Real Estate Investment Properties for Sale in Spencer, IN

Looking for investment property in Spencer, IN with high ROI ?

Explore a variety of short-term homes & houses in Spencer, IN. Invest wisely with VRBO & Spencer, IN Airbnb properties available for purchase. Find your ideal investment property among our curated listings for a rewarding real estate venture.

Investment Property for Sale in Spencer, IN

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PROPERTY	DETAILS	SALE PRICE	INVESTMENT PERFORMANCE
613 Johnson Road Spencer, IN This 2 bedroom-1 bath home is located in a country setting, built in-ground giving a uniqu...	2 beds \| 1 baths \| 1,023 sq.ft.	$124,900	Airbnb cash on cash: 8.53% Traditional cash on cash: 10.13% Airbnb Rental Income: $1766 Traditional Rental Income: $1476 Airbnb ROI: 8.53% Traditional ROI: 10.13%
53 Greens Drive Spencer, IN Own this wooded 2.39 acre home only 5 minutes from town! Newly refurbished, stocked lake w...	3 beds \| 2 baths \| 1,352 sq.ft.	$345,000	Airbnb cash on cash: N/A Traditional cash on cash: 4.78% Airbnb Rental Income: $null Traditional Rental Income: $2097 Airbnb ROI: N/A Traditional ROI: 4.78%
4005 Texas Pike Spencer, IN Come one come all. This property has a lot to offer. The main house is a tri-level 4 bedro...	4 beds \| 2 baths \| 2,054 sq.ft.	$445,000	Airbnb cash on cash: N/A Traditional cash on cash: 4.52% Airbnb Rental Income: $null Traditional Rental Income: $2685 Airbnb ROI: N/A Traditional ROI: 4.52%
438 S Harrison Street Spencer, IN This home is approximately 1236 sq ft with 3 bedrooms - located in close proximity to all ...	3 beds \| 1 baths \| 1,236 sq.ft.	$169,000	Airbnb cash on cash: N/A Traditional cash on cash: 4.78% Airbnb Rental Income: $null Traditional Rental Income: $1094 Airbnb ROI: N/A Traditional ROI: 4.78%
135 & 137 W Wayne Street Spencer, IN Calling all investors! Looking for a stable, immediate cash flow property in excellent con...	2 beds \| 1 baths \| 1,728 sq.ft.	$1,150,000	Airbnb cash on cash: -0.43% Traditional cash on cash: -0.18% Airbnb Rental Income: $1766 Traditional Rental Income: $1545 Airbnb ROI: -0.43% Traditional ROI: -0.18%
169 Sycamore Street Spencer, IN INVESTORS!!! Investment ready opportunity, with a strong rental history, great structural ...	2 beds \| 1 baths \| 1,728 sq.ft.	$409,900	Airbnb cash on cash: 0.92% Traditional cash on cash: 1.68% Airbnb Rental Income: $1766 Traditional Rental Income: $1573 Airbnb ROI: 0.92% Traditional ROI: 1.68%
101 E Wayne Street Spencer, IN INVESTORS!!! This property is a cash flow ready investment opportunity. These duplexes are...	2 beds \| 2 baths \| 1,728 sq.ft.	$409,900	Airbnb cash on cash: 0.78% Traditional cash on cash: 2.84% Airbnb Rental Income: $1766 Traditional Rental Income: $2073 Airbnb ROI: 0.78% Traditional ROI: 2.84%
80 W Jefferson Street Spencer, IN This offering includes two identical multifamily buildings, each featuring five 1-bedroom,...	10 beds \| 10 baths \| 6,996 sq.ft.	$680,000	Airbnb cash on cash: N/A Traditional cash on cash: 7.08% Airbnb Rental Income: $null Traditional Rental Income: $5391 Airbnb ROI: N/A Traditional ROI: 7.08%
205 N Main Street Spencer, IN Step into a piece of history with this enchanting historic home, gracefully nestled on a t...	4 beds \| 3 baths \| 2,289 sq.ft.	$219,900	Airbnb cash on cash: N/A Traditional cash on cash: 9.39% Airbnb Rental Income: $null Traditional Rental Income: $2624 Airbnb ROI: N/A Traditional ROI: 9.39%
45 Flatwoods Road Spencer, IN Take a look at this 4 bedroom, 3 bath, 3502 sq. ft. Brick Ranch over finished walk-out bas...	4 beds \| 3 baths \| 3,502 sq.ft.	$374,900	Airbnb cash on cash: N/A Traditional cash on cash: 7.32% Airbnb Rental Income: $null Traditional Rental Income: $3276 Airbnb ROI: N/A Traditional ROI: 7.32%
