35191 Quiet Aly #7 · Pequot Lakes, MN 56472

$100,000

4 bd · 5.0 ba · 3,200 sqft · Townhouse · 480 Days on market

Built 2023 Excellent condition 12 ac lot $317/mo HOA · 22% of rent

---

Why this score? — see what drove the C 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 +21.0/30.0
• 1% rule +9.5/10.0
• ARV discount +7.5/15.0
• DSCR +6.7/10.0
• Condition / age +4.8/5.0
• Schools +4.2/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to maintenance free living (and/or Investment Property) on Clamshell Lake of the Whitefish Chain! Enjoy 1/10th Ownership or more...as 9 of 10 shares currently available in the Trout Unit at Clamshell Beach Resort! Exceptional open floor plan with spacious kitchen, great room and porch with ceiling heaters, main floor primary suite, and laundry on one level. Upstairs enjoy 2 additional ensuite guest rooms, unique bunkroom with sleeping for 8 plus bonus family room/game room/bar room! Beautiful screened porch creates extra living/entertaining space almost year round with ceiling heaters! All utilities, taxes and fees are covered in your annual dues. When you are not enjoying the benefits of lake life, allow others to rent your lake home and reap the financial benefits! Convenient location in the heart of the Lakes Area and all the amenities of a large resort, but with a small town vibe. Sand beach, dock space, fire pit - campfires for the whole crew, and plenty of water to explore! Lakes Area golf courses are within close proximity. Enjoy the entire Whitefish Chain - so much water to explore and finish the days' activities and relax to your beautiful home on the lake! Nine of Ten Shares available - each at $100,000 (5 weeks of use per year per share). Make memories on the Whitefish Chain!

Key facts

• Open floor plan
• Spacious kitchen
• Dock space

Tags

• OPEN FLOOR PLAN
• SPACIOUS KITCHEN
• SCREENED PORCH
• DOCK SPACE
• FIRE PIT
• BUNKROOM WITH SLEEPING FOR 8

What this means for you Summary

Snapshot

• This is a 4-bed/5.0-bath townhouse listed at $100k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $140 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 0.3% in Pequot 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 69/100 on livability (#351 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, employment D+, amenities F.
• Pequot Lakes Public Schools (rural): math 40% / reading 57% proficiency, ranked #137 of 301 in MN (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 277 active listings in the ZIP; 420 units permitted in Crow Wing County in 2024 (17 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Crow Wing County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 480 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.

Recommended offer $88,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 480 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 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?
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: 1.45% ✓
• Cap rate: 7.98%
• Cash-on-cash: 6.02%
• DSCR: 1.27
• GRM: 5.7

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: -6.8%
• Equity multiple: 0.75×
• Total profit: $-7,041
• Equity at exit: $14,910

10-year hold

• IRR: 3.1%
• Equity multiple: 1.22×
• Total profit: $6,269
• Equity at exit: $8,646

Cash invested: $28,000 (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 56472

• Home prices YoY: -10.7%
• Active inventory: 277
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,454 medium
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,500/yr
• Insurance: −$42
• HOA: −$317
• Vacancy / Maint / Mgmt: −$305
• Net cashflow: $140

Break-even live

Break-even rent $1,276

Max offer price $100,000

Occupancy floor 85%

Sensitivity live

Price	-10% $210	-5% $175	+0% $140	+5% $106	+10% $71
Rent	-10% $26	-5% $83	+0% $140	+5% $198	+10% $255
Rate	-1.0pp $191	-0.5pp $166	base $140	+0.5pp $115	+1.0pp $88

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $317 · $3,804/yr
• Likely covers: water

Listing history 22 events

1. 2026-06-21
   days on market $100,000 Active 480 DOM
2. 2026-06-18
   days on market $100,000 Active 478 DOM
3. 2026-06-17
   days on market $100,000 Active 477 DOM
4. 2026-06-16
   days on market $100,000 Active 476 DOM
5. 2026-06-15
   days on market $100,000 Active 475 DOM
6. 2026-06-13
   days on market $100,000 Active 473 DOM
7. 2026-06-12
   days on market $100,000 Active 472 DOM
8. 2026-06-09
   days on market $100,000 Active 469 DOM
9. 2026-06-08
   days on market $100,000 Active 468 DOM
10. 2026-06-07
    days on market $100,000 Active 467 DOM
11. 2026-06-07
    status $100,000 Active 466 DOM
12. 2026-06-03
    status $100,000 Pending 466 DOM
13. 2026-06-02
    days on market $100,000 Active 466 DOM
14. 2026-06-01
    days on market $100,000 Active 465 DOM
15. 2026-05-31
    days on market $100,000 Active 464 DOM
16. 2026-05-31
    days on market $100,000 Active 463 DOM
17. 2025-02-21
    listed $100,000 Active 1320-char remark

