118 Agency Rd · Mankato, MN 56001

$274,900

3 bd · 1.0 ba · 1,254 sqft · SingleFamily public records · 2 Days on market

Built 1964 0.36 ac lot Est $293k · 6% under

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Why this score? — see what drove the F 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).

• ARV discount +10.3/15.0
• Cash flow +6.1/30.0
• Rent growth +4.6/5.0
• Schools +4.4/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• 1% rule +0.8/10.0
• DSCR +0.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This fabulous home of 3+ Beds, 2 Baths, 2 Car garage, 1878 Finished Sq Ft and . 359 Acres of well established landscaping is ready for your new family! As a majority of the big ticket items having been upgraded, with some simple cosmetic changes, your own unique decor style can come to life inside your home. New Furnace and A/C units in 2012, Electric Hot Water Heater new in 2021, Water Softener is owned, and a Local Yard Maintenance Business has been paid through the summer for weed and grass treatments. Easily access shopping, parks, restaurants, schools and more with this home located in the Mankato Hilltop area. Call today for your personal showing.

Key facts

• 0.36 acre lot
• 2 garage spots
• Built 1964

Tags

• WELL ESTABLISHED LANDSCAPING
• NEW FURNACE AND A C UNITS
• ELECTRIC HOT WATER HEATER
• WATER SOFTENER IS OWNED

Property features AI

Exterior

• Parking: Tuck-under 2-car garage
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential property; One level
• Construction: Block foundation
• Exterior features: Wood exterior

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 1 full bath; 1 three-quarter bath
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Basement with block foundation

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $275k.

Deal economics

• At list price, monthly cash flow is $-510 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $185k (32.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $161k (41.6% below list).
• Recommended offer: $161k (41.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 77/100 on livability (#133 in MN, #2,970 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: crime C-, amenities C-, commute F.
• Mankato Public School District (urban): math 48% / reading 56% proficiency, ranked #98 of 301 in MN (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+8.6%/yr); 359 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 269 units permitted in Blue Earth County in 2024 (154 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 $8k of value loss. Plan a longer hold.
• Blue Earth County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.

Recommended offer $160,584 (41.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1964 — 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. 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?
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: 0.58% ✗
• Cap rate: 4.07%
• Cash-on-cash: -7.95%
• DSCR: 0.65
• GRM: 14.3

CMA / ARV

• ARV (on-the-fly): $293,436
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
106 S Black Eagle Dr	0.35mi	2/1.0 (-1)	1,248 (-0%)	9mo	$225,000	$180	70
1628 Fair St	0.48mi	3/1.0	1,162 (-7%)	1mo	$225,000	$194	65
132 Marabou Dr	0.65mi	3/1.0	1,092 (-13%)	9mo	$255,000	$234	41
141 N Mayfair Dr	0.53mi	3/2.0	1,092 (-13%)	14mo	$275,000	$252	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -25.4%
• Equity multiple: 0.11×
• Total profit: $-68,594
• Equity at exit: $40,988

10-year hold

• IRR: -11.5%
• Equity multiple: 0.18×
• Total profit: $-63,137
• Equity at exit: $23,768

Cash invested: $76,972 (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 56001

• Rents YoY: 8.6%
• Active inventory: 359
• Price-to-rent: 14.3×

Monthly cashflow live

• Estimated rent: $1,606 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$222 /mo · $2,670/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$337
• Net cashflow: $-510

Break-even live

Break-even rent $2,251

Max offer price $184,800

Occupancy floor —

Sensitivity live

Price	-10% $-354	-5% $-432	+0% $-510	+5% $-588	+10% $-666
Rent	-10% $-637	-5% $-573	+0% $-510	+5% $-447	+10% $-383
Rate	-1.0pp $-372	-0.5pp $-440	base $-510	+0.5pp $-581	+1.0pp $-654

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: $68,725
• Closing costs: $8,247
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
50 Hilltop Ln Mankato, MN	1.0–2.0	1.0	760	$1,010	$1.33	44d	11	0.41mi
1050 Marsh St Unit 326 Van Tol Mankato, MN	3.0	2.0	1461	$2,360	$1.62	44d	1	0.56mi
200 Briargate Rd Mankato, MN	1.0–3.0	1.0–3.0	912	$1,799	$1.97	44d	32	0.62mi
120 Knollcrest Dr Mankato, MN	2.0	1.0	897	$1,020	$1.14	44d	4	0.74mi
701 S Victory Dr Unit 8 Mankato, MN	2.0	1.0	925	$1,349	$1.46	44d	1	0.80mi
140 Homestead Rd Mankato, MN	1.0–3.0	1.0	843	$1,313	$1.56	44d	8	0.86mi
405 N 5th St Mankato, MN	1.0–3.0	1.0–2.0	780	$1,600	$2.05	44d	16	1.01mi
101 Glenwood Ave Mankato, MN	2.0–3.0	1.0	1075	$1,330	$1.24	44d	8	1.14mi
320 E Lafayette St Mankato, MN	2.0	1.0	1122	$1,545	$1.38	44d	1	1.27mi
103 Everglades Trl Mankato, MN	2.0–4.0	2.5	1453	$1,860	$1.28	44d	3	1.39mi
614 N Riverfront Dr Unit 624 1/2 Mankato, MN	2.0	1.0	900	$1,000	$1.11	44d	1	1.42mi
109 Willow Cascades Trl Unit 109 WCT Mankato, MN	3.0	2.5	1500	$1,850	$1.23	44d	1	1.42mi

Listing history 4 events

1. 2026-05-21
   status Pending 663-char remark

   Show marketing remark (663 chars)

   This fabulous home of 3+ Beds, 2 Baths, 2 Car garage, 1878 Finished Sq Ft and . 359 Acres of well established landscaping is ready for your new family! As a majority of the big ticket items having been upgraded, with some simple cosmetic changes, your own unique decor style can come to life inside your home. New Furnace and A/C units in 2012, Electric Hot Water Heater new in 2021, Water Softener is owned, and a Local Yard Maintenance Business has been paid through the summer for weed and grass treatments. Easily access shopping, parks, restaurants, schools and more with this home located in the Mankato Hilltop area. Call today for your personal showing.

