1601 3rd Ave E · Spencer, IA 51301

$157,900

2 bd · 1.5 ba · 1,752 sqft · SingleFamily public records · 9 Days on market

Built 1950 7,500 sqft lot Est $182k · 13% 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 +16.2/30.0
• ARV discount +13.5/15.0
• Schools +6.1/10.0
• DSCR +5.0/10.0
• 1% rule +4.0/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Classic 1950's ranch with original hardwood floors. Whether you're a first-time homebuyer, a DIY enthusiast, or looking to downsize without losing garage and storage space, this home is a fit! Spread out and enjoy room on this spacious corner lot with space for everything. The basement rec room is ready for your design ideas to make it shine. Vinyl siding and vinyl windows already installed for a low maintenance exterior.

Key facts

• Vinyl windows
• Basement rec room
• Vinyl siding

Tags

• HARDWOOD FLOORS
• CORNER LOT
• BASEMENT REC ROOM
• VINYL SIDING
• VINYL WINDOWS

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One level / single-story
• Construction: Block and vinyl siding exterior
• Exterior features: Lot approximately 50 x 150 (0.17 acres); Subdivision: G & A 2ND ADDITION

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating with forced air; Central air conditioning
• Interior features: Gas water heater; Full basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $158k.

Deal economics

• At list price, monthly cash flow is $84 ($1k/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 $143k (9.7% below list).
• Recommended offer: $143k (9.7% below list) — sets the bar for 1% rule.
• Cap rate 6.9% 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: 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: 108 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 $1k of loan paydown is wiped out by about $5k 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

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $142,658 (9.7% below list)

Questions for the listing agent

1. Built in 1950 — 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. 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.
5. 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.
6. 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: 0.90% ✗
• Cap rate: 6.94%
• Cash-on-cash: 2.29%
• DSCR: 1.10
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $182,208
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
512 E 17th St	0.20mi	3/2.0 (+1)	1,742 (-1%)	12mo	$205,000	$118	73
1706 3rd Ave Ave E	0.10mi	2/1.0	1,523 (-13%)	2mo	$157,000	$103	70
903 Elmwood Dr	0.44mi	3/2.5 (+1)	1,744 (-0%)	3mo	$145,000	$83	67
1620 4th Ave E	0.12mi	3/2.0 (+1)	1,940 (+11%)	6mo	$158,000	$81	64
920 E 11th ST St	0.61mi	3/1.0 (+1)	1,728 (-1%)	2mo	$190,000	$110	61
1312 4th Ave W	0.47mi	3/2.0 (+1)	1,672 (-5%)	5mo	$185,000	$111	59
913 E 13th St	0.51mi	3/1.0 (+1)	1,670 (-5%)	9mo	$168,000	$101	54
911 E 11 St	0.57mi	3/2.0 (+1)	1,829 (+4%)	8mo	$178,500	$98	52
620 E 10th St	0.51mi	3/2.0 (+1)	1,936 (+10%)	8mo	$229,000	$118	45
809 E 8th Ave E	0.63mi	3/1.0 (+1)	1,588 (-9%)	6mo	$165,000	$104	43
720 3rd Ave E	0.57mi	3/2.0 (+1)	1,566 (-11%)	9mo	$160,000	$102	41
16 E 24th St	0.63mi	3/2.5 (+1)	2,000 (+14%)	13mo	$307,500	$154	28

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: -12.7%
• Equity multiple: 0.54×
• Total profit: $-20,213
• Equity at exit: $23,543

10-year hold

• IRR: -3.6%
• Equity multiple: 0.76×
• Total profit: $-10,706
• Equity at exit: $13,652

Cash invested: $44,212 (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: 9.2×

Monthly cashflow live

• Estimated rent: $1,427 medium
• Mortgage (P&I): −$828
• Tax from tax record: −$149 /mo · $1,784/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$300
• Net cashflow: $84

Break-even live

Break-even rent $1,320

Max offer price $157,900

Occupancy floor 89%

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: $39,475
• Closing costs: $4,737
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-18
   days on market $157,900 Active 9 DOM
2. 2026-06-17
   days on market $157,900 Active 8 DOM
3. 2026-06-16
   days on market $157,900 Active 7 DOM
4. 2026-06-15
   days on market $157,900 Active 6 DOM
5. 2026-06-13
   days on market $157,900 Active 4 DOM
6. 2026-06-12
   days on market $157,900 Active 3 DOM
7. 2026-06-09
   remarks 425-char remark
8. 2026-06-09
   listed $157,900 Active 1 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: $1,784 · $149/mo
• Projected year-2 tax: $2,132 · $178/mo
• Expected delta: +$348/yr (+$29/mo · 19.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 21% 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: $17,119
• − Mortgage interest: −$8,845
• − Property taxes: −$1,784
• − Insurance: −$790
• − Repairs & maintenance: −$1,370
• − Management: −$1,370
• − Depreciation: −$4,593
• Taxable loss: −$1,632
• Est. tax savings @ 24.0%: +$392
• After-tax cash flow: $1,406/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

1 event — show timeline

• 2026-06-08 Listed $157,900 Iowa Great Lakes BOR

Property tax history

+3.0%/yr

Latest (2025): $1,784 · -0.9% YoY. Source: county tax records.