1203 W 5th St · Spencer, IA 51301

$182,499

3 bd · 1.0 ba · 1,946 sqft · SingleFamily public records · 234 Days on market

Built 1956 8,804 sqft lot $94/sqft · 12% below area Est $207k · 12% under ↓ 9% since listing

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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).

• ARV discount +12.8/15.0
• Cash flow +9.7/30.0
• Schools +6.1/10.0
• Livability +3.9/5.0
• 1% rule +3.0/10.0
• DSCR +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 3 bedroom ranch in a desirable neighborhood near parks and schools. Natural light fills the inviting living spaces, while the functional layout makes everyday living easy. Step outside to enjoy a spacious, well-kept yard, ideal for relaxing evenings or weekend gatherings. Whether you're just starting out or downsizing, this one checks all the boxes!

Key facts

• Spacious yard
• Natural light
• Functional layout

Tags

• DESIRABLE NEIGHBORHOOD
• NATURAL LIGHT
• FUNCTIONAL LAYOUT
• SPACIOUS YARD

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $182k.

Deal economics

• At list price, monthly cash flow is $-120 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $161k (11.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $146k (20.0% below list).
• Recommended offer: $146k (20.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 77/100 on livability (#168 in IA, #3,020 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing 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.
• Zoned schools: Fairview Park Elementary (math 82% / reading 47%, grade B, #317 of 616 statewide, top 58%, 308 students, 49% FRL); Spencer Middle School (math 77% / reading 75%, grade A, #59 of 246 statewide, top 26%, 514 students, 43% FRL); Spencer High School (math 68% / reading 76%, grade B+, #117 of 336 statewide, top 39%, 712 students, 40% FRL).
• Market conditions: 108 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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

• It's been on market 234 days — a 12% lower offer ($161k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $146,000 (20.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 234 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
3. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.80% ✗
• Cap rate: 5.51%
• Cash-on-cash: -2.81%
• DSCR: 0.87
• GRM: 10.4

CMA / ARV

• ARV (median comp): $206,665
• List price: $182,499
• Delta: -11.69%
• 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
1130 W 7th St. St	0.09mi	4/2.0 (+1)	2,080 (+7%)	7mo	$255,000	$123	69
612 W 4th St	0.42mi	3/1.5	1,864 (-4%)	6mo	$143,000	$77	66
1200 Craigs Ct	0.47mi	4/2.0 (+1)	2,020 (+4%)	0mo	$230,000	$114	63
917 W 9th St	0.30mi	3/2.0	1,775 (-9%)	9mo	$245,000	$138	60
811 W 10th St	0.40mi	4/1.5 (+1)	2,094 (+8%)	10mo	$210,000	$100	54
814 W 10th St	0.36mi	4/2.5 (+1)	1,872 (-4%)	16mo	$280,000	$150	53
518 W 4th St	0.49mi	3/1.5	2,178 (+12%)	6mo	$232,000	$107	50
817 Fisher Ct	0.52mi	4/2.0 (+1)	1,802 (-7%)	6mo	$162,500	$90	50
433 4th Ave W	0.58mi	3/2.0	2,101 (+8%)	7mo	$228,500	$109	50
411 4th Ave W	0.59mi	3/2.0	1,781 (-8%)	9mo	$150,000	$84	47
1416 18th Ave W	0.73mi	4/2.0 (+1)	2,152 (+11%)	3mo	$298,900	$139	37
2001 4th St W	0.57mi	2/3.0 (-1)	1,711 (-12%)	12mo	$479,900	$280	30

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: -21.0%
• Equity multiple: 0.27×
• Total profit: $-37,166
• Equity at exit: $27,211

10-year hold

• IRR: -14.3%
• Equity multiple: 0.18×
• Total profit: $-42,060
• Equity at exit: $15,779

Cash invested: $51,100 (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: 10.4×

Monthly cashflow live

• Estimated rent: $1,460 medium
• Mortgage (P&I): −$957
• Tax from tax record: −$240 /mo · $2,880/yr
• Insurance: −$76
• HOA: −$0
• Vacancy / Maint / Mgmt: −$307
• Net cashflow: $-120

Break-even live

Break-even rent $1,612

Max offer price $161,356

Occupancy floor —

Sensitivity live

Price	-10% $-16	-5% $-68	+0% $-120	+5% $-171	+10% $-223
Rent	-10% $-235	-5% $-177	+0% $-120	+5% $-62	+10% $-4
Rate	-1.0pp $-28	-0.5pp $-73	base $-120	+0.5pp $-167	+1.0pp $-215

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: $45,625
• Closing costs: $5,475
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
801 9th St SW Unit 814-D6 Spencer, IA	3.0	2.0	1230	$1,460	$1.19	45d	1	0.90mi

