24942 County Highway 6 · Detroit Lakes, MN 56501

$269,900

2 bd · 1.0 ba · 1,196 sqft · SingleFamily public records · 11 Days on market

Built 1977 5.20 ac lot

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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 +28.0/30.0
• DSCR +9.9/10.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• Schools +4.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Your new home is here! On the southern edge of Detroit Lakes you will find this comfortable 3 bedroom home offering main floor living, a full walkout lower level that offers possibilities for growth, double attached garage all on just over 5 acres! Updated septic system, and just minutes from town, it is a great place to call home! Eat in kitchen with awesome views of St. Clair lake! Large entry for coats and shoes, main floor laundry, newer furnace - what can I say? It is all here! Make your appointment today.

Key facts

• Eat in kitchen
• Main floor laundry
• Main floor living

Tags

• MAIN FLOOR LIVING
• FULL WALKOUT LOWER LEVEL
• UPDATED SEPTIC SYSTEM
• EAT IN KITCHEN
• VIEWS OF ST CLAIR LAKE
• MAIN FLOOR LAUNDRY

Property features AI

Finance

• Other: Lot size approximately 5.2 acres; County road frontage on a public maintained road; Accessible shore with undeveloped lake bottom

Exterior

• Parking: Attached garage; Asphalt driveway; 2-car garage (approx. 24 x 24)
• Utilities: Well water; Septic system (compliant); Natural gas; Electric with circuit breakers
• Home design: Residential property; One-story; Above-grade finished area 1,412 sq ft
• Construction: Frame construction; Asphalt roof; Concrete foundation; Foundation dimensions approx. 26 x 48; Built with 1,196 sq ft below-grade area
• Exterior features: Wood exterior; Accessible shoreline; Irregular lot; Medium tree coverage; Lakefront waterfront; No road between home and water

Interior

• Kitchen: Dishwasher; Range; Refrigerator; Eat-in kitchen
• Bedrooms: 3 bedrooms
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Dishwasher, Range, Refrigerator; Eat-in kitchen; Concrete basement
• Laundry & utility: Main level laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $270k.

Deal economics

• At list price, monthly cash flow is $836 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $270k).
• Cap rate 10.0% vs local median 4.7% in Detroit 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 80/100 on livability (#78 in MN, #1,847 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, cost of living A; Watch: amenities F, commute F.
• Detroit Lakes Public School District (town): math 44% / reading 50% proficiency, ranked #155 of 301 in MN (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 307 active listings in the ZIP; 156 units permitted in Becker County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Becker County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $76k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 $169k; list at $270k implies a 60% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $269,900

Questions for the listing agent

1. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
5. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
6. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
7. 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.
8. 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.
9. 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: 1.17% ✓
• Cap rate: 10.01%
• Cash-on-cash: 13.28%
• DSCR: 1.59
• GRM: 7.1

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: 3.2%
• Equity multiple: 1.12×
• Total profit: $9,442
• Equity at exit: $40,243

10-year hold

• IRR: 12.8%
• Equity multiple: 2.01×
• Total profit: $76,479
• Equity at exit: $23,336

Cash invested: $75,572 (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 56501

• Active inventory: 307
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $3,160 medium
• Mortgage (P&I): −$1,415
• Tax from tax record: −$133 /mo · $1,592/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$664
• Net cashflow: $836

Break-even live

Break-even rent $2,102

Max offer price $269,900

Occupancy floor 69%

Sensitivity live

Price	-10% $989	-5% $913	+0% $836	+5% $760	+10% $683
Rent	-10% $586	-5% $711	+0% $836	+5% $961	+10% $1,086
Rate	-1.0pp $972	-0.5pp $905	base $836	+0.5pp $766	+1.0pp $695

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: $67,475
• Closing costs: $8,097
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-05-04
   status Pending
2. 2026-04-27
   historical Contingent - Inspection
3. 2026-04-22
   listed $269,900 Active
4. 2025-10-20
   historical
5. 2025-10-07
   price $274,900
6. 2025-09-25
   price $279,900
7. 2025-09-08
   price $285,000
8. 2025-07-28
   listed $295,000 Active
9. 2013-06-17
   soldstatus $169,000

ⓘ 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: $1,592 · $133/mo
• Projected year-2 tax: $2,307 · $192/mo
• Expected delta: +$715/yr (+$60/mo · 44.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥96°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,924
• − Mortgage interest: −$15,119
• − Property taxes: −$1,592
• − Insurance: −$1,350
• − Repairs & maintenance: −$3,034
• − Management: −$3,034
• − Depreciation: −$7,852
• Taxable income: $5,944
• Est. tax owed @ 24.0%: −$1,427
• After-tax cash flow: $8,607/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: Detroit Lakes Public School District
• NCES district ID: 2710230
• Math proficiency: 44% ▼ -11.00%
• Reading proficiency: 50% ▼ -11.00%
• Median HH income: $50,571
• Composite: 40.33/100
• National rank: #3746
• State rank: #155 of 301 in MN

Livability — Detroit Lakes

• Score: 80/100
• State rank: #78
• US rank: #1847

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 18,239
• Population (ZIP): 18,239

Population outlook (Becker County) Hauer SSP2

• Today (2025): 34,604 people
• By 2030: 35,095 · +1.4%
• By 2040: 35,691 · +3.1%
• By 2050: 35,869 · +3.7%
• By 2075: 36,103 · +4.3%
• By 2100: 32,798 · -5.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Native American 2%
• Common ancestry: Portuguese 25% Scottish 4% Lithuanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Becker

• 2024 margin: Solid R (+33.1) · D 32.7% · R 65.8% · Other 1.5%
• 2008→2024 swing: -26.3pp toward R · 2008: -6.9pp · 2024: -33.1pp
• All cycles: 2024: R+33.1 2020: R+30.1 2016: R+33.2 2012: R+14.6 2008: R+6.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -222.40%
• Current HPI: 217.4973
• 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

+59.7% since first listed

9 events — show timeline

• 2026-05-04 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-27 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-22 Listed $269,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-20 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-07 Price Changed $274,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-25 Price Changed $279,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-08 Price Changed $285,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-07-28 Listed $295,000 NORTHSTARMLS as Distributed by MLS Grid
• 2013-06-17 Sold (Public Records) $169,000 Public Records

Property tax history

+3.4%/yr

Latest (2025): $1,592 · -1.4% YoY. Source: county tax records.