325 E 13th St · Spencer, IA 51301

$124,500

3 bd · 1.0 ba · 1,179 sqft · SingleFamily public records · 9 Days on market

Built 1910 0.28 ac lot Est $143k · 13% under

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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 +27.0/30.0
• ARV discount +13.2/15.0
• DSCR +9.3/10.0
• 1% rule +6.7/10.0
• 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

Searching for a move-in-ready home in Spencer, Iowa with a large yard and convenient main-floor living. This 4-bedroom, 1-bathroom home offers 1,477 square feet of comfortable living space on a spacious 0.28-acre corner lot. Inside, you'll find updated flooring throughout, neutral finishes, main-floor bedrooms, and main-floor laundry designed for convenience and everyday comfort. The upper level provides additional living space perfect for growing families, guests, or a home office. The oversized corner lot provides plenty of room for outdoor activities and offers excellent potential to add a large garage, workshop, or additional storage building. Whether you're a first-time buyer, growing

Key facts

• Oversized corner lot
• Large yard
• Updated flooring

Tags

• LARGE YARD
• MAIN-FLOOR LIVING
• UPDATED FLOORING
• MAIN-FLOOR LAUNDRY
• ADDITIONAL LIVING SPACE
• OVERSIZED CORNER LOT

Property features AI

Exterior

• Parking: Gravel parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One and one-half level; 1 story total
• Construction: Vinyl siding; Asphalt roof
• Exterior features: Corner lot; Lot dimensions approximately 86 x 142

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating with forced air; Central air conditioning
• Interior features: Gas water heater; Unfinished partial basement
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $124k.

Deal economics

• At list price, monthly cash flow is $349 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $124k).
• Cap rate 9.7% vs local median 4.6% 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; 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 $861 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $124,500

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.17% ✓
• Cap rate: 9.65%
• Cash-on-cash: 12.00%
• DSCR: 1.53
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $142,659
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
313 E 14th St	0.08mi	3/1.0	1,200 (+2%)	6mo	$135,000	$113	89
321 E 14th St	0.07mi	2/1.0 (-1)	1,118 (-5%)	1mo	$134,890	$121	82
1222 4th Ave E	0.04mi	2/2.0 (-1)	1,144 (-3%)	4mo	$170,000	$149	81
704 E 18th St	0.39mi	3/1.5	1,236 (+5%)	0mo	$175,100	$142	72
1622 1st Ave E	0.31mi	2/1.0 (-1)	1,104 (-6%)	0mo	$174,900	$158	70
1607 Grand Ave	0.37mi	3/1.0	1,272 (+8%)	3mo	$159,000	$125	67
106 E 10th St	0.30mi	3/1.0	1,296 (+10%)	6mo	$112,500	$87	65
702 E 8th St	0.44mi	3/2.0	1,250 (+6%)	2mo	$162,000	$130	64
507 E 9th St	0.30mi	3/1.5	1,331 (+13%)	2mo	$155,000	$116	61
802 E 5th St	0.67mi	4/1.0 (+1)	1,200 (+2%)	4mo	$30,000	$25	58
601 E Milw St	0.48mi	2/1.0 (-1)	1,008 (-14%)	3mo	$85,000	$84	46
821 Fisher Ct	0.73mi	2/1.5 (-1)	1,296 (+10%)	2mo	$140,000	$108	41

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: 1.5%
• Equity multiple: 1.06×
• Total profit: $2,010
• Equity at exit: $18,563

10-year hold

• IRR: 11.1%
• Equity multiple: 1.87×
• Total profit: $30,273
• Equity at exit: $10,764

Cash invested: $34,860 (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: 7.1×

Monthly cashflow live

• Estimated rent: $1,454 medium
• Mortgage (P&I): −$653
• Tax from tax record: −$95 /mo · $1,144/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$305
• Net cashflow: $349

Break-even live

Break-even rent $1,013

Max offer price $124,500

Occupancy floor 71%

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: $31,125
• Closing costs: $3,735
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-18
   price $124,500 Active 9 DOM
2. 2026-06-18
   days on market $129,500 Active 9 DOM
3. 2026-06-17
   days on market $129,500 Active 8 DOM
4. 2026-06-16
   days on market $129,500 Active 7 DOM
5. 2026-06-15
   days on market $129,500 Active 6 DOM
6. 2026-06-13
   days on market $129,500 Active 4 DOM
7. 2026-06-12
   days on market $129,500 Active 3 DOM
8. 2026-06-09
   remarks 699-char remark
9. 2026-06-09
   listed $129,500 Active 1 DOM

ⓘ 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: $1,144 · $95/mo
• Projected year-2 tax: $1,549 · $129/mo
• Expected delta: +$405/yr (+$34/mo · 35.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 10% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,448
• − Mortgage interest: −$6,974
• − Property taxes: −$1,144
• − Insurance: −$622
• − Repairs & maintenance: −$1,396
• − Management: −$1,396
• − Depreciation: −$3,622
• Taxable income: $2,294
• Est. tax owed @ 24.0%: −$551
• After-tax cash flow: $3,632/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

1 event — show timeline

• 2026-06-09 Listed $129,500 Iowa Great Lakes BOR

Property tax history

+1.5%/yr

Latest (2025): $1,144 · +3.6% YoY. Source: county tax records.