409 E 9th StSpencerIA51301
INVESTMENT ANALYSIS
Investment Verdict
Steady Equity BuilderInvestors who treat current yield as secondary to long-run equity growth will find 409 E 9th St, Spencer, IA, 51301 in Spencer worth modelling. At $145,900 with a 7.9% gross yield, the $960/mo rent leaves $12/mo after the $656/mo payment, sufficient to cover costs, modest in distribution. Ziffy Mortgage's 1.46 DSCR loan can finance the acquisition without personal income documentation. Appreciation of 5%/yr is projected to add $40,309 by year five; $1,344/yr in principal reduction adds further equity. Total projected return: $56,346.
| This Property | City Avg | |
|---|---|---|
| Gross Rental Yield | 7.9% | 7.0% |
| Monthly Cash Flow | $12 | $300 |
City averages based on Spencer market data in our database. Property projections are estimates.
DSCR Loan Qualification
| Monthly Rental Income | $960 |
| Total Monthly Debt Service | $889 |
| DSCR Ratio | 1.08x |
Ziffy Mortgage: Your DSCR most likely meets our 1.0+ requirement, so you'll most probably qualify for our standard DSCR investment loan program. To pre-qualify, 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 1920
6,969 sqft 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 1920
6,969 sqft 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: Kim Bates • Northwest Iowa Realty
Mls Name: Iowa Great Lakes BOR
Mls Provider:
Mls ID: #250462
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.