13 22nd Ave NW · Faribault, MN 55021

$157,000

2 bd · 2.0 ba · 1,216 sqft · Manufactured public records · 18 Days on market

Built 1994 6,621 sqft lot

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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 +16.4/30.0
• ARV discount +7.5/15.0
• DSCR +5.1/10.0
• 1% rule +3.8/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well cared for manufactured home in a highly desirable area of Faribault. Owned land! No lot rent here….keep your equity! One of the best lots in the Sundet subdivision with no lots in your backyard. Low maintenance main level living you deserve. Features central air, vinyl siding, vaulted ceilings, gas range and large eat in kitchen. Three bedrooms and two bathrooms. Roomy owner’s suite with walk-in-closet, attached private bath and walk-in shower. Stackable Frigidaire Heavy Duty washer and dryer with the option to install side by side washer and dryer. Oversized one stall garage(14X24) with opener. Watch this beautifully landscaped yard come to life this summer! Perfectly shaded in the front, lilacs, iris, and hosta. The backyard is serene with rhubarb, astatic lilies hostas and a large patio plus 8x8 storage shed. This setup doesn’t come by very often. Call today to take a look.

Key facts

• Private deck
• Eat in kitchen
• Vaulted ceilings

Tags

• VAULTED CEILINGS
• OPEN CONCEPT FLOOR PLAN
• FIREPLACE
• EAT IN KITCHEN
• PRIVATE PRIMARY BEDROOM SUITE
• PRIVATE DECK

Property features AI

Exterior

• Parking: Detached or on-site garage (1 car); Asphalt parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Aluminum siding; Vinyl siding; Asphalt roof
• Exterior features: Deck; Shed(s); Public maintained road

Interior

• Kitchen: Dishwasher; Cooktop; Range; Microwave; Refrigerator
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Natural gas heating with forced air; Central air; Ceiling fan(s)
• Interior features: Eat-in kitchen; Vaulted ceilings; Walk-in closet(s); Living room fireplace
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $157k.

Deal economics

• At list price, monthly cash flow is $90 ($1k/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 $138k (12.0% below list).
• Recommended offer: $138k (12.0% below list) — sets the bar for 1% rule.
• Cap rate 7.0% vs local median 4.1% in Faribault — 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 76/100 on livability (#158 in MN, #3,440 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, employment C-, commute F.
• Faribault Public School District (town): math 17% / reading 34% proficiency, ranked #275 of 301 in MN (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 165 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; 93 units permitted in Rice County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago 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.

Recommended offer $138,161 (12.0% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 0.88% ✗
• Cap rate: 6.98%
• Cash-on-cash: 2.44%
• DSCR: 1.11
• GRM: 9.5

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: -12.5%
• Equity multiple: 0.55×
• Total profit: $-19,767
• Equity at exit: $23,409

10-year hold

• IRR: -3.4%
• Equity multiple: 0.77×
• Total profit: $-9,990
• Equity at exit: $13,574

Cash invested: $43,960 (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 55021

• Home prices YoY: -26.9%
• Active inventory: 165
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,382 high
• Mortgage (P&I): −$823
• Tax from tax record: −$113 /mo · $1,358/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$290
• Net cashflow: $90

