2058 Pine Knoll Rd

Mora, MN 55051

$259,900D

3 bd · 1.0 ba · 938 sqft · Built 1970 · Manufactured · Pending · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,758/mo
• Mortgage (P&I): −$1,363
• Tax + insurance: −$276
• HOA: −$0
• Vac / Maint / Mgmt: −$369
• Net cashflow: $-250/mo
• Annual: $-3,004/yr
• Cap rate: 5.14%
• Cash-on-cash: -4.13%
• DSCR: 0.82
• 1% rule: 0.68%
• Cash to close: $72,772

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $260k.
• At list price, monthly cash flow is $-250 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $216k (17.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $176k (32.4% below list).
• It's been on market 48 days — a 3% lower offer ($252k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $176k (32.4% below list) — sets the bar for 1% rule.
• In year one you build about $18k of equity ($2k loan paydown + $16k appreciation (6.2% local appreciation)).
• Location reads 74/100 on livability (#207 in MN, #4,362 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: employment D+, health & safety D+, amenities F.
• Mora Public School District (town): math 44% / reading 58% proficiency, ranked #115 of 301 in MN (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 108 active listings in the ZIP; 59 units permitted in Kanabec County in 2024 (0 in 5+ unit buildings).
• Kanabec County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 26y 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.
• Current owner paid $150k; list at $260k implies a 73% gain — meaningful room to come down on a strong offer.
• By year 3, paydown + projected appreciation supports a ~$44k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 5.1% vs local median 4.0% in Mora — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 48 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?