510 Lake St · Spirit Lake, IA 51360

$229,900

3 bd · 2.5 ba · 1,344 sqft · MultiFamily public records · 26 Days on market

Built 1930 0.26 ac lot

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Why this score? — see what drove the D 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 +13.4/30.0
• ARV discount +7.5/15.0
• Schools +6.5/10.0
• DSCR +4.0/10.0
• Livability +4.0/5.0
• 1% rule +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Great opportunity for single family residence or continue using for an income/rental property! Set up your viewing of this property today!

Key facts

• Exterior paint
• R3 zoning
• Splash pad

Tags

• R3 ZONING
• SPLASH PAD
• HUGE LOT
• UPDATED UPSTAIRS UNIT
• NEW WINDOWS
• EXTERIOR PAINT

Property features AI

Exterior

• Parking: Attached garage (1 car)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels / 2 stories
• Construction: Block construction
• Exterior features: Lot approximately 68 x 165 (0.26 acre)

Interior

• Bathrooms: Two full bathrooms
• Heating & cooling: Central air; Window unit(s); Electric and natural gas heating; Baseboard and forced air heating
• Interior features: Dryer; Refrigerator; Washer; Unfinished full basement
• Laundry & utility: Washer and Dryer included

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath multifamily listed at $230k.

Deal economics

• At list price, monthly cash flow is $3 ($38/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 $182k (20.6% below list).
• Recommended offer: $182k (20.6% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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 $2k of loan paydown is wiped out by about $7k 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 26 days — a 2% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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 $125k; list at $230k implies a 84% 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 $182,500 (20.6% below list)

Questions for the listing agent

1. Built in 1930 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.79% ✗
• Cap rate: 6.31%
• Cash-on-cash: 0.06%
• DSCR: 1.00
• GRM: 10.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -16.3%
• Equity multiple: 0.42×
• Total profit: $-37,116
• Equity at exit: $34,279

10-year hold

• IRR: -8.0%
• Equity multiple: 0.50×
• Total profit: $-32,323
• Equity at exit: $19,878

Cash invested: $64,372 (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: 10.5×

Monthly cashflow live

• Estimated rent: $1,825 medium
• Mortgage (P&I): −$1,206
• Tax from tax record: −$137 /mo · $1,646/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$383
• Net cashflow: $3

Break-even live

Break-even rent $1,821

Max offer price $229,900

Occupancy floor 95%

Sensitivity live

Price	-10% $133	-5% $68	+0% $3	+5% $-62	+10% $-127
Rent	-10% $-141	-5% $-69	+0% $3	+5% $75	+10% $147
Rate	-1.0pp $119	-0.5pp $62	base $3	+0.5pp $-56	+1.0pp $-117

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: $57,475
• Closing costs: $6,897
• 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	45d	81	0.95mi

Listing history 29 events

1. 2026-06-21
   days on market $229,900 Active 26 DOM
2. 2026-06-21
   days on market $229,900 Active 25 DOM
3. 2026-06-18
   days on market $229,900 Active 23 DOM
4. 2026-06-17
   days on market $229,900 Active 22 DOM
5. 2026-06-16
   days on market $229,900 Active 21 DOM
6. 2026-06-15
   days on market $229,900 Active 20 DOM
7. 2026-06-13
   days on market $229,900 Active 18 DOM
8. 2026-06-12
   days on market $229,900 Active 17 DOM
9. 2026-06-09
   days on market $229,900 Active 14 DOM
10. 2026-06-08
    days on market $229,900 Active 13 DOM
11. 2026-06-07
    days on market $229,900 Active 12 DOM
12. 2026-06-07
    days on market $229,900 Active 11 DOM
13. 2026-06-04
    days on market $229,900 Active 8 DOM
14. 2026-06-02
    days on market $229,900 Active 7 DOM
15. 2026-06-01
    days on market $229,900 Active 6 DOM
16. 2026-05-31
    days on market $229,900 Active 5 DOM
17. 2026-05-31
    days on market $229,900 Active 4 DOM
18. 2026-05-26
    listed $229,900 Active
19. 2025-08-13
    price $239,900
20. 2025-04-01
    soldstatus $125,000
21. 2025-03-31
    soldstatus $125,000 Closed 138-char remark

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    Great opportunity for single family residence or continue using for an income/rental property! Set up your viewing of this property today!

22. 2025-01-21
    status Pending 138-char remark

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    Great opportunity for single family residence or continue using for an income/rental property! Set up your viewing of this property today!

23. 2025-01-09
    historical Active Under Contract 138-char remark

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    Great opportunity for single family residence or continue using for an income/rental property! Set up your viewing of this property today!

24. 2024-12-13
    price $140,000 138-char remark

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    Great opportunity for single family residence or continue using for an income/rental property! Set up your viewing of this property today!

25. 2024-11-18
    price $149,999 138-char remark

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    Great opportunity for single family residence or continue using for an income/rental property! Set up your viewing of this property today!

26. 2024-10-17
    price $160,000 138-char remark

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    Great opportunity for single family residence or continue using for an income/rental property! Set up your viewing of this property today!

27. 2024-09-04
    listed $169,900 Active 138-char remark

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    Great opportunity for single family residence or continue using for an income/rental property! Set up your viewing of this property today!

28. 2022-06-30
    soldstatus $94,000
29. 2012-10-08
    soldstatus $62,722

ⓘ 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: $1,646 · $137/mo
• Projected year-2 tax: $2,628 · $219/mo
• Expected delta: +$982/yr (+$82/mo · 59.6%)

ⓘ 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 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: −$12,878
• − Property taxes: −$1,646
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,752
• − Management: −$1,752
• − Depreciation: −$6,688
• Taxable loss: −$3,965
• Est. tax savings @ 24.0%: +$952
• After-tax cash flow: $990/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

+266.5% since first listed

12 events — show timeline

• 2026-05-26 Listed $229,900 Iowa Great Lakes BOR
• 2025-08-13 Price Changed $239,900 Iowa Great Lakes BOR
• 2025-04-01 Sold (Public Records) $125,000 Public Records
• 2025-03-31 Sold (MLS) $125,000 Iowa Great Lakes BOR
• 2025-01-21 Pending — Iowa Great Lakes BOR
• 2025-01-09 Contingent — Iowa Great Lakes BOR
• 2024-12-13 Price Changed $140,000 Iowa Great Lakes BOR
• 2024-11-18 Price Changed $149,999 Iowa Great Lakes BOR
• 2024-10-17 Price Changed $160,000 Iowa Great Lakes BOR
• 2024-09-04 Listed $169,900 Iowa Great Lakes BOR
• 2022-06-30 Sold (Public Records) $94,000 Public Records
• 2012-10-08 Sold (Public Records) $62,722 Public Records

Property tax history

+2.9%/yr

Latest (2025): $1,646 · -4.1% YoY. Source: county tax records.