604 16th St · Spirit Lake, IA 51360

$179,000

2 bd · 1.0 ba · 824 sqft · SingleFamily public records · 25 Days on market

Built 1900 9,576 sqft lot Est $255k · 30% 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 +16.9/30.0
• ARV discount +15.0/15.0
• Schools +6.5/10.0
• DSCR +5.3/10.0
• Livability +4.0/5.0
• 1% rule +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Don't miss this completely refreshed 3-bedroom, 1-bath gem nestled in one of Spirit Lake's most coveted locations — just a short stroll to Historic Downtown Spirit Lake and the neighborhood splash pad! Whether you're a first-time buyer or savvy investor, this home checks every box. From top to bottom, inside and out, no detail was overlooked. Step inside to find fresh paint throughout, brand-new flooring, new trim, and stunning blue sliding barn doors that add the perfect touch of character and charm. The kitchen has been tastefully refreshed with a reverse osmosis water filtration added and the bathroom is completely new — move-in ready and worry-free. All three bedrooms are co

Key facts

• Brand-new flooring
• New trim
• 9,576 sq ft lot

Tags

• NEIGHBORHOOD SPLASH PAD
• FRESH PAINT THROUGHOUT
• BRAND-NEW FLOORING
• NEW TRIM
• BLUE SLIDING BARN DOORS
• TASTEFULLY REFRESHED KITCHEN

Property features AI

Exterior

• Parking: Attached concrete garage (1 car)
• Utilities: Public water; Public sewer
• Home design: Single family residence; One level
• Construction: Vinyl siding
• Exterior features: Asphalt roof; Publicly maintained road

Interior

• Kitchen: Dishwasher; Disposal; Refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Electric and natural gas forced air heating
• Interior features: Window coverings; Unfinished full basement with crawl space
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $179k.

Deal economics

• At list price, monthly cash flow is $118 ($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 $152k (14.8% below list).
• Recommended offer: $152k (14.8% below list) — sets the bar for 1% rule.
• Cap rate 7.1% 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 $1k of loan paydown is wiped out by about $5k 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 25 days — a 2% lower offer ($176k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $152,500 (14.8% below list)

Questions for the listing agent

1. Built in 1900 — 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: 0.85% ✗
• Cap rate: 7.08%
• Cash-on-cash: 2.82%
• DSCR: 1.13
• GRM: 9.8

CMA / ARV

• ARV (on-the-fly): $255,440
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1406 Ithaca Ave Ave	0.24mi	2/1.0	834 (+1%)	9mo	$85,000	$102	79
1504 Dundee Ave	0.14mi	3/1.0 (+1)	816 (-1%)	9mo	$320,000	$392	79
1505 Erie Ave	0.13mi	3/1.0 (+1)	816 (-1%)	21mo	$253,000	$310	70
1503 Erie Ave	0.13mi	3/1.0 (+1)	816 (-1%)	21mo	$248,000	$304	70
1502 Dundee Ave	0.15mi	3/1.0 (+1)	816 (-1%)	22mo	$289,000	$354	68
1504 Dundee Ave	0.15mi	3/1.0 (+1)	816 (-1%)	22mo	$289,000	$354	68
1502 Memphis Ave #7	0.53mi	1/1.0 (-1)	808 (-2%)	1mo	$55,000	$68	67
2103 Denver Ave	0.42mi	3/1.0 (+1)	912 (+11%)	10mo	$187,000	$205	49

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: -11.9%
• Equity multiple: 0.57×
• Total profit: $-21,561
• Equity at exit: $26,689

10-year hold

• IRR: -2.8%
• Equity multiple: 0.81×
• Total profit: $-9,382
• Equity at exit: $15,477

Cash invested: $50,120 (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: 9.8×

Monthly cashflow live

• Estimated rent: $1,525 medium
• Mortgage (P&I): −$939
• Tax from tax record: −$74 /mo · $882/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$320
• Net cashflow: $118

Break-even live

Break-even rent $1,376

Max offer price $179,000

Occupancy floor 87%

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: $44,750
• Closing costs: $5,370
• 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	$1,525	$1.67	43d	81	0.92mi

Listing history 12 events

1. 2026-06-13
   status $179,000 Pending 25 DOM
2. 2026-06-12
   days on market $179,000 Active Under Contract 25 DOM
3. 2026-06-09
   days on market $179,000 Active Under Contract 22 DOM
4. 2026-06-08
   days on market $179,000 Active Under Contract 21 DOM
5. 2026-06-07
   days on market $179,000 Active Under Contract 20 DOM
6. 2026-06-07
   days on market $179,000 Active Under Contract 19 DOM
7. 2026-06-04
   days on market $179,000 Active Under Contract 16 DOM
8. 2026-06-02
   days on market $179,000 Active Under Contract 15 DOM
9. 2026-06-01
   days on market $179,000 Active Under Contract 14 DOM
10. 2026-05-31
    days on market $179,000 Active Under Contract 13 DOM
11. 2026-05-31
    days on market $179,000 Active Under Contract 12 DOM
12. 2026-05-18
    listed $179,000 Active

ⓘ 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: $882 · $74/mo
• Projected year-2 tax: $1,846 · $154/mo
• Expected delta: +$964/yr (+$80/mo · 109.3%)

ⓘ 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 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: $18,300
• − Mortgage interest: −$10,027
• − Property taxes: −$882
• − Insurance: −$895
• − Repairs & maintenance: −$1,464
• − Management: −$1,464
• − Depreciation: −$5,207
• Taxable loss: −$1,639
• Est. tax savings @ 24.0%: +$393
• After-tax cash flow: $1,809/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

1 event — show timeline

• 2026-05-18 Listed $179,000 Iowa Great Lakes BOR

Property tax history

+0.6%/yr

Latest (2025): $882 · -3.9% YoY. Source: county tax records.