31689 Main St NE · Funkley, MN 56630

$49,900

1 bd · 1.0 ba · 400 sqft · Other public records · 225 Days on market

Built 1960 6,098 sqft lot

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Why this score? — see what drove the B+ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.1/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Cute cabin for recreation, hunting camp, fishing camp, a place to get away. Affordable and ready to use this fall!! Come take a look!

Key facts

• 6,098 sq ft lot
• 2 garage spots
• Built 1960

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath other listed at $50k.

Deal economics

• At list price, monthly cash flow is $841 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 55/100 on livability (#853 in MN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: health & safety C-, schools F, crime D-.
• Blackduck Public School District (rural): math 33% / reading 39% proficiency, ranked #249 of 301 in MN (top 83%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 16 active listings in the ZIP; 165 units permitted in Beltrami County in 2024 (81 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($345 loan paydown + $5k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 225 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.

Recommended offer $43,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 225 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
7. 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.
8. 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.
9. 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: 2.97% ✓
• Cap rate: 26.51%
• Cash-on-cash: 72.20%
• DSCR: 4.21
• GRM: 2.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 82.9%
• Equity multiple: 6.78×
• Total profit: $80,730
• Equity at exit: $44,954

10-year hold

• IRR: 77.3%
• Equity multiple: 15.00×
• Total profit: $195,657
• Equity at exit: $96,945

Cash invested: $13,972 (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 56630

• Home prices YoY: 12.8%
• Active inventory: 16
• Price-to-rent: 2.8×

Monthly cashflow live

• Estimated rent: $1,480 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$46 /mo · $554/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$311
• Net cashflow: $841

Break-even live

Break-even rent $416

Max offer price $49,900

Occupancy floor 38%

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-19
   days on market $49,900 Active 225 DOM
2. 2026-06-18
   days on market $49,900 Active 224 DOM
3. 2026-06-17
   days on market $49,900 Active 223 DOM
4. 2026-06-16
   days on market $49,900 Active 222 DOM
5. 2026-06-15
   days on market $49,900 Active 221 DOM
6. 2026-06-14
   days on market $49,900 Active 219 DOM
7. 2026-06-12
   days on market $49,900 Active 218 DOM
8. 2026-06-09
   days on market $49,900 Active 215 DOM
9. 2026-06-08
   days on market $49,900 Active 214 DOM
10. 2026-06-07
    days on market $49,900 Active 213 DOM
11. 2026-06-03
    days on market $49,900 Active 209 DOM
12. 2026-06-02
    days on market $49,900 Active 208 DOM
13. 2026-06-01
    days on market $49,900 Active 207 DOM
14. 2026-05-31
    days on market $49,900 Active 206 DOM
15. 2026-05-30
    days on market $49,900 Active 205 DOM
16. 2025-11-01
    listed $49,900 Active 134-char remark

    Show marketing remark (134 chars)

    Cute cabin for recreation, hunting camp, fishing camp, a place to get away. Affordable and ready to use this fall!! Come take a look!

ⓘ 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: $554 · $46/mo
• Projected year-2 tax: $556 · $46/mo
• Expected delta: +$2/yr ($0/mo · 0.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $17,761
• − Mortgage interest: −$2,795
• − Property taxes: −$554
• − Insurance: −$250
• − Repairs & maintenance: −$1,421
• − Management: −$1,421
• − Depreciation: −$1,452
• Taxable income: $9,869
• Est. tax owed @ 24.0%: −$2,369
• After-tax cash flow: $7,719/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: Blackduck Public School District
• NCES district ID: 2705730
• Math proficiency: 33% ▼ -13.00%
• Reading proficiency: 39% ▼ -9.00%
• Median HH income: $44,504
• Composite: 30.63/100
• National rank: #6187
• State rank: #249 of 301 in MN

Livability — Funkley

• Score: 55/100
• State rank: #853
• US rank: #23226

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Funkley, MN
• Population (ZIP): 2,081

Population outlook (Beltrami County) Hauer SSP2

• Today (2025): 46,437 people
• By 2030: 46,736 · +0.6%
• By 2040: 46,804 · +0.8%
• By 2050: 46,299 · -0.3%
• By 2075: 44,037 · -5.2%
• By 2100: 38,567 · -16.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 10% Hispanic / Latino 6% Native American 6%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 16% Italian 4% Romanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 95% English-only · Spanish 1%

Political lean MEDSL · Beltrami

• 2024 margin: Lean R (+5.7) · D 46.3% · R 52.0% · Other 1.7%
• 2008→2024 swing: -15.8pp toward R · 2008: 10.2pp · 2024: -5.7pp
• All cycles: 2024: R+5.7 2020: R+3.1 2016: R+9.8 2012: D+9.9 2008: D+10.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 18.29%
• Current HPI: 160.82
• 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

1 event — show timeline

• 2025-11-01 Listed $49,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+3.3%/yr

Latest (2025): $554 · +10.4% YoY. Source: county tax records.