1229 Madison Ave #295 · Detroit Lakes, MN 56501

$134,999

2 bd · 1.0 ba · 792 sqft · Condo public records · 282 Days on market

Built 1973 $225/mo HOA · 8% of rent

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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
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Step into this beautifully 2-bedroom, 1-bath condo that blends modern updates with cozy charm. Perfectly suited for downsizers. This home offers a smart layout and thoughtful finishes throughout. Restricted to buyers that are 55 years old or older. The bright, open-concept living and dining area welcomes you and creates a warm and inviting atmosphere. The recently renovated bathroom showcases modern fixtures and a clean, timeless design that adds a touch of elegance. Both bedrooms are spacious and filled with natural light, offering generous closets for all your storage needs. This condo has shared laundry and dedicated storage space. This condo offers easy access to shopping, dining, parks, and school. It's a standout opportunity for anyone seeking comfort and value. This condo checks all the boxes. Schedule your showing today and see why this gem won’t last long! This is a smoke free condo.

Key facts

• Open-concept living
• Easy access to parks
• $225 HOA

Tags

• OPEN-CONCEPT LIVING
• RECENTLY RENOVATED BATHROOM
• DEDICATED STORAGE SPACE
• EASY ACCESS TO SHOPPING
• EASY ACCESS TO DINING
• EASY ACCESS TO PARKS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $135k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $135k).
• Recommended offer: $119k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.3% vs local median 5.2% in Detroit Lakes — 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 80/100 on livability (#78 in MN, #1,847 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, cost of living A; Watch: amenities F, commute F.
• Detroit Lakes Public School District (town): math 44% / reading 50% proficiency, ranked #155 of 301 in MN (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Rossman Elementary (math 64% / reading 55%, grade B-, #216 of 857 statewide, top 29%, 573 students, 40% FRL); Detroit Lakes Middle (math 29% / reading 42%, grade F, #172 of 258 statewide, top 68%, 596 students, 46% FRL); Detroit Lakes Senior High (math 52% / reading 57%, grade C-, #87 of 471 statewide, top 22%, 865 students, 37% FRL).
• Market conditions: 307 active listings in the ZIP; 156 units permitted in Becker County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Becker County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 282 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 7y ago; this cycle's ask has dropped $25k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $103k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $118,799 (12.0% below list)

Questions for the listing agent

1. It's been on market 282 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.96% ✓
• Cap rate: 15.31%
• Cash-on-cash: 32.20%
• DSCR: 2.43
• GRM: 4.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 27.3%
• Equity multiple: 2.13×
• Total profit: $42,847
• Equity at exit: $20,129

10-year hold

• IRR: 34.8%
• Equity multiple: 4.20×
• Total profit: $121,010
• Equity at exit: $11,672

Cash invested: $37,800 (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 56501

• Active inventory: 307
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $2,649 medium
• Mortgage (P&I): −$708
• Tax from tax record: −$90 /mo · $1,074/yr
• Insurance: −$56
• HOA: −$225
• Vacancy / Maint / Mgmt: −$556
• Net cashflow: $1,014

Break-even live

Break-even rent $1,365

Max offer price $134,999

Occupancy floor 57%

Sensitivity live

Price	-10% $1,091	-5% $1,052	+0% $1,014	+5% $976	+10% $938
Rent	-10% $805	-5% $910	+0% $1,014	+5% $1,119	+10% $1,223
Rate	-1.0pp $1,082	-0.5pp $1,049	base $1,014	+0.5pp $979	+1.0pp $944

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $225 · $2,700/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 38 events

