Real Estate Investment Properties for Sale in Spirit Lake, IA

Looking for investment property in Spirit Lake, IA with high ROI ?

Explore a variety of short-term homes & houses in Spirit Lake, IA. Invest wisely with VRBO & Spirit Lake, IA 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 Spirit Lake, IA

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PROPERTY	DETAILS	SALE PRICE	INVESTMENT PERFORMANCE
2403 Erie Avenue Spirit Lake, IA Move-in ready, charming remodeled ranch in Spirit Lake. Recently updated inside and out, t...	3 beds \| 1 baths \| 1,056 sq.ft.	$241,000	Airbnb cash on cash: 2.03% Traditional cash on cash: 6.1% Airbnb Rental Income: $1339 Traditional Rental Income: $1854 Airbnb ROI: 2.03% Traditional ROI: 6.1%
1806 Chicago Avenue Spirit Lake, IA Beautifully Renovated Home in the Heart of Spirit Lake! This classic 5-bedroom, 2-bath hom...	5 beds \| 2 baths \| 1,504 sq.ft.	$227,500	Airbnb cash on cash: 8.57% Traditional cash on cash: 8.22% Airbnb Rental Income: $2881 Traditional Rental Income: $2137 Airbnb ROI: 8.57% Traditional ROI: 8.22%
605 11th Street Spirit Lake, IA Adorable ranch in the heart of Spirit Lake - this one will NOT disappoint! Come and see t...	4 beds \| N/A baths \| 2,120 sq.ft.	$287,000	Airbnb cash on cash: 4.68% Traditional cash on cash: 6.48% Airbnb Rental Income: $2379 Traditional Rental Income: $2281 Airbnb ROI: 4.68% Traditional ROI: 6.48%
16884 255th Avenue Spirit Lake, IA This exceptional East Lake Okoboji home with four bedrooms, and three bathrooms faces Camp...	4 beds \| 1 baths \| 1,584 sq.ft.	$899,000	Airbnb cash on cash: 0.42% Traditional cash on cash: 1.1% Airbnb Rental Income: $2379 Traditional Rental Income: $2366 Airbnb ROI: 0.42% Traditional ROI: 1.1%
1570 Blaine's Way Spirit Lake, IA This 3-bedroom, 2-bath condo stands out in the Greater Lakes area. Located on a premium en...	3 beds \| 1 baths \| 1,541 sq.ft.	$394,000	Airbnb cash on cash: -0.27% Traditional cash on cash: 2.75% Airbnb Rental Income: $1339 Traditional Rental Income: $2043 Airbnb ROI: -0.27% Traditional ROI: 2.75%
1508 Blaine's Way Spirit Lake, IA Take a look at this stunning end-unit home featuring 3 bedrooms and 2 bathrooms. Just step...	3 beds \| 2 baths \| 1,541 sq.ft.	$405,000	Airbnb cash on cash: -0.29% Traditional cash on cash: 0.82% Airbnb Rental Income: $1339 Traditional Rental Income: $1348 Airbnb ROI: -0.29% Traditional ROI: 0.82%
1522 Blaines Way Spirit Lake, IA This end unit in The Dwellings has all the upgrades! One owner chose the platinum package ...	3 beds \| 1 baths \| 1,588 sq.ft.	$419,000	Airbnb cash on cash: 0.72% Traditional cash on cash: 1.8% Airbnb Rental Income: $1339 Traditional Rental Income: $1348 Airbnb ROI: 0.72% Traditional ROI: 1.8%
3302 Ponderosa Court B Spirit Lake, IA Enjoy a spacious layout with soaring 20-foot ceilings and oversized windows that flood the...	3 beds \| 3 baths \| 1,940 sq.ft.	$549,500	Airbnb cash on cash: 0.6% Traditional cash on cash: 4.09% Airbnb Rental Income: $1339 Traditional Rental Income: $2718 Airbnb ROI: 0.6% Traditional ROI: 4.09%
16423 & 16419 255th Avenue Spirit Lake, IA Welcome to LAKE OKOBOJI: Dock Association ACCESS with hoist option(s) and Francis Sites co...	3 beds \| 1 baths \| 988 sq.ft.	$375,000	Airbnb cash on cash: 0.99% Traditional cash on cash: 1.42% Airbnb Rental Income: $1339 Traditional Rental Income: $1077 Airbnb ROI: 0.99% Traditional ROI: 1.42%
1201 Ithaca Avenue Spirit Lake, IA Old-world charm meets modern updates and convenience! This home has so much to offer and ...	2 beds \| 1 baths \| 2,132 sq.ft.	$297,000	Airbnb cash on cash: 1.48% Traditional cash on cash: 1.86% Airbnb Rental Income: $1386 Traditional Rental Income: $1074 Airbnb ROI: 1.48% Traditional ROI: 1.86%
408 Lake St Spirit Lake, IA YOU KNOW YOU'RE "AT THE LAKE" IN THIS UNIQUE HOME FOR ALL-SEASONS! YES! VIEWS OF LAKE AND ...	2 beds \| 1 baths \| 5,310 sq.ft.	$347,000	Airbnb cash on cash: 0.75% Traditional cash on cash: 2.46% Airbnb Rental Income: $1386 Traditional Rental Income: $1521 Airbnb ROI: 0.75% Traditional ROI: 2.46%
