420 James St · Detroit Lakes, MN 56501

$324,900

2 bd · 2.0 ba · 1,736 sqft · SingleFamily public records · 27 Days on market

Built 1957 10,454 sqft lot

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Why this score? — see what drove the D 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 +15.2/30.0
• ARV discount +7.5/15.0
• DSCR +4.6/10.0
• Schools +4.0/10.0
• Livability +4.0/5.0
• 1% rule +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

With 3 bedrooms and 3 baths, this Detroit Lakes rambler on a corner lot is ready for a new owner. Just across the street from the High School, it is an excellent location for those with kids. Home offers a large southerly facing living room, main bedroom with 1/2 bath, cozy kitchen plus formal dining room, and a cute sunroom on the east side to enjoy the morning sun! Double attached garage and entire home is in excellent condition. Steel siding too! Make James street your new home!

Key facts

• Formal dining room
• Expanded lower level
• 0.24 acre lot

Tags

• WALKING DISTANCE CITY BEACH
• OVERSIZED LIVING ROOM
• FORMAL DINING ROOM
• MAIN FLOOR PRIMARY BEDROOM
• UPDATED 4 SEASON SUNROOM
• EXPANDED LOWER LEVEL

Property features AI

Exterior

• Parking: Attached insulated garage with garage door opener (2-car, 24x31)
• Utilities: City water (in street); City sewer (in street); 100 amp electric service; Natural gas
• Home design: Residential property; Three-level split; Main floor entry; City-facing view
• Construction: Block construction; Block foundation (26x44 foundation dimensions); Foundation has egress window(s), partially finished areas and storage space
• Exterior features: Deck; Partial fencing; Corner lot with medium tree coverage; Storage shed; City street frontage

Interior

• Kitchen: Dishwasher; Range; Microwave; Refrigerator; Stainless steel appliances; Kitchen window
• Bedrooms: 4 bedrooms (includes a main floor bedroom and a primary bedroom suite)
• Bathrooms: One full bathroom on the main floor; One three-quarter bathroom (basement); One half bathroom; Primary bathroom on the main level
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Ceiling fans; City view; Kitchen window; Natural woodwork; Sun room; Main floor primary bedroom
• Laundry & utility: Washer and dryer included; Laundry located in basement; Electric water heater; Water softener (owned)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $325k.

Deal economics

• At list price, monthly cash flow is $110 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $273k (16.1% below list).
• Recommended offer: $273k (16.1% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 5.2% in Detroit Lakes — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 $2k of loan paydown is wiped out by about $10k 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.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($320k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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 $280k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $272,753 (16.1% below list)

Questions for the listing agent

1. Built in 1957 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.84% ✗
• Cap rate: 6.70%
• Cash-on-cash: 1.45%
• DSCR: 1.06
• GRM: 9.9

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: -14.0%
• Equity multiple: 0.50×
• Total profit: $-45,720
• Equity at exit: $48,444

10-year hold

• IRR: -5.3%
• Equity multiple: 0.66×
• Total profit: $-31,119
• Equity at exit: $28,091

Cash invested: $90,972 (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: 9.9×

Monthly cashflow live

• Estimated rent: $2,728 medium
• Mortgage (P&I): −$1,704
• Tax from tax record: −$206 /mo · $2,466/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$573
• Net cashflow: $110

