445 Tanager Path · Mankato, MN 56001

$204,999

3 bd · 1.0 ba · 1,272 sqft · Townhouse public records · 14 Days on market

Built 2003 1,611 sqft lot $160/mo HOA · 9% of rent

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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 +11.3/30.0
• ARV discount +7.5/15.0
• Rent growth +4.6/5.0
• Schools +4.4/10.0
• Livability +3.9/5.0
• 1% rule +3.5/10.0
• DSCR +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don’t miss out on this move-in ready 3 BR town home with various updates and a rental license! An eat-in kitchen, spacious living room, full bath, and 2 bedrooms can be found on the upper level. New vinyl plank flooring flows throughout the kitchen, living room, and bathroom. The kitchen features updated countertops, fresh paint, a new garbage disposal, and a walk-in pantry! Both bedrooms have newer carpet, and the bathroom vanity has been updated as well. On the lower level, the front door opens to a nice-sized entryway, which has a side door connecting to the double attached garage. Straight ahead is a large bedroom that leads to a 3/4 bath and the utility room. Enjoy the extra privacy and space that comes with an end unit!

Key facts

• $160 HOA
• 2 garage spots
• Built 2003

Property features AI

Finance

• Other: Above-grade finished area noted; Living area: 1,272 square feet
• Financial info: Conventional financing typical; Rental license: Standard (rental license held)
• HOA & community: HOA managed by Atwood Property Mgmt; Monthly HOA fee of $160 covering hazard insurance, lawn care, grounds maintenance, professional management, and snow removal; Association provides other community amenities

Exterior

• Parking: Attached tuck-under garage (2-car) with 22x24 dimensions
• Utilities: City water connected; City sewer connected; Natural gas; Circuit breaker electrical
• Home design: Residential attached property; Two levels; Slab foundation; No exterior stairs (accessible)
• Construction: Concrete and frame construction
• Exterior features: Vinyl exterior; Corner lot

Interior

• Kitchen: Range; Microwave; Dishwasher; Refrigerator; Stainless steel appliances; ENERGY STAR qualified appliances; Eat-in kitchen / breakfast area
• Bedrooms: Three bedrooms (two on upper level, one on lower level)
• Flooring: Hardwood floors
• Bathrooms: One full bathroom on main floor; One 3/4 Jack & Jill bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Electric fireplace in the family room; Ceiling fan(s); Hardwood floors; Kitchen window; Water softener (owned); Washer/dryer hookup
• Laundry & utility: In-unit laundry on lower level (washer and dryer included); Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $205k.

Deal economics

• At list price, monthly cash flow is $-76 ($-914/yr) — negative.
• To cash-flow at today's rent, offer at most $192k (6.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $175k (14.5% below list).
• Recommended offer: $175k (14.5% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 3.5% in Mankato — 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 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.
• Zoned schools: Rosa Parks Elementary (math 54% / reading 46%, grade D+, #417 of 857 statewide, top 49%, 434 students, 63% FRL); Prairie Winds Middle School (math 40% / reading 51%, grade D+, #106 of 258 statewide, top 43%, 954 students, 47% FRL); Mankato East Senior High (math 32% / reading 62%, grade D-, #166 of 471 statewide, top 39%, 1,293 students, 42% FRL) — zoned schools average 51% FRL vs 29% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+8.6%/yr); 359 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 46d 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).
• This rent runs 30% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• Blue Earth County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 19y ago; this cycle's ask is 24% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $170k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $175,187 (14.5% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 0.85% ✗
• Cap rate: 5.85%
• Cash-on-cash: -1.59%
• DSCR: 0.93
• GRM: 9.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -13.3%
• Equity multiple: 0.50×
• Total profit: $-28,757
• Equity at exit: $30,566

10-year hold

• IRR: 2.2%
• Equity multiple: 1.19×
• Total profit: $11,068
• Equity at exit: $17,725

Cash invested: $57,400 (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: 9.8×

Monthly cashflow live

• Estimated rent: $1,752 high
• Mortgage (P&I): −$1,075
• Tax from tax record: −$140 /mo · $1,676/yr
• Insurance: −$85
• HOA: −$160
• Vacancy / Maint / Mgmt: −$368
• Net cashflow: $-76

Break-even live

Break-even rent $1,848

Max offer price $191,548

Occupancy floor 99%

Sensitivity live

Price	-10% $40	-5% $-18	+0% $-76	+5% $-134	+10% $-192
Rent	-10% $-215	-5% $-145	+0% $-76	+5% $-7	+10% $62
Rate	-1.0pp $27	-0.5pp $-24	base $-76	+0.5pp $-129	+1.0pp $-183

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: $51,250
• Closing costs: $6,150
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
103 Everglades Trl Mankato, MN	2.0–4.0	2.5	1453	$1,860	$1.28	45d	3	0.18mi
109 Willow Cascades Trl Unit 109 WCT Mankato, MN	3.0	2.5	1500	$1,850	$1.23	45d	1	0.21mi
701 S Victory Dr Unit 8 Mankato, MN	2.0	1.0	925	$1,349	$1.46	45d	1	0.58mi
875 Heron Dr Mankato, MN	2.0	1.0	919	$1,098	$1.19	45d	1	0.87mi
50 Hilltop Ln Mankato, MN	1.0–2.0	1.0	760	$1,010	$1.33	45d	11	0.94mi
140 Homestead Rd Mankato, MN	1.0–3.0	1.0	843	$1,313	$1.56	45d	8	1.15mi
200 Briargate Rd Mankato, MN	1.0–3.0	1.0–3.0	912	$1,799	$1.97	45d	32	1.16mi

