32360 215th Ln Unit A27 · Lakeside, MN 56342

$36,999

3 bd · 1.0 ba · 816 sqft · SingleFamily · 87 Days on market

Built 1986 Fair condition 3,049 sqft lot $233/mo HOA · 24% of rent ↓ 23% since listing

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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 +4.6/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Extremely easy decision - fully furnished and turnkey ready, with full access to MilleLacs Lake here at a reasonable price! This lot is leased through Castaways Resort, and this can be your getaway cabin setting with access to MilleLacs at your fingertips! A hop skip & a jump down the road around the corner to Castaways restaurant/bar, swim at the beach, or launch at the access to enjoy all the lake benefits MilleLacs has to offer for fishing, or cruising the shores on your pontoon and come home to relax when you are done! Malmo conveniences just up the road, gas, groceries, liquor store and lots to do in this fantastic MilleLacs area with golf, state parks, trails including Soo Line Trail, restaurants, hunting, snowmobile trails...what are you waiting for? Annual lease is $2800 paid up front for each season. Internet is available; not currently hooked up to internet.

Key facts

• Golf
• State parks
• Trails

Tags

• ACCESS TO MILLELACS LAKE
• GETAWAY CABIN SETTING
• FISHING
• GOLF
• STATE PARKS
• TRAILS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $37k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $275 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($966 rent vs $37k).
• Recommended offer: $35k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Aitkin Public School District (rural): math 54% / reading 54% proficiency, ranked #84 of 301 in MN (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 77 active listings in the ZIP; 134 units permitted in Aitkin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $256 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Aitkin County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($35k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.

Recommended offer $34,779 (6.0% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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. 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: 2.61% ✓
• Cap rate: 15.20%
• Cash-on-cash: 31.81%
• DSCR: 2.42
• GRM: 3.2

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: 27.0%
• Equity multiple: 2.12×
• Total profit: $11,651
• Equity at exit: $5,517

10-year hold

• IRR: 34.7%
• Equity multiple: 4.21×
• Total profit: $33,305
• Equity at exit: $3,199

Cash invested: $10,360 (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 56342

• Home prices YoY: -7.9%
• Active inventory: 77
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $966 medium
• Mortgage (P&I): −$194
• Tax est. 1.5%: −$46 /mo · $555/yr
• Insurance: −$15
• HOA: −$233
• Vacancy / Maint / Mgmt: −$203
• Net cashflow: $275

Break-even live

Break-even rent $619

Max offer price $36,999

Occupancy floor 67%

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: $9,250
• Closing costs: $1,110
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $233 · $2,796/yr
• Likely covers: gasinternet

Listing history 18 events

1. 2026-06-18
   days on market $36,999 Active 87 DOM
2. 2026-06-17
   days on market $36,999 Active 86 DOM
3. 2026-06-16
   days on market $36,999 Active 85 DOM
4. 2026-06-15
   days on market $36,999 Active 84 DOM
5. 2026-06-13
   days on market $36,999 Active 82 DOM
6. 2026-06-12
   pricedays on market $36,999 Active 81 DOM
7. 2026-06-09
   days on market $41,900 Active 78 DOM
8. 2026-06-08
   days on market $41,900 Active 77 DOM
9. 2026-06-07
   days on market $41,900 Active 76 DOM
10. 2026-06-05
    days on market $41,900 Active 74 DOM
11. 2026-06-04
    days on market $41,900 Active 72 DOM
12. 2026-06-02
    days on market $41,900 Active 71 DOM
13. 2026-06-01
    days on market $41,900 Active 70 DOM
14. 2026-05-31
    days on market $41,900 Active 69 DOM
15. 2026-05-31
    days on market $41,900 Active 68 DOM
16. 2026-04-30
    price $49,900 885-char remark

    Show marketing remark (885 chars)

    Extremely easy decision - fully furnished and turnkey ready, with full access to MilleLacs Lake here at a reasonable price! This lot is leased through Castaways Resort, and this can be your getaway cabin setting with access to MilleLacs at your fingertips! A hop skip & a jump down the road around the corner to Castaways restaurant/bar, swim at the beach, or launch at the access to enjoy all the lake benefits MilleLacs has to offer for fishing, or cruising the shores on your pontoon and come home to relax when you are done! Malmo conveniences just up the road, gas, groceries, liquor store and lots to do in this fantastic MilleLacs area with golf, state parks, trails including Soo Line Trail, restaurants, hunting, snowmobile trails...what are you waiting for? Annual lease is $2800 paid up front for each season. Internet is available; not currently hooked up to internet.

17. 2026-04-17
    price $59,900 885-char remark

    Show marketing remark (885 chars)

    Extremely easy decision - fully furnished and turnkey ready, with full access to MilleLacs Lake here at a reasonable price! This lot is leased through Castaways Resort, and this can be your getaway cabin setting with access to MilleLacs at your fingertips! A hop skip & a jump down the road around the corner to Castaways restaurant/bar, swim at the beach, or launch at the access to enjoy all the lake benefits MilleLacs has to offer for fishing, or cruising the shores on your pontoon and come home to relax when you are done! Malmo conveniences just up the road, gas, groceries, liquor store and lots to do in this fantastic MilleLacs area with golf, state parks, trails including Soo Line Trail, restaurants, hunting, snowmobile trails...what are you waiting for? Annual lease is $2800 paid up front for each season. Internet is available; not currently hooked up to internet.