Listing history 14 events

1. 2026-06-07
   statusdays on market $182,499 Pending 234 DOM
2. 2026-06-04
   days on market $182,499 Active Under Contract 231 DOM
3. 2026-06-02
   days on market $182,499 Active Under Contract 230 DOM
4. 2026-06-01
   days on market $182,499 Active Under Contract 229 DOM
5. 2026-05-31
   days on market $182,499 Active Under Contract 228 DOM
6. 2026-05-31
   days on market $182,499 Active Under Contract 227 DOM
7. 2026-03-07
   status Active 360-char remark

   Show marketing remark (360 chars)

   Charming 3 bedroom ranch in a desirable neighborhood near parks and schools. Natural light fills the inviting living spaces, while the functional layout makes everyday living easy. Step outside to enjoy a spacious, well-kept yard, ideal for relaxing evenings or weekend gatherings. Whether you're just starting out or downsizing, this one checks all the boxes!

8. 2026-02-24
   historical Active Under Contract 360-char remark

   Show marketing remark (360 chars)

   Charming 3 bedroom ranch in a desirable neighborhood near parks and schools. Natural light fills the inviting living spaces, while the functional layout makes everyday living easy. Step outside to enjoy a spacious, well-kept yard, ideal for relaxing evenings or weekend gatherings. Whether you're just starting out or downsizing, this one checks all the boxes!

9. 2026-01-06
   price $182,499 360-char remark

   Show marketing remark (360 chars)

   Charming 3 bedroom ranch in a desirable neighborhood near parks and schools. Natural light fills the inviting living spaces, while the functional layout makes everyday living easy. Step outside to enjoy a spacious, well-kept yard, ideal for relaxing evenings or weekend gatherings. Whether you're just starting out or downsizing, this one checks all the boxes!

10. 2025-10-15
    listed $190,000 Active 360-char remark

    Show marketing remark (360 chars)

    Charming 3 bedroom ranch in a desirable neighborhood near parks and schools. Natural light fills the inviting living spaces, while the functional layout makes everyday living easy. Step outside to enjoy a spacious, well-kept yard, ideal for relaxing evenings or weekend gatherings. Whether you're just starting out or downsizing, this one checks all the boxes!

11. 2023-08-22
    soldstatus $195,000
12. 2023-08-21
    soldstatus $195,000 Closed 360-char remark

    Show marketing remark (360 chars)

    Welcome to one of the most sought after neighborhoods in Spencer! This lovely 3 bedroom home sits on a beautiful lot with great natural light in every room. Eat in kitchen flows into dining area with view to the patio. Including partially finished basement with wood burning fireplace, you have 2 dedicated areas for entertaining and lots and lots of storage.

13. 2023-07-12
    historical Active Under Contract 360-char remark

    Show marketing remark (360 chars)

    Welcome to one of the most sought after neighborhoods in Spencer! This lovely 3 bedroom home sits on a beautiful lot with great natural light in every room. Eat in kitchen flows into dining area with view to the patio. Including partially finished basement with wood burning fireplace, you have 2 dedicated areas for entertaining and lots and lots of storage.

14. 2023-07-05
    listed $199,900 Active 360-char remark

    Show marketing remark (360 chars)

    Welcome to one of the most sought after neighborhoods in Spencer! This lovely 3 bedroom home sits on a beautiful lot with great natural light in every room. Eat in kitchen flows into dining area with view to the patio. Including partially finished basement with wood burning fireplace, you have 2 dedicated areas for entertaining and lots and lots of storage.

ⓘ 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: $2,880 · $240/mo
• Projected year-2 tax: $2,880 · $240/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate 7 d/yr ≥99°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: $17,520
• − Mortgage interest: −$10,223
• − Property taxes: −$2,880
• − Insurance: −$912
• − Repairs & maintenance: −$1,402
• − Management: −$1,402
• − Depreciation: −$5,309
• Taxable loss: −$4,608
• Est. tax savings @ 24.0%: +$1,106
• After-tax cash flow: $-330/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

-8.7% since first listed

8 events — show timeline

• 2026-03-07 Relisted — Iowa Great Lakes BOR
• 2026-02-24 Contingent — Iowa Great Lakes BOR
• 2026-01-06 Price Changed $182,499 Iowa Great Lakes BOR
• 2025-10-15 Listed $190,000 Iowa Great Lakes BOR
• 2023-08-22 Sold (Public Records) $195,000 Public Records
• 2023-08-21 Sold (MLS) $195,000 Iowa Great Lakes BOR
• 2023-07-12 Contingent — Iowa Great Lakes BOR
• 2023-07-05 Listed $199,900 Iowa Great Lakes BOR

Property tax history

+4.3%/yr

Latest (2025): $2,880 · +3.5% YoY. Source: county tax records.