1502 Memphis Ave #26 · Spirit Lake, IA 51360

$69,000

3 bd · 1.0 ba · 966 sqft · Manufactured · 44 Days on market

Built 1977 $71/sqft · 65% 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
• ARV discount +7.5/15.0
• Schools +6.5/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

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 44 days

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 water; Public sewer
• Home design: Single-family residence; One story
• Construction: Aluminum siding; Metal siding; Asphalt roof
• Exterior features: Deck; Private maintained road

Interior

• Kitchen: Refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Forced air
• Interior features: Eat-in kitchen
• Laundry & utility: Washer; Dryer; Main-level laundry; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $69k.

Deal economics

• At list price, monthly cash flow is $965 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $69k).
• Recommended offer: $67k (3.0% below list) — sets the bar for market timing.
• Cap rate 23.1% vs local median 1.7% 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: 142 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 $477 of loan paydown is wiped out by about $2k 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 $19k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($67k) 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 $66,930 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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 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: 2.64% ✓
• Cap rate: 23.07%
• Cash-on-cash: 59.93%
• DSCR: 3.67
• GRM: 3.2

CMA / ARV

• ARV (median comp): $199,300
• List price: $69,000
• Delta: -65.38%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale 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%)	2mo	$30,000	$32	87

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: 58.7%
• Equity multiple: 3.60×
• Total profit: $50,302
• Equity at exit: $10,288

10-year hold

• IRR: 63.5%
• Equity multiple: 7.37×
• Total profit: $123,048
• Equity at exit: $5,966

Cash invested: $19,320 (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: 142
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,825 medium
• Mortgage (P&I): −$362
• Tax est. 1.5%: −$86 /mo · $1,035/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$383
• Net cashflow: $965

Break-even live

Break-even rent $604

Max offer price $69,000

Occupancy floor 42%

Sensitivity live

Price	-10% $1,013	-5% $989	+0% $965	+5% $941	+10% $917
Rent	-10% $821	-5% $893	+0% $965	+5% $1,037	+10% $1,109
Rate	-1.0pp $1,000	-0.5pp $982	base $965	+0.5pp $947	+1.0pp $929

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: $17,250
• Closing costs: $2,070
• 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	44d	81	0.46mi

Listing history 17 events

1. 2026-06-21
   days on market $69,000 Active 44 DOM
2. 2026-06-18
   days on market $69,000 Active 42 DOM
3. 2026-06-17
   days on market $69,000 Active 41 DOM
4. 2026-06-16
   days on market $69,000 Active 40 DOM
5. 2026-06-15
   days on market $69,000 Active 39 DOM
6. 2026-06-13
   days on market $69,000 Active 37 DOM
7. 2026-06-12
   days on market $69,000 Active 36 DOM
8. 2026-06-09
   days on market $69,000 Active 33 DOM
9. 2026-06-08
   days on market $69,000 Active 32 DOM
10. 2026-06-07
    days on market $69,000 Active 31 DOM
11. 2026-06-07
    days on market $69,000 Active 30 DOM
12. 2026-06-04
    days on market $69,000 Active 27 DOM
13. 2026-06-02
    days on market $69,000 Active 26 DOM
14. 2026-06-01
    days on market $69,000 Active 25 DOM
15. 2026-05-31
    days on market $69,000 Active 24 DOM
16. 2026-05-31
    days on market $69,000 Active 23 DOM
17. 2026-05-07
    listed $69,000 Active 203-char remark

ⓘ 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: $21,900
• − Mortgage interest: −$3,865
• − Property taxes: −$1,035
• − Insurance: −$345
• − Repairs & maintenance: −$1,752
• − Management: −$1,752
• − Depreciation: −$2,007
• Taxable income: $11,144
• Est. tax owed @ 24.0%: −$2,674
• After-tax cash flow: $8,904/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

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

Property tax history

+4.3%/yr

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