HOA detail

• Monthly dues: $160 · $1,920/yr
• Likely covers: trash

Listing history 18 events

1. 2026-06-01
   status $204,999 Pending 14 DOM
2. 2026-05-31
   days on market $204,999 Contingent - Inspection 14 DOM
3. 2026-05-30
   days on market $204,999 Contingent - Inspection 13 DOM
4. 2026-05-17
   listed Contingent - Inspection
5. 2026-05-16
   historical $204,999
6. 2021-09-30
   soldstatus $170,100
7. 2021-09-29
   soldstatus $170,100 741-char remark

   Show marketing remark (741 chars)

   Don’t miss out on this move-in ready 3 BR town home with various updates and a rental license! An eat-in kitchen, spacious living room, full bath, and 2 bedrooms can be found on the upper level. New vinyl plank flooring flows throughout the kitchen, living room, and bathroom. The kitchen features updated countertops, fresh paint, a new garbage disposal, and a walk-in pantry! Both bedrooms have newer carpet, and the bathroom vanity has been updated as well. On the lower level, the front door opens to a nice-sized entryway, which has a side door connecting to the double attached garage. Straight ahead is a large bedroom that leads to a 3/4 bath and the utility room. Enjoy the extra privacy and space that comes with an end unit!

8. 2021-08-16
   listed $164,900 741-char remark

   Show marketing remark (741 chars)

   Don’t miss out on this move-in ready 3 BR town home with various updates and a rental license! An eat-in kitchen, spacious living room, full bath, and 2 bedrooms can be found on the upper level. New vinyl plank flooring flows throughout the kitchen, living room, and bathroom. The kitchen features updated countertops, fresh paint, a new garbage disposal, and a walk-in pantry! Both bedrooms have newer carpet, and the bathroom vanity has been updated as well. On the lower level, the front door opens to a nice-sized entryway, which has a side door connecting to the double attached garage. Straight ahead is a large bedroom that leads to a 3/4 bath and the utility room. Enjoy the extra privacy and space that comes with an end unit!

9. 2017-01-17
   soldstatus $122,000
10. 2017-01-12
    soldstatus $122,000 779-char remark

    Show marketing remark (779 chars)

    3BR, 2 bath, double stall garage town home with RENTAL LICENSE! Are you a first time home buyer, an investor, or someone who wants less maintenance? If so, this is a great opportunity you don't want to miss. Desirable END unit across from the park! The main level includes a large bedroom with a 3/4 bathroom that leads into the laundry/mechanical room. Be sure to notice that the laundry room has separate door that leads into the garage. Upstairs you will find a spacious living room that is open to the kitchen and dining area. Great walk-in corner pantry, oak cabinets with new hardware and all appliances included. Additionally, you have 2 bedrooms and a full bathroom. Association dues: $80/mth NOTES: Freshly painted, New blinds, Roof 2010, Front loading W/ D negotiable

11. 2016-11-23
    listed $119,900 779-char remark

    Show marketing remark (779 chars)

    3BR, 2 bath, double stall garage town home with RENTAL LICENSE! Are you a first time home buyer, an investor, or someone who wants less maintenance? If so, this is a great opportunity you don't want to miss. Desirable END unit across from the park! The main level includes a large bedroom with a 3/4 bathroom that leads into the laundry/mechanical room. Be sure to notice that the laundry room has separate door that leads into the garage. Upstairs you will find a spacious living room that is open to the kitchen and dining area. Great walk-in corner pantry, oak cabinets with new hardware and all appliances included. Additionally, you have 2 bedrooms and a full bathroom. Association dues: $80/mth NOTES: Freshly painted, New blinds, Roof 2010, Front loading W/ D negotiable

12. 2011-07-01
    soldstatus $113,900
13. 2011-05-19
    listed $119,000
14. 2007-10-02
    soldstatus $131,300
15. 2007-09-28
    soldstatus $131,300
16. 2007-09-11
    historical
17. 2007-05-30
    listed $129,900
18. 2007-04-03
    listed $129,900

ⓘ 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: $1,676 · $140/mo
• Projected year-2 tax: $1,986 · $165/mo
• Expected delta: +$310/yr (+$26/mo · 18.5%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,022
• − Mortgage interest: −$11,483
• − Property taxes: −$1,676
• − Insurance: −$1,025
• − Repairs & maintenance: −$1,682
• − Management: −$1,682
• − HOA: −$1,920
• − Depreciation: −$5,964
• Taxable loss: −$4,409
• Est. tax savings @ 24.0%: +$1,058
• After-tax cash flow: $144/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

+57.8% since first listed

15 events — show timeline

• 2026-05-17 Listed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-16 Coming Soon $204,999 NORTHSTARMLS as Distributed by MLS Grid
• 2021-09-30 Sold (Public Records) $170,100 Public Records
• 2021-09-29 Sold (MLS) $170,100 RASM
• 2021-08-16 Listed $164,900 RASM
• 2017-01-17 Sold (Public Records) $122,000 Public Records
• 2017-01-12 Sold (MLS) $122,000 RASM
• 2016-11-23 Listed $119,900 RASM
• 2011-07-01 Sold (MLS) $113,900 NORTHSTARMLS as Distributed by MLS Grid
• 2011-05-19 Listed $119,000 NORTHSTARMLS as Distributed by MLS Grid
• 2007-10-02 Sold (Public Records) $131,300 Public Records
• 2007-09-28 Sold (MLS) $131,300 NORTHSTARMLS as Distributed by MLS Grid
• 2007-09-11 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2007-05-30 Listed $129,900 NORTHSTARMLS as Distributed by MLS Grid
• 2007-04-03 Listed $129,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+3.9%/yr

Latest (2025): $1,676 · -4.8% YoY. Source: county tax records.