515 6th Ave W · Spencer, IA 51301

$110,000

3 bd · 1.5 ba · 1,732 sqft · SingleFamily public records · 90 Days on market

Built 1920 8,778 sqft lot $64/sqft · 40% below area Est $185k · 40% under ↓ 2% since listing

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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 +29.8/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• Schools +6.1/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great opportunity in a solid neighborhood! This home offers strong potential with several key updates already in place, including newer vinyl replacement windows & a roof in good condition. Inside, you’ll find original hardwood floors in the living room & a mix of spaces—some needing full renovation, including both bathrooms, while others just require cosmetic updates like paint, flooring & light fixtures. Main floor laundry adds convenience. The property also features a 2-car tuck-under attached garage, a large backyard with a concrete patio & a small storage shed. Bring your ideas & build equity with this fixer-upper full of potential! Being sold AS-IS.

Key facts

• Large backyard
• Main floor laundry
• Concrete patio

Tags

• ROOF IN GOOD CONDITION
• ORIGINAL HARDWOOD FLOORS
• MAIN FLOOR LAUNDRY
• LARGE BACKYARD
• CONCRETE PATIO
• SMALL STORAGE SHED

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $403 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $103k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.7% vs local median 4.8% 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; 2 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 $761 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y 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.
• Current owner paid $50k; list at $110k implies a 120% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $103,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — 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: 1.39% ✓
• Cap rate: 10.69%
• Cash-on-cash: 15.70%
• DSCR: 1.70
• GRM: 6.0

CMA / ARV

• ARV (median comp): $184,674
• List price: $110,000
• Delta: -40.44%
• 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
411 4th Ave W	0.20mi	3/2.0	1,781 (+3%)	9mo	$150,000	$84	76
612 W 4th St	0.15mi	3/1.5	1,864 (+8%)	6mo	$143,000	$77	75
701 W 4th St	0.14mi	4/1.0 (+1)	1,624 (-6%)	3mo	$200,000	$123	73
817 Fisher Ct	0.18mi	4/2.0 (+1)	1,802 (+4%)	6mo	$162,500	$90	73
917 W 9th St	0.34mi	3/2.0	1,775 (+2%)	9mo	$245,000	$138	70
1312 4th Ave W	0.56mi	3/2.0	1,672 (-4%)	5mo	$185,000	$111	62
512 West Ln	0.54mi	3/2.0	1,763 (+2%)	16mo	$126,000	$71	56
803 6th Ave W	0.16mi	3/1.0	1,488 (-14%)	16mo	$79,000	$53	54
814 W 10th St	0.32mi	4/2.5 (+1)	1,872 (+8%)	16mo	$280,000	$150	49
9 E 2nd St	0.56mi	2/1.0 (-1)	1,860 (+7%)	12mo	$100,000	$54	45
720 3rd Ave E	0.69mi	3/2.0	1,566 (-10%)	9mo	$160,000	$102	42
105 W 1st St	0.50mi	3/2.0	1,484 (-14%)	13mo	$164,000	$111	40

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: 6.6%
• Equity multiple: 1.26×
• Total profit: $7,890
• Equity at exit: $16,401

10-year hold

• IRR: 16.0%
• Equity multiple: 2.30×
• Total profit: $40,121
• Equity at exit: $9,511

Cash invested: $30,800 (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: 6.0×

Monthly cashflow live

• Estimated rent: $1,528 medium
• Mortgage (P&I): −$577
• Tax from tax record: −$182 /mo · $2,182/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$321
• Net cashflow: $403

Break-even live

Break-even rent $1,018

Max offer price $110,000

Occupancy floor 69%

Sensitivity live

Price	-10% $465	-5% $434	+0% $403	+5% $372	+10% $341
Rent	-10% $282	-5% $343	+0% $403	+5% $463	+10% $524
Rate	-1.0pp $458	-0.5pp $431	base $403	+0.5pp $374	+1.0pp $345

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
801 9th St SW Unit 910-C5 Spencer, IA	4.0	2.5	1193	$1,599	$1.34	45d	1	0.89mi
801 9th St SW Unit 814-D6 Spencer, IA	3.0	2.0	1230	$1,460	$1.19	45d	1	0.89mi

