15634 County Road 1 #24

Fifty Lakes, MN 56448

$75,000C

2 bd · 1.0 ba · 607 sqft · Built 2001 · SingleFamily · Active · 49 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $860/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$125
• HOA: −$95
• Vac / Maint / Mgmt: −$181
• Net cashflow: $66/mo
• Annual: $793/yr
• Cap rate: 7.35%
• Cash-on-cash: 3.77%
• DSCR: 1.17
• 1% rule: 1.15%
• Cash to close: $21,000

Investor read

• This is a 2-bed/1.0-bath single-family listed at $75k. Condition is rated fair.
• At list price, monthly cash flow is $66 ($793/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($860 rent vs $75k).
• It's been on market 49 days — a 3% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $73k (3.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($519 loan paydown + $4k appreciation (5.9% local appreciation)).
• Location reads 59/100 on livability (#799 in MN) — a working-class tenant base; expect higher turnover. Strengths: crime A-; Watch: health & safety C-, schools D, cost of living D.
• Pine River-Backus School District (rural): math 26% / reading 46% proficiency, ranked #250 of 301 in MN (top 83%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 12 active listings in the ZIP; 420 units permitted in Crow Wing County in 2024 (17 in 5+ unit buildings).
• Crow Wing County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts; this cycle's ask has dropped $10k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (5.9% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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)

• Moderate: kitchen cabinets — dated and in need of replacement
• Moderate: bathroom fixtures — dated and in need of replacement
• Moderate: kitchen flooring — dated and in need of replacement
• Moderate: bathroom flooring — dated and in need of replacement
• Moderate: interior walls — dated paint and ceiling texture
• Moderate: exterior siding — moderate wear