7114 Locust Lake West Drive Spencer, IN Looking for a home on the lake? Take a look at this beauty!! 2 Bedroom, 2 Bath brick home ...	2 beds \| 2 baths \| 2,928 sq.ft.	$299,900	Airbnb cash on cash: 2.4% Traditional cash on cash: 7.42% Airbnb Rental Income: $1766 Traditional Rental Income: $2701 Airbnb ROI: 2.4% Traditional ROI: 7.42%
7517 State Highway 43 Highway Spencer, IN Sitting on 4.77 acres, this beautiful home features 4,088 square feet and includes 4 bedro...	4 beds \| 4 baths \| 3,458 sq.ft.	$569,900	Airbnb cash on cash: N/A Traditional cash on cash: 5.39% Airbnb Rental Income: $null Traditional Rental Income: $3791 Airbnb ROI: N/A Traditional ROI: 5.39%
681 Hancock School Road Spencer, IN Tranquil Park-Like Retreat located less than 10 minutes from downtown Spencer, this stunni...	2 beds \| 2 baths \| 2,260 sq.ft.	$420,500	Airbnb cash on cash: 1.71% Traditional cash on cash: 4.17% Airbnb Rental Income: $1766 Traditional Rental Income: $2253 Airbnb ROI: 1.71% Traditional ROI: 4.17%
655 W Thornridge Way Spencer, IN Come see this beautiful 3 bedroom, 2.5 bath home located in beautiful Thornridge! The hom...	3 beds \| 3 baths \| 1,930 sq.ft.	$339,900	Airbnb cash on cash: N/A Traditional cash on cash: 6.06% Airbnb Rental Income: $null Traditional Rental Income: $2598 Airbnb ROI: N/A Traditional ROI: 6.06%
3083 Hardscrabble Road Spencer, IN Location! Privacy and Charm-- All in One! Tucked away down a long driveway and surrounded ...	3 beds \| 2 baths \| 1,330 sq.ft.	$269,900	Airbnb cash on cash: N/A Traditional cash on cash: 7.07% Airbnb Rental Income: $null Traditional Rental Income: $2244 Airbnb ROI: N/A Traditional ROI: 7.07%
3320 Pine Wood Drive Spencer, IN Peaceful Country Living on 10+ Acres \| 3 Bed, 2 Bath Home with Expansive Garage & Scenic V...	3 beds \| 2 baths \| 1,404 sq.ft.	$413,900	Airbnb cash on cash: N/A Traditional cash on cash: 3.94% Airbnb Rental Income: $null Traditional Rental Income: $2132 Airbnb ROI: N/A Traditional ROI: 3.94%
9800 W Ratliff Road Spencer, IN 3 bedroom 3 bath home on 7 acres. 3 car attached garage and fenced yard with multiple out...	3 beds \| 3 baths \| 1,468 sq.ft.	$310,000	Airbnb cash on cash: N/A Traditional cash on cash: 6.1% Airbnb Rental Income: $null Traditional Rental Income: $2404 Airbnb ROI: N/A Traditional ROI: 6.1%
3216 Hardscrabble Road Spencer, IN Updated double-wide home on nearly 6 level acres featuring an oversized 2-car garage, 4 be...	4 beds \| 2 baths \| 1,792 sq.ft.	$350,000	Airbnb cash on cash: N/A Traditional cash on cash: 6.14% Airbnb Rental Income: $null Traditional Rental Income: $2531 Airbnb ROI: N/A Traditional ROI: 6.14%
1371 Clark Road Spencer, IN This is the one you've been waiting for. Adorable updated 4bedroom log cabin on 3plus acre...	4 beds \| 1 baths \| 1,536 sq.ft.	$265,000	Airbnb cash on cash: N/A Traditional cash on cash: 5.64% Airbnb Rental Income: $null Traditional Rental Income: $1963 Airbnb ROI: N/A Traditional ROI: 5.64%
7939 State Highway 43 Spencer, IN Located at 7939 State Highway 43, SPENCER, IN, this inviting home in Owen County offers a ...	3 beds \| 2 baths \| 1,792 sq.ft.	$274,900	Airbnb cash on cash: N/A Traditional cash on cash: 7.28% Airbnb Rental Income: $null Traditional Rental Income: $2334 Airbnb ROI: N/A Traditional ROI: 7.28%
456 W Hillside Avenue Spencer, IN This 4-bedroom â 1.5 bath house sits on Hillside Ave, a prime location for Spencer and c...	4 beds \| 2 baths \| 1,728 sq.ft.	$239,900	Airbnb cash on cash: N/A Traditional cash on cash: 8.83% Airbnb Rental Income: $null Traditional Rental Income: $2493 Airbnb ROI: N/A Traditional ROI: 8.83%