Break-even live

Break-even rent $1,268

Max offer price $157,000

Occupancy floor 89%

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: $39,250
• Closing costs: $4,710
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2275 4th St NW Faribault, MN	2.0–3.0	2.0	1113	$1,165	$1.05	5d	8	0.17mi
429 8th Ave NW Unit FA-104 Faribault, MN	2.0	2.0	1070	$1,500	$1.40	44d	1	1.06mi
429 8th Ave NW Unit FA-304 Faribault, MN	2.0	2.0	1070	$1,625	$1.52	44d	1	1.06mi
429 8th Ave NW Unit FA-404 Faribault, MN	2.0	2.0	1070	$1,675	$1.57	44d	1	1.06mi
429 8th Ave NW Unit FA-103 Faribault, MN	2.0	1.0	896	$1,450	$1.62	44d	1	1.06mi
429 8th Ave NW Unit FA-209 Faribault, MN	2.0	1.0	777	$1,375	$1.77	44d	1	1.06mi
429 8th Ave NW Unit FA-107 Faribault, MN	2.0	1.0	857	$1,395	$1.63	44d	1	1.06mi
429 8th Ave NW Unit FA-403 Faribault, MN	2.0	1.0	896	$1,575	$1.76	44d	1	1.06mi
429 8th Ave NW Unit FA-215 Faribault, MN	2.0	1.0	844	$1,325	$1.57	44d	1	1.06mi
429 8th Ave NW Faribault, MN	1.0–2.0	1.0	787	$1,550	$1.97	5d	7	1.06mi
429 8th Ave NW Unit FA-415 Faribault, MN	2.0	1.0	844	$1,400	$1.66	44d	1	1.06mi
1250 Autumn Dr Faribault, MN	1.0–3.0	1.0	814	$1,162	$1.43	24d	5	1.39mi

Listing history 20 events

1. 2026-06-19
   days on market $157,000 Active 18 DOM
2. 2026-06-18
   days on market $157,000 Active 17 DOM
3. 2026-06-17
   days on market $157,000 Active 16 DOM
4. 2026-06-16
   days on market $157,000 Active 15 DOM
5. 2026-06-15
   days on market $157,000 Active 14 DOM
6. 2026-06-14
   days on market $157,000 Active 12 DOM
7. 2026-06-12
   days on market $157,000 Active 11 DOM
8. 2026-06-09
   days on market $157,000 Active 8 DOM
9. 2026-06-08
   days on market $157,000 Active 7 DOM
10. 2026-06-07
    days on market $157,000 Active 6 DOM
11. 2026-06-05
    days on market $157,000 Active 3 DOM
12. 2026-06-03
    days on market $157,000 Active 2 DOM
13. 2026-06-02
    days on marketlisting id $157,000 Active 1 DOM
14. 2026-06-01
    days on market $157,000 Active 3 DOM
15. 2026-05-31
    days on market $157,000 Active 2 DOM
16. 2026-05-29
    listed $157,000 Active
17. 2022-08-24
    soldstatus $155,100
18. 2022-08-05
    soldstatus $155,100 Sold 914-char remark

    Show marketing remark (914 chars)

    Well cared for manufactured home in a highly desirable area of Faribault. Owned land! No lot rent here….keep your equity! One of the best lots in the Sundet subdivision with no lots in your backyard. Low maintenance main level living you deserve. Features central air, vinyl siding, vaulted ceilings, gas range and large eat in kitchen. Three bedrooms and two bathrooms. Roomy owner’s suite with walk-in-closet, attached private bath and walk-in shower. Stackable Frigidaire Heavy Duty washer and dryer with the option to install side by side washer and dryer. Oversized one stall garage(14X24) with opener. Watch this beautifully landscaped yard come to life this summer! Perfectly shaded in the front, lilacs, iris, and hosta. The backyard is serene with rhubarb, astatic lilies hostas and a large patio plus 8x8 storage shed. This setup doesn’t come by very often. Call today to take a look.

19. 2022-06-24
    status Pending 914-char remark

    Show marketing remark (914 chars)

    Well cared for manufactured home in a highly desirable area of Faribault. Owned land! No lot rent here….keep your equity! One of the best lots in the Sundet subdivision with no lots in your backyard. Low maintenance main level living you deserve. Features central air, vinyl siding, vaulted ceilings, gas range and large eat in kitchen. Three bedrooms and two bathrooms. Roomy owner’s suite with walk-in-closet, attached private bath and walk-in shower. Stackable Frigidaire Heavy Duty washer and dryer with the option to install side by side washer and dryer. Oversized one stall garage(14X24) with opener. Watch this beautifully landscaped yard come to life this summer! Perfectly shaded in the front, lilacs, iris, and hosta. The backyard is serene with rhubarb, astatic lilies hostas and a large patio plus 8x8 storage shed. This setup doesn’t come by very often. Call today to take a look.

