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
2226 165th Street Spirit Lake, IA Wonderful opportunity in the heart of the Iowa Great Lakes that includes 5 acres of land a...	3 beds \| 1 baths \| 1,988 sq.ft.	$795,000	Airbnb cash on cash: -0.66% Traditional cash on cash: 1.07% Airbnb Rental Income: $1067 Traditional Rental Income: $1986 Airbnb ROI: -0.66% Traditional ROI: 1.07%
24641 McClelland Drive Spirit Lake, IA Look at this cozy cabin on Big Spirit! 63' of lakefront and lots of natural sunlight that ...	3 beds \| 1 baths \| 1,236 sq.ft.	$590,000	Airbnb cash on cash: -0.87% Traditional cash on cash: 1.54% Airbnb Rental Income: $1067 Traditional Rental Income: $2028 Airbnb ROI: -0.87% Traditional ROI: 1.54%
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: 1.03% Traditional cash on cash: 6.1% Airbnb Rental Income: $1067 Traditional Rental Income: $1854 Airbnb ROI: 1.03% Traditional ROI: 6.1%
25031 McClelland Drive Spirit Lake, IA Tucked peacefully along the shores of Big Spirit Lake, this charming property offers not j...	2 beds \| N/A baths \| 1,341 sq.ft.	$779,000	Airbnb cash on cash: -0.37% Traditional cash on cash: 0.84% Airbnb Rental Income: $1419 Traditional Rental Income: $1866 Airbnb ROI: -0.37% Traditional ROI: 0.84%
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.	$217,500	Airbnb cash on cash: 9.05% Traditional cash on cash: 8.63% Airbnb Rental Income: $2893 Traditional Rental Income: $2137 Airbnb ROI: 9.05% Traditional ROI: 8.63%
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: -0.89% Traditional cash on cash: 2.75% Airbnb Rental Income: $1067 Traditional Rental Income: $2043 Airbnb ROI: -0.89% Traditional ROI: 2.75%
1601 Gary Avenue Spirit Lake, IA Enjoy the perfect blend of comfort and convenience in this updated 3-bedroom, 2 - bathroom...	3 beds \| 1 baths \| 2,052 sq.ft.	$227,900	Airbnb cash on cash: 1.23% Traditional cash on cash: 6.87% Airbnb Rental Income: $1067 Traditional Rental Income: $1918 Airbnb ROI: 1.23% Traditional ROI: 6.87%
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: 0.84% Traditional cash on cash: 2.46% Airbnb Rental Income: $1419 Traditional Rental Income: $1521 Airbnb ROI: 0.84% Traditional ROI: 2.46%
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: 0.52% Traditional cash on cash: 5.82% Airbnb Rental Income: $1067 Traditional Rental Income: $2224 Airbnb ROI: 0.52% Traditional ROI: 5.82%
402 15th Street Spirit Lake, IA Here is the peaceful lakeside oasis that you've been dreaming about! Whether by land or w...	3 beds \| N/A baths \| 2,052 sq.ft.	$745,000	Airbnb cash on cash: -1.18% Traditional cash on cash: 0.67% Airbnb Rental Income: $1067 Traditional Rental Income: $1984 Airbnb ROI: -1.18% Traditional ROI: 0.67%
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: 0.97% Traditional cash on cash: 8.71% Airbnb Rental Income: $1067 Traditional Rental Income: $2456 Airbnb ROI: 0.97% Traditional ROI: 8.71%
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.	$995,000	Airbnb cash on cash: 0.53% Traditional cash on cash: 0.93% Airbnb Rental Income: $2893 Traditional Rental Income: $2595 Airbnb ROI: 0.53% Traditional ROI: 0.93%
1405 38th Street Spirit Lake, IA 4 Minute drive from parking your boat at Parks Marina! Welcome to the ease and convenienc...	3 beds \| 1 baths \| 1,714 sq.ft.	$409,000	Airbnb cash on cash: 0.58% Traditional cash on cash: 4.2% Airbnb Rental Income: $1067 Traditional Rental Income: $2088 Airbnb ROI: 0.58% Traditional ROI: 4.2%
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: 1.57% Traditional cash on cash: 3.44% Airbnb Rental Income: $1756 Traditional Rental Income: $1934 Airbnb ROI: 1.57% Traditional ROI: 3.44%
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: -1.37% Traditional cash on cash: -0.95% Airbnb Rental Income: $1756 Traditional Rental Income: $3050 Airbnb ROI: -1.37% 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: -0.82% Traditional cash on cash: 0.07% Airbnb Rental Income: $1756 Traditional Rental Income: $2258 Airbnb ROI: -0.82% Traditional ROI: 0.07%
504 9th St Spirit Lake, IA Sand Beach on East Okoboji? RARE...But this solidly built raised ranch home has 78' of san...	3 beds \| 1 baths \| 2,443 sq.ft.	$750,000	Airbnb cash on cash: -1.21% Traditional cash on cash: 0.52% Airbnb Rental Income: $1067 Traditional Rental Income: $1910 Airbnb ROI: -1.21% Traditional ROI: 0.52%
15211 Lakeview Drive Spirit Lake, IA Prepare to be captivated by some of the most stunning views on West Lake Okoboji from this...	4 beds \| 2 baths \| 2,608 sq.ft.	$998,000	Airbnb cash on cash: -0.29% Traditional cash on cash: 1.34% Airbnb Rental Income: $1756 Traditional Rental Income: $2794 Airbnb ROI: -0.29% Traditional ROI: 1.34%