17042 255th Avenue Spirit Lake, IA ELEGANT DESIGN... A stunning and sophisticated remodel has brought this lake house up to...	4 beds \| 3 baths \| 3,132 sq.ft.	$1,795,000	Airbnb cash on cash: -0.36% Traditional cash on cash: 0.41% Airbnb Rental Income: $2379 Traditional Rental Income: $3081 Airbnb ROI: -0.36% Traditional ROI: 0.41%
15400 250th Ave Spirit Lake, IA Welcome to this stunning lakefront duplex nestled in the desirable Lighthouse Landing Cond...	3 beds \| 2 baths \| 2,376 sq.ft.	$625,000	Airbnb cash on cash: -0.89% Traditional cash on cash: 0.96% Airbnb Rental Income: $1339 Traditional Rental Income: $2005 Airbnb ROI: -0.89% Traditional ROI: 0.96%
1911 Boston Avenue Spirit Lake, IA Those magical moments are calling you with this opportunity you won't want to miss. Situat...	3 beds \| 2 baths \| 1,504 sq.ft.	$305,000	Airbnb cash on cash: 1.31% Traditional cash on cash: 5.82% Airbnb Rental Income: $1339 Traditional Rental Income: $2224 Airbnb ROI: 1.31% Traditional ROI: 5.82%
3106 Zenith Avenue, #A Spirit Lake, IA Price Includes $7,500 flooring allowance !! A well cared for 3 bedroom 2 bath home in a g...	3 beds \| 2 baths \| 2,168 sq.ft.	$229,000	Airbnb cash on cash: 1.7% Traditional cash on cash: 8.67% Airbnb Rental Income: $1339 Traditional Rental Income: $2437 Airbnb ROI: 1.7% Traditional ROI: 8.67%
1715 Bridgeport Lane Spirit Lake, IA If space is what you are looking for- this home delivers! This is a rare chance to own a ...	5 beds \| 3 baths \| 3,293 sq.ft.	$797,000	Airbnb cash on cash: 0.84% Traditional cash on cash: 2.04% Airbnb Rental Income: $2881 Traditional Rental Income: $3101 Airbnb ROI: 0.84% Traditional ROI: 2.04%
402 15th Street Spirit Lake, IA Still time to get into your own lake home this season and enjoy the beauty of fall on East...	3 beds \| 1 baths \| 2,024 sq.ft.	$769,900	Airbnb cash on cash: -0.9% Traditional cash on cash: 0.57% Airbnb Rental Income: $1339 Traditional Rental Income: $1984 Airbnb ROI: -0.9% Traditional ROI: 0.57%
16220 255th Avenue Spirit Lake, IA Gorgeous home on East Lake Okoboji, just in time for summer! Tucked away in the desirable ...	2 beds \| 1 baths \| 1,976 sq.ft.	$825,000	Airbnb cash on cash: -0.53% Traditional cash on cash: 0.69% Airbnb Rental Income: $1386 Traditional Rental Income: $1900 Airbnb ROI: -0.53% Traditional ROI: 0.69%
101 19Th Street 502 Spirit Lake, IA East Okoboji Lake is calling! This Terrace Oaks condo with a total of 4 bedrooms and three...	4 beds \| 1 baths \| 1,870 sq.ft.	$569,000	Airbnb cash on cash: 0.73% Traditional cash on cash: 1% Airbnb Rental Income: $2379 Traditional Rental Income: $1940 Airbnb ROI: 0.73% Traditional ROI: 1%
510 Lake Street Spirit Lake, IA Great opportunity for single family residence or continue the current use of a dual rental...	3 beds \| 2 baths \| 1,848 sq.ft.	$239,900	Airbnb cash on cash: 1.97% Traditional cash on cash: 8.71% Airbnb Rental Income: $1339 Traditional Rental Income: $2456 Airbnb ROI: 1.97% Traditional ROI: 8.71%
11690 240Th Avenue Spirit Lake, IA Experience modern lakeside living with this exquisite year-round home on the West shores o...	4 beds \| 2 baths \| 2,651 sq.ft.	$1,060,000	Airbnb cash on cash: 0.29% Traditional cash on cash: 0.74% Airbnb Rental Income: $2379 Traditional Rental Income: $2242 Airbnb ROI: 0.29% Traditional ROI: 0.74%
2207 Francis Sites Dr. Spirit Lake, IA "Cozy 5-Bedroom, 3-Bath Home on East Lake Okoboji! Enjoy 50 feet of stunning lakefront wit...	5 beds \| 2 baths \| 2,364 sq.ft.	$1,090,000	Airbnb cash on cash: 0.39% Traditional cash on cash: 0.77% Airbnb Rental Income: $2881 Traditional Rental Income: $2595 Airbnb ROI: 0.39% Traditional ROI: 0.77%
