1620 N Grand AveSpencerIA51301
INVESTMENT ANALYSIS
Investment Verdict
Appreciation PlayGlobal investors willing to prioritise equity over near-term yield will find 1620 N Grand Ave, Spencer, IA, 51301 in Spencer worth study. Rental yield 4.04%. The 4.04% gross yield is below cash-flow benchmarks at $319,000, but 5% annual appreciation, adding $88,134 over five years, frames this as a capital growth position. Rent of $1,074/mo partially offsets the $1,434/mo payment. Ziffy Mortgage finances appreciation-play properties (0.75 DSCR) for non-U.S. residents without domestic income documentation; a 30–35% down payment maximises coverage. Total projected return: $57,219.
| This Property | City Avg | |
|---|---|---|
| Gross Rental Yield | 4% | 7.0% |
| Monthly Cash Flow | $(998) | $300 |
City averages based on Spencer market data in our database. Property projections are estimates.
DSCR Loan Qualification
| Monthly Rental Income | $1,074 |
| Total Monthly Debt Service | $1,945 |
| DSCR Ratio | 0.55x |
Ziffy Mortgage typically prefers a DSCR of 1.0+, but in some cases you may qualify with a DSCR below 1. To explore if this deal qualifies for an investment mortgage, book time with your loan officer →
Estimates assume 6.0% rate / 30-yr fixed, 30% down, 1% tax, 0.5% insurance. Not a commitment to lend.
Single Family
Built in 1937
0.33 Acres lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 51301, Spencer, IA area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 6,257 (100%) |
| Owner Occupied HU | 3,762 (60.1%) |
| Renter Occupied HU | 1,788 (28.6%) |
| Vacant Housing Units | 707 (11.3%) |
| Median Home Value | $196,406 |
| Average Home Value | $264,591 |
Housing Distribution
Address Breakdown
Residential
5,949
Single Family
4,996
Multi-Family
953
Businesses
663
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
Ziffy AI Summary
A quick, investor-focused snapshot highlighting income strength, yield potential.
| Key metrics | Value |
|---|---|
| Price | $399,900 |
| Est. Rent | $3,200/mo |
| ROI | 18% |
- Attractive rent-to-price ratio for income stability
- Good fit for DSCR financing with healthy coverage
Single Family
Built in 1937
0.33 Acres lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 51301, Spencer, IA area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 6,257 (100%) |
| Owner Occupied HU | 3,762 (60.1%) |
| Renter Occupied HU | 1,788 (28.6%) |
| Vacant Housing Units | 707 (11.3%) |
| Median Home Value | $196,406 |
| Average Home Value | $264,591 |
Housing Distribution
Address Breakdown
Residential
5,949
Single Family
4,996
Multi-Family
953
Businesses
663
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
Listed by: Bob Bates • Northwest Iowa Realty
Mls Name: Iowa Great Lakes BOR
Mls Provider:
Mls ID: #250428
Disclaimer: IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed.