829 E 5th St · Spencer, IA 51301

$99,900

1 bd · 1.0 ba · 576 sqft · SingleFamily public records · 53 Days on market

Built 1900 7,775 sqft lot $173/sqft · 23% above area Est $81k · 23% over

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Why this score? — see what drove the C- 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 +25.0/30.0
• DSCR +8.1/10.0
• Schools +6.1/10.0
• 1% rule +5.6/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investment Opportunity in Spencer, Iowa Charming 1-bedroom, 1-bath home with potential for 2 rooms. This property features updated hot water heater and furnace (2018), a detached single car garage, and a spacious lot. Ideal for investors or first-time buyers, with room for customization and income potential.

Key facts

• New plumbing
• Updated bath
• New flooring

Tags

• NEW SEWER AND WATER LINES
• NEW PLUMBING
• NEW ELECTRICAL
• NEW ROOF
• NEW FLOORING
• UPDATED BATH

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One-story
• Construction: Vinyl siding
• Exterior features: Asphalt roof; Lot approximately 50 x 158 (0.18 acre)

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Gas water heater; Full basement

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $216 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $97k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.9% 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: 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 $691 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.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $10k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $62k; list at $100k implies a 62% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $96,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 53 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 1900 — 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: 1.06% ✓
• Cap rate: 8.89%
• Cash-on-cash: 9.28%
• DSCR: 1.41
• GRM: 7.9

CMA / ARV

• ARV (median comp): $81,178
• List price: $99,900
• Delta: 23.06%
• Verdict: OVERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
621 E Milwaukee St	0.17mi	1/1.0	528 (-8%)	20mo	$38,000	$72	62

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: -2.3%
• Equity multiple: 0.91×
• Total profit: $-2,444
• Equity at exit: $14,895

10-year hold

• IRR: 7.3%
• Equity multiple: 1.55×
• Total profit: $15,488
• Equity at exit: $8,638

Cash invested: $27,972 (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: 7.9×

Monthly cashflow live

• Estimated rent: $1,055 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$52 /mo · $618/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$221
• Net cashflow: $216

Break-even live

Break-even rent $781

Max offer price $99,900

Occupancy floor 74%

Sensitivity live

Price	-10% $273	-5% $245	+0% $216	+5% $188	+10% $160
Rent	-10% $133	-5% $175	+0% $216	+5% $258	+10% $300
Rate	-1.0pp $267	-0.5pp $242	base $216	+0.5pp $190	+1.0pp $164

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-15
   statusdays on market $99,900 Pending 53 DOM
2. 2026-06-13
   days on market $99,900 Active Under Contract 52 DOM
3. 2026-06-12
   days on market $99,900 Active Under Contract 51 DOM
4. 2026-06-09
   days on market $99,900 Active Under Contract 48 DOM
5. 2026-06-08
   days on market $99,900 Active Under Contract 47 DOM
6. 2026-06-07
   days on market $99,900 Active Under Contract 46 DOM
7. 2026-06-04
   days on market $99,900 Active Under Contract 42 DOM
8. 2026-06-02
   days on market $99,900 Active Under Contract 41 DOM
9. 2026-06-01
   days on market $99,900 Active Under Contract 40 DOM
10. 2026-05-31
    days on market $99,900 Active Under Contract 39 DOM
11. 2026-05-31
    days on market $99,900 Active Under Contract 38 DOM
12. 2026-05-15
    historical Active Under Contract 825-char remark
13. 2026-05-04
    price $99,900 825-char remark
14. 2026-04-22
    listed $110,000 Active 825-char remark
15. 2024-05-03
    soldstatus $61,500 Closed 309-char remark

    Show marketing remark (309 chars)

    Investment Opportunity in Spencer, Iowa Charming 1-bedroom, 1-bath home with potential for 2 rooms. This property features updated hot water heater and furnace (2018), a detached single car garage, and a spacious lot. Ideal for investors or first-time buyers, with room for customization and income potential.

16. 2024-04-06
    status Pending 309-char remark

    Show marketing remark (309 chars)

    Investment Opportunity in Spencer, Iowa Charming 1-bedroom, 1-bath home with potential for 2 rooms. This property features updated hot water heater and furnace (2018), a detached single car garage, and a spacious lot. Ideal for investors or first-time buyers, with room for customization and income potential.

17. 2024-04-03
    listed $45,000 Active 309-char remark

    Show marketing remark (309 chars)

    Investment Opportunity in Spencer, Iowa Charming 1-bedroom, 1-bath home with potential for 2 rooms. This property features updated hot water heater and furnace (2018), a detached single car garage, and a spacious lot. Ideal for investors or first-time buyers, with room for customization and income potential.

ⓘ 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: $618 · $52/mo
• Projected year-2 tax: $1,093 · $91/mo
• Expected delta: +$475/yr (+$40/mo · 76.9%)

ⓘ 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 ≥100°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: $12,657
• − Mortgage interest: −$5,596
• − Property taxes: −$618
• − Insurance: −$500
• − Repairs & maintenance: −$1,013
• − Management: −$1,013
• − Depreciation: −$2,906
• Taxable income: $1,012
• Est. tax owed @ 24.0%: −$243
• After-tax cash flow: $2,352/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

+122.0% since first listed

7 events — show timeline

• 2026-06-14 Pending — Iowa Great Lakes BOR
• 2026-05-15 Contingent — Iowa Great Lakes BOR
• 2026-05-04 Price Changed $99,900 Iowa Great Lakes BOR
• 2026-04-22 Listed $110,000 Iowa Great Lakes BOR
• 2024-05-03 Sold (MLS) $61,500 Iowa Great Lakes BOR
• 2024-04-06 Pending — Iowa Great Lakes BOR
• 2024-04-03 Listed $45,000 Iowa Great Lakes BOR

Property tax history

+6.1%/yr

Latest (2025): $618 · +4.0% YoY. Source: county tax records.