3 27th St 220 Spirit Lake, IA Easy and affordable living with this condo unit! Located close to East Lake Okoboji, this ...	2 beds \| 2 baths \| 923 sq.ft.	$112,500	Airbnb cash on cash: 3.73% Traditional cash on cash: 11.74% Airbnb Rental Income: $1386 Traditional Rental Income: $1837 Airbnb ROI: 3.73% Traditional ROI: 11.74%
1405 38th Street Spirit Lake, IA 4 Minutes drive from parking your boat at Parks Marina! Welcome to the ease and convenien...	3 beds \| 1 baths \| 1,714 sq.ft.	$409,000	Airbnb cash on cash: 1.17% Traditional cash on cash: 4.2% Airbnb Rental Income: $1339 Traditional Rental Income: $2088 Airbnb ROI: 1.17% Traditional ROI: 4.2%
1710 Denver Avenue Spirit Lake, IA You have OPTIONS with this four-bed, three-bath home, situated a stones throw away from th...	4 beds \| 2 baths \| 2,208 sq.ft.	$314,000	Airbnb cash on cash: 4.09% Traditional cash on cash: 6.87% Airbnb Rental Income: $2379 Traditional Rental Income: $2613 Airbnb ROI: 4.09% Traditional ROI: 6.87%
710 Ithaca Avenue Spirit Lake, IA EAST LAKE ACCESS!! Charming 4 bed 2 bath home with an extra non conforming bedroom. Use th...	4 beds \| 1 baths \| 2,544 sq.ft.	$374,999	Airbnb cash on cash: 3.04% Traditional cash on cash: 3.44% Airbnb Rental Income: $2379 Traditional Rental Income: $1934 Airbnb ROI: 3.04% Traditional ROI: 3.44%
15365 212th Avenue Spirit Lake, IA Just completed in time for spring, this 3800 square foot walkout ranch on West Lake Okoboj...	4 beds \| 3 baths \| 3,840 sq.ft.	$2,890,000	Airbnb cash on cash: -0.73% Traditional cash on cash: -0.21% Airbnb Rental Income: $2379 Traditional Rental Income: $3182 Airbnb ROI: -0.73% Traditional ROI: -0.21%
1950 35th Street A Spirit Lake, IA MODERN COMFORT MEETS STYLISH LIVING in this beautifully designed home in the desirable Haw...	4 beds \| 1 baths \| 2,664 sq.ft.	$425,000	Airbnb cash on cash: 3.16% Traditional cash on cash: 3.85% Airbnb Rental Income: $2379 Traditional Rental Income: $2066 Airbnb ROI: 3.16% Traditional ROI: 3.85%
200 Hill Spirit Lake, IA Don't miss the opportunity to own this unique property on the north edge of Spirit Lake wi...	8 beds \| 5 baths \| 4,324 sq.ft.	$350,000	Airbnb cash on cash: 3.89% Traditional cash on cash: 3.65% Airbnb Rental Income: $2881 Traditional Rental Income: $2131 Airbnb ROI: 3.89% Traditional ROI: 3.65%
3134 Spruce Court, #B Spirit Lake, IA Here you go! Check this 3 bedroom 2 bath home out, Great open floor plan that works for ju...	3 beds \| 1 baths \| 1,553 sq.ft.	$459,900	Airbnb cash on cash: 3.83% Traditional cash on cash: 3.33% Airbnb Rental Income: $2881 Traditional Rental Income: $1996 Airbnb ROI: 3.83% Traditional ROI: 3.33%
3134 Spruce Court A Spirit Lake, IA Welcome to this stunning 3 bedroom, 2 bathroom duplex in a fantastic location. Finished wi...	3 beds \| 1 baths \| 1,558 sq.ft.	$459,900	Airbnb cash on cash: 2.37% Traditional cash on cash: 1.85% Airbnb Rental Income: $2881 Traditional Rental Income: $1990 Airbnb ROI: 2.37% Traditional ROI: 1.85%
2102 Gary Avenue Spirit Lake, IA This multi-unit property is a fantastic investment opportunity, offering strong rental inc...	N/A beds \| N/A baths \| 2,448 sq.ft.	$270,000	Airbnb cash on cash: 6.63% Traditional cash on cash: 3.01% Airbnb Rental Income: $2881 Traditional Rental Income: $1291 Airbnb ROI: 6.63% Traditional ROI: 3.01%
16100 HWY 86 Spirit Lake, IA Welcome to your dream retreat! This exceptional property features 3,921 sq ft of luxurious...	4 beds \| 3 baths \| 3,921 sq.ft.	$4,500,000	Airbnb cash on cash: -1.25% Traditional cash on cash: -0.95% Airbnb Rental Income: $2379 Traditional Rental Income: $3050 Airbnb ROI: -1.25% Traditional ROI: -0.95%
407 8th Street Spirit Lake, IA Elbow Room! Check this 4 bedroom plus an office 3 bath home siting on Peppermint Point on ...	4 beds \| 1 baths \| 3,640 sq.ft.	$1,190,000	Airbnb cash on cash: -0.35% Traditional cash on cash: 0.07% Airbnb Rental Income: $2379 Traditional Rental Income: $2258 Airbnb ROI: -0.35% Traditional ROI: 0.07%

