321 Center St · Mankato, MN 56001

$269,900

3 bd · 1.0 ba · 1,789 sqft · SingleFamily public records · 24 Days on market

Built 1935 8,015 sqft lot Est $243k · 11% over

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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 +12.5/30.0
• Rent growth +4.6/5.0
• Schools +4.4/10.0
• Livability +3.9/5.0
• DSCR +3.7/10.0
• 1% rule +2.8/10.0
• ARV discount +2.6/15.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located in the historic Lincoln Park neighborhood, this classic two-story home showcases years of thoughtful care and enduring character. Sunlight pours through the windows, highlighting the rich hardwood and tile flooring and creating a warm, welcoming feel throughout the home. The generous kitchen offers plenty of space for cooking and gathering, while the formal and casual living areas provide room for both entertaining and everyday comfort. A cozy gas fireplace adds to the home’s inviting atmosphere. Upstairs features three same-level bedrooms, blending charm with practical living. Step outside to discover a serene backyard oasis with multiple spots to relax, entertain, or enjoy a quiet evening surrounded by mature landscaping. Complete with an attached garage and timeless appeal, this home is full of personality and comfort inside and out.

Key facts

• Cozy gas fireplace
• Generous kitchen
• Mature landscaping

Tags

• GENEROUS KITCHEN
• COZY GAS FIREPLACE
• SERENE BACKYARD OASIS
• MATURE LANDSCAPING

Property features AI

Exterior

• Parking: Attached garage (1 car)
• Utilities: City water (connected); City sewer (connected); Natural gas; Electric with circuit breakers
• Home design: Residential property; Two levels; Block foundation
• Construction: Concrete and frame construction; Asphalt roof; Foundation area approximately 672 (unit provided in source)
• Exterior features: Deck; Patio; Wood exterior; Storage shed

Interior

• Kitchen: Range; Microwave; Dishwasher; Refrigerator
• Bedrooms: 3 bedrooms (all on the upper/main level configuration noted as 3 BR on one level; individual rooms: one upper bedroom ~19 x 19, two upper bedrooms ~11 x 11)
• Flooring: Hardwood floors; Tile floors; Natural woodwork
• Bathrooms: Two 3/4 bathrooms (one in basement, one on upper level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Unfinished basement; Informal dining and separate/formal dining room; Primary bedroom with walk-in closet; Natural woodwork; Washer/dryer hookup; Water softener (owned)
• Laundry & utility: Washer and dryer included; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $270k.

Deal economics

• At list price, monthly cash flow is $-40 ($-481/yr) — negative.
• To cash-flow at today's rent, offer at most $263k (2.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $211k (21.7% below list).
• Recommended offer: $211k (21.7% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 3.4% 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.
• Market conditions: Rents rising fast (+8.6%/yr); 352 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d 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 36% 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 $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

• It's been on market 24 days — a 2% lower offer ($266k) 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 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $211,367 (21.7% 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 1935 — 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: 0.78% ✗
• Cap rate: 6.11%
• Cash-on-cash: -0.64%
• DSCR: 0.97
• GRM: 10.6

CMA / ARV

• ARV (on-the-fly): $243,304
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
202 E Lewis St	0.06mi	3/2.0	1,910 (+7%)	5mo	$210,500	$110	78
212 Locke St	0.12mi	3/1.5	1,657 (-7%)	8mo	$203,000	$123	74
133 Lincoln St	0.19mi	3/1.0	1,596 (-11%)	3mo	$189,000	$118	71
132 Coy St	0.35mi	2/1.0 (-1)	1,852 (+4%)	8mo	$276,000	$149	66
215 James Ave	0.34mi	4/2.0 (+1)	1,820 (+2%)	8mo	$280,000	$154	66
315 Byron St	0.18mi	4/2.0 (+1)	1,604 (-10%)	1mo	$179,500	$112	65
223 State St	0.33mi	2/2.0 (-1)	1,724 (-4%)	8mo	$220,000	$128	63
301 James Ave	0.43mi	4/2.5 (+1)	1,695 (-5%)	1mo	$230,000	$136	60
309 Locust St	0.54mi	3/2.5	1,716 (-4%)	7mo	$274,000	$160	56
106 Blue Earth St	0.65mi	3/1.5	1,620 (-9%)	1mo	$320,000	$198	52
30 Eginton Rd	0.63mi	3/2.0	1,964 (+10%)	1mo	$360,000	$183	50
314 E Walnut St	0.68mi	4/2.0 (+1)	2,002 (+12%)	7mo	$240,000	$120	34

