76 Court Street Site #3

Lewiston, MN 55952

$35,300B-

3 bd · 2.0 ba · 980 sqft · Built 2026 · Manufactured · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,011/mo
• Mortgage (P&I): −$185
• Tax + insurance: −$59
• HOA: −$0
• Vac / Maint / Mgmt: −$212
• Net cashflow: $555/mo
• Annual: $6,659/yr
• Cap rate: 25.16%
• Cash-on-cash: 67.37%
• DSCR: 4.00
• 1% rule: 2.86%
• Cash to close: $9,884

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $35k.
• At list price, monthly cash flow is $555 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $244 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#263 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Lewiston-Altura Public School District (rural): math 31% / reading 51% proficiency, ranked #208 of 301 in MN (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lewiston-Altura Elementary (math 67% / reading 47%, grade C+, #265 of 857 statewide, top 35%, 200 students, 47% FRL); Lewiston-Altura Intermediate El (math 32% / reading 67%, grade C, #81 of 258 statewide, top 32%, 76 students, 42% FRL); Lewiston-Altura Secondary (math 17% / reading 42%, grade F, #354 of 471 statewide, top 77%, 346 students, 38% FRL) — zoned schools average 42% FRL vs 23% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 12 active listings in the ZIP; 37 units permitted in Winona County in 2024 (0 in 5+ unit buildings).
• Winona County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.