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
602 20th St Spirit Lake, IA Discover the updates and space this charming 4-bedroom, 2-bathroom Spirit Lake home has to...	4 beds \| 2 baths \| 1,512 sq.ft.	$239,500	Airbnb cash on cash: 6.27% Traditional cash on cash: 8.54% Airbnb Rental Income: $2448 Traditional Rental Income: $2365 Airbnb ROI: 6.27% Traditional ROI: 8.54%
1806 Chicago Avenue Spirit Lake, IA Beautifully Renovated Home in the Heart of Spirit Lake! This classic 3-bedroom, 2-bath hom...	3 beds \| 2 baths \| 1,504 sq.ft.	$215,000	Airbnb cash on cash: 2.97% Traditional cash on cash: 8.12% Airbnb Rental Income: $1532 Traditional Rental Income: $2137 Airbnb ROI: 2.97% Traditional ROI: 8.12%
3729 Ithaca Avenue Spirit Lake, IA Completely remodeled, loaded with recent upgrades, and now offering 4 bedrooms! This Spiri...	4 beds \| 2 baths \| 1,894 sq.ft.	$359,000	Airbnb cash on cash: 3.49% Traditional cash on cash: 4.63% Airbnb Rental Income: $2448 Traditional Rental Income: $2233 Airbnb ROI: 3.49% Traditional ROI: 4.63%
16914 Inner Lane #A1 Spirit Lake, IA Amazing 3-bedroom, 2-bathroom condo on the ground level of beautiful West Lake Okoboji! Th...	3 beds \| 2 baths \| 1,462 sq.ft.	$1,100,000	Airbnb cash on cash: -1.07% Traditional cash on cash: -0.1% Airbnb Rental Income: $1532 Traditional Rental Income: $2071 Airbnb ROI: -1.07% Traditional ROI: -0.1%
10767 Crowley Avenue Spirit Lake, IA CHARMING WATERFRONT HOME... -Fully Renovated & Move-In Ready! Fall in love with this beaut...	4 beds \| 3 baths \| 2,184 sq.ft.	$845,000	Airbnb cash on cash: 0.72% Traditional cash on cash: 1.97% Airbnb Rental Income: $2448 Traditional Rental Income: $2831 Airbnb ROI: 0.72% Traditional ROI: 1.97%
610 20th Street Spirit Lake, IA Move in ready- 1963 mid-century home! 4 bedrooms (1 non-conforming) and 2 bathrooms. Major...	4 beds \| 2 baths \| 1,864 sq.ft.	$280,000	Airbnb cash on cash: 4.96% Traditional cash on cash: 5.69% Airbnb Rental Income: $2448 Traditional Rental Income: $2044 Airbnb ROI: 4.96% Traditional ROI: 5.69%
11260 240th Avenue Spirit Lake, IA Take a look at 11260 240th Ave, this 3-bedroom, 3-bathroom home offers the perfect blend o...	3 beds \| 3 baths \| 2,309 sq.ft.	$1,214,550	Airbnb cash on cash: -0.64% Traditional cash on cash: 0.54% Airbnb Rental Income: $1532 Traditional Rental Income: $2422 Airbnb ROI: -0.64% Traditional ROI: 0.54%
610 22nd Street Spirit Lake, IA NEW PRICE: Whether you're looking for your next investment opportunity or a home to make y...	3 beds \| 2 baths \| 1,320 sq.ft.	$189,000	Airbnb cash on cash: 3.66% Traditional cash on cash: 10.32% Airbnb Rental Income: $1532 Traditional Rental Income: $2284 Airbnb ROI: 3.66% Traditional ROI: 10.32%
3722 Lincoln Ave Spirit Lake, IA Single level living at it's best! 3 bed(1 non conforming), 2 bath, and 2 car heated garage...	3 beds \| 2 baths \| 1,460 sq.ft.	$349,000	Airbnb cash on cash: 1.2% Traditional cash on cash: 4.1% Airbnb Rental Income: $1532 Traditional Rental Income: $2036 Airbnb ROI: 1.2% Traditional ROI: 4.1%
25251 McClelland Lane Spirit Lake, IA Enjoy big Spirit Lake living at McClelland's Beach! This 3 bedroom, 1 bath year-round home...	4 beds \| 1 baths \| 1,032 sq.ft.	$609,000	Airbnb cash on cash: 1.45% Traditional cash on cash: -0.22% Airbnb Rental Income: $2448 Traditional Rental Income: $902 Airbnb ROI: 1.45% Traditional ROI: -0.22%
