22845 NE Pickerel Lake Rd · Detroit Lakes, MN 56501

$240,000

3 bd · 1.0 ba · 1,204 sqft · SingleFamily public records · 101 Days on market

Built 1888 3.47 ac 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
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• 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

A lovely slice of serenity, quiet, and tranquility nestled beautifully in Lakes Country with opportunity in abundance ready to welcome its new buyers home! This quiet little country home sits on 3+ acres of land that is a perfect space to call your own. Inside you will find a nice flowing floor plan with a main floor primary bedroom, a full bathroom, and welcoming living room perfect for relaxing with your loved ones. Just above you will find two large bedrooms upstairs. With loads of possibility and opportunities outdoors; you will have the wide open space to create your personalized outdoor oasis! But be sure to check out the great pole barn and oversized garage! Inquire today! We'd love to give you a look around!

Key facts

• 3 acres of land
• Pole barn
• Full bathroom

Tags

• 3 ACRES OF LAND
• MAIN FLOOR PRIMARY BEDROOM
• FULL BATHROOM
• WELCOMING LIVING ROOM
• TWO LARGE BEDROOMS
• POLE BARN

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• Recommended offer: $218k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.4% vs local median 4.7% 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: 307 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 $2k of loan paydown is wiped out by about $7k 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 $67k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 101 days — a 9% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y 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.
• Current owner paid $150k; list at $240k implies a 60% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1888 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $218,400 (9.0% below list)

Questions for the listing agent

1. It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1888 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.30% ✓
• Cap rate: 11.38%
• Cash-on-cash: 18.18%
• DSCR: 1.81
• GRM: 6.4

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: 9.8%
• Equity multiple: 1.39×
• Total profit: $25,879
• Equity at exit: $35,785

10-year hold

• IRR: 18.9%
• Equity multiple: 2.57×
• Total profit: $105,700
• Equity at exit: $20,751

Cash invested: $67,200 (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: 307
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $3,117 medium
• Mortgage (P&I): −$1,259
• Tax from tax record: −$85 /mo · $1,024/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$655
• Net cashflow: $1,018

Break-even live

Break-even rent $1,828

Max offer price $240,000

Occupancy floor 62%

Sensitivity live

Price	-10% $1,154	-5% $1,086	+0% $1,018	+5% $950	+10% $882
Rent	-10% $772	-5% $895	+0% $1,018	+5% $1,141	+10% $1,264
Rate	-1.0pp $1,139	-0.5pp $1,079	base $1,018	+0.5pp $956	+1.0pp $893

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-21
   days on market $240,000 Active 101 DOM
2. 2026-06-21
   days on market $240,000 Active 100 DOM
3. 2026-06-18
   days on market $240,000 Active 98 DOM
4. 2026-06-17
   days on market $240,000 Active 97 DOM
5. 2026-06-16
   pricedays on market $240,000 Active 96 DOM
6. 2026-06-15
   days on market $245,000 Active 95 DOM
7. 2026-06-13
   days on market $245,000 Active 93 DOM
8. 2026-06-12
   days on market $245,000 Active 92 DOM
9. 2026-06-09
   days on market $245,000 Active 89 DOM
10. 2026-06-08
    days on market $245,000 Active 88 DOM
11. 2026-06-07
    days on market $245,000 Active 87 DOM
12. 2026-06-07
    days on market $245,000 Active 86 DOM
13. 2026-06-04
    days on market $245,000 Active 83 DOM
14. 2026-06-02
    days on market $245,000 Active 82 DOM
15. 2026-06-01
    days on market $245,000 Active 81 DOM
16. 2026-05-31
    days on market $245,000 Active 80 DOM
17. 2026-05-31
    days on market $245,000 Active 79 DOM
18. 2026-04-08
    price $245,000 731-char remark

    Show marketing remark (731 chars)

    A lovely slice of serenity, quiet, and tranquility nestled beautifully in Lakes Country with opportunity in abundance ready to welcome its new buyers home! This quiet little country home sits on 3+ acres of land that is a perfect space to call your own. Inside you will find a nice flowing floor plan with a main floor primary bedroom, a full bathroom, and welcoming living room perfect for relaxing with your loved ones. Just above you will find two large bedrooms upstairs. With loads of possibility and opportunities outdoors; you will have the wide open space to create your personalized outdoor oasis! But be sure to check out the great pole barn and oversized garage! Inquire today! We'd love to give you a look around!

19. 2026-03-28
    status Active 731-char remark

    Show marketing remark (731 chars)

    A lovely slice of serenity, quiet, and tranquility nestled beautifully in Lakes Country with opportunity in abundance ready to welcome its new buyers home! This quiet little country home sits on 3+ acres of land that is a perfect space to call your own. Inside you will find a nice flowing floor plan with a main floor primary bedroom, a full bathroom, and welcoming living room perfect for relaxing with your loved ones. Just above you will find two large bedrooms upstairs. With loads of possibility and opportunities outdoors; you will have the wide open space to create your personalized outdoor oasis! But be sure to check out the great pole barn and oversized garage! Inquire today! We'd love to give you a look around!

