 271 DOM
13. 2026-06-01
    days on market $139,900 Active 270 DOM
14. 2026-05-31
    days on market $139,900 Active 269 DOM
15. 2026-05-31
    days on market $139,900 Active 268 DOM
16. 2026-05-04
    status Active 551-char remark

    Show marketing remark (551 chars)

    Charming 2-Bed, 2-Bath Home with Original Character and Modern Comforts Step into this beautifully maintained 2-bedroom, 2-bath home featuring original hardwood flooring, grand trim work, and tongue-and-groove ceilings that add warmth and character throughout. Enjoy abundant natural light in every room, highlighting the home’s timeless charm. Situated on a deep lot, there's plenty of outdoor space for entertaining, gardening, or expansion. A perfect blend of classic details and inviting atmosphere! This house was not affected by the flood.

17. 2026-04-25
    historical Active Under Contract 551-char remark

    Show marketing remark (551 chars)

    Charming 2-Bed, 2-Bath Home with Original Character and Modern Comforts Step into this beautifully maintained 2-bedroom, 2-bath home featuring original hardwood flooring, grand trim work, and tongue-and-groove ceilings that add warmth and character throughout. Enjoy abundant natural light in every room, highlighting the home’s timeless charm. Situated on a deep lot, there's plenty of outdoor space for entertaining, gardening, or expansion. A perfect blend of classic details and inviting atmosphere! This house was not affected by the flood.

18. 2026-02-23
    price $139,900 551-char remark

    Show marketing remark (551 chars)

    Charming 2-Bed, 2-Bath Home with Original Character and Modern Comforts Step into this beautifully maintained 2-bedroom, 2-bath home featuring original hardwood flooring, grand trim work, and tongue-and-groove ceilings that add warmth and character throughout. Enjoy abundant natural light in every room, highlighting the home’s timeless charm. Situated on a deep lot, there's plenty of outdoor space for entertaining, gardening, or expansion. A perfect blend of classic details and inviting atmosphere! This house was not affected by the flood.

19. 2025-09-04
    listed $149,900 Active 551-char remark

    Show marketing remark (551 chars)

    Charming 2-Bed, 2-Bath Home with Original Character and Modern Comforts Step into this beautifully maintained 2-bedroom, 2-bath home featuring original hardwood flooring, grand trim work, and tongue-and-groove ceilings that add warmth and character throughout. Enjoy abundant natural light in every room, highlighting the home’s timeless charm. Situated on a deep lot, there's plenty of outdoor space for entertaining, gardening, or expansion. A perfect blend of classic details and inviting atmosphere! This house was not affected by the flood.

20. 2019-04-05
    soldstatus $79,000
21. 2012-12-18
    soldstatus $79,000
22. 2012-09-10
    soldstatus $64,000
23. 2006-06-26
    soldstatus $90,000

ⓘ 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: $1,660 · $138/mo
• Projected year-2 tax: $1,928 · $161/mo
• Expected delta: +$268/yr (+$22/mo · 16.2%)

ⓘ 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 3/10 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: $16,805
• − Mortgage interest: −$7,837
• − Property taxes: −$1,660
• − Insurance: −$700
• − Repairs & maintenance: −$1,344
• − Management: −$1,344
• − Depreciation: −$4,070
• Taxable loss: −$150
• Est. tax savings @ 24.0%: +$36
• After-tax cash flow: $2,149/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

+55.4% since first listed

8 events — show timeline

• 2026-05-04 Relisted — Iowa Great Lakes BOR
• 2026-04-25 Contingent — Iowa Great Lakes BOR
• 2026-02-23 Price Changed $139,900 Iowa Great Lakes BOR
• 2025-09-04 Listed $149,900 Iowa Great Lakes BOR
• 2019-04-05 Sold (Public Records) $79,000 Public Records
• 2012-12-18 Sold (Public Records) $79,000 Public Records
• 2012-09-10 Sold (Public Records) $64,000 Public Records
• 2006-06-26 Sold (Public Records) $90,000 Public Records

Property tax history

+4.6%/yr

Latest (2025): $1,660 · +3.8% YoY. Source: county tax records.