1922 23rd Street #9 Spirit Lake, IA Welcome home to this "just-the-right-size" FINISHED 1606 square foot, serene 2 bedroom, 2 ...	2 beds \| 2 baths \| 1,606 sq.ft.	$229,900	Airbnb cash on cash: 1.27% Traditional cash on cash: 0.83% Airbnb Rental Income: $1350 Traditional Rental Income: $841 Airbnb ROI: 1.27% Traditional ROI: 0.83%
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.	$275,000	Airbnb cash on cash: 2.17% Traditional cash on cash: 6.56% Airbnb Rental Income: $1532 Traditional Rental Income: $2224 Airbnb ROI: 2.17% Traditional ROI: 6.56%
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 \| 1,334 sq.ft.	$229,900	Airbnb cash on cash: 2.86% Traditional cash on cash: 9.15% Airbnb Rental Income: $1532 Traditional Rental Income: $2456 Airbnb ROI: 2.86% Traditional ROI: 9.15%
906 6th Street Spirit Lake, IA This one feels like home AND a place on East Lake Okoboji for your boat! This three bedroo...	3 beds \| 2 baths \| 1,455 sq.ft.	$339,000	Airbnb cash on cash: 1.51% Traditional cash on cash: 3.91% Airbnb Rental Income: $1532 Traditional Rental Income: $1854 Airbnb ROI: 1.51% Traditional ROI: 3.91%
1940 35th Street Spirit Lake, IA Discover modern comfort and versatility in this 4-bedroom, 3-bath duplex built in 2024! Th...	4 beds \| 3 baths \| 2,432 sq.ft.	$395,000	Airbnb cash on cash: 2.7% Traditional cash on cash: 3.31% Airbnb Rental Income: $2448 Traditional Rental Income: $2076 Airbnb ROI: 2.7% Traditional ROI: 3.31%
1108 Fargo Avenue Spirit Lake, IA Welcome to this 4-bed, 3-bath home located in the heart of Spirit Lake-right across the st...	4 beds \| 3 baths \| 2,288 sq.ft.	$225,000	Airbnb cash on cash: 6.53% Traditional cash on cash: 8.76% Airbnb Rental Income: $2448 Traditional Rental Income: $2326 Airbnb ROI: 6.53% Traditional ROI: 8.76%
25329 182nd St Spirit Lake, IA This home truly offers the best of everything! Nestled on 2.44 private acres, you'll enjoy...	5 beds \| 4 baths \| 5,265 sq.ft.	$1,199,000	Airbnb cash on cash: 0.27% Traditional cash on cash: 1.23% Airbnb Rental Income: $2882 Traditional Rental Income: $3282 Airbnb ROI: 0.27% Traditional ROI: 1.23%
15230 War Eagle Boulevard Spirit Lake, IA Looking for the Iowa Great Lakes lifestyle without the lakefront price tag? Located in the...	3 beds \| 2 baths \| 1,680 sq.ft.	$280,000	Airbnb cash on cash: 1.96% Traditional cash on cash: 6.39% Airbnb Rental Income: $1532 Traditional Rental Income: $2256 Airbnb ROI: 1.96% Traditional ROI: 6.39%
13733 240th Avenue Spirit Lake, IA Sometimes the home you've been looking for is right under your nose and all you need is a ...	4 beds \| 3 baths \| 3,197 sq.ft.	$740,000	Airbnb cash on cash: 1.49% Traditional cash on cash: 3.09% Airbnb Rental Income: $2448 Traditional Rental Income: $2953 Airbnb ROI: 1.49% Traditional ROI: 3.09%
3102 Spruce Court, #B Spirit Lake, IA Easy living with no steps and an unbeatable location close to the YMCA, bike trails, and a...	2 beds \| 2 baths \| 1,425 sq.ft.	$414,900	Airbnb cash on cash: 2.9% Traditional cash on cash: 3.29% Airbnb Rental Income: $2448 Traditional Rental Income: $2004 Airbnb ROI: 2.9% Traditional ROI: 3.29%
