313 Elizabeth St · Detroit Lakes, MN 56501

$214,900

3 bd · 3.0 ba · 2,368 sqft · Other public records · 30 Days on market

Built 1960 7,500 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 +29.7/30.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• 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

Live life with a little extra flexibility and a whole lot of opportunity at 313 Elizabeth Street! Welcome to this 3 bedroom plus office, 2 bathroom home featuring a detached 2-stall garage and BONUS LIVING QUARTERS SPACE that opens the door to endless possibilities! The main level welcomes you with 3 comfortable bedrooms, a full bathroom, and an inviting living room and dining room. Just off the kitchen, the deck serves up the perfect Minnesota hangout spot for grilling, relaxing, and soaking in those sweet summer evenings. Downstairs, the lower level features a spacious office and a 3/4 bathroom. But the real standout feature? The incredible bonus living quarters offers loads of extra pote

Key facts

• Kitchenette
• Deck
• 7,500 sq ft lot

Tags

• DETACHED 2-STALL GARAGE
• BONUS LIVING QUARTERS
• DECK
• KITCHENETTE
• PRIVATE GUEST RETREAT

Property features AI

Finance

• Other: Above-grade finished area and main level finished area listed; below-grade finished area also finished; Total living area and building area provided

Exterior

• Parking: Detached or attached 2-car garage (2 garage spaces)
• Utilities: City water; City sewer; Electric and natural gas service
• Home design: Residential property; One level (with finished lower level); Entry level and facing direction not specified
• Construction: Block basement; Foundation described as 'Other'; Year built not specified; Roof details not specified
• Exterior features: Vinyl exterior; Deck; Lot roughly 50 x 150 (7,500 sq ft)

Interior

• Kitchen: Range; Wall oven; Dishwasher; Refrigerator
• Bedrooms: Three bedrooms (all on the main level)
• Bathrooms: Two full bathrooms; One three-quarter bathroom; Baths located on main and lower levels
• Heating & cooling: Baseboard heating; Forced air heating; Central air conditioning
• Interior features: Dishwasher; Electric and Gas water heaters; Range; Refrigerator; Wall oven; Washer/Dryer hookup; Basement with block construction
• Laundry & utility: Washer/Dryer hookup; Utility room in lower level

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath other listed at $215k.

Deal economics

• At list price, monthly cash flow is $781 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $215k).
• Recommended offer: $212k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.7% 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 $6k 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 $60k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($212k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $211,676 (1.5% below list)

Questions for the listing agent

1. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.29% ✓
• Cap rate: 10.65%
• Cash-on-cash: 15.58%
• DSCR: 1.69
• GRM: 6.5

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: 6.4%
• Equity multiple: 1.25×
• Total profit: $14,924
• Equity at exit: $32,042

10-year hold

• IRR: 15.7%
• Equity multiple: 2.28×
• Total profit: $77,038
• Equity at exit: $18,581

Cash invested: $60,172 (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: 6.5×

Monthly cashflow live

• Estimated rent: $2,771 medium
• Mortgage (P&I): −$1,127
• Tax from tax record: −$191 /mo · $2,296/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$582
• Net cashflow: $781

Break-even live

Break-even rent $1,782

Max offer price $214,900

Occupancy floor 67%

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: $53,725
• Closing costs: $6,447
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $214,900 Active 30 DOM
2. 2026-06-17
   days on market $214,900 Active 29 DOM
3. 2026-06-16
   days on market $214,900 Active 28 DOM
4. 2026-06-15
   days on market $214,900 Active 27 DOM
5. 2026-06-13
   days on market $214,900 Active 25 DOM
6. 2026-06-12
   days on market $214,900 Active 24 DOM
7. 2026-06-09
   pricedays on market $214,900 Active 21 DOM
8. 2026-06-08
   days on market $224,900 Active 20 DOM
9. 2026-06-07
   days on market $224,900 Active 19 DOM
10. 2026-06-07
    days on market $224,900 Active 18 DOM
11. 2026-06-04
    days on market $224,900 Active 15 DOM
12. 2026-06-02
    days on market $224,900 Active 14 DOM
13. 2026-06-01
    days on market $224,900 Active 13 DOM
14. 2026-05-31
    days on market $224,900 Active 12 DOM
15. 2026-05-31
    days on market $224,900 Active 11 DOM
16. 2026-05-18
    listed $224,900 Active

ⓘ 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: $2,296 · $191/mo
• Projected year-2 tax: $2,351 · $196/mo
• Expected delta: +$55/yr (+$5/mo · 2.4%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% 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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,251
• − Mortgage interest: −$12,038
• − Property taxes: −$2,296
• − Insurance: −$1,074
• − Repairs & maintenance: −$2,660
• − Management: −$2,660
• − Depreciation: −$6,252
• Taxable income: $6,271
• Est. tax owed @ 24.0%: −$1,505
• After-tax cash flow: $7,869/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

1 event — show timeline

• 2026-05-18 Listed $224,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+6.7%/yr

Latest (2025): $2,296 · -2.5% YoY. Source: county tax records.