512 State St W · Detroit Lakes, MN 56501

$164,900

2 bd · 1.0 ba · 726 sqft · SingleFamily public records · 41 Days on market

Built 1915 4,791 sqft lot

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charmer in the city! This well built 2 bed, 1 bath home is located just blocks away from the heart of Detroit Lakes. Cozy floorplan, private upstairs bedroom, attached 1 stall garage, FENCED YARD. Great little package and priced to move!

Key facts

• 4,791 sq ft lot
• Garage
• Built 1915

Property features AI

Finance

• Financial info: FHA financing indicated

Exterior

• Parking: Attached garage (1 car) — approximately 12 x 24
• Utilities: City water (connected); City sewer (connected); Natural gas
• Home design: Residential property; One and one-half story; Accessibility features present
• Construction: Frame construction; Concrete perimeter foundation; Foundation area approximately 812
• Exterior features: Wood exterior; Chain-link fencing; Storage shed

Interior

• Kitchen: Range; Refrigerator; Kitchen on main level
• Bedrooms: 2 bedrooms (both on the main level)
• Bathrooms: 1 full bath (main level)
• Heating & cooling: Forced air heating; Wall-mounted cooling unit(s)
• Interior features: Main floor full bathroom; Crawl space basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $165k).
• Recommended offer: $160k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.2% vs local median 5.2% in Detroit Lakes — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 80/100 on livability (#78 in MN, #1,847 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, cost of living A; Watch: amenities F, commute F.
• Detroit Lakes Public School District (town): math 44% / reading 50% proficiency, ranked #155 of 301 in MN (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 301 active listings in the ZIP; 156 units permitted in Becker County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Becker County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $46k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $159,953 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.72% ✓
• Cap rate: 15.20%
• Cash-on-cash: 31.81%
• DSCR: 2.42
• GRM: 4.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 26.7%
• Equity multiple: 2.11×
• Total profit: $51,191
• Equity at exit: $24,587

10-year hold

• IRR: 34.3%
• Equity multiple: 4.14×
• Total profit: $144,805
• Equity at exit: $14,258

Cash invested: $46,172 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 46 Balanced
• State Minnesota: 46 Balanced · D+2
• County: — inherits STATE
• City: — inherits STATE

2024 reforms strengthened tenant protections; ramsey/hennepin courts paced moderate to slow.

Methodology + full state rankings →

ZIP-level market 56501

• Active inventory: 301
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $2,833 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$80 /mo · $966/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$595
• Net cashflow: $1,224

Break-even live

Break-even rent $1,283

Max offer price $164,900

Occupancy floor 52%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $41,225
• Closing costs: $4,947
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $164,900 Active 41 DOM
2. 2026-06-17
   days on market $164,900 Active 40 DOM
3. 2026-06-16
   days on market $164,900 Active 39 DOM
4. 2026-06-15
   days on market $164,900 Active 38 DOM
5. 2026-06-13
   days on market $164,900 Active 36 DOM
6. 2026-06-12
   days on market $164,900 Active 35 DOM
7. 2026-06-09
   days on market $164,900 Active 32 DOM
8. 2026-06-08
   days on market $164,900 Active 31 DOM
9. 2026-06-07
   days on market $164,900 Active 30 DOM
10. 2026-06-07
    days on market $164,900 Active 29 DOM
11. 2026-06-04
    days on market $164,900 Active 26 DOM
12. 2026-06-02
    days on market $164,900 Active 25 DOM
13. 2026-06-01
    days on market $164,900 Active 24 DOM
14. 2026-05-31
    days on market $164,900 Active 23 DOM
15. 2026-05-31
    days on market $164,900 Active 22 DOM
16. 2026-05-08
    listed $164,900 Active 677-char remark
17. 2021-12-20
    soldstatus $145,000
18. 2021-12-17
    soldstatus $145,000 237-char remark

    Show marketing remark (237 chars)

    Charmer in the city! This well built 2 bed, 1 bath home is located just blocks away from the heart of Detroit Lakes. Cozy floorplan, private upstairs bedroom, attached 1 stall garage, FENCED YARD. Great little package and priced to move!

19. 2021-08-13
    listed $145,000 237-char remark

    Show marketing remark (237 chars)

    Charmer in the city! This well built 2 bed, 1 bath home is located just blocks away from the heart of Detroit Lakes. Cozy floorplan, private upstairs bedroom, attached 1 stall garage, FENCED YARD. Great little package and priced to move!

