234 6th St SW · Spencer, IA 51301

$180,000

4 bd · 1.5 ba · 1,800 sqft · SingleFamily public records · 83 Days on market

Built 1964 10,044 sqft lot $100/sqft · at area comps Est $183k · at est.

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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).

• Cash flow +11.0/30.0
• ARV discount +8.3/15.0
• Schools +6.1/10.0
• Livability +3.9/5.0
• DSCR +3.2/10.0
• 1% rule +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious, functional and ready for its next owner! This 4 bedroom home offers the room you've been looking for with two living spaces and large bedrooms. The 3 season room is perfect for relaxing and enjoying the view of the back yard. You'll appreciate the heated work space in the garage, ideal for hobbies or a workspace you can use year-round! Furnace, central AC, water heater and electric panel were all NEW in 2024. A solid home with space, function and versatility!

Key facts

• 3 season room
• Heated work space
• 0.23 acre lot

Tags

• 3 SEASON ROOM
• HEATED WORK SPACE

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $-77 ($-924/yr) — negative.
• To cash-flow at today's rent, offer at most $166k (7.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $146k (18.9% below list).
• Recommended offer: $146k (18.9% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 4.6% 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: 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; 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 83 days — a 6% lower offer ($169k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $146,000 (18.9% 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 83 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Built in 1964 — 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: 0.81% ✗
• Cap rate: 5.78%
• Cash-on-cash: -1.83%
• DSCR: 0.92
• GRM: 10.3

CMA / ARV

• ARV (median comp): $183,287
• List price: $180,000
• Delta: -1.79%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
222 6th St SW	0.03mi	3/1.5 (-1)	1,893 (+5%)	14mo	$234,000	$124	74
823 1st St SW	0.21mi	5/2.5 (+1)	1,824 (+1%)	11mo	$180,000	$99	70
810 1st Ave SW	0.21mi	3/2.0 (-1)	1,682 (-7%)	5mo	$130,000	$77	68
301 Southmoor Dr	0.20mi	5/2.0 (+1)	1,968 (+9%)	2mo	$180,000	$91	66
221 Southmoor Dr	0.20mi	4/2.5	1,648 (-8%)	12mo	$107,000	$65	63
818 1st Ave SW	0.22mi	3/1.5 (-1)	1,592 (-12%)	11mo	$239,000	$150	56
6 Grandview Blvd	0.67mi	4/2.0	1,920 (+7%)	2mo	$177,000	$92	54
411 4th Ave W	0.70mi	3/2.0 (-1)	1,781 (-1%)	9mo	$150,000	$84	51
612 W 4th St	0.72mi	3/1.5 (-1)	1,864 (+4%)	6mo	$143,000	$77	50
915 1st Ave SW	0.25mi	3/2.5 (-1)	1,536 (-15%)	7mo	$160,000	$104	49
311 W 5th St	0.74mi	5/2.0 (+1)	1,750 (-3%)	12mo	$139,000	$79	44
302 9th St SE	0.43mi	3/2.0 (-1)	1,568 (-13%)	14mo	$223,000	$142	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: -19.3%
• Equity multiple: 0.32×
• Total profit: $-34,061
• Equity at exit: $26,839

10-year hold

• IRR: -12.0%
• Equity multiple: 0.29×
• Total profit: $-35,922
• Equity at exit: $15,563

Cash invested: $50,400 (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: 10.3×

Monthly cashflow live

• Estimated rent: $1,460 medium
• Mortgage (P&I): −$944
• Tax from tax record: −$212 /mo · $2,538/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$307
• Net cashflow: $-77

Break-even live

Break-even rent $1,558

Max offer price $166,391

Occupancy floor —

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: $45,000
• Closing costs: $5,400
• 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	43d	1	0.48mi

Listing history 17 events

1. 2026-06-18
   days on market $180,000 Active 83 DOM
2. 2026-06-17
   days on market $180,000 Active 82 DOM
3. 2026-06-16
   days on market $180,000 Active 81 DOM
4. 2026-06-15
   days on market $180,000 Active 80 DOM
5. 2026-06-13
   days on market $180,000 Active 78 DOM
6. 2026-06-12
   days on market $180,000 Active 77 DOM
7. 2026-06-09
   days on market $180,000 Active 74 DOM
8. 2026-06-08
   days on market $180,000 Active 73 DOM
9. 2026-06-07
   days on market $180,000 Active 72 DOM
10. 2026-06-04
    days on market $180,000 Active 68 DOM
11. 2026-06-02
    days on market $180,000 Active 67 DOM
12. 2026-06-01
    days on market $180,000 Active 66 DOM
13. 2026-05-31
    days on market $180,000 Active 65 DOM
14. 2026-05-31
    days on market $180,000 Active 64 DOM
15. 2026-05-13
    status Active 473-char remark

    Show marketing remark (473 chars)

    Spacious, functional and ready for its next owner! This 4 bedroom home offers the room you've been looking for with two living spaces and large bedrooms. The 3 season room is perfect for relaxing and enjoying the view of the back yard. You'll appreciate the heated work space in the garage, ideal for hobbies or a workspace you can use year-round! Furnace, central AC, water heater and electric panel were all NEW in 2024. A solid home with space, function and versatility!

16. 2026-05-08
    historical Active Under Contract 473-char remark

    Show marketing remark (473 chars)

    Spacious, functional and ready for its next owner! This 4 bedroom home offers the room you've been looking for with two living spaces and large bedrooms. The 3 season room is perfect for relaxing and enjoying the view of the back yard. You'll appreciate the heated work space in the garage, ideal for hobbies or a workspace you can use year-round! Furnace, central AC, water heater and electric panel were all NEW in 2024. A solid home with space, function and versatility!

17. 2026-03-27
    listed $189,900 Active 473-char remark

    Show marketing remark (473 chars)

    Spacious, functional and ready for its next owner! This 4 bedroom home offers the room you've been looking for with two living spaces and large bedrooms. The 3 season room is perfect for relaxing and enjoying the view of the back yard. You'll appreciate the heated work space in the garage, ideal for hobbies or a workspace you can use year-round! Furnace, central AC, water heater and electric panel were all NEW in 2024. A solid home with space, function and versatility!

ⓘ 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: $2,538 · $212/mo
• Projected year-2 tax: $2,682 · $224/mo
• Expected delta: +$144/yr (+$12/mo · 5.7%)

ⓘ 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 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: −$10,083
• − Property taxes: −$2,538
• − Insurance: −$900
• − Repairs & maintenance: −$1,402
• − Management: −$1,402
• − Depreciation: −$5,236
• Taxable loss: −$4,040
• Est. tax savings @ 24.0%: +$970
• After-tax cash flow: $45/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

3 events — show timeline

• 2026-05-13 Relisted — Iowa Great Lakes BOR
• 2026-05-08 Contingent — Iowa Great Lakes BOR
• 2026-03-27 Listed $189,900 Iowa Great Lakes BOR

Property tax history

+1.8%/yr

Latest (2025): $2,538 · +3.7% YoY. Source: county tax records.