1900 4th Ave SW #206 · Spencer, IA 51301

$121,000

1 bd · 1.0 ba · 783 sqft · Condo public records · 46 Days on market

Built 2000

---

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).

• Cash flow +10.8/30.0
• ARV discount +7.5/15.0
• Schools +6.1/10.0
• 1% rule +5.2/10.0
• Livability +3.9/5.0
• DSCR +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

CAREFREE LIVING in this open floor plan. Owners have repainted all the walls and also have put in new flooring in the bathroom, living room and kitchen. Also a new vanity was put in the bathroom. Your car has room in the garage and it is a heated garage. Laundry room is immediately outside of their front door. All new appliances. Get stress free living because you will not have to move snow or mow the grass. Also you have a Beautiful view of the golf course .

Key facts

• Private balcony
• Panoramic views
• Assigned parking

Tags

• PRIVATE BALCONY
• PANORAMIC VIEWS
• FULLY FURNISHED KITCHEN
• ON SITE EXERCISE ROOM
• CLIMATE CONTROLLED GARAGE
• ASSIGNED PARKING

Property features AI

Exterior

• Parking: Attached garage with 1 parking space; Concrete parking; Garage door opener
• Utilities: Public water; Public sewer
• Home design: Residential condominium; Two levels / 2 stories
• Construction: Vinyl siding; Asphalt roof
• Exterior features: Balcony; Patio

Interior

• Kitchen: Microwave; Refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air; Natural gas forced air heating
• Interior features: Sauna; Eat-in kitchen; Pantry; Walk-in closet(s); Window coverings; Intercom
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $121k.

Deal economics

• At list price, monthly cash flow is $-54 ($-652/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $121k).
• Recommended offer: $117k (3.0% below list) — sets the bar for market timing.
• Cap rate 5.8% vs local median 4.8% in Spencer — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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; 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 $837 of loan paydown is wiped out by about $4k 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 46 days — a 3% lower offer ($117k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y 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 $91k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.

Recommended offer $117,370 (3.0% 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 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.02% ✓
• Cap rate: 5.75%
• Cash-on-cash: -1.92%
• DSCR: 0.91
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -19.3%
• Equity multiple: 0.32×
• Total profit: $-22,928
• Equity at exit: $18,041

10-year hold

• IRR: -11.7%
• Equity multiple: 0.30×
• Total profit: $-23,857
• Equity at exit: $10,462

Cash invested: $33,880 (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: 8.2×

Monthly cashflow live

• Estimated rent: $1,236 medium
• Mortgage (P&I): −$635
• Tax from tax record: −$80 /mo · $958/yr
• Insurance: −$50
• HOA est. from 4 same-building comps: −$266
• Vacancy / Maint / Mgmt: −$260
• Net cashflow: $-54

Break-even live

Break-even rent $1,305

Max offer price $111,406

Occupancy floor 99%

Sensitivity live

Price	-10% $14	-5% $-20	+0% $-54	+5% $-89	+10% $-123
Rent	-10% $-152	-5% $-103	+0% $-54	+5% $-5	+10% $43
Rate	-1.0pp $7	-0.5pp $-24	base $-54	+0.5pp $-86	+1.0pp $-118

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: $30,250
• Closing costs: $3,630
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-06-07
   statusdays on market $121,000 Pending 46 DOM
2. 2026-06-04
   days on market $121,000 Active 42 DOM
3. 2026-06-02
   days on market $121,000 Active 41 DOM
4. 2026-06-01
   days on market $121,000 Active 40 DOM
5. 2026-05-31
   days on market $121,000 Active 39 DOM
6. 2026-05-31
   days on market $121,000 Active 38 DOM
7. 2026-04-22
   listed $121,000 Active 932-char remark
8. 2021-06-30
   soldstatus $91,000 463-char remark

   Show marketing remark (463 chars)

   CAREFREE LIVING in this open floor plan. Owners have repainted all the walls and also have put in new flooring in the bathroom, living room and kitchen. Also a new vanity was put in the bathroom. Your car has room in the garage and it is a heated garage. Laundry room is immediately outside of their front door. All new appliances. Get stress free living because you will not have to move snow or mow the grass. Also you have a Beautiful view of the golf course .