1. 2026-06-21
   days on market $134,999 Active 282 DOM
2. 2026-06-21
   days on market $134,999 Active 281 DOM
3. 2026-06-18
   days on market $134,999 Active 279 DOM
4. 2026-06-17
   pricedays on market $134,999 Active 278 DOM
5. 2026-06-16
   days on market $149,900 Active 277 DOM
6. 2026-06-15
   days on market $149,900 Active 276 DOM
7. 2026-06-13
   days on market $149,900 Active 274 DOM
8. 2026-06-12
   days on market $149,900 Active 273 DOM
9. 2026-06-09
   days on market $149,900 Active 270 DOM
10. 2026-06-08
    days on market $149,900 Active 269 DOM
11. 2026-06-07
    days on market $149,900 Active 268 DOM
12. 2026-06-07
    days on market $149,900 Active 267 DOM
13. 2026-06-04
    days on market $149,900 Active 264 DOM
14. 2026-06-02
    days on market $149,900 Active 263 DOM
15. 2026-06-01
    days on market $149,900 Active 262 DOM
16. 2026-05-31
    days on market $149,900 Active 261 DOM
17. 2026-05-31
    days on market $149,900 Active 260 DOM
18. 2026-05-20
    price $154,500 925-char remark

    Show marketing remark (925 chars)

    Step into this beautifully 2-bedroom, 1-bath condo that blends modern updates with cozy charm. Perfectly suited for downsizers. This home offers a smart layout and thoughtful finishes throughout. Restricted to buyers that are 55 years old or older. The bright, open-concept living and dining area welcomes you and creates a warm and inviting atmosphere. The recently renovated bathroom showcases modern fixtures and a clean, timeless design that adds a touch of elegance. Both bedrooms are spacious and filled with natural light, offering generous closets for all your storage needs. This condo has shared laundry and dedicated storage space. This condo offers easy access to shopping, dining, parks, and school. It's a standout opportunity for anyone seeking comfort and value. This condo checks all the boxes. Schedule your showing today and see why this gem won’t last long! This is a smoke free condo.

19. 2026-05-12
    price $154,700 925-char remark

    Show marketing remark (925 chars)

    Step into this beautifully 2-bedroom, 1-bath condo that blends modern updates with cozy charm. Perfectly suited for downsizers. This home offers a smart layout and thoughtful finishes throughout. Restricted to buyers that are 55 years old or older. The bright, open-concept living and dining area welcomes you and creates a warm and inviting atmosphere. The recently renovated bathroom showcases modern fixtures and a clean, timeless design that adds a touch of elegance. Both bedrooms are spacious and filled with natural light, offering generous closets for all your storage needs. This condo has shared laundry and dedicated storage space. This condo offers easy access to shopping, dining, parks, and school. It's a standout opportunity for anyone seeking comfort and value. This condo checks all the boxes. Schedule your showing today and see why this gem won’t last long! This is a smoke free condo.

20. 2025-09-17
    price $154,900 925-char remark

    Show marketing remark (925 chars)

    Step into this beautifully 2-bedroom, 1-bath condo that blends modern updates with cozy charm. Perfectly suited for downsizers. This home offers a smart layout and thoughtful finishes throughout. Restricted to buyers that are 55 years old or older. The bright, open-concept living and dining area welcomes you and creates a warm and inviting atmosphere. The recently renovated bathroom showcases modern fixtures and a clean, timeless design that adds a touch of elegance. Both bedrooms are spacious and filled with natural light, offering generous closets for all your storage needs. This condo has shared laundry and dedicated storage space. This condo offers easy access to shopping, dining, parks, and school. It's a standout opportunity for anyone seeking comfort and value. This condo checks all the boxes. Schedule your showing today and see why this gem won’t last long! This is a smoke free condo.

21. 2025-09-12
    listed $159,900 Active 925-char remark

    Show marketing remark (925 chars)

    Step into this beautifully 2-bedroom, 1-bath condo that blends modern updates with cozy charm. Perfectly suited for downsizers. This home offers a smart layout and thoughtful finishes throughout. Restricted to buyers that are 55 years old or older. The bright, open-concept living and dining area welcomes you and creates a warm and inviting atmosphere. The recently renovated bathroom showcases modern fixtures and a clean, timeless design that adds a touch of elegance. Both bedrooms are spacious and filled with natural light, offering generous closets for all your storage needs. This condo has shared laundry and dedicated storage space. This condo offers easy access to shopping, dining, parks, and school. It's a standout opportunity for anyone seeking comfort and value. This condo checks all the boxes. Schedule your showing today and see why this gem won’t last long! This is a smoke free condo.

