38602 241st St · Wealthwood, MN 56431

$99,500

2 bd · 2.0 ba · 840 sqft · Other public records · 204 Days on market

Built 1982 0.45 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 +27.3/30.0
• DSCR +9.5/10.0
• ARV discount +7.5/15.0
• Appreciation +6.7/10.0
• 1% rule +6.2/10.0
• Schools +4.6/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Charming Lakes Area retreat on a "no-through" private road near Mille Lacs Lake. This inviting two-bedroom, two-bath 14ft x 60ft manufactured home offers an affordable blend of comfort and convenience - including a unique, space-saving washer/dryer combo (all in one unit). This well-maintained property boasts an oversized 1/2 acre lot and also includes a detached 2-car, heated, and insulated 25ft x 30ft two-stall garage, perfect for storing recreational gear, vehicles, or creating a workshop space. Ideally located less than 2 hours from the Twin Cities and just steps from the shores of Mille Lacs Lake! Whether you’re seeking a peaceful weekend escape from the hustle and bustle of the city or a cozy year-round residence, this home provides an excellent opportunity to enjoy all the beauty and recreation the Mille Lacs area has to offer.

Key facts

• Private road
• Washer dryer combo
• Oversized lot

Tags

• PRIVATE ROAD
• WASHER DRYER COMBO
• OVERSIZED LOT
• DETACHED GARAGE
• STEPS FROM MILLE LACS LAKE

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath other listed at $100k.

Deal economics

• At list price, monthly cash flow is $287 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Aitkin Public School District (rural): math 54% / reading 54% proficiency, ranked #84 of 301 in MN (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 148 active listings in the ZIP; 134 units permitted in Aitkin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($688 loan paydown + $3k appreciation (3.4% local appreciation)).
• Aitkin County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.4% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 204 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 3 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.

Recommended offer $87,560 (12.0% below list)

Questions for the listing agent

1. It's been on market 204 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.12% ✓
• Cap rate: 9.76%
• Cash-on-cash: 12.37%
• DSCR: 1.55
• GRM: 7.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.44% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.1%
• Equity multiple: 2.17×
• Total profit: $32,576
• Equity at exit: $47,224

10-year hold

• IRR: 20.9%
• Equity multiple: 4.14×
• Total profit: $87,440
• Equity at exit: $74,772

Cash invested: $27,860 (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 56431

• Home prices YoY: 1.2%
• Active inventory: 148
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,111 medium
• Mortgage (P&I): −$522
• Tax from tax record: −$27 /mo · $326/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$233
• Net cashflow: $287

Break-even live

Break-even rent $747

Max offer price $99,500

Occupancy floor 69%

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: $24,875
• Closing costs: $2,985
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $99,500 Active 204 DOM
2. 2026-06-17
   days on market $99,500 Active 203 DOM
3. 2026-06-16
   days on market $99,500 Active 202 DOM
4. 2026-06-15
   days on market $99,500 Active 201 DOM
5. 2026-06-13
   days on market $99,500 Active 199 DOM
6. 2026-06-12
   days on market $99,500 Active 198 DOM
7. 2026-06-09
   days on market $99,500 Active 195 DOM
8. 2026-06-08
   days on market $99,500 Active 194 DOM
9. 2026-06-07
   days on market $99,500 Active 193 DOM
10. 2026-06-05
    days on market $99,500 Active 191 DOM
11. 2026-06-04
    days on market $99,500 Active 189 DOM
12. 2026-06-02
    days on market $99,500 Active 188 DOM
13. 2026-06-01
    days on market $99,500 Active 187 DOM
14. 2026-05-31
    days on market $99,500 Active 186 DOM
15. 2026-05-31
    days on market $99,500 Active 185 DOM
16. 2026-05-01
    status Active 865-char remark

    Show marketing remark (865 chars)

    Charming Lakes Area retreat on a "no-through" private road near Mille Lacs Lake. This inviting two-bedroom, two-bath 14ft x 60ft manufactured home offers an affordable blend of comfort and convenience - including a unique, space-saving washer/dryer combo (all in one unit). This well-maintained property boasts an oversized 1/2 acre lot and also includes a detached 2-car, heated, and insulated 25ft x 30ft two-stall garage, perfect for storing recreational gear, vehicles, or creating a workshop space. Ideally located less than 2 hours from the Twin Cities and just steps from the shores of Mille Lacs Lake! Whether you’re seeking a peaceful weekend escape from the hustle and bustle of the city or a cozy year-round residence, this home provides an excellent opportunity to enjoy all the beauty and recreation the Mille Lacs area has to offer.