Real Estate investment in Spirit-lake, IA

There are 64 properties for sale in the city of Spirit Lake . The median list price in Spirit Lake is $435,000 and the average price per square foot is $185. In September 2025, the average monthly cash on cash return in Spirit Lake is 3.00%. The average monthly rental income in Spirit Lake is $2,161.

Spirit-lake, IA Real Estate Investing: FAQs for Buyers, Sellers and Investors

There are 64 investment properties available for sale in Spirit-lake.

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

The ROI for Long-Term is higher than the Short-Term in Spirit-lake with average rental income of $2,161.

Your search for investment property begins and ends here

Investment Property for Sale in Spirit Lake, IA

2403 Erie Avenue

Spirit Lake, IA

3 beds | 1 baths | 1,056 sq.ft.

$241,000

Airbnb cash on cash: 2.03%

Traditional cash on cash: 6.1%

Airbnb Rental Income: $1339

Traditional Rental Income: $1854

Airbnb ROI: 2.03%

Traditional ROI: 6.1%

1806 Chicago Avenue

Spirit Lake, IA

5 beds | 2 baths | 1,504 sq.ft.

$227,500

Airbnb cash on cash: 8.57%

Traditional cash on cash: 8.22%

Airbnb Rental Income: $2881

Traditional Rental Income: $2137

Airbnb ROI: 8.57%

Traditional ROI: 8.22%

605 11th Street

Spirit Lake, IA

4 beds | N/A baths | 2,120 sq.ft.

$287,000

Airbnb cash on cash: 4.68%

Traditional cash on cash: 6.48%

Airbnb Rental Income: $2379

Traditional Rental Income: $2281

Airbnb ROI: 4.68%

Traditional ROI: 6.48%

16884 255th Avenue

Spirit Lake, IA

4 beds | 1 baths | 1,584 sq.ft.

$899,000

Airbnb cash on cash: 0.42%

Traditional cash on cash: 1.1%

Airbnb Rental Income: $2379

Traditional Rental Income: $2366

Airbnb ROI: 0.42%

Traditional ROI: 1.1%

1570 Blaine's Way

Spirit Lake, IA

3 beds | 1 baths | 1,541 sq.ft.

$394,000

Airbnb cash on cash: -0.27%

Traditional cash on cash: 2.75%

Airbnb Rental Income: $1339

Traditional Rental Income: $2043

Airbnb ROI: -0.27%

Traditional ROI: 2.75%

1508 Blaine's Way

Spirit Lake, IA

3 beds | 2 baths | 1,541 sq.ft.

$405,000

Airbnb cash on cash: -0.29%

Traditional cash on cash: 0.82%

Airbnb Rental Income: $1339

Traditional Rental Income: $1348

Airbnb ROI: -0.29%

Traditional ROI: 0.82%

1522 Blaines Way

Spirit Lake, IA

3 beds | 1 baths | 1,588 sq.ft.

$419,000

Airbnb cash on cash: 0.72%

Traditional cash on cash: 1.8%

Airbnb Rental Income: $1339

Traditional Rental Income: $1348

Airbnb ROI: 0.72%

Traditional ROI: 1.8%

3302 Ponderosa Court B

Spirit Lake, IA

3 beds | 3 baths | 1,940 sq.ft.

$549,500

Airbnb cash on cash: 0.6%

Traditional cash on cash: 4.09%

Airbnb Rental Income: $1339

Traditional Rental Income: $2718

Airbnb ROI: 0.6%