22. 2025-09-09
    historical
23. 2025-08-27
    listed $159,900 Active
24. 2023-08-18
    soldstatus $103,050
25. 2023-08-18
    soldstatus $103,052
26. 2023-08-16
    soldstatus $103,050 Sold
27. 2023-08-09
    status Pending
28. 2023-08-03
    historical Contingent - Inspection
29. 2023-07-10
    listed $109,900
30. 2023-07-10
    listed $109,900 Active
31. 2021-11-23
    soldstatus $85,000
32. 2021-11-23
    soldstatus $85,000
33. 2021-10-01
    listed $77,500
34. 2020-06-08
    soldstatus $68,700
35. 2020-06-05
    soldstatus $68,700
36. 2019-10-28
    listed $68,700
37. 2001-03-26
    soldstatus $52,000
38. 1999-08-01
    soldstatus $48,000

ⓘ 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: $1,074 · $90/mo
• Projected year-2 tax: $1,293 · $108/mo
• Expected delta: +$219/yr (+$18/mo · 20.4%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 1/10 Low 7 d/yr ≥96°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,790
• − Mortgage interest: −$7,562
• − Property taxes: −$1,074
• − Insurance: −$675
• − Repairs & maintenance: −$2,543
• − Management: −$2,543
• − HOA: −$2,700
• − Depreciation: −$3,927
• Taxable income: $10,766
• Est. tax owed @ 24.0%: −$2,584
• After-tax cash flow: $9,586/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: Detroit Lakes Public School District
• NCES district ID: 2710230
• Math proficiency: 44% ▼ -11.00%
• Reading proficiency: 50% ▼ -11.00%
• Median HH income: $50,571
• Composite: 40.33/100
• National rank: #3746
• State rank: #155 of 301 in MN

Livability — Detroit Lakes

• Score: 80/100
• State rank: #78
• US rank: #1847

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Detroit Lakes, MN
• City population: 18,239
• Population (ZIP): 18,239

Population outlook (Becker County) Hauer SSP2

• Today (2025): 34,604 people
• By 2030: 35,095 · +1.4%
• By 2040: 35,691 · +3.1%
• By 2050: 35,869 · +3.7%
• By 2075: 36,103 · +4.3%
• By 2100: 32,798 · -5.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Native American 2%
• Common ancestry: Portuguese 25% Scottish 4% Lithuanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Becker

• 2024 margin: Solid R (+33.1) · D 32.7% · R 65.8% · Other 1.5%
• 2008→2024 swing: -26.3pp toward R · 2008: -6.9pp · 2024: -33.1pp
• All cycles: 2024: R+33.1 2020: R+30.1 2016: R+33.2 2012: R+14.6 2008: R+6.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -222.40%
• Current HPI: 217.4973
• 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

+221.9% since first listed

21 events — show timeline

• 2026-05-20 Price Changed $154,500 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-12 Price Changed $154,700 NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-17 Price Changed $154,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-12 Listed $159,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-09 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-08-27 Listed $159,900 NORTHSTARMLS as Distributed by MLS Grid
• 2023-08-18 Sold (Public Records) $103,052 Public Records
• 2023-08-18 Sold (MLS) $103,050 NORTHSTARMLS as Distributed by MLS Grid
• 2023-08-16 Sold (MLS) $103,050 NORTHSTARMLS as Distributed by MLS Grid
• 2023-08-09 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2023-08-03 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2023-07-10 Listed $109,900 NORTHSTARMLS as Distributed by MLS Grid
• 2023-07-10 Listed $109,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-11-23 Sold (Public Records) $85,000 Public Records
• 2021-11-23 Sold (MLS) $85,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-10-01 Listed $77,500 NORTHSTARMLS as Distributed by MLS Grid
• 2020-06-08 Sold (Public Records) $