Single Story 3DR 2BA - 1672-206 Plan · North Mankato, MN 56003

$141,900

3 bd · 2.0 ba · 1,088 sqft · Manufactured · 957 Days on market

$496/mo HOA · 27% 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 +11.6/30.0
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• Livability +4.0/5.0
• DSCR +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful 3 bedroom 2 bathroom home. Fully dry walled throughout with easy care vinyl flooring and carpet. The open space in the living, dining and kitchen are perfect for family time and entertaining. The ceilings are 8 ft. high, further adding a feeling of open spaciousness. Every energy efficient window has a window box detail and wood look vinyl blinds. Stay cool in the summer and warm in the winter while enjoying energy savings with 6 in. walls and thick insulation. Save money on lighting with the LED lighting package upgrade. Just steps from Benson Park and some of the greatest biking and jogging paths in the area.

Key facts

• Listed 956 days

🏗️ New construction. Builder plan / spec listing (the home may be to-be-built); metrics use comparable previous sales.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $142k.

Deal economics

• At list price, monthly cash flow is $-44 ($-530/yr) — negative.
• To cash-flow at today's rent, offer at most $136k (4.5% below list).
• Meets the 1% rule at list price ($2k rent vs $142k).
• Recommended offer: $125k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.9% vs local median 3.4% in North 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 80/100 on livability (#71 in MN, #1,734 nationally) — a professional / high-income tenant draw. Strengths: housing A+, crime A, employment A-; Watch: amenities F, 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: Hoover Elementary (math 55% / reading 56%, grade C, #308 of 857 statewide, top 36%, 503 students, 30% FRL); Dakota Meadows Middle School (math 36% / reading 59%, grade C-, #93 of 258 statewide, top 37%, 878 students, 34% FRL); Mankato West Senior High (math 52% / reading 67%, grade C+, #46 of 471 statewide, top 11%, 1,223 students, 32% FRL) — zoned schools at 32% FRL track the district average.
• Market conditions: 173 active listings in the ZIP; 5 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; 109 units permitted in Nicollet County in 2024 (47 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $981 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 957 days — a 12% lower offer ($125k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 27% of rent.

Recommended offer $124,872 (12.0% 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. It's been on market 957 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-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?
7. 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?
8. 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.
9. 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.
10. 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: 1.28% ✓
• Cap rate: 5.92%
• Cash-on-cash: -1.33%
• DSCR: 0.94
• GRM: 6.5

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: -18.2%
• Equity multiple: 0.36×
• Total profit: $-25,473
• Equity at exit: $21,158

10-year hold

• IRR: -9.9%
• Equity multiple: 0.38×
• Total profit: $-24,453
• Equity at exit: $12,269

Cash invested: $39,732 (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 56003

• Active inventory: 173
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,813 high
• Mortgage (P&I): −$744
• Tax est. 1.5%: −$177 /mo · $2,128/yr
• Insurance: −$59
• HOA: −$496
• Vacancy / Maint / Mgmt: −$381
• Net cashflow: $-44

Break-even live

Break-even rent $1,869

Max offer price $135,512

Occupancy floor 97%

Sensitivity live

Price	-10% $54	-5% $5	+0% $-44	+5% $-93	+10% $-142
Rent	-10% $-187	-5% $-116	+0% $-44	+5% $27	+10% $99
Rate	-1.0pp $27	-0.5pp $-8	base $-44	+0.5pp $-81	+1.0pp $-118

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: $35,475
• Closing costs: $4,257
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2306 Pleasant View Dr Unit 2306 North Mankato, MN	3.0	2.0	1482	$2,100	$1.42	46d	1	0.18mi
2140 Rolling Green Trl Unit 2141 North Mankato, MN	3.0	2.5	1440	$1,850	$1.28	46d	1	0.21mi
1628 Colony Ct Unit 8 North Mankato, MN	2.0	1.0	900	$900	$1.00	46d	1	1.30mi
418 Allan Ave Unit 6 North Mankato, MN	2.0	1.0	846	$1,195	$1.41	46d	1	1.35mi
414 Allan Ave North Mankato, MN	2.0	1.0	818	$1,195	$1.46	46d	2	1.37mi

