541 Main St N

Greenbush, MN 56726

$59,900B+

2 bd · 1.0 ba · 924 sqft · Built 1974 · Manufactured · Active · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $875/mo
• Mortgage (P&I): −$314
• Tax + insurance: −$75
• HOA: −$0
• Vac / Maint / Mgmt: −$184
• Net cashflow: $302/mo
• Annual: $3,618/yr
• Cap rate: 12.33%
• Cash-on-cash: 21.57%
• DSCR: 1.96
• 1% rule: 1.46%
• Cash to close: $16,772

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $60k.
• At list price, monthly cash flow is $302 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($875 rent vs $60k).
• It's been on market 44 days — a 3% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $58k (3.0% below list) — sets the bar for market timing.
• In year one you build about $817 of equity ($414 loan paydown + $403 appreciation (0.7% local appreciation)).
• Location reads 71/100 on livability (#300 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools B+; Watch: health & safety D+, crime D, amenities F.
• Greenbush-Middle River School District (rural): math 55% / reading 60% proficiency, ranked #186 of 467 in MN (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 6 active listings in the ZIP; 49 units permitted in Roseau County in 2024 (15 in 5+ unit buildings).
• Roseau County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (0.7% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.