Real Estate Investing in Lake Park, Iowa (51347)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 51347 (Lake Park, IA)? Our answer, based on the numbers below.
Mixed signals — some positives, some negatives. Worth considering but not a slam-dunk.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High vacancy: 16.9% of homes vacant — above national norms.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Lake Park, IA (51347)?
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Market Analysis: 51347 Lake Park
This part of Dickinson County is not an easy win. The 51347 ZIP posts softness in key indicators, and the playbook that works in cleaner markets often stalls here.
Rent of $1,062/mo on a $255K basis reads well until vacancy, delinquency, and capex enter the model. The honest cap rate in 51347 sits below the stated 0.0% once reality is priced in.
Nearby ZIPs in Lake Park have seen price recovery that 51347 has not matched. Dickinson County data supports the view that the spread is structural rather than temporary.
In practical terms, 1,524 residents fill the ZIP, renter turnover runs higher than neighboring postal codes and delinquency risk is a real line item rather than a theoretical one.
New investors are better served looking at Lake Park's stable or hybrid ZIPs before stepping into 51347. The learning curve here is expensive when the lesson is wrong.
Here's what matters if you're considering buying a home in Lake Park:
Property Strategy for 51347
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $173,524 | $1,180 | 4.9% | +8.1% | $86,762 |
| 3BR | $242,161 | $1,420 | 4.2% | +7.7% | $80,720 |
| 4BR | $307,742 | $1,560 | 3.6% | +8.7% | $76,936 |
Market Trends
Home Value History (with trend line)
📊 How Does 51347 Compare?
| Metric | 51347 | Lake Park | Spirit Lake, IA | Iowa |
|---|---|---|---|---|
| Home Value | $254,604 | $254,604 | N/A | $227,232 |
| 5-Year CAGR | 6.2% | 6.2% | N/A | 6.0% |
| Avg Rent | $1,062 | $1,062 | N/A | - |
| Cap Rate | 3.3% | 3.3% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 51347 (Lake Park, IA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $254,604 |
| Monthly Rent | $1,062 |
| Price-to-Rent | 20.0:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.0% |
| Cap Rate | 3.3% |
| 5-Year IRR | 9.4% |
📈 Home Appreciation
| 1-Year | +7.4% ▲ |
| 3-Year CAGR | +4.8% ▲ |
| 5-Year CAGR | +6.2% ▲ |
| 10-Year CAGR | +5.4% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.3%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 51347
Population: 1,524
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 51347
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Frequently Asked Questions
Is Lake Park, IA good for landlords?
Lake Park, IA falls under IA landlord-tenant law, which is landlord-friendly. That backdrop makes day-to-day property management reasonable.
Does a duplex house hack pencil in Lake Park, IA?
For house hackers, Lake Park, IA is a challenging. The $1,062/mo rent on a unit helps defray the mortgage on a $255K property.
Are tenants stable in Lake Park, IA?
Lake Park, IA draws a even-keeled base of working renters. Demand at the $1,062/mo rent level is reasonable for standard single-family and small multi rentals.
What do rentals go for in Lake Park, IA?
Rental rates in Lake Park, IA average $1,062/mo. Tenant demand and $255K home values make the yield look reasonable by investor standards.
Are homes affordable in Lake Park, IA?
Lake Park, IA median home values land near $255K. That is reasonable territory for investors looking at $1,062/mo-per-month rentals.
You know 51347 now. You don’t know where it ranks.
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How 51347 ranks in Spirit Lake, IA
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