48088 County Highway 13 · Corliss, MN 56573

$249,900

3 bd · 1.0 ba · 912 sqft · SingleFamily public records · 17 Days on market

Built 1920 4.90 ac lot ↓ 18% since listing

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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 +14.8/30.0
• ARV discount +7.5/15.0
• DSCR +4.5/10.0
• Schools +4.4/10.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Seize the opportunity on this beautiful three bedroom one bath country home north of Perham! This 4.9 acre homestead is within two miles of Little Pine Lake access and nearby to the gulf course, walking trail, dog park, restaurants, and many other attractions. The home features three bedrooms upstairs and an extra room on the main level that can be converted into an extra bedroom or an office. There is also a spacious full bathroom with laundry included on the main level for your ease of access. Another perk to this home, is that your kitchen and dining room are combined, allowing for more space to entertain friends and family. You can also use the built in counter top and storage in the

Key facts

• Backyard patio
• Large yard
• Newer water heater

Tags

• 4.9 ACRE HOMESTEAD
• LITTLE PINE LAKE ACCESS
• BACKYARD PATIO
• FLOWER BEDS
• LARGE YARD
• NEWER WATER HEATER

Property features AI

Finance

• Other: Lot approximately 4.9 acres (irregular dimensions); Additional above- and below-grade finished areas contribute to total building area

Exterior

• Parking: Detached/attached garage with 2 spaces; Insulated garage with garage door opener; Shared driveway
• Utilities: Drilled private water source; Private sewer / septic system with tank and drainage field (compliant); Propane fuel
• Home design: Residential property; One and one-half levels; Highway frontage; Publicly maintained road access
• Construction: Asphalt roof; Block foundation; Built with a 912 sq ft foundation area
• Exterior features: Vinyl exterior; Deck; Patio; Other outbuildings including garage(s), lean-to, storage shed

Interior

• Kitchen: Range; Freezer; Gas water heater
• Bedrooms: 3 bedrooms
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating; Wall unit(s) for cooling
• Interior features: Ceiling fan(s); Water softener (owned); Sump pump; Kitchen and dining combined (Kitchen/Dining Room)
• Laundry & utility: Main level laundry; Electric dryer hookup; Fuel tank (rented)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $67 ($805/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 $199k (20.4% below list).
• Recommended offer: $199k (20.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Perham-Dent Public School District (town): math 45% / reading 57% proficiency, ranked #110 of 301 in MN (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 93 active listings in the ZIP; 140 units permitted in Otter Tail County in 2024 (48 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 $7k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 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.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $198,954 (20.4% below list)

Questions for the listing agent

1. Built in 1920 — 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. 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?
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: 0.80% ✗
• Cap rate: 6.62%
• Cash-on-cash: 1.15%
• DSCR: 1.05
• GRM: 10.5

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: -14.5%
• Equity multiple: 0.48×
• Total profit: $-36,327
• Equity at exit: $37,261

10-year hold

• IRR: -5.9%
• Equity multiple: 0.62×
• Total profit: $-26,562
• Equity at exit: $21,607

Cash invested: $69,972 (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 56573

• Home prices YoY: -15.8%
• Active inventory: 93
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $1,990 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$90 /mo · $1,080/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$418
• Net cashflow: $67

Break-even live

Break-even rent $1,905

Max offer price $249,900

Occupancy floor 92%

Sensitivity live

Price	-10% $209	-5% $138	+0% $67	+5% $-4	+10% $-74
Rent	-10% $-90	-5% $-11	+0% $67	+5% $146	+10% $224
Rate	-1.0pp $193	-0.5pp $131	base $67	+0.5pp $2	+1.0pp $-64

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-21
   days on market $249,900 Active 17 DOM
2. 2026-06-18
   days on market $249,900 Active 15 DOM
3. 2026-06-17
   days on market $249,900 Active 14 DOM
4. 2026-06-16
   days on market $249,900 Active 13 DOM
5. 2026-06-15
   days on market $249,900 Active 12 DOM
6. 2026-06-13
   days on market $249,900 Active 10 DOM
7. 2026-06-12
   days on market $249,900 Active 9 DOM
8. 2026-06-09
   days on market $249,900 Active 6 DOM
9. 2026-06-08
   days on market $249,900 Active 5 DOM
10. 2026-06-07
    days on market $249,900 Active 4 DOM
11. 2026-06-07
    days on market $249,900 Active 3 DOM
12. 2026-06-04
    remarks 699-char remark
13. 2026-06-04
    listed $249,900 Active 1 DOM

ⓘ 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: $1,080 · $90/mo
• Projected year-2 tax: $1,939 · $162/mo
• Expected delta: +$859/yr (+$72/mo · 79.6%)

ⓘ 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 2/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥95°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,874
• − Mortgage interest: −$13,998
• − Property taxes: −$1,080
• − Insurance: −$1,250
• − Repairs & maintenance: −$1,910
• − Management: −$1,910
• − Depreciation: −$7,270
• Taxable loss: −$3,543
• Est. tax savings @ 24.0%: +$850
• After-tax cash flow: $1,656/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: Perham-Dent Public School District
• NCES district ID: 2728230
• Math proficiency: 45% ▼ -14.00%
• Reading proficiency: 57% ▼ -5.00%
• Median HH income: $50,712
• Composite: 43.64/100
• National rank: #2966
• State rank: #110 of 301 in MN

Livability — Corliss

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 6,868

Population outlook (Otter Tail County) Hauer SSP2

• Today (2025): 58,183 people
• By 2030: 58,267 · +0.1%
• By 2040: 57,999 · -0.3%
• By 2050: 57,183 · -1.7%
• By 2075: 57,638 · -0.9%
• By 2100: 54,697 · -6.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 9% Two or more races 6% Black 1%
• Hispanic origin (detail): Mexican 2% Dominican 1%
• Common ancestry: Portuguese 18% Romanian 6% Lithuanian 3%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 7%

Political lean MEDSL · Otter Tail

• 2024 margin: Solid R (+34.2) · D 32.1% · R 66.3% · Other 1.6%
• 2008→2024 swing: -21.3pp toward R · 2008: -12.9pp · 2024: -34.2pp
• All cycles: 2024: R+34.2 2020: R+32.5 2016: R+35.9 2012: R+21.2 2008: R+12.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -42.48%
• Current HPI: 225.7071
• 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

-18.1% since first listed

4 events — show timeline

• 2026-06-03 Listed $249,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-23 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-05 Price Changed $284,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-22 Listed $305,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+3.1%/yr

Latest (2025): $1,080 · -0.9% YoY. Source: county tax records.