1761 260th Avenue #57 Spirit Lake, IA A very nice lake retreat with access to East Lake. The property has finished living space ...	3 beds \| 1 baths \| 1,020 sq.ft.	$200,000	Airbnb cash on cash: 2.92% Traditional cash on cash: 4.91% Airbnb Rental Income: $1532 Traditional Rental Income: $1466 Airbnb ROI: 2.92% Traditional ROI: 4.91%
3102 Spruce Court #A Spirit Lake, IA Welcome to this beautifully designed new construction 2 bedroom, 2 bathroom duplex in a gr...	2 beds \| 2 baths \| 1,425 sq.ft.	$414,900	Airbnb cash on cash: 1.54% Traditional cash on cash: 4.06% Airbnb Rental Income: $1532 Traditional Rental Income: $2069 Airbnb ROI: 1.54% Traditional ROI: 4.06%
25493 Pasture Lake Drive Spirit Lake, IA Come check out your sweet Big Spirit Lake getaway! This home is nicely appointed with two ...	2 beds \| 2 baths \| 1,856 sq.ft.	$849,000	Airbnb cash on cash: -0.52% Traditional cash on cash: 0.46% Airbnb Rental Income: $1350 Traditional Rental Income: $1713 Airbnb ROI: -0.52% Traditional ROI: 0.46%
16822 255th Street #A Spirit Lake, IA Every detail has been thought of in this new construction duplex! It is designed for caref...	5 beds \| 5 baths \| 3,848 sq.ft.	$1,990,000	Airbnb cash on cash: -0.61% Traditional cash on cash: 1.05% Airbnb Rental Income: $1350 Traditional Rental Income: $3996 Airbnb ROI: -0.61% Traditional ROI: 1.05%
16822 255th Street #B Spirit Lake, IA Every detail has been thought of in this new construction duplex! It is designed for caref...	5 beds \| 5 baths \| 3,834 sq.ft.	$1,990,000	Airbnb cash on cash: -0.61% Traditional cash on cash: 1.05% Airbnb Rental Income: $1350 Traditional Rental Income: $3996 Airbnb ROI: -0.61% Traditional ROI: 1.05%
15117 War Eagle Boulevard Spirit Lake, IA Just minutes from Triboji Beach and Lunker's Lounge, this home puts you close to everythin...	2 beds \| 1 baths \| 912 sq.ft.	$250,000	Airbnb cash on cash: 1.88% Traditional cash on cash: 4.85% Airbnb Rental Income: $1350 Traditional Rental Income: $1637 Airbnb ROI: 1.88% Traditional ROI: 4.85%
25510 Pasture Road Spirit Lake, IA Lake living on beautiful Big Spirit Lake! With 87 feet of lakeshore, this 3 bedroom, 3 bat...	3 beds \| 3 baths \| 2,160 sq.ft.	$1,149,000	Airbnb cash on cash: -0.58% Traditional cash on cash: 1.22% Airbnb Rental Income: $1532 Traditional Rental Income: $3010 Airbnb ROI: -0.58% Traditional ROI: 1.22%
20683 155Th. St. #15 Spirit Lake, IA Fresh New Look At The Landings West Lake Okoboji Harbor ! Check out this beautifully refre...	2 beds \| 2 baths \| 1,400 sq.ft.	$599,900	Airbnb cash on cash: -0.03% Traditional cash on cash: 1.31% Airbnb Rental Income: $1350 Traditional Rental Income: $1686 Airbnb ROI: -0.03% Traditional ROI: 1.31%
25461 Mcclelland Lane Spirit Lake, IA One of the nicest lots in McClelland's beach with plenty of depth for future expansion or ...	2 beds \| 1 baths \| 864 sq.ft.	$675,000	Airbnb cash on cash: -0.32% Traditional cash on cash: 0.95% Airbnb Rental Income: $1350 Traditional Rental Income: $1736 Airbnb ROI: -0.32% Traditional ROI: 0.95%
25451 Mcclelland Lane Spirit Lake, IA This 3 Bedroom cabin is refreshed and ready for you on one of the best lots in McClelland'...	3 beds \| 1 baths \| 1,304 sq.ft.	$675,000	Airbnb cash on cash: 0.05% Traditional cash on cash: 1.57% Airbnb Rental Income: $1532 Traditional Rental Income: $2046 Airbnb ROI: 0.05% Traditional ROI: 1.57%