20. 2026-03-19
    historical Contingent - Inspection 731-char remark

    Show marketing remark (731 chars)

    A lovely slice of serenity, quiet, and tranquility nestled beautifully in Lakes Country with opportunity in abundance ready to welcome its new buyers home! This quiet little country home sits on 3+ acres of land that is a perfect space to call your own. Inside you will find a nice flowing floor plan with a main floor primary bedroom, a full bathroom, and welcoming living room perfect for relaxing with your loved ones. Just above you will find two large bedrooms upstairs. With loads of possibility and opportunities outdoors; you will have the wide open space to create your personalized outdoor oasis! But be sure to check out the great pole barn and oversized garage! Inquire today! We'd love to give you a look around!

21. 2026-03-12
    listed $250,000 Active 731-char remark

    Show marketing remark (731 chars)

    A lovely slice of serenity, quiet, and tranquility nestled beautifully in Lakes Country with opportunity in abundance ready to welcome its new buyers home! This quiet little country home sits on 3+ acres of land that is a perfect space to call your own. Inside you will find a nice flowing floor plan with a main floor primary bedroom, a full bathroom, and welcoming living room perfect for relaxing with your loved ones. Just above you will find two large bedrooms upstairs. With loads of possibility and opportunities outdoors; you will have the wide open space to create your personalized outdoor oasis! But be sure to check out the great pole barn and oversized garage! Inquire today! We'd love to give you a look around!

22. 2023-03-13
    soldstatus $150,000
23. 2023-03-10
    soldstatus $150,000 Sold 182-char remark

    Show marketing remark (182 chars)

    Private and secluded home with 3 bdrms . Easy commute to DL schools, shopping, etc. It features 3 acres with a large newer 24x32 garage and steel storage bldg for toys. Great views.

24. 2023-01-25
    status Pending 182-char remark

    Show marketing remark (182 chars)

    Private and secluded home with 3 bdrms . Easy commute to DL schools, shopping, etc. It features 3 acres with a large newer 24x32 garage and steel storage bldg for toys. Great views.

25. 2023-01-16
    historical Contingent - Inspection 182-char remark

    Show marketing remark (182 chars)

    Private and secluded home with 3 bdrms . Easy commute to DL schools, shopping, etc. It features 3 acres with a large newer 24x32 garage and steel storage bldg for toys. Great views.

26. 2022-12-29
    price $155,000 182-char remark

    Show marketing remark (182 chars)

    Private and secluded home with 3 bdrms . Easy commute to DL schools, shopping, etc. It features 3 acres with a large newer 24x32 garage and steel storage bldg for toys. Great views.

27. 2022-11-08
    price $165,000 182-char remark

    Show marketing remark (182 chars)

    Private and secluded home with 3 bdrms . Easy commute to DL schools, shopping, etc. It features 3 acres with a large newer 24x32 garage and steel storage bldg for toys. Great views.

28. 2022-10-30
    status Active 182-char remark

    Show marketing remark (182 chars)

    Private and secluded home with 3 bdrms . Easy commute to DL schools, shopping, etc. It features 3 acres with a large newer 24x32 garage and steel storage bldg for toys. Great views.

29. 2022-10-13
    historical Contingent - Inspection 182-char remark

    Show marketing remark (182 chars)

    Private and secluded home with 3 bdrms . Easy commute to DL schools, shopping, etc. It features 3 acres with a large newer 24x32 garage and steel storage bldg for toys. Great views.

30. 2022-09-28
    listed $180,000 Active 182-char remark

    Show marketing remark (182 chars)

    Private and secluded home with 3 bdrms . Easy commute to DL schools, shopping, etc. It features 3 acres with a large newer 24x32 garage and steel storage bldg for toys. Great views.

31. 2012-05-14
    soldstatus $150,000
32. 2012-05-14
    soldstatus $10,000

ⓘ 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: $1,024 · $85/mo
• Projected year-2 tax: $1,856 · $155/mo
• Expected delta: +$832/yr (+$69/mo · 81.2%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 1/10 Low 7 d/yr ≥95°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,400
• − Mortgage interest: −$13,444
• − Property taxes: −$1,024
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,992
• − Management: −$2,992
• − Depreciation: −$6,982
• Taxable income: $8,767
• Est. tax owed @ 24.0%: −$2,104
• After-tax cash flow: $10,115/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

• 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

+63.3% since first listed

15 events — show timeline

• 2026-04-08 Price Changed $245,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-28 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-19 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-12 Listed $250,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-03-13 Sold (Public Records) $150,000 Public Records
• 2023-03-10 Sold (MLS) $150,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-01-25 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2023-01-16 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2022-12-29 Price Changed $155,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-11-08 Price Changed $165,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-10-30 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2022-10-13 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2022-09-28 Listed $180,000 NORTHSTARMLS as Distributed by MLS Grid
• 2012-05-14 Sold (Public Records) $10,000 Public Records
• 2012-05-14 Sold (Public Records) $150,000 Public Records

Property tax history

+7.6%/yr

Latest (2025): $1,024 · -5.2% YoY. Source: county tax records.