502 3rd St NE · Milaca, MN 55051

$69,900

2 bd · 2.0 ba · 980 sqft · SingleFamily · 1 Days on market

Built 1999

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +8.1/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Experience small-town charm in Milaca, MN! This 2 bedroom/2 bath single-wide manufactured home delivers an affordable, low-maintenance lifestyle. Located in a well-managed park just moments from downtown Milaca, you will enjoy easy access to local shops, dining, and scenic parks. This property is ideal for anyone looking to simplify their lifestyle or build equity on a budget. Skip the high costs of traditional homeownership while enjoying your own private, standalone living space with no shared walls. It is the perfect opportunity for downsizers, first-time buyers, or anyone seeking a budget-friendly retreat. Located a short distance from the Rum River, this property perfectly combines qui

Key facts

• Well-managed park
• Built 1999

Tags

• WELL-MANAGED PARK
• EASY ACCESS TO LOCAL SHOPS
• QUIET NEIGHBORHOOD LIVING
• EASY COMMUTES VIA HWY 169
• EASY COMMUTES VIA HWY 23

Property features AI

Finance

• HOA & community: Land is leased (land lease amount $450)

Exterior

• Parking: Asphalt open parking
• Utilities: City water connected; City sewer connected; Natural gas; Electric: 100 amp service with circuit breakers; Electric service by East Central Energy
• Home design: Residential property; Manufactured home; One story; Entry and living on main level
• Construction: Asphalt pitched roof; Foundation: pillar/post/pier and slab; Built on 14 x 70 foundation dimensions
• Exterior features: Metal and vinyl exterior; Storage shed; Wheelchair ramp(s); No internal stairs

Interior

• Kitchen: Microwave; Range; Refrigerator
• Bedrooms: 2 bedrooms (both on main level); Bedroom sizes: 8.5 x 12, 11 x 13
• Bathrooms: One full bath (main level); One three-quarter bath (main level); Full primary bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: All living facilities on one level; Main floor primary bedroom; Main floor bedroom; Main floor laundry; Kitchen window; Primary bedroom with walk-in closet; Walk-in closet
• Laundry & utility: Washer hookup; Electric dryer hookup; Main level laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $849 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Cap rate 20.9% vs local median 2.8% in Milaca — 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 74/100 on livability (#213 in MN, #4,488 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, employment D+, amenities F.
• Milaca Public School District (town): math 45% / reading 49% proficiency, ranked #154 of 301 in MN (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 108 active listings in the ZIP; 163 units permitted in Mille Lacs County in 2024 (66 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($483 loan paydown + $4k appreciation (6.2% local appreciation)).
• Mille Lacs County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.2% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $69,900

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 2.41% ✓
• Cap rate: 20.87%
• Cash-on-cash: 52.05%
• DSCR: 3.32
• GRM: 3.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.15% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 60.8%
• Equity multiple: 4.83×
• Total profit: $74,896
• Equity at exit: $44,603

10-year hold

• IRR: 57.6%
• Equity multiple: 10.09×
• Total profit: $177,857
• Equity at exit: $81,461

Cash invested: $19,572 (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 55051

• Home prices YoY: 2.0%
• Active inventory: 108
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $1,686 medium
• Mortgage (P&I): −$367
• Tax est. 1.5%: −$87 /mo · $1,048/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$354
• Net cashflow: $849

Break-even live

Break-even rent $611

Max offer price $69,900

Occupancy floor 45%

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-19
   remarks 699-char remark
2. 2026-06-19
   listed $69,900 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥96°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,233
• − Mortgage interest: −$3,915
• − Property taxes: −$1,048
• − Insurance: −$350
• − Repairs & maintenance: −$1,619
• − Management: −$1,619
• − Depreciation: −$2,033
• Taxable income: $9,648
• Est. tax owed @ 24.0%: −$2,316
• After-tax cash flow: $7,871/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: Milaca Public School District
• NCES district ID: 2720670
• Math proficiency: 45% ▼ -14.00%
• Reading proficiency: 49% ▼ -9.00%
• Median HH income: $52,449
• Composite: 40.53/100
• National rank: #3706
• State rank: #154 of 301 in MN

Livability — Milaca

• Score: 74/100
• State rank: #213
• US rank: #4488

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Milaca, MN
• Population (ZIP): 9,927

Population outlook (Mille Lacs County) Hauer SSP2

• Today (2025): 24,811 people
• By 2030: 23,960 · -3.4%
• By 2040: 21,835 · -12.0%
• By 2050: 19,376 · -21.9%
• By 2075: 14,838 · -40.2%
• By 2100: 11,957 · -51.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Portuguese 10% Scottish 5% Lithuanian 3%
• Foreign-born: 1%
• Languages at home: 97% English-only · German/W. Germanic 2% Spanish 1%

Political lean MEDSL · Mille Lacs

• 2024 margin: Solid R (+40.9) · D 28.9% · R 69.7% · Other 1.4%
• 2008→2024 swing: -33.6pp toward R · 2008: -7.2pp · 2024: -40.9pp
• All cycles: 2024: R+40.9 2020: R+37.8 2016: R+35.8 2012: R+8.6 2008: R+7.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.15%
• Current HPI: 313.18
• 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

1 event — show timeline

• 2026-06-18 Listed $69,900 NORTHSTARMLS as Distributed by MLS Grid