Listing history 21 events

1. 2026-06-21
   days on market $110,000 Active 90 DOM
2. 2026-06-21
   days on market $110,000 Active 89 DOM
3. 2026-06-18
   days on market $110,000 Active 87 DOM
4. 2026-06-17
   days on market $110,000 Active 86 DOM
5. 2026-06-16
   days on market $110,000 Active 85 DOM
6. 2026-06-15
   days on market $110,000 Active 84 DOM
7. 2026-06-13
   days on market $110,000 Active 82 DOM
8. 2026-06-12
   days on market $110,000 Active 81 DOM
9. 2026-06-09
   days on market $110,000 Active 78 DOM
10. 2026-06-08
    days on market $110,000 Active 77 DOM
11. 2026-06-07
    days on market $110,000 Active 76 DOM
12. 2026-06-04
    days on market $110,000 Active 72 DOM
13. 2026-06-02
    days on market $110,000 Active 71 DOM
14. 2026-06-01
    days on market $110,000 Active 70 DOM
15. 2026-05-31
    days on market $110,000 Active 69 DOM
16. 2026-05-31
    days on market $110,000 Active 68 DOM
17. 2026-03-23
    listed $110,000 Active 707-char remark

    Show marketing remark (707 chars)

    Great opportunity in a solid neighborhood! This home offers strong potential with several key updates already in place, including newer vinyl replacement windows & a roof in good condition. Inside, you’ll find original hardwood floors in the living room & a mix of spaces—some needing full renovation, including both bathrooms, while others just require cosmetic updates like paint, flooring & light fixtures. Main floor laundry adds convenience. The property also features a 2-car tuck-under attached garage, a large backyard with a concrete patio & a small storage shed. Bring your ideas & build equity with this fixer-upper full of potential! Being sold AS-IS.

18. 2024-03-07
    soldstatus $50,000
19. 2018-03-19
    soldstatus $112,500
20. 2018-03-06
    soldstatus $102,500 560-char remark

    Show marketing remark (560 chars)

    So much to offer is this house with lots of room. Relax and enjoy in this spacious home. Kitchen has oak cabinets and is combined with the dining room. Spacious living room and main floor bath with jet tub. Large Master bedroom has room to fit a king bed and dressers. Breaker box and 2 furnaces: one heats the main floor which is gas and an electric furnace in the upper level which heats the bedrooms. Fenced in yard with 2 storage sheds and a attached 2 car garage which is insulated and it all situated on a huge lot. Call Today for Your private showing!!!

21. 2017-12-31
    listed $112,500 560-char remark

    Show marketing remark (560 chars)

    So much to offer is this house with lots of room. Relax and enjoy in this spacious home. Kitchen has oak cabinets and is combined with the dining room. Spacious living room and main floor bath with jet tub. Large Master bedroom has room to fit a king bed and dressers. Breaker box and 2 furnaces: one heats the main floor which is gas and an electric furnace in the upper level which heats the bedrooms. Fenced in yard with 2 storage sheds and a attached 2 car garage which is insulated and it all situated on a huge lot. Call Today for Your private showing!!!

ⓘ 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: $2,182 · $182/mo
• Projected year-2 tax: $2,182 · $182/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 4/10 Moderate
• 🌡 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: $18,341
• − Mortgage interest: −$6,162
• − Property taxes: −$2,182
• − Insurance: −$550
• − Repairs & maintenance: −$1,467
• − Management: −$1,467
• − Depreciation: −$3,200
• Taxable income: $3,313
• Est. tax owed @ 24.0%: −$795
• After-tax cash flow: $4,040/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

-2.2% since first listed

5 events — show timeline

• 2026-03-23 Listed $110,000 Iowa Great Lakes BOR
• 2024-03-07 Sold (Public Records) $50,000 Public Records
• 2018-03-19 Sold (Public Records) $112,500 Public Records
• 2018-03-06 Sold (MLS) $102,500 Iowa Great Lakes BOR
• 2017-12-31 Listed $112,500 Iowa Great Lakes BOR

Property tax history

+5.0%/yr

Latest (2025): $2,182 · +3.3% YoY. Source: county tax records.