427 E Jefferson Street Spencer, IN Come check out this charming home in the heart of Spencer, Indiana! This home has 3 large ...	3 beds \| 2 baths \| 1,508 sq.ft.	$224,900	Airbnb cash on cash: N/A Traditional cash on cash: 8.83% Airbnb Rental Income: $null Traditional Rental Income: $2301 Airbnb ROI: N/A Traditional ROI: 8.83%
507 N Us Highway 231 Highway Spencer, IN Welcome to this charming 3-bedroom, 2-bath ranch home nestled on 2.94 acres of serene hill...	3 beds \| 2 baths \| 2,078 sq.ft.	$279,900	Airbnb cash on cash: N/A Traditional cash on cash: 7.42% Airbnb Rental Income: $null Traditional Rental Income: $2443 Airbnb ROI: N/A Traditional ROI: 7.42%
6063 Litle Flock Road Spencer, IN MOTIVATED SELLER! Schedule a tour to view this charming rustic cabin tucked away on 10 acr...	2 beds \| 2 baths \| 1,536 sq.ft.	$539,000	Airbnb cash on cash: 1.08% Traditional cash on cash: 3.37% Airbnb Rental Income: $1766 Traditional Rental Income: $2437 Airbnb ROI: 1.08% Traditional ROI: 3.37%
9677 W Reeves Road Spencer, IN Nestled in the hills of Monroe Co, this spacious home offers a unique opportunity to estab...	4 beds \| 2 baths \| 2,688 sq.ft.	$399,000	Airbnb cash on cash: N/A Traditional cash on cash: 5.78% Airbnb Rental Income: $null Traditional Rental Income: $2768 Airbnb ROI: N/A Traditional ROI: 5.78%
1886 Freeman Road Spencer, IN Home sweet Home!! This 3 Bedroom, 1-1/2 bath Ranch includes a one car attached garage plus...	3 beds \| 2 baths \| 1,040 sq.ft.	$230,000	Airbnb cash on cash: N/A Traditional cash on cash: 6.89% Airbnb Rental Income: $null Traditional Rental Income: $1828 Airbnb ROI: N/A Traditional ROI: 6.89%
378 State Highway 43 Spencer, IN WoW Factor is what you think of when you drive down the private lane to this charming home...	4 beds \| 6 baths \| 4,527 sq.ft.	$2,850,000	Airbnb cash on cash: N/A Traditional cash on cash: 0.84% Airbnb Rental Income: $null Traditional Rental Income: $6044 Airbnb ROI: N/A Traditional ROI: 0.84%
412 E Market Street Spencer, IN This 2 Bedroom â 1 Bath block home sits on a corner lot in a great location, located onl...	2 beds \| 1 baths \| 864 sq.ft.	$150,000	Airbnb cash on cash: 6.06% Traditional cash on cash: 7.04% Airbnb Rental Income: $1766 Traditional Rental Income: $1424 Airbnb ROI: 6.06% Traditional ROI: 7.04%
1271 Cedar Lane Spencer, IN The ultimate outdoorsmanâs retreat! 68 acres featuring a 4-acre stocked lake with dock, ...	2 beds \| 2 baths \| 1,290 sq.ft.	$899,900	Airbnb cash on cash: 0.08% Traditional cash on cash: 1.19% Airbnb Rental Income: $1766 Traditional Rental Income: $2214 Airbnb ROI: 0.08% Traditional ROI: 1.19%
7254 Little Flock Road Spencer, IN No Showings. Situated on Little Flock Road, just beyond Whitehall in Owen County, this Bil...	3 beds \| 3 baths \| 2,148 sq.ft.	$319,900	Airbnb cash on cash: N/A Traditional cash on cash: 7.63% Airbnb Rental Income: $null Traditional Rental Income: $2831 Airbnb ROI: N/A Traditional ROI: 7.63%
1165 Freeman Road Spencer, IN This cozy 3-bedroom, 1-bath home offers 928 sq. ft. of comfortable living space, ideally s...	3 beds \| 1 baths \| 928 sq.ft.	$119,900	Airbnb cash on cash: N/A Traditional cash on cash: 12% Airbnb Rental Income: $null Traditional Rental Income: $1662 Airbnb ROI: N/A Traditional ROI: 12%
5462/5550 Patricksburg Road Spencer, IN Are you looking for a dream home with plenty of space? This amazing property has everythin...	4 beds \| 2 baths \| 1,568 sq.ft.	$199,900	Airbnb cash on cash: N/A Traditional cash on cash: 10.29% Airbnb Rental Income: $null Traditional Rental Income: $2374 Airbnb ROI: N/A Traditional ROI: 10.29%