20. 2018-08-16
    soldstatus $120,000
21. 2018-08-13
    soldstatus $120,000

    Show marketing remark (463 chars)

    Cute cozy home in a nice quiet neighborhood. This home would be perfect for a retired couple or a great starter home. The upstairs has 2 bedrooms plus 2 closets; built in wall a/c unit. Main floor consists of living room, eat-in Kitchen, Bedroom, bath, laundry & attached garage. The owner has done some major remodeling. Lots of new paint, carpet, & linoleum. Great curb appeal as well. New shingles 2 yrs ago, new 100 amp breaker box was just installed.

22. 2018-06-15
    listed $122,500

    Show marketing remark (463 chars)

    Cute cozy home in a nice quiet neighborhood. This home would be perfect for a retired couple or a great starter home. The upstairs has 2 bedrooms plus 2 closets; built in wall a/c unit. Main floor consists of living room, eat-in Kitchen, Bedroom, bath, laundry & attached garage. The owner has done some major remodeling. Lots of new paint, carpet, & linoleum. Great curb appeal as well. New shingles 2 yrs ago, new 100 amp breaker box was just installed.

23. 2007-09-28
    soldstatus $80,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MN · Partial reset (capped growth)

• Current annual tax: $966 · $80/mo
• Projected year-2 tax: $1,406 · $117/mo
• Expected delta: +$440/yr (+$37/mo · 45.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X · 75% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 1/10 Low 7 d/yr ≥96°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,992
• − Mortgage interest: −$9,237
• − Property taxes: −$966
• − Insurance: −$824
• − Repairs & maintenance: −$2,719
• − Management: −$2,719
• − Depreciation: −$4,797
• Taxable income: $12,729
• Est. tax owed @ 24.0%: −$3,055
• After-tax cash flow: $11,631/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Detroit Lakes Public School District
• NCES district ID: 2710230
• Math proficiency: 44% ▼ -11.00%
• Reading proficiency: 50% ▼ -11.00%
• Median HH income: $50,571
• Composite: 40.33/100
• National rank: #3746
• State rank: #155 of 301 in MN

Livability — Detroit Lakes

• Score: 80/100
• State rank: #78
• US rank: #1847

Category grades

Amenities F Commute F Cost of living A Crime B+ Employment C+ Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Detroit Lakes, MN
• City population: 18,239
• Population (ZIP): 18,239

Population outlook (Becker County) Hauer SSP2

• Today (2025): 34,604 people
• By 2030: 35,095 · +1.4%
• By 2040: 35,691 · +3.1%
• By 2050: 35,869 · +3.7%
• By 2075: 36,103 · +4.3%
• By 2100: 32,798 · -5.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Native American 2%
• Common ancestry: Portuguese 25% Scottish 4% Lithuanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Becker

• 2024 margin: Solid R (+33.1) · D 32.7% · R 65.8% · Other 1.5%
• 2008→2024 swing: -26.3pp toward R · 2008: -6.9pp · 2024: -33.1pp
• All cycles: 2024: R+33.1 2020: R+30.1 2016: R+33.2 2012: R+14.6 2008: R+6.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -222.40%
• Current HPI: 217.4973
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.41%
• F500 in state: 34

Industry mix (Fortune 500 HQ in MN)

Industry	F500 HQs	Revenue
▸Healthcare	2	$407B
▸Retail	2	$150B
▸Consumer Goods	2	$32B
▸Industrial Machinery	2	$6B
▸Agriculture	1	$40B
▸Healthcare / Medical Devices	1	$32B

Price history

+106.1% since first listed

8 events — show timeline

• 2026-05-08 Listed $164,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-12-20 Sold (Public Records) $145,000 Public Records
• 2021-12-17 Sold (MLS) $145,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-08-13 Listed $145,000 NORTHSTARMLS as Distributed by MLS Grid
• 2018-08-16 Sold (Public Records) $120,000 Public Records
• 2018-08-13 Sold (MLS) $120,000 NORTHSTARMLS as Distributed by MLS Grid
• 2018-06-15 Listed $122,500 NORTHSTARMLS as Distributed by MLS Grid
• 2007-09-28 Sold (Public Records) $80,000 Public Records

Property tax history

+7.9%/yr

Latest (2025): $966 · -3.0% YoY. Source: county tax records.