32360 215th Ln Unit A27

Lakeside, MN 56342

$36,999B-

3 bd · 1.0 ba · 816 sqft · Built 1986 · SingleFamily · Active · 87 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $966/mo
• Mortgage (P&I): −$194
• Tax + insurance: −$62
• HOA: −$233
• Vac / Maint / Mgmt: −$203
• Net cashflow: $275/mo
• Annual: $3,295/yr
• Cap rate: 15.20%
• Cash-on-cash: 31.81%
• DSCR: 2.42
• 1% rule: 2.61%
• Cash to close: $10,360

Investor read

• This is a 3-bed/1.0-bath single-family listed at $37k. Condition is rated fair.
• 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).
• It's been on market 87 days — a 6% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $35k (6.0% below list) — sets the bar for market timing.
• 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.
• 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.
• Watch-outs: HOA is 24% of rent.
• Market conditions: 77 active listings in the ZIP; 134 units permitted in Aitkin County in 2024 (0 in 5+ unit buildings).
• 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.

Questions for listing agent

• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• 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.