17. 2026-04-29
    historical 865-char remark

    Show marketing remark (865 chars)

    Charming Lakes Area retreat on a "no-through" private road near Mille Lacs Lake. This inviting two-bedroom, two-bath 14ft x 60ft manufactured home offers an affordable blend of comfort and convenience - including a unique, space-saving washer/dryer combo (all in one unit). This well-maintained property boasts an oversized 1/2 acre lot and also includes a detached 2-car, heated, and insulated 25ft x 30ft two-stall garage, perfect for storing recreational gear, vehicles, or creating a workshop space. Ideally located less than 2 hours from the Twin Cities and just steps from the shores of Mille Lacs Lake! Whether you’re seeking a peaceful weekend escape from the hustle and bustle of the city or a cozy year-round residence, this home provides an excellent opportunity to enjoy all the beauty and recreation the Mille Lacs area has to offer.

18. 2026-02-04
    status Active 865-char remark

    Show marketing remark (865 chars)

    Charming Lakes Area retreat on a "no-through" private road near Mille Lacs Lake. This inviting two-bedroom, two-bath 14ft x 60ft manufactured home offers an affordable blend of comfort and convenience - including a unique, space-saving washer/dryer combo (all in one unit). This well-maintained property boasts an oversized 1/2 acre lot and also includes a detached 2-car, heated, and insulated 25ft x 30ft two-stall garage, perfect for storing recreational gear, vehicles, or creating a workshop space. Ideally located less than 2 hours from the Twin Cities and just steps from the shores of Mille Lacs Lake! Whether you’re seeking a peaceful weekend escape from the hustle and bustle of the city or a cozy year-round residence, this home provides an excellent opportunity to enjoy all the beauty and recreation the Mille Lacs area has to offer.

19. 2026-01-23
    status Pending 865-char remark

    Show marketing remark (865 chars)

    Charming Lakes Area retreat on a "no-through" private road near Mille Lacs Lake. This inviting two-bedroom, two-bath 14ft x 60ft manufactured home offers an affordable blend of comfort and convenience - including a unique, space-saving washer/dryer combo (all in one unit). This well-maintained property boasts an oversized 1/2 acre lot and also includes a detached 2-car, heated, and insulated 25ft x 30ft two-stall garage, perfect for storing recreational gear, vehicles, or creating a workshop space. Ideally located less than 2 hours from the Twin Cities and just steps from the shores of Mille Lacs Lake! Whether you’re seeking a peaceful weekend escape from the hustle and bustle of the city or a cozy year-round residence, this home provides an excellent opportunity to enjoy all the beauty and recreation the Mille Lacs area has to offer.

20. 2025-11-13
    listed $99,500 Active 865-char remark

    Show marketing remark (865 chars)

    Charming Lakes Area retreat on a "no-through" private road near Mille Lacs Lake. This inviting two-bedroom, two-bath 14ft x 60ft manufactured home offers an affordable blend of comfort and convenience - including a unique, space-saving washer/dryer combo (all in one unit). This well-maintained property boasts an oversized 1/2 acre lot and also includes a detached 2-car, heated, and insulated 25ft x 30ft two-stall garage, perfect for storing recreational gear, vehicles, or creating a workshop space. Ideally located less than 2 hours from the Twin Cities and just steps from the shores of Mille Lacs Lake! Whether you’re seeking a peaceful weekend escape from the hustle and bustle of the city or a cozy year-round residence, this home provides an excellent opportunity to enjoy all the beauty and recreation the Mille Lacs area has to offer.

ⓘ 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: $326 · $27/mo
• Projected year-2 tax: $720 · $60/mo
• Expected delta: +$394/yr (+$33/mo · 120.9%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥94°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,332
• − Mortgage interest: −$5,574
• − Property taxes: −$326
• − Insurance: −$498
• − Repairs & maintenance: −$1,067
• − Management: −$1,067
• − Depreciation: −$2,895
• Taxable income: $1,907
• Est. tax owed @ 24.0%: −$458
• After-tax cash flow: $2,990/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: Aitkin Public School District
• NCES district ID: 2702760
• Math proficiency: 54% ▼ -3.00%
• Reading proficiency: 54% ▼ -4.00%
• Median HH income: $44,614
• Composite: 45.59/100
• National rank: #2592
• State rank: #84 of 301 in MN

Livability — Wealthwood

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 9,142

Population outlook (Aitkin County) Hauer SSP2

• Today (2025): 14,340 people
• By 2030: 13,514 · -5.8%
• By 2040: 11,928 · -16.8%
• By 2050: 10,804 · -24.7%
• By 2075: 9,555 · -33.4%
• By 2100: 8,380 · -41.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Portuguese 17% Romanian 5% Lithuanian 4%
• Foreign-born: 1% · Canada

Political lean MEDSL · Aitkin

• 2024 margin: Solid R (+30.9) · D 33.8% · R 64.7% · Other 1.5%
• 2008→2024 swing: -30.9pp toward R · 2008: 0.1pp · 2024: -30.9pp
• All cycles: 2024: R+30.9 2020: R+26.4 2016: R+25.9 2012: R+1.3 2008: D+0.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.44%
• Current HPI: 294.08
• 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

5 events — show timeline

• 2026-05-01 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-29 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-04 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-23 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-13 Listed $99,500 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+22.0%/yr

Latest (2026): $326 · +676.2% YoY. Source: county tax records.