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: -12.4%
• Equity multiple: 0.53×
• Total profit: $-35,179
• Equity at exit: $40,243

10-year hold

• IRR: 2.6%
• Equity multiple: 1.22×
• Total profit: $16,665
• Equity at exit: $23,336

Cash invested: $75,572 (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: 352
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $2,114 high
• Mortgage (P&I): −$1,415
• Tax from tax record: −$182 /mo · $2,184/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$444
• Net cashflow: $-40

Break-even live

Break-even rent $2,164

Max offer price $262,826

Occupancy floor 97%

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: $67,475
• Closing costs: $8,097
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
101 Glenwood Ave Mankato, MN	2.0–3.0	1.0	1075	$1,330	$1.24	44d	8	0.37mi
201 N Riverfront Dr Apt 501 Mankato, MN	2.0	2.0	2045	$3,725	$1.82	44d	1	0.91mi
200 Briargate Rd Mankato, MN	1.0–3.0	1.0–3.0	912	$1,799	$1.97	44d	32	1.02mi
412 Wall St Unit 412 North Mankato, MN	4.0	2.5	2600	$2,300	$0.88	44d	1	1.04mi
1050 Marsh St Unit 326 Van Tol Mankato, MN	3.0	2.0	1461	$2,360	$1.62	44d	1	1.31mi

Listing history 19 events

1. 2026-06-19
   days on market $269,900 Active 24 DOM
2. 2026-06-18
   days on market $269,900 Active 23 DOM
3. 2026-06-17
   days on market $269,900 Active 22 DOM
4. 2026-06-16
   days on market $269,900 Active 21 DOM
5. 2026-06-15
   days on market $269,900 Active 20 DOM
6. 2026-06-14
   days on market $269,900 Active 18 DOM
7. 2026-06-13
   days on market $269,900 Active 17 DOM
8. 2026-06-10
   days on market $269,900 Active 15 DOM
9. 2026-06-09
   days on market $269,900 Active 14 DOM
10. 2026-06-08
    days on market $269,900 Active 13 DOM
11. 2026-06-07
    days on market $269,900 Active 12 DOM
12. 2026-06-05
    days on market $269,900 Active 9 DOM
13. 2026-06-03
    days on market $269,900 Active 8 DOM
14. 2026-06-02
    days on market $269,900 Active 7 DOM
15. 2026-06-01
    days on market $269,900 Active 6 DOM
16. 2026-05-31
    days on market $269,900 Active 5 DOM
17. 2026-05-30
    days on market $269,900 Active 4 DOM
18. 2026-05-27
    listed $269,900 Active 862-char remark

    Show marketing remark (862 chars)

    Located in the historic Lincoln Park neighborhood, this classic two-story home showcases years of thoughtful care and enduring character. Sunlight pours through the windows, highlighting the rich hardwood and tile flooring and creating a warm, welcoming feel throughout the home. The generous kitchen offers plenty of space for cooking and gathering, while the formal and casual living areas provide room for both entertaining and everyday comfort. A cozy gas fireplace adds to the home’s inviting atmosphere. Upstairs features three same-level bedrooms, blending charm with practical living. Step outside to discover a serene backyard oasis with multiple spots to relax, entertain, or enjoy a quiet evening surrounded by mature landscaping. Complete with an attached garage and timeless appeal, this home is full of personality and comfort inside and out.

19. 2026-05-26
    listed $269,900 Active

ⓘ 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: $2,184 · $182/mo
• Projected year-2 tax: $2,603 · $217/mo
• Expected delta: +$419/yr (+$35/mo · 19.2%)

ⓘ 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 2/10 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: $25,364
• − Mortgage interest: −$15,119
• − Property taxes: −$2,184
• − Insurance: −$1,350
• − Repairs & maintenance: −$2,029
• − Management: −$2,029
• − Depreciation: −$7,852
• Taxable loss: −$5,198
• Est. tax savings @ 24.0%: +$1,248
• After-tax cash flow: $767/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

2 events — show timeline

• 2026-05-27 Listed $269,900 RASM
• 2026-05-26 Listed $269,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+3.9%/yr

Latest (2025): $2,184 · -12.0% YoY. Source: county tax records.