Break-even live

Break-even rent $2,588

Max offer price $324,900

Occupancy floor 91%

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: $81,225
• Closing costs: $9,747
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $324,900 Active 27 DOM
2. 2026-06-17
   days on market $324,900 Active 26 DOM
3. 2026-06-16
   days on market $324,900 Active 25 DOM
4. 2026-06-15
   days on market $324,900 Active 24 DOM
5. 2026-06-13
   pricedays on market $324,900 Active 22 DOM
6. 2026-06-12
   days on market $334,900 Active 21 DOM
7. 2026-06-09
   days on market $334,900 Active 18 DOM
8. 2026-06-08
   days on market $334,900 Active 17 DOM
9. 2026-06-07
   days on market $334,900 Active 16 DOM
10. 2026-06-07
    days on market $334,900 Active 15 DOM
11. 2026-06-04
    days on market $334,900 Active 12 DOM
12. 2026-06-02
    days on market $334,900 Active 11 DOM
13. 2026-06-01
    days on market $334,900 Active 10 DOM
14. 2026-05-31
    days on market $334,900 Active 9 DOM
15. 2026-05-31
    days on market $334,900 Active 8 DOM
16. 2026-05-23
    listed $334,900 Active
17. 2026-05-01
    historical
18. 2026-04-18
    price $329,900
19. 2026-01-31
    listed $339,900 Active
20. 2023-05-02
    soldstatus $279,900
21. 2023-05-01
    soldstatus $279,900 Sold 491-char remark

    Show marketing remark (491 chars)

    With 3 bedrooms and 3 baths, this Detroit Lakes rambler on a corner lot is ready for a new owner. Just across the street from the High School, it is an excellent location for those with kids. Home offers a large southerly facing living room, main bedroom with 1/2 bath, cozy kitchen plus formal dining room, and a cute sunroom on the east side to enjoy the morning sun! Double attached garage and entire home is in excellent condition. Steel siding too! Make James street your new home!

22. 2023-03-31
    status Pending 491-char remark

    Show marketing remark (491 chars)

    With 3 bedrooms and 3 baths, this Detroit Lakes rambler on a corner lot is ready for a new owner. Just across the street from the High School, it is an excellent location for those with kids. Home offers a large southerly facing living room, main bedroom with 1/2 bath, cozy kitchen plus formal dining room, and a cute sunroom on the east side to enjoy the morning sun! Double attached garage and entire home is in excellent condition. Steel siding too! Make James street your new home!

23. 2023-03-27
    historical Contingent - Inspection 491-char remark

    Show marketing remark (491 chars)

    With 3 bedrooms and 3 baths, this Detroit Lakes rambler on a corner lot is ready for a new owner. Just across the street from the High School, it is an excellent location for those with kids. Home offers a large southerly facing living room, main bedroom with 1/2 bath, cozy kitchen plus formal dining room, and a cute sunroom on the east side to enjoy the morning sun! Double attached garage and entire home is in excellent condition. Steel siding too! Make James street your new home!

24. 2023-03-24
    listed $279,900 Active 491-char remark

    Show marketing remark (491 chars)

    With 3 bedrooms and 3 baths, this Detroit Lakes rambler on a corner lot is ready for a new owner. Just across the street from the High School, it is an excellent location for those with kids. Home offers a large southerly facing living room, main bedroom with 1/2 bath, cozy kitchen plus formal dining room, and a cute sunroom on the east side to enjoy the morning sun! Double attached garage and entire home is in excellent condition. Steel siding too! Make James street your new home!

ⓘ 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: $2,466 · $206/mo
• Projected year-2 tax: $3,052 · $254/mo
• Expected delta: +$586/yr (+$49/mo · 23.8%)

ⓘ 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: $32,730
• − Mortgage interest: −$18,199
• − Property taxes: −$2,466
• − Insurance: −$1,624
• − Repairs & maintenance: −$2,618
• − Management: −$2,618
• − Depreciation: −$9,452
• Taxable loss: −$4,248
• Est. tax savings @ 24.0%: +$1,020
• After-tax cash flow: $2,340/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

+19.6% since first listed

9 events — show timeline

• 2026-05-23 Listed $334,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-18 Price Changed $329,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-31 Listed $339,900 NORTHSTARMLS as Distributed by MLS Grid
• 2023-05-02 Sold (Public Records) $279,900 Public Records
• 2023-05-01 Sold (MLS) $279,900 NORTHSTARMLS as Distributed by MLS Grid
• 2023-03-31 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2023-03-27 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2023-03-24 Listed $279,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+6.5%/yr

Latest (2025): $2,466 · -8.3% YoY. Source: county tax records.