1502 Memphis Ave #26 · Spirit Lake, IA 51360

$89,000

3 bd · 1.0 ba · 966 sqft · Manufactured · 93 Days on market

Manufactured home Built 1977 Good condition $92/sqft · 56% below area

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +7.6/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Appreciation +2.5/10.0
• Rent growth +2.5/5.0
• Manufactured-home adj. -6.2

Listing remarks

New siding on this remodeled one bedroom with all new flooring & paint, washer/dryer, stove and refrigrator. Newer furnace & windows with a spacious layout. Deck for grilling too. Why rent when you can own!!!!!

Key facts

• Built 1977
• Listed 92 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $89k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $495 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $89k).
• Recommended offer: $81k (9.0% below list) — sets the bar for market timing.
• Cap rate 13.0% 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: 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: 201 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 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 $615 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 93 days — a 9% lower offer ($81k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $80,990 (9.0% below list)

Questions for the listing agent

1. It's been on market 93 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — 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: 1.58% ✓
• Cap rate: 12.97%
• Cash-on-cash: 23.84%
• DSCR: 2.06
• GRM: 5.3

CMA / ARV

• ARV (median comp): $204,087
• List price: $89,000
• Delta: -56.39%
• 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
1502 Memphis Ave #6	0.00mi	2/1.0 (-1)	926 (-4%)	3mo	$30,000	$32	85
1214 Jackson Ave	0.30mi	3/1.0	784 (-19%)	0mo	$100,000	$128	61
911 11th St	0.41mi	2/1.0 (-1)	1,062 (+10%)	2mo	$205,000	$193	58
811 11th St	0.45mi	2/2.0 (-1)	1,066 (+10%)	0mo	$201,500	$189	53
1301 Hill Ave Ave	0.43mi	2/1.0 (-1)	1,064 (+10%)	9mo	$215,000	$202	50
604 16th St	0.53mi	3/1.0	824 (-15%)	1mo	$178,000	$216	50
702 15th St	0.45mi	2/1.0 (-1)	816 (-16%)	1mo	$191,500	$235	48
3 27th St St #220	1.21mi	2/1.5 (-1)	923 (-4%)	6mo	$92,500	$100	46
2403 Erie Ave	0.84mi	3/1.0	1,056 (+9%)	5mo	$230,000	$218	45
907 9th St	0.52mi	2/2.0 (-1)	1,092 (+13%)	5mo	$249,000	$228	41
2408 25th Street St #62	1.05mi	3/1.0	846 (-12%)	8mo	$45,500	$54	37
1916 23rd St #12	0.66mi	2/1.0 (-1)	1,103 (+14%)	7mo	$152,500	$138	35

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: 17.0%
• Equity multiple: 1.69×
• Total profit: $17,132
• Equity at exit: $13,270

10-year hold

• IRR: 25.6%
• Equity multiple: 3.23×
• Total profit: $55,607
• Equity at exit: $7,695

Cash invested: $24,920 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 1 active
• Months of supply: 6.0 mo (17%/mo absorbed)
• Median asking: $144,000 ($145/sqft)
• Median days on market: 39 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +45.2% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 51360

• Active inventory: 201
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,405 medium
• Mortgage (P&I): −$467
• Tax est. 1.5%: −$111 /mo · $1,335/yr
• Insurance: −$37
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$295
• Net cashflow: $495

Break-even live

Break-even rent $779

Max offer price $89,000

Occupancy floor 60%

Sensitivity live

Price	-10% $557	-5% $526	+0% $495	+5% $464	+10% $434
Rent	-10% $384	-5% $440	+0% $495	+5% $551	+10% $606
Rate	-1.0pp $540	-0.5pp $518	base $495	+0.5pp $472	+1.0pp $449

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: $22,250
• Closing costs: $2,670
• Club membership (one-time): —
• 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	92d	81	0.46mi

Property features AI

Finance

• Other: Residential property
• HOA & community: Lot rent $240 plus water (buyer must obtain lot approval from GF Land Partnership prior to closing)

Exterior

• Utilities: Public waterPublic sewer
• Home design: Single-family residenceOne story
• Construction: Aluminum sidingMetal sidingAsphalt roof
• Exterior features: DeckPrivate maintained road

Interior

• Kitchen: Refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heatingForced air
• Interior features: Eat-in kitchen
• Laundry & utility: WasherDryerMain-level laundryGas water heater

