157 Mindy Ln #29 · Montrose, MN 55363

$139,900

2 bd · 2.0 ba · 892 sqft · Condo public records · 20 Days on market

Built 1985 $325/mo HOA · 18% 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 +23.0/30.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• Schools +4.8/10.0
• Appreciation +4.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Possible contract for deed terms. Rentals are allowed. Check out this totally remodeled second floor condo. The kitchen features matching Whirlpool appliances including a dishwasher and microwave. The dinning area has a ceiling fan and sliding doors to the private deck overlooking the courtyard. The primary bedroom has two closets. One closet walks-through to a 3/4 bath. This condo also comes equipped with an LG stackable washer/dryer, a new 40 gallon water heater and new air conditioner. The single garage has a GDO with a touch pad and is close to the building entrance. This is a SW facing corner unit with a west facing deck. The common grounds are well manicured.

Key facts

• $325 HOA
• Garage
• Built 1985

Property features AI

Finance

• HOA & community: Countryview Estates self-managed association; Monthly HOA fee of $325; HOA covers controlled access, hazard insurance, lawn care, grounds maintenance, parking, sewer, snow removal and water

Exterior

• Parking: Parking garage with garage door opener; 1-car garage (approximately 12x20)
• Utilities: City water connected; City sewer connected; Electric service with circuit breakers; Electric fuel; power provided by Xcel Energy
• Home design: Attached residential property; One story; Main living area on a single level
• Construction: Frame construction; Slab foundation
• Exterior features: Stucco exterior; Composite decking

Interior

• Kitchen: Range; Refrigerator; Dishwasher; Microwave
• Bedrooms: 2 bedrooms (both on upper level)
• Bathrooms: One full bathroom on the main floor; Three-quarter primary bathroom
• Heating & cooling: Baseboard heating; Wall air conditioning unit(s)
• Interior features: Ceiling fan(s); Balcony; Kitchen/Dining room layout
• Laundry & utility: In-unit washer and dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $140k.

Deal economics

• At list price, monthly cash flow is $248 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $138k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 3.9% in Montrose — 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 65/100 on livability (#522 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A-; Watch: amenities F, commute F, health & safety F.
• Buffalo-Hanover-Montrose Public Schools (town): math 52% / reading 56% proficiency, ranked #63 of 301 in MN (top 21%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: 49 active listings in the ZIP; 1,260 units permitted in Wright County in 2024 (180 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-2.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Wright County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $137,801 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.32% ✓
• Cap rate: 8.42%
• Cash-on-cash: 7.59%
• DSCR: 1.34
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-2.05% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -0.6%
• Equity multiple: 0.97×
• Total profit: $-1,037
• Equity at exit: $26,885

10-year hold

• IRR: 7.5%
• Equity multiple: 1.64×
• Total profit: $25,197
• Equity at exit: $22,705

Cash invested: $39,172 (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 55363

• Home prices YoY: -0.7%
• Active inventory: 49
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,850 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$96 /mo · $1,156/yr
• Insurance: −$58
• HOA: −$325
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $248

Break-even live

Break-even rent $1,536

Max offer price $139,900

Occupancy floor 82%

Sensitivity live

Price	-10% $327	-5% $288	+0% $248	+5% $208	+10% $169
Rent	-10% $102	-5% $175	+0% $248	+5% $321	+10% $394
Rate	-1.0pp $318	-0.5pp $283	base $248	+0.5pp $212	+1.0pp $175

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $325 · $3,900/yr
• Likely covers: waterlandscapingpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-21
   days on market $139,900 Active 20 DOM
2. 2026-06-18
   days on market $139,900 Active 17 DOM
3. 2026-06-17
   days on market $139,900 Active 16 DOM
4. 2026-06-16
   days on market $139,900 Active 15 DOM
5. 2026-06-15
   days on market $139,900 Active 14 DOM
6. 2026-06-13
   days on market $139,900 Active 12 DOM
7. 2026-06-13
   pricedays on market $139,900 Active 11 DOM
8. 2026-06-09
   days on market $149,900 Active 8 DOM
9. 2026-06-08
   days on market $149,900 Active 7 DOM
10. 2026-06-07
    days on market $149,900 Active 6 DOM
11. 2026-06-04
    days on market $149,900 Active 3 DOM
12. 2026-06-03
    remarks 673-char remark
13. 2026-06-03
    days on market $149,900 Active 2 DOM
14. 2026-06-02
    remarks 24-char remark
15. 2026-06-02
    listed $149,900 Active 1 DOM

ⓘ 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: $1,156 · $96/mo
• Projected year-2 tax: $1,361 · $113/mo
• Expected delta: +$205/yr (+$17/mo · 17.8%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,195
• − Mortgage interest: −$7,837
• − Property taxes: −$1,156
• − Insurance: −$700
• − Repairs & maintenance: −$1,776
• − Management: −$1,776
• − HOA: −$3,900
• − Depreciation: −$4,070
• Taxable income: $982
• Est. tax owed @ 24.0%: −$236
• After-tax cash flow: $2,739/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: Buffalo-Hanover-Montrose Public Schools
• NCES district ID: 2707200
• Math proficiency: 52% ▼ -13.00%
• Reading proficiency: 56% ▼ -9.00%
• Median HH income: $72,549
• Composite: 48.25/100
• National rank: #2159
• State rank: #63 of 301 in MN

Livability — Montrose

• Score: 65/100
• State rank: #522
• US rank: #12593

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Montrose, MN
• Population (ZIP): 5,664

Population outlook (Wright County) Hauer SSP2

• Today (2025): 142,526 people
• By 2030: 146,915 · +3.1%
• By 2040: 153,625 · +7.8%
• By 2050: 155,416 · +9.0%
• By 2075: 150,352 · +5.5%
• By 2100: 130,631 · -8.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Two or more races 16% Hispanic / Latino 11% Native American 2%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Portuguese 11% Romanian 6% Lithuanian 3%
• Foreign-born: 4% · Canada
• Languages at home: 89% English-only · Spanish 10% Russian/Polish/Slavic 1% German/W. Germanic 1%

Political lean MEDSL · Wright

• 2024 margin: Strong R (+29.4) · D 34.4% · R 63.8% · Other 1.8%
• 2008→2024 swing: -11.9pp toward R · 2008: -17.4pp · 2024: -29.4pp
• All cycles: 2024: R+29.4 2020: R+28.6 2016: R+33.2 2012: R+21.4 2008: R+17.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -2.05%
• Current HPI: 280.9111
• 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

+699.5% since first listed

8 events — show timeline

• 2026-06-01 Listed $149,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-07-15 Rental Removed $1,350 TURBOTENANT
• 2025-06-14 Listed for Rent $1,350 TURBOTENANT
• 2024-12-10 Rental Removed $1,250 TURBOTENANT
• 2024-11-15 Price Changed $1,250 TURBOTENANT
• 2024-11-09 Listed for Rent $1,350 TURBOTENANT
• 2022-09-21 Sold (Public Records) $1,050,000 Public Records
• 1990-02-28 Sold (Public Records) $18,750 Public Records

Property tax history

+2.5%/yr

Latest (2025): $1,156 · +32.6% YoY. Source: county tax records.