1540 S US 59 Hwy S #702 · Detroit Lakes, MN 56501

$121,900

2 bd · 1.0 ba · 713 sqft · SingleFamily · 29 Days on market

Built 2006 Poor condition 1,000 sqft lot $125/mo HOA · 4% of rent

---

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
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks

Enjoy a park model that feels like a lake home with the finished addition featuring a great room and 2nd bedroom. Located in the Village of Riverview, only a 45-minute drive from the FM area. Low association fee offers countless memories, including the heated indoor pool, clubhouse, community room, payground, volley ball, pickle ball, golf cart accessable roads for your golf cart, water slide, marina with portage to Detroit Lake, laundry facilities, workshop, fitness room & fiber optic internet available. This well-maintained park, plus, it offers indoor storage or outdoor storage for your lake toys. Come check this out, and don't lose your opportunity to enjoy it all! This is a 130

Key facts

• Heated indoor pool
• Fiber optic internet
• 1,000 sq ft lot

Tags

• HEATED INDOOR POOL
• GOLF CART ACCESSIBLE ROADS
• FIBER OPTIC INTERNET

Property features AI

Finance

• Other: Directions: Hwy 59 S, watch for Riverview on your left
• HOA & community: Has HOA (Riverview Board); Annual association fee of $1,500; HOA fee includes lawn care, water, sewer, recreation facility and other services; Association amenities include laundry, clubhouse, exercise room and play area; Association access to waterfront

Exterior

• Parking: Open parking
• Utilities: City water connected; City sewer connected; Electric with circuit breakers; Propane fuel
• Home design: Residential property; Manufactured home; One level
• Construction: Frame and other construction materials; Other foundation; Indoor pool
• Exterior features: Deck; Wood exterior; Storage shed; Light tree coverage; Accessible shoreline

Interior

• Kitchen: Kitchen on the main level with range and refrigerator
• Bedrooms: Two bedrooms on the main level
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Forced air heating; Central air and wall unit(s) for cooling
• Interior features: Range and refrigerator included; Deck off main level; Family room; Living room; Accessible features (unspecified)
• Laundry & utility: Laundry facilities (association/shared laundry)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $122k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $122k).
• Recommended offer: $120k (1.5% below list) — sets the bar for market timing.
• Cap rate 18.8% vs local median 5.2% in Detroit Lakes — 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 (#78 in MN, #1,847 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, cost of living A; Watch: amenities F, commute F.
• Detroit Lakes Public School District (town): math 44% / reading 50% proficiency, ranked #155 of 301 in MN (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 307 active listings in the ZIP; 156 units permitted in Becker County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $843 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Becker County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($120k) is reasonable based on typical stale-listing flexibility.

Recommended offer $120,071 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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. 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.
6. 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.
7. 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: 2.32% ✓
• Cap rate: 18.80%
• Cash-on-cash: 44.66%
• DSCR: 2.99
• GRM: 3.6

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: 41.7%
• Equity multiple: 2.80×
• Total profit: $61,277
• Equity at exit: $18,176

10-year hold

• IRR: 47.9%
• Equity multiple: 5.63×
• Total profit: $158,030
• Equity at exit: $10,540

Cash invested: $34,132 (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 56501

• Active inventory: 307
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $2,833 medium
• Mortgage (P&I): −$639
• Tax est. 1.5%: −$152 /mo · $1,828/yr
• Insurance: −$51
• HOA: −$125
• Vacancy / Maint / Mgmt: −$595
• Net cashflow: $1,270

Break-even live

Break-even rent $1,225

Max offer price $121,900

Occupancy floor 50%

Sensitivity live

Price	-10% $1,355	-5% $1,312	+0% $1,270	+5% $1,228	+10% $1,186
Rent	-10% $1,047	-5% $1,158	+0% $1,270	+5% $1,382	+10% $1,494
Rate	-1.0pp $1,332	-0.5pp $1,301	base $1,270	+0.5pp $1,239	+1.0pp $1,207

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: $30,475
• Closing costs: $3,657
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $125 · $1,500/yr
• Likely covers: waterinternetpool

Listing history 17 events

1. 2026-06-21
   days on market $121,900 Active 29 DOM
2. 2026-06-18
   days on market $121,900 Active 27 DOM
3. 2026-06-17
   days on market $121,900 Active 26 DOM
4. 2026-06-16
   days on market $121,900 Active 25 DOM
5. 2026-06-15
   days on market $121,900 Active 24 DOM
6. 2026-06-13
   days on market $121,900 Active 22 DOM
7. 2026-06-12
   days on market $121,900 Active 21 DOM
8. 2026-06-09
   days on market $121,900 Active 18 DOM
9. 2026-06-08
   days on market $121,900 Active 17 DOM
10. 2026-06-07
    days on market $121,900 Active 16 DOM
11. 2026-06-07
    days on market $121,900 Active 15 DOM
12. 2026-06-04
    days on market $121,900 Active 12 DOM
13. 2026-06-02
    days on market $121,900 Active 11 DOM
14. 2026-06-01
    days on market $121,900 Active 10 DOM
15. 2026-05-31
    days on market $121,900 Active 9 DOM
16. 2026-05-31
    days on market $121,900 Active 8 DOM
17. 2026-05-21
    listed $121,900 Active

ⓘ 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 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥96°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,992
• − Mortgage interest: −$6,828
• − Property taxes: −$1,828
• − Insurance: −$610
• − Repairs & maintenance: −$2,719
• − Management: −$2,719
• − HOA: −$1,500
• − Depreciation: −$3,546
• Taxable income: $14,241
• Est. tax owed @ 24.0%: −$3,418
• After-tax cash flow: $11,827/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.