18. 2026-03-21
    listed $64,900 Active 885-char remark

    Show marketing remark (885 chars)

    Extremely easy decision - fully furnished and turnkey ready, with full access to MilleLacs Lake here at a reasonable price! This lot is leased through Castaways Resort, and this can be your getaway cabin setting with access to MilleLacs at your fingertips! A hop skip & a jump down the road around the corner to Castaways restaurant/bar, swim at the beach, or launch at the access to enjoy all the lake benefits MilleLacs has to offer for fishing, or cruising the shores on your pontoon and come home to relax when you are done! Malmo conveniences just up the road, gas, groceries, liquor store and lots to do in this fantastic MilleLacs area with golf, state parks, trails including Soo Line Trail, restaurants, hunting, snowmobile trails...what are you waiting for? Annual lease is $2800 paid up front for each season. Internet is available; not currently hooked up to internet.

ⓘ 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 ≥93°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,594
• − Mortgage interest: −$2,073
• − Property taxes: −$555
• − Insurance: −$185
• − Repairs & maintenance: −$928
• − Management: −$928
• − HOA: −$2,796
• − Depreciation: −$1,076
• Taxable income: $3,054
• Est. tax owed @ 24.0%: −$733
• After-tax cash flow: $2,562/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

Fair 45/100 Moderate rehab

This mobile home requires extensive repairs and updates to its roof, exterior, flooring, interior walls, bathroom, and HVAC system. These improvements will significantly increase its value for both resale and rental.

Repairs flagged

• Major roof — The satellite image shows visible rust and wear on the metal roof.
• Major exterior siding — The satellite image shows peeling paint and faded siding.
• Major flooring — The satellite image shows worn wood on the deck and patio area.
• Major interior walls — The interior photos show aged wood paneling.
• Major bathroom fixtures — The independent satellite image shows dated fixtures in the bathroom.
• Major HVAC unit — The independent satellite image shows the HVAC unit is old and located in an exposed area.

Value-add opportunities

• Both roof replacement — Replacing the roof will improve the home's appearance and increase its value for both resale and rental.
• Both exterior painting — Repainting the exterior will improve the home's curb appeal and increase its value for both resale and rental.
• Both flooring replacement — Replacing the worn flooring will improve the home's appearance and increase its value for both resale and rental.
• Both interior wall paneling replacement — Replacing the aged wood paneling will improve the home's appearance and increase its value for both resale and rental.
• Both bathroom fixture replacement — Replacing the dated bathroom fixtures will improve the home's appearance and increase its value for both resale and rental.
• Both HVAC unit replacement — Replacing the old HVAC unit will improve the home's comfort and increase its value for both resale and rental.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · The satellite image shows visible rust and wear on the metal roof.	Major	$15,000–50,000
exterior siding · The satellite image shows peeling paint and faded siding.	Major	$15,000–50,000
flooring · The satellite image shows worn wood on the deck and patio area.	Major	$15,000–50,000
interior walls · The interior photos show aged wood paneling.	Major	$15,000–50,000
bathroom fixtures · The independent satellite image shows dated fixtures in the bathroom.	Major	$15,000–50,000
HVAC unit · The independent satellite image shows the HVAC unit is old and located in an exposed area.	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both roof replacement — Replacing the roof will improve the home's appearance and increase its value for both resale and rental. ↑
• Both exterior painting — Repainting the exterior will improve the home's curb appeal and increase its value for both resale and rental. ↑
• Both flooring replacement — Replacing the worn flooring will improve the home's appearance and increase its value for both resale and rental. ↑
• Both interior wall paneling replacement — Replacing the aged wood paneling will improve the home's appearance and increase its value for both resale and rental. ↑
• Both bathroom fixture replacement — Replacing the dated bathroom fixtures will improve the home's appearance and increase its value for both resale and rental. ↑
• Both HVAC unit replacement — Replacing the old HVAC unit will improve the home's comfort and increase its value for both resale and rental. ↑

ⓘ 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: Aitkin Public School District
• NCES district ID: 2702760
• Math proficiency: 54% ▼ -3.00%
• Reading proficiency: 54% ▼ -4.00%
• Median HH income: $44,614
• Composite: 45.59/100
• National rank: #2592
• State rank: #84 of 301 in MN

Livability — Lakeside

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 2,805

Population outlook (Aitkin County) Hauer SSP2

• Today (2025): 14,340 people
• By 2030: 13,514 · -5.8%
• By 2040: 11,928 · -16.8%
• By 2050: 10,804 · -24.7%
• By 2075: 9,555 · -33.4%
• By 2100: 8,380 · -41.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Native American 5% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Portuguese 17% Romanian 4% Lithuanian 4%
• Foreign-born: 1%
• Languages at home: 97% English-only · Spanish 1%

Political lean MEDSL · Aitkin

• 2024 margin: Solid R (+30.9) · D 33.8% · R 64.7% · Other 1.5%
• 2008→2024 swing: -30.9pp toward R · 2008: 0.1pp · 2024: -30.9pp
• All cycles: 2024: R+30.9 2020: R+26.4 2016: R+25.9 2012: R+1.3 2008: D+0.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -22.34%
• Current HPI: 261.9385
• 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

-23.1% since first listed

3 events — show timeline

• 2026-04-30 Price Changed $49,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-17 Price Changed $59,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-21 Listed $64,900 NORTHSTARMLS as Distributed by MLS Grid