38 Erie Ln Unit E38

Goodview, MN 55987

$38,500B

3 bd · 2.0 ba · 1,400 sqft · Built 2026 · Manufactured · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,590/mo
• Mortgage (P&I): −$202
• Tax + insurance: −$64
• HOA: −$0
• Vac / Maint / Mgmt: −$334
• Net cashflow: $990/mo
• Annual: $11,879/yr
• Cap rate: 37.15%
• Cash-on-cash: 110.19%
• DSCR: 5.90
• 1% rule: 4.13%
• Cash to close: $10,780

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $38k. Condition is rated average.
• At list price, monthly cash flow is $990 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $38k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $266 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#236 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, health & safety C-, amenities F.
• Winona Area Public School District (town): math 33% / reading 40% proficiency, ranked #244 of 301 in MN (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+18.0%/yr); 137 active listings in the ZIP; 37 units permitted in Winona County in 2024 (0 in 5+ unit buildings).
• Winona County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.
• This rent runs 31% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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)

• Minor: Paint — Slight discoloration on exterior siding
• Minor: Landscaping — Overgrown grass and weeds