Condition & rehab AI · 2 photos

Poor 20/100 Extensive rehab

This property requires extensive repairs and maintenance, including a new roof, exterior and interior painting, and structural repairs. Significant improvements would be needed to bring the property up to a livable condition.

Repairs flagged

• Major roof — The roof appears to be missing or in disrepair.
• Major exterior siding — The siding and paint appear to be peeling and in poor condition.
• Major interior walls and paint — The overall condition suggests the interior may be in poor shape.
• Major windows — The overall condition suggests they may be in poor shape.
• Major foundation and structure — The overall condition suggests it may be in poor shape.
• Major HVAC and mechanical systems — The overall condition suggests they may be in poor shape.
• Major landscaping and fencing — The landscaping appears to be overgrown and in poor condition, with no visible curb appeal or maintenance. The fencing is also in poor condition, with visible damage and missing sections.

Value-add opportunities

• Both New roof — A new roof would significantly improve the home's appearance and functionality.
• Both Exterior painting and siding repair — New paint and siding would improve the home's curb appeal and functionality.
• Both Interior painting and repairs — New paint and repairs would improve the home's interior condition and functionality.
• Both New windows — New windows would improve the home's energy efficiency and functionality.
• Both Foundation and structure repairs — Repairs to the foundation and structure would improve the home's structural integrity and functionality.
• Both HVAC and mechanical system upgrades — Upgrades to the HVAC and mechanical systems would improve the home's comfort and functionality.
• Both Landscaping and fencing improvements — Improved landscaping and fencing would enhance the home's curb appeal and functionality.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · The roof appears to be missing or in disrepair.	Major	$15,000–50,000
exterior siding · The siding and paint appear to be peeling and in poor condition.	Major	$15,000–50,000
interior walls and paint · The overall condition suggests the interior may be in poor shape.	Major	$15,000–50,000
windows · The overall condition suggests they may be in poor shape.	Major	$15,000–50,000
foundation and structure · The overall condition suggests it may be in poor shape.	Major	$15,000–50,000
HVAC and mechanical systems · The overall condition suggests they may be in poor shape.	Major	$15,000–50,000
landscaping and fencing · The landscaping appears to be overgrown and in poor condition, with no visible curb appeal or maintenance. The fencing is also in poor condition, with visible damage and missing sections.	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Both New roof — A new roof would significantly improve the home's appearance and functionality. ↑
• Both Exterior painting and siding repair — New paint and siding would improve the home's curb appeal and functionality. ↑
• Both Interior painting and repairs — New paint and repairs would improve the home's interior condition and functionality. ↑
• Both New windows — New windows would improve the home's energy efficiency and functionality. ↑
• Both Foundation and structure repairs — Repairs to the foundation and structure would improve the home's structural integrity and functionality. ↑
• Both HVAC and mechanical system upgrades — Upgrades to the HVAC and mechanical systems would improve the home's comfort and functionality. ↑
• Both Landscaping and fencing improvements — Improved landscaping and fencing would enhance the home's curb appeal and functionality. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Detroit Lakes Public School District
• NCES district ID: 2710230
• Math proficiency: 44% ▼ -11.00%
• Reading proficiency: 50% ▼ -11.00%
• Median HH income: $50,571
• Composite: 40.33/100
• National rank: #3746
• State rank: #155 of 301 in MN

Livability — Detroit Lakes

• Score: 80/100
• State rank: #78
• US rank: #1847

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Detroit Lakes, MN
• City population: 18,239
• Population (ZIP): 18,239

Population outlook (Becker County) Hauer SSP2

• Today (2025): 34,604 people
• By 2030: 35,095 · +1.4%
• By 2040: 35,691 · +3.1%
• By 2050: 35,869 · +3.7%
• By 2075: 36,103 · +4.3%
• By 2100: 32,798 · -5.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Native American 2%
• Common ancestry: Portuguese 25% Scottish 4% Lithuanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Becker

• 2024 margin: Solid R (+33.1) · D 32.7% · R 65.8% · Other 1.5%
• 2008→2024 swing: -26.3pp toward R · 2008: -6.9pp · 2024: -33.1pp
• All cycles: 2024: R+33.1 2020: R+30.1 2016: R+33.2 2012: R+14.6 2008: R+6.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -222.40%
• Current HPI: 217.4973
• 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

• 2026-05-21 Listed $121,900 NORTHSTARMLS as Distributed by MLS Grid