Real Estate investment in Spirit-lake, IA

There are 84 properties for sale in the city of Spirit Lake . The median list price in Spirit Lake is $361,828 and the average price per square foot is $181. In November 2026, the average monthly cash on cash return in Spirit Lake is 3.00%. The average monthly rental income in Spirit Lake is $2,149.

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

There are 84 investment properties available for sale in Spirit-lake.

In 2026, 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 $2,149.

Your search for investment property begins and ends here

Investment Property for Sale in Spirit Lake, IA

602 20th St

Spirit Lake, IA

4 beds | 2 baths | 1,512 sq.ft.

$239,500

Airbnb cash on cash: 6.27%

Traditional cash on cash: 8.54%

Airbnb Rental Income: $2448

Traditional Rental Income: $2365

Airbnb ROI: 6.27%

Traditional ROI: 8.54%

1806 Chicago Avenue

Spirit Lake, IA

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

$215,000

Airbnb cash on cash: 2.97%

Traditional cash on cash: 8.12%

Airbnb Rental Income: $1532

Traditional Rental Income: $2137

Airbnb ROI: 2.97%

Traditional ROI: 8.12%

3729 Ithaca Avenue

Spirit Lake, IA

4 beds | 2 baths | 1,894 sq.ft.

$359,000

Airbnb cash on cash: 3.49%

Traditional cash on cash: 4.63%

Airbnb Rental Income: $2448

Traditional Rental Income: $2233

Airbnb ROI: 3.49%

Traditional ROI: 4.63%

16914 Inner Lane #A1

Spirit Lake, IA

3 beds | 2 baths | 1,462 sq.ft.

$1,100,000

Airbnb cash on cash: -1.07%

Traditional cash on cash: -0.1%

Airbnb Rental Income: $1532

Traditional Rental Income: $2071

Airbnb ROI: -1.07%

Traditional ROI: -0.1%

10767 Crowley Avenue

Spirit Lake, IA

4 beds | 3 baths | 2,184 sq.ft.

$845,000

Airbnb cash on cash: 0.72%

Traditional cash on cash: 1.97%

Airbnb Rental Income: $2448

Traditional Rental Income: $2831

Airbnb ROI: 0.72%

Traditional ROI: 1.97%

610 20th Street

Spirit Lake, IA

4 beds | 2 baths | 1,864 sq.ft.

$280,000

Airbnb cash on cash: 4.96%

Traditional cash on cash: 5.69%

Airbnb Rental Income: $2448

Traditional Rental Income: $2044

Airbnb ROI: 4.96%

Traditional ROI: 5.69%

11260 240th Avenue

Spirit Lake, IA

3 beds | 3 baths | 2,309 sq.ft.

$1,214,550

Airbnb cash on cash: -0.64%

Traditional cash on cash: 0.54%

Airbnb Rental Income: $1532

Traditional Rental Income: $2422

Airbnb ROI: -0.64%

Traditional ROI: 0.54%

610 22nd Street

Spirit Lake, IA

3 beds | 2 baths | 1,320 sq.ft.

$189,000

Airbnb cash on cash: 3.66%

Traditional cash on cash: 10.32%

Airbnb Rental Income: $1532

Traditional Rental Income: $2284

Airbnb ROI: 3.66%