    Show marketing remark (1320 chars)

    Welcome home to maintenance free living (and/or Investment Property) on Clamshell Lake of the Whitefish Chain! Enjoy 1/10th Ownership or more...as 9 of 10 shares currently available in the Trout Unit at Clamshell Beach Resort! Exceptional open floor plan with spacious kitchen, great room and porch with ceiling heaters, main floor primary suite, and laundry on one level. Upstairs enjoy 2 additional ensuite guest rooms, unique bunkroom with sleeping for 8 plus bonus family room/game room/bar room! Beautiful screened porch creates extra living/entertaining space almost year round with ceiling heaters! All utilities, taxes and fees are covered in your annual dues. When you are not enjoying the benefits of lake life, allow others to rent your lake home and reap the financial benefits! Convenient location in the heart of the Lakes Area and all the amenities of a large resort, but with a small town vibe. Sand beach, dock space, fire pit - campfires for the whole crew, and plenty of water to explore! Lakes Area golf courses are within close proximity. Enjoy the entire Whitefish Chain - so much water to explore and finish the days' activities and relax to your beautiful home on the lake! Nine of Ten Shares available - each at $100,000 (5 weeks of use per year per share). Make memories on the Whitefish Chain!

18. 2025-02-12
    historical
19. 2024-12-19
    price $100,000
20. 2024-08-23
    price $110,000
21. 2024-04-23
    price $120,000
22. 2024-04-12
    listed $1,100,000 Active

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

Taxation est. · year 1

• Rental income: $17,446
• − Mortgage interest: −$5,602
• − Property taxes: −$1,500
• − Insurance: −$500
• − Repairs & maintenance: −$1,396
• − Management: −$1,396
• − HOA: −$3,804
• − Depreciation: −$2,909
• Taxable income: $340
• Est. tax owed @ 24.0%: −$82
• After-tax cash flow: $1,604/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 · 13 photos

Excellent 95/100 None rehab

This property is in excellent condition with a modern kitchen, good exterior, and well-maintained landscaping. It is move-in ready and would benefit from minor landscaping and exterior painting to further enhance its curb appeal and value.

Value-add opportunities

• Both Landscaping improvements — Enhances curb appeal and adds value for both resale and rental.
• Both Painting exterior — Fresh paint can improve the home's appearance and value.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping improvements — Enhances curb appeal and adds value for both resale and rental. ↑
• Both Painting exterior — Fresh paint can improve the home's appearance and value. ↑

ⓘ 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: Pequot Lakes Public Schools
• NCES district ID: 2728200
• Math proficiency: 40% ▼ -24.00%
• Reading proficiency: 57% ▼ -13.00%
• Median HH income: $51,513
• Composite: 41.62/100
• National rank: #3430
• State rank: #137 of 301 in MN

Livability — Pequot Lakes

• Score: 69/100
• State rank: #351
• US rank: #8172

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pequot Lakes, MN
• Population (ZIP): 8,764

Population outlook (Crow Wing County) Hauer SSP2

• Today (2025): 64,187 people
• By 2030: 64,057 · -0.2%
• By 2040: 62,470 · -2.7%
• By 2050: 59,064 · -8.0%
• By 2075: 48,738 · -24.1%
• By 2100: 36,112 · -43.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Portuguese 17% Romanian 3% Lithuanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1% French/Haitian/Cajun 1%

Political lean MEDSL · Crow Wing

• 2024 margin: Solid R (+31.4) · D 33.6% · R 65.0% · Other 1.5%
• 2008→2024 swing: -23.7pp toward R · 2008: -7.7pp · 2024: -31.4pp
• All cycles: 2024: R+31.4 2020: R+29.7 2016: R+31.8 2012: R+13.4 2008: R+7.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -24.90%
• Current HPI: 208.0163
• 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

-90.9% since first listed

6 events — show timeline

• 2025-02-21 Listed $100,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-02-12 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2024-12-19 Price Changed $100,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-08-23 Price Changed $110,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-04-23 Price Changed $120,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-04-12 Listed $1,100,000 NORTHSTARMLS as Distributed by MLS Grid