Listing history 50 events

1. 2026-08-08
   days on market $89,000 Active 93 DOM
2. 2026-08-07
   days on market $89,000 Active 92 DOM
3. 2026-08-06
   days on market $89,000 Active 91 DOM
4. 2026-08-05
   days on market $89,000 Active 90 DOM
5. 2026-08-04
   days on market $89,000 Active 89 DOM
6. 2026-08-03
   days on market $89,000 Active 88 DOM
7. 2026-07-31
   days on market $89,000 Active 85 DOM
8. 2026-07-30
   days on market $89,000 Active 84 DOM
9. 2026-07-29
   days on market $89,000 Active 83 DOM
10. 2026-07-27
    days on market $89,000 Active 81 DOM
11. 2026-07-25
    days on market $89,000 Active 79 DOM
12. 2026-07-24
    days on market $89,000 Active 78 DOM
13. 2026-07-23
    days on market $89,000 Active 77 DOM
14. 2026-07-22
    days on market $89,000 Active 76 DOM
15. 2026-07-21
    days on market $89,000 Active 75 DOM
16. 2026-07-18
    days on market $89,000 Active 72 DOM
17. 2026-07-16
    days on market $89,000 Active 70 DOM
18. 2026-07-15
    days on market $89,000 Active 69 DOM
19. 2026-07-14
    days on market $89,000 Active 68 DOM
20. 2026-07-13
    days on market $89,000 Active 67 DOM
21. 2026-07-12
    days on market $89,000 Active 66 DOM
22. 2026-07-12
    days on market $89,000 Active 65 DOM
23. 2026-07-10
    days on market $89,000 Active 64 DOM
24. 2026-07-09
    days on market $89,000 Active 63 DOM
25. 2026-07-09
    days on market $89,000 Active 62 DOM
26. 2026-07-08
    days on market $89,000 Active 61 DOM
27. 2026-07-06
    days on market $89,000 Active 60 DOM
28. 2026-07-05
    days on market $89,000 Active 59 DOM
29. 2026-07-04
    days on market $89,000 Active 58 DOM
30. 2026-07-04
    remarks 214-char remark
31. 2026-07-04
    price $89,000 Active 57 DOM
32. 2026-07-03
    days on market $69,000 Active 57 DOM
33. 2026-07-02
    days on market $69,000 Active 56 DOM
34. 2026-07-01
    days on market $69,000 Active 55 DOM
35. 2026-06-30
    days on market $69,000 Active 54 DOM
36. 2026-06-29
    days on market $69,000 Active 53 DOM
37. 2026-06-28
    days on market $69,000 Active 52 DOM
38. 2026-06-27
    days on market $69,000 Active 51 DOM
39. 2026-06-26
    days on market $69,000 Active 49 DOM
40. 2026-06-22
    days on market $69,000 Active 46 DOM
41. 2026-06-21
    days on market $69,000 Active 45 DOM
42. 2026-06-21
    days on market $69,000 Active 44 DOM
43. 2026-06-18
    days on market $69,000 Active 42 DOM
44. 2026-06-17
    days on market $69,000 Active 41 DOM
45. 2026-06-16
    days on market $69,000 Active 40 DOM
46. 2026-06-15
    days on market $69,000 Active 39 DOM
47. 2026-06-13
    days on market $69,000 Active 37 DOM
48. 2026-06-12
    days on market $69,000 Active 36 DOM
49. 2026-06-09
    days on market $69,000 Active 33 DOM
50. 2026-06-08
    days on market $69,000 Active 32 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 2/10 Low 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: $16,863
• − Mortgage interest: −$4,985
• − Property taxes: −$1,335
• − Insurance: −$445
• − Repairs & maintenance: −$1,349
• − Management: −$1,349
• − Depreciation: −$2,589
• Taxable income: $4,810
• Est. tax owed @ 24.0%: −$1,155
• After-tax cash flow: $4,787/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.

Condition & rehab AI · 9 photos

Good 80/100 Cosmetic rehab Est. rehab $4,830–$14,490 screening

This remodeled mobile home is in good condition with new finishes and appliances, making it a great investment for both resale and rental.

Value-add opportunities

• Both landscaping — enhances curb appeal and adds value ↑
• Both new flooring — improves aesthetics and durability ↑
• Both new kitchen appliances — modernizes the space and adds value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

B Composite school gradezoned avg 76/100

Zoned Schools

Elementary Spirit Lake Elementary School A- IA #181/616 Nat'l #2,792/41,679 Middle Spirit Lake Middle School A IA #90/246 Nat'l #656/14,009 High Spirit Lake High School A IA #20/336 Nat'l #918/17,239

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

A Composite livability gradescore 81/100

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
• County: Dickinson · 18,133 people
• City population: 8,561
• Population (ZIP): 8,561
• Household income: $77,464
• Rent vs Own: 26.2% rent · 73.8% own
• Severe rent burden: 7% of renters

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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%

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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%

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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

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Industry mix (Fortune 500 HQ in IA)

Industry	F500 HQs	Revenue
▸Financial Services	1	$16B
▸Retail / Convenience	1	$15B

Property features AI

Finance

• Other: Residential property
• HOA & community: Lot rent $240 plus water (buyer must obtain lot approval from GF Land Partnership prior to closing)

Exterior

• Utilities: Public waterPublic sewer
• Home design: Single-family residenceOne story
• Construction: Aluminum sidingMetal sidingAsphalt roof
• Exterior features: DeckPrivate maintained road

Interior

• Kitchen: Refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heatingForced air
• Interior features: Eat-in kitchen
• Laundry & utility: WasherDryerMain-level laundryGas water heater

Price history

1 event — show timeline

• 2026-05-07 Listed $69,000 Iowa Great Lakes BOR

Property tax history

+4.3%/yr

Latest (2025): $10 · -44.4% YoY. Source: county tax records.