15500 Tradewind Drive N 4 Spirit Lake, IA Welcome to Westview Place! This is where elegance and sophistication meet the lake life! F...	4 beds \| 4 baths \| 3,147 sq.ft.	$925,000	Airbnb cash on cash: -1.06% Traditional cash on cash: 1.51% Airbnb Rental Income: $1756 Traditional Rental Income: $3488 Airbnb ROI: -1.06% Traditional ROI: 1.51%
10999 240th Avenue Spirit Lake, IA An in-town acreage with spectacular scenery! This picturesque home sits on 1.91 acres over...	4 beds \| 3 baths \| 3,170 sq.ft.	$785,000	Airbnb cash on cash: 0.09% Traditional cash on cash: 2.78% Airbnb Rental Income: $1756 Traditional Rental Income: $3241 Airbnb ROI: 0.09% Traditional ROI: 2.78%
16933 256TH Avenue Spirit Lake, IA One of the most breathtaking properties on East Lake Okoboji! This home sits on 140 feet o...	5 beds \| 4 baths \| 5,180 sq.ft.	$2,200,000	Airbnb cash on cash: -0.73% Traditional cash on cash: 0.2% Airbnb Rental Income: $2893 Traditional Rental Income: $4122 Airbnb ROI: -0.73% Traditional ROI: 0.2%
25807 169th Street Spirit Lake, IA A rare find in the sought-after Arthur Heights neighborhood! This 4+ bedroom, 3.5 bath si...	5 beds \| 2 baths \| 3,372 sq.ft.	$677,000	Airbnb cash on cash: 1.7% Traditional cash on cash: 2.99% Airbnb Rental Income: $2893 Traditional Rental Income: $3034 Airbnb ROI: 1.7% Traditional ROI: 2.99%
25704 164th Street Spirit Lake, IA Charming 2 bedroom, 2 bathroom home sitting on two lots totaling over a quarter acre. Comp...	2 beds \| 2 baths \| 1,310 sq.ft.	$295,000	Airbnb cash on cash: 1.99% Traditional cash on cash: 6.28% Airbnb Rental Income: $1419 Traditional Rental Income: $2185 Airbnb ROI: 1.99% Traditional ROI: 6.28%
16822 255th Avenue Spirit Lake, IA "SHORE FIND!!!" Here is a chance to own a very generous amount of prime lakeshore on East ...	2 beds \| 1 baths \| 1,895 sq.ft.	$1,199,000	Airbnb cash on cash: -0.84% Traditional cash on cash: -0.17% Airbnb Rental Income: $1419 Traditional Rental Income: $1732 Airbnb ROI: -0.84% Traditional ROI: -0.17%
15667 250th Avenue Spirit Lake, IA Welcome to your lakefront retreat on East Okoboji! This 4-bedroom, 3-bathroom home is desi...	4 beds \| 1 baths \| 3,164 sq.ft.	$894,500	Airbnb cash on cash: -0.22% Traditional cash on cash: 0.79% Airbnb Rental Income: $1756 Traditional Rental Income: $2119 Airbnb ROI: -0.22% Traditional ROI: 0.79%
2668 Hwy. 9/71 Spirit Lake, IA Country Living - Near Spirit Lake Looking for space, privacy, and relaxing views? This 4.2...	4 beds \| 2 baths \| 3,657 sq.ft.	$674,500	Airbnb cash on cash: 0.46% Traditional cash on cash: 2.92% Airbnb Rental Income: $1756 Traditional Rental Income: $2822 Airbnb ROI: 0.46% Traditional ROI: 2.92%
2708 Francis Sites Drive Spirit Lake, IA Fantastic opportunity to own a home in a great neighborhood in Spirit Lake at a reasonable...	1 beds \| 1 baths \| 1,104 sq.ft.	$145,000	Airbnb cash on cash: -2.09% Traditional cash on cash: 8.55% Airbnb Rental Income: $354 Traditional Rental Income: $1584 Airbnb ROI: -2.09% Traditional ROI: 8.55%
3733 Lincoln Ave Spirit Lake, IA Why build when you can buy a move in ready 3,400 sq. ft. home, at $175/sq. ft, a real barg...	5 beds \| 3 baths \| 3,400 sq.ft.	$595,000	Airbnb cash on cash: 1.96% Traditional cash on cash: 3.87% Airbnb Rental Income: $2893 Traditional Rental Income: $3280 Airbnb ROI: 1.96% Traditional ROI: 3.87%
10539 Mitchell Drive Spirit Lake, IA Imagine the Lifeâ¦ This lakeside year round cottage sits on 50 feet of shoreline on Big S...	3 beds \| 1 baths \| 1,296 sq.ft.	$589,500	Airbnb cash on cash: -0.47% Traditional cash on cash: 1.52% Airbnb Rental Income: $1067 Traditional Rental Income: $1796 Airbnb ROI: -0.47% Traditional ROI: 1.52%
3714 Lincoln Avenue Spirit Lake, IA Fantastic new-construction ranch in a great neighborhood! This 5-bedroom, 3-bath home feat...	5 beds \| 3 baths \| 2,928 sq.ft.	$499,000	Airbnb cash on cash: 3.16% Traditional cash on cash: 5.27% Airbnb Rental Income: $2893 Traditional Rental Income: $3209 Airbnb ROI: 3.16% Traditional ROI: 5.27%
1940 35th Street B Spirit Lake, IA Welcome to this near-new duplex in the heart of it all! With two bedrooms and a kitchen/li...	4 beds \| 1 baths \| 2,439 sq.ft.	$425,000	Airbnb cash on cash: 3.38% Traditional cash on cash: 3.01% Airbnb Rental Income: $2893 Traditional Rental Income: $2076 Airbnb ROI: 3.38% Traditional ROI: 3.01%
1854 260th Avenue Spirit Lake, IA Private Waterfront Acreage Oasis on Prairie Lake â This is the one youâve been waiting...	2 beds \| 1 baths \| 1,012 sq.ft.	$789,900	Airbnb cash on cash: 0.15% Traditional cash on cash: 1.35% Airbnb Rental Income: $1419 Traditional Rental Income: $1875 Airbnb ROI: 0.15% Traditional ROI: 1.35%
117 21st St Spirit Lake, IA HERE IT IS! NICE LOCATION IN SPIRIT LAKE WITH 2-STORY-3 BEDROOM HOME THAT IS NEAR PUBLIC L...	3 beds \| 1 baths \| 2,352 sq.ft.	$218,000	Airbnb cash on cash: 0.51% Traditional cash on cash: 6.35% Airbnb Rental Income: $1067 Traditional Rental Income: $1906 Airbnb ROI: 0.51% Traditional ROI: 6.35%