9. 2021-06-30
   soldstatus $91,000

   Show marketing remark (463 chars)

   CAREFREE LIVING in this open floor plan. Owners have repainted all the walls and also have put in new flooring in the bathroom, living room and kitchen. Also a new vanity was put in the bathroom. Your car has room in the garage and it is a heated garage. Laundry room is immediately outside of their front door. All new appliances. Get stress free living because you will not have to move snow or mow the grass. Also you have a Beautiful view of the golf course .

10. 2021-05-25
    listed $91,000 463-char remark

    Show marketing remark (463 chars)

    CAREFREE LIVING in this open floor plan. Owners have repainted all the walls and also have put in new flooring in the bathroom, living room and kitchen. Also a new vanity was put in the bathroom. Your car has room in the garage and it is a heated garage. Laundry room is immediately outside of their front door. All new appliances. Get stress free living because you will not have to move snow or mow the grass. Also you have a Beautiful view of the golf course .

11. 2019-10-16
    soldstatus $65,000
12. 2019-10-11
    soldstatus $65,000

    Show marketing remark (814 chars)

    What do you think of the view from this balcony?? Highly desirable 1 bed, 1 bath condo unit at Ages 55+ Spencer Golfview. Professionally cleaned & ready for your immediate occupancy NOW. Are you ready for the easy life? No snow removal, no landscaping, minimal maintenance. Step through the double glass sliding doors on to your east facing balcony overlooking the Spencer Municipal Golf Course & enjoy astonishing sunrises. Kitchen is large with plenty of room for a table & tons of oak cabinetry. All appliances are included. Full bath has a tub/shower combo. Large bedroom has a walk-in closet. Comes with 1 storage unit & 1 space in the heated garage. The laundry room is immediately outside the front door. Social independent community with lots of optional activities like movie night!

13. 2019-04-18
    listed $69,500

    Show marketing remark (814 chars)

    What do you think of the view from this balcony?? Highly desirable 1 bed, 1 bath condo unit at Ages 55+ Spencer Golfview. Professionally cleaned & ready for your immediate occupancy NOW. Are you ready for the easy life? No snow removal, no landscaping, minimal maintenance. Step through the double glass sliding doors on to your east facing balcony overlooking the Spencer Municipal Golf Course & enjoy astonishing sunrises. Kitchen is large with plenty of room for a table & tons of oak cabinetry. All appliances are included. Full bath has a tub/shower combo. Large bedroom has a walk-in closet. Comes with 1 storage unit & 1 space in the heated garage. The laundry room is immediately outside the front door. Social independent community with lots of optional activities like movie night!

ⓘ 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: $958 · $80/mo
• Projected year-2 tax: $1,429 · $119/mo
• Expected delta: +$471/yr (+$39/mo · 49.1%)

ⓘ 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 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: $14,833
• − Mortgage interest: −$6,778
• − Property taxes: −$958
• − Insurance: −$605
• − Repairs & maintenance: −$1,187
• − Management: −$1,187
• − HOA: −$3,192
• − Depreciation: −$3,520
• Taxable loss: −$2,593
• Est. tax savings @ 24.0%: +$622
• After-tax cash flow: $-29/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

+74.1% since first listed

8 events — show timeline

• 2026-06-07 Pending — Iowa Great Lakes BOR
• 2026-04-22 Listed $121,000 Iowa Great Lakes BOR
• 2021-06-30 Sold (Public Records) $91,000 Public Records
• 2021-06-30 Sold (MLS) $91,000 Iowa Great Lakes BOR
• 2021-05-25 Listed $91,000 Iowa Great Lakes BOR
• 2019-10-16 Sold (Public Records) $65,000 Public Records
• 2019-10-11 Sold (MLS) $65,000 Iowa Great Lakes BOR
• 2019-04-18 Listed $69,500 Iowa Great Lakes BOR

Property tax history

-0.1%/yr

Latest (2025): $958 · -14.0% YoY. Source: county tax records.