2. 2026-05-21
   status Pending

   Show marketing remark (663 chars)

   This fabulous home of 3+ Beds, 2 Baths, 2 Car garage, 1878 Finished Sq Ft and . 359 Acres of well established landscaping is ready for your new family! As a majority of the big ticket items having been upgraded, with some simple cosmetic changes, your own unique decor style can come to life inside your home. New Furnace and A/C units in 2012, Electric Hot Water Heater new in 2021, Water Softener is owned, and a Local Yard Maintenance Business has been paid through the summer for weed and grass treatments. Easily access shopping, parks, restaurants, schools and more with this home located in the Mankato Hilltop area. Call today for your personal showing.

3. 2026-05-16
   listed $274,900 Active 663-char remark

   Show marketing remark (663 chars)

   This fabulous home of 3+ Beds, 2 Baths, 2 Car garage, 1878 Finished Sq Ft and . 359 Acres of well established landscaping is ready for your new family! As a majority of the big ticket items having been upgraded, with some simple cosmetic changes, your own unique decor style can come to life inside your home. New Furnace and A/C units in 2012, Electric Hot Water Heater new in 2021, Water Softener is owned, and a Local Yard Maintenance Business has been paid through the summer for weed and grass treatments. Easily access shopping, parks, restaurants, schools and more with this home located in the Mankato Hilltop area. Call today for your personal showing.

4. 2026-05-16
   listed $274,900 Active

   Show marketing remark (663 chars)

   This fabulous home of 3+ Beds, 2 Baths, 2 Car garage, 1878 Finished Sq Ft and . 359 Acres of well established landscaping is ready for your new family! As a majority of the big ticket items having been upgraded, with some simple cosmetic changes, your own unique decor style can come to life inside your home. New Furnace and A/C units in 2012, Electric Hot Water Heater new in 2021, Water Softener is owned, and a Local Yard Maintenance Business has been paid through the summer for weed and grass treatments. Easily access shopping, parks, restaurants, schools and more with this home located in the Mankato Hilltop area. Call today for your personal showing.

ⓘ 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: $2,670 · $222/mo
• Projected year-2 tax: $2,874 · $240/mo
• Expected delta: +$204/yr (+$17/mo · 7.7%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,270
• − Mortgage interest: −$15,399
• − Property taxes: −$2,670
• − Insurance: −$1,374
• − Repairs & maintenance: −$1,542
• − Management: −$1,542
• − Depreciation: −$7,997
• Taxable loss: −$11,253
• Est. tax savings @ 24.0%: +$2,701
• After-tax cash flow: $-3,420/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: Mankato Public School District
• NCES district ID: 2718780
• Math proficiency: 48% ▼ -11.00%
• Reading proficiency: 56% ▼ -8.00%
• Median HH income: $49,469
• Composite: 44.36/100
• National rank: #2819
• State rank: #98 of 301 in MN

Livability — Mankato

• Score: 77/100
• State rank: #133
• US rank: #2970

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mankato, MN
• County: Blue Earth County · 51,585 people
• City population: 51,585
• Metro: Mankato, MN
• Population (ZIP): 51,585
• Household income: $69,531
• Rent vs Own: 45.9% rent · 54.1% own
• Severe rent burden: 2394.0

Population outlook (Blue Earth County) Hauer SSP2

• Today (2025): 70,208 people
• By 2030: 72,708 · +3.6%
• By 2040: 77,481 · +10.4%
• By 2050: 82,842 · +18.0%
• By 2075: 99,990 · +42.4%
• By 2100: 116,795 · +66.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Black 6% Hispanic / Latino 5% Two or more races 4% Asian 3%
• Common ancestry: Portuguese 11% Lithuanian 3% Romanian 3%
• Foreign-born: 8% · Canada, Vietnam, South Korea
• Languages at home: 90% English-only · Spanish 3% Other Indo-European 1% Vietnamese 1%

Political lean MEDSL · Blue Earth

• 2024 margin: Toss-up / Even · D 48.3% · R 49.5% · Other 2.1%
• 2008→2024 swing: -14.2pp toward R · 2008: 12.9pp · 2024: -1.2pp
• All cycles: 2024: R+1.2 2020: D+4.4 2016: R+3.7 2012: D+9.5 2008: D+12.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -192.46%
• Current HPI: 189.8485
• Rent YoY: ▲ 8.55%
• Metro: Mankato, MN
• 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

+0.0% since first listed

4 events — show timeline

• 2026-05-21 Pending — RASM
• 2026-05-21 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-16 Listed $274,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-16 Listed $274,900 RASM

Property tax history

+4.4%/yr

Latest (2025): $2,670 · +5.8% YoY. Source: county tax records.