Real Estate investment in Spirit-lake, IA

There are 43 properties for sale in the city of Spirit Lake . The median list price in Spirit Lake is $476,000 and the average price per square foot is $215. In December 2025, the average monthly cash on cash return in Spirit Lake is 3.00%. The average monthly rental income in Spirit Lake is $2,082.

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

There are 43 investment properties available for sale in Spirit-lake.

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

The ROI for Short-Term is higher than the Long-Term in Spirit-lake with average rental income of $1,419.

Your search for investment property begins and ends here

Investment Property for Sale in Spirit Lake, IA

2226 165th Street

Spirit Lake, IA

3 beds | 1 baths | 1,988 sq.ft.

$795,000

Airbnb cash on cash: -0.66%

Traditional cash on cash: 1.07%

Airbnb Rental Income: $1067

Traditional Rental Income: $1986

Airbnb ROI: -0.66%

Traditional ROI: 1.07%

24641 McClelland Drive

Spirit Lake, IA

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

$590,000

Airbnb cash on cash: -0.87%

Traditional cash on cash: 1.54%

Airbnb Rental Income: $1067

Traditional Rental Income: $2028

Airbnb ROI: -0.87%

Traditional ROI: 1.54%

2403 Erie Avenue

Spirit Lake, IA

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

$241,000

Airbnb cash on cash: 1.03%

Traditional cash on cash: 6.1%

Airbnb Rental Income: $1067

Traditional Rental Income: $1854

Airbnb ROI: 1.03%

Traditional ROI: 6.1%

25031 McClelland Drive

Spirit Lake, IA

2 beds | N/A baths | 1,341 sq.ft.

$779,000

Airbnb cash on cash: -0.37%

Traditional cash on cash: 0.84%

Airbnb Rental Income: $1419

Traditional Rental Income: $1866

Airbnb ROI: -0.37%

Traditional ROI: 0.84%

1806 Chicago Avenue

Spirit Lake, IA

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

$217,500

Airbnb cash on cash: 9.05%

Traditional cash on cash: 8.63%

Airbnb Rental Income: $2893

Traditional Rental Income: $2137

Airbnb ROI: 9.05%

Traditional ROI: 8.63%

1570 Blaine's Way

Spirit Lake, IA

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

$394,000

Airbnb cash on cash: -0.89%

Traditional cash on cash: 2.75%

Airbnb Rental Income: $1067

Traditional Rental Income: $2043

Airbnb ROI: -0.89%

Traditional ROI: 2.75%

1601 Gary Avenue

Spirit Lake, IA

3 beds | 1 baths | 2,052 sq.ft.

$227,900

Airbnb cash on cash: 1.23%

Traditional cash on cash: 6.87%

Airbnb Rental Income: $1067

Traditional Rental Income: $1918

Airbnb ROI: 1.23%

Traditional ROI: 6.87%

408 Lake St

Spirit Lake, IA

2 beds | 1 baths | 5,310 sq.ft.

$347,000

Airbnb cash on cash: 0.84%

Traditional cash on cash: 2.46%

Airbnb Rental Income: $1419

Traditional Rental Income: $1521

Airbnb ROI: 0.84%