20. 2022-06-17
    listed $147,000 Active 914-char remark

    Show marketing remark (914 chars)

    Well cared for manufactured home in a highly desirable area of Faribault. Owned land! No lot rent here….keep your equity! One of the best lots in the Sundet subdivision with no lots in your backyard. Low maintenance main level living you deserve. Features central air, vinyl siding, vaulted ceilings, gas range and large eat in kitchen. Three bedrooms and two bathrooms. Roomy owner’s suite with walk-in-closet, attached private bath and walk-in shower. Stackable Frigidaire Heavy Duty washer and dryer with the option to install side by side washer and dryer. Oversized one stall garage(14X24) with opener. Watch this beautifully landscaped yard come to life this summer! Perfectly shaded in the front, lilacs, iris, and hosta. The backyard is serene with rhubarb, astatic lilies hostas and a large patio plus 8x8 storage shed. This setup doesn’t come by very often. Call today to 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: $1,358 · $113/mo
• Projected year-2 tax: $1,558 · $130/mo
• Expected delta: +$200/yr (+$17/mo · 14.7%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,579
• − Mortgage interest: −$8,794
• − Property taxes: −$1,358
• − Insurance: −$785
• − Repairs & maintenance: −$1,326
• − Management: −$1,326
• − Depreciation: −$4,567
• Taxable loss: −$1,578
• Est. tax savings @ 24.0%: +$379
• After-tax cash flow: $1,454/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: Faribault Public School District
• NCES district ID: 2711760
• Math proficiency: 17% ▼ -18.00%
• Reading proficiency: 34% ▼ -8.00%
• Median HH income: $54,584
• Composite: 22.85/100
• National rank: #8011
• State rank: #275 of 301 in MN

Livability — Faribault

• Score: 76/100
• State rank: #158
• US rank: #3440

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Faribault, MN
• County: Rice County · 56,558 people
• City population: 30,908
• Metro: Faribault-Northfield, MN
• Population (ZIP): 30,908
• Household income: $68,820
• Rent vs Own: 28.2% rent · 71.8% own
• Severe rent burden: 755.0

Population outlook (Rice County) Hauer SSP2

• Today (2025): 66,716 people
• By 2030: 67,352 · +1.0%
• By 2040: 67,595 · +1.3%
• By 2050: 67,074 · +0.5%
• By 2075: 66,641 · -0.1%
• By 2100: 66,205 · -0.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Black 13% Hispanic / Latino 12% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Portuguese 9% Lithuanian 3% Romanian 2%
• Foreign-born: 11% · Canada
• Languages at home: 82% English-only · Spanish 9% Other Asian/Pacific 1%

Political lean MEDSL · Rice

• 2024 margin: Toss-up / Even · D 47.8% · R 50.3% · Other 1.8%
• 2008→2024 swing: -14.0pp toward R · 2008: 11.5pp · 2024: -2.5pp
• All cycles: 2024: R+2.5 2020: R+0.2 2016: R+3.1 2012: D+8.3 2008: D+11.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -93.12%
• Current HPI: 253.3996
• Rent YoY: —
• Metro: Faribault-Northfield, 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

+6.8% since first listed

5 events — show timeline

• 2026-05-29 Listed $157,000 RASM
• 2022-08-24 Sold (Public Records) $155,100 Public Records
• 2022-08-05 Sold (MLS) $155,100 NORTHSTARMLS as Distributed by MLS Grid
• 2022-06-24 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2022-06-17 Listed $147,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+10.9%/yr

Latest (2025): $1,358 · +14.7% YoY. Source: county tax records.