515 6th Ave WSpencerIA51301
INVESTMENT ANALYSIS
Investment Verdict
Strong Cash FlowInvestors who value predictability will appreciate 515 6th Ave W, Spencer, IA, 51301 in Spencer. At $110,000 it earns $960/mo in rent and distributes $246/mo to the owner after the $495/mo payment, a consistent 10.47% yield. DSCR 1.94 clears Ziffy Mortgage's income-only underwriting standard. Over five years, 5% annual appreciation adds $30,391 in value; $1,013/yr in principal paydown compounds ownership stake. Total projected return: $57,637.
| This Property | City Avg | |
|---|---|---|
| Gross Rental Yield | 10.5% | 7.0% |
| Monthly Cash Flow | $246 | $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 | $671 |
| DSCR Ratio | 1.43x |
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
8,712 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
8,712 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