Real Estate investment in Spencer, IN

There are 32 properties for sale in the city of Spencer . The median list price in Spencer is $319,900 and the average price per square foot is $159. In October 2025, the average monthly cash on cash return in Spencer is 6.00%. The average monthly rental income in Spencer is $2,334.

Spencer, IN Real Estate Investing: FAQs for Buyers, Sellers and Investors

There are 32 investment properties available for sale in Spencer.

In 2025, the best neighborhood to buy investment property is Spencer.

The ROI for Long-Term is higher than the Short-Term in Spencer with average rental income of $2,334.

Your search for investment property begins and ends here

Investment Property for Sale in Spencer, IN

613 Johnson Road

Spencer, IN

2 beds | 1 baths | 1,023 sq.ft.

$124,900

Airbnb cash on cash: 8.53%

Traditional cash on cash: 10.13%

Airbnb Rental Income: $1766

Traditional Rental Income: $1476

Airbnb ROI: 8.53%

Traditional ROI: 10.13%

53 Greens Drive

Spencer, IN

3 beds | 2 baths | 1,352 sq.ft.

$345,000

Airbnb cash on cash: N/A

Traditional cash on cash: 4.78%

Airbnb Rental Income: $null

Traditional Rental Income: $2097

Airbnb ROI: N/A

Traditional ROI: 4.78%

4005 Texas Pike

Spencer, IN

4 beds | 2 baths | 2,054 sq.ft.

$445,000

Airbnb cash on cash: N/A

Traditional cash on cash: 4.52%

Airbnb Rental Income: $null

Traditional Rental Income: $2685

Airbnb ROI: N/A

Traditional ROI: 4.52%

438 S Harrison Street

Spencer, IN

3 beds | 1 baths | 1,236 sq.ft.

$169,000

Airbnb cash on cash: N/A

Traditional cash on cash: 4.78%

Airbnb Rental Income: $null

Traditional Rental Income: $1094

Airbnb ROI: N/A

Traditional ROI: 4.78%

135 & 137 W Wayne Street

Spencer, IN

2 beds | 1 baths | 1,728 sq.ft.

$1,150,000

Airbnb cash on cash: -0.43%

Traditional cash on cash: -0.18%

Airbnb Rental Income: $1766

Traditional Rental Income: $1545

Airbnb ROI: -0.43%

Traditional ROI: -0.18%

169 Sycamore Street

Spencer, IN

2 beds | 1 baths | 1,728 sq.ft.

$409,900

Airbnb cash on cash: 0.92%

Traditional cash on cash: 1.68%

Airbnb Rental Income: $1766

Traditional Rental Income: $1573

Airbnb ROI: 0.92%

Traditional ROI: 1.68%

101 E Wayne Street

Spencer, IN

2 beds | 2 baths | 1,728 sq.ft.

$409,900

Airbnb cash on cash: 0.78%

Traditional cash on cash: 2.84%

Airbnb Rental Income: $1766

Traditional Rental Income: $2073

Airbnb ROI: 0.78%

Traditional ROI: 2.84%

80 W Jefferson Street

Spencer, IN

10 beds | 10 baths | 6,996 sq.ft.

$680,000

Airbnb cash on cash: N/A

Traditional cash on cash: 7.08%

Airbnb Rental Income: $null

Traditional Rental Income: $5391

Airbnb ROI: N/A