HOA detail

• Monthly dues: $496 · $5,952/yr

Listing history 20 events

1. 2026-06-22
   days on market $141,900 Active 957 DOM
2. 2026-06-21
   days on market $141,900 Active 956 DOM
3. 2026-06-19
   days on market $141,900 Active 954 DOM
4. 2026-06-18
   days on market $141,900 Active 953 DOM
5. 2026-06-17
   days on market $141,900 Active 952 DOM
6. 2026-06-16
   days on market $141,900 Active 951 DOM
7. 2026-06-15
   days on market $141,900 Active 950 DOM
8. 2026-06-14
   days on market $141,900 Active 948 DOM
9. 2026-06-13
   days on market $141,900 Active 947 DOM
10. 2026-06-10
    days on market $141,900 Active 945 DOM
11. 2026-06-09
    days on market $141,900 Active 944 DOM
12. 2026-06-08
    days on market $141,900 Active 943 DOM
13. 2026-06-07
    days on market $141,900 Active 942 DOM
14. 2026-06-05
    days on market $141,900 Active 939 DOM
15. 2026-06-03
    days on market $141,900 Active 938 DOM
16. 2026-06-02
    days on market $141,900 Active 937 DOM
17. 2026-06-01
    days on market $141,900 Active 936 DOM
18. 2026-05-31
    days on market $141,900 Active 935 DOM
19. 2026-05-30
    days on market $141,900 Active 934 DOM
20. 2023-11-08
    listed $141,900 Active 628-char remark

    Show marketing remark (628 chars)

    Beautiful 3 bedroom 2 bathroom home. Fully dry walled throughout with easy care vinyl flooring and carpet. The open space in the living, dining and kitchen are perfect for family time and entertaining. The ceilings are 8 ft. high, further adding a feeling of open spaciousness. Every energy efficient window has a window box detail and wood look vinyl blinds. Stay cool in the summer and warm in the winter while enjoying energy savings with 6 in. walls and thick insulation. Save money on lighting with the LED lighting package upgrade. Just steps from Benson Park and some of the greatest biking and jogging paths in the area.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $21,759
• − Mortgage interest: −$7,949
• − Property taxes: −$2,128
• − Insurance: −$710
• − Repairs & maintenance: −$1,741
• − Management: −$1,741
• − HOA: −$5,952
• − Depreciation: −$4,128
• Taxable loss: −$2,589
• Est. tax savings @ 24.0%: +$621
• After-tax cash flow: $92/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 — North Mankato

• Score: 80/100
• State rank: #71
• US rank: #1734

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Mankato, MN
• Population (ZIP): 15,319

Population outlook (Nicollet County) Hauer SSP2

• Today (2025): 34,373 people
• By 2030: 34,666 · +0.9%
• By 2040: 34,616 · +0.7%
• By 2050: 34,340 · -0.1%
• By 2075: 33,171 · -3.5%
• By 2100: 31,949 · -7.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 7% Hispanic / Latino 5% Black 2% Asian 2%
• Common ancestry: Portuguese 14% Italian 4% Scottish 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 96% English-only · Spanish 1% Other Indo-European 1%

Political lean MEDSL · Nicollet

• 2024 margin: Toss-up / Even · D 48.8% · R 49.3% · Other 1.9%
• 2008→2024 swing: -11.0pp toward R · 2008: 10.5pp · 2024: -0.5pp
• All cycles: 2024: R+0.5 2020: D+3.2 2016: R+3.1 2012: D+7.9 2008: D+10.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -138.37%
• Current HPI: 165.5673
• 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

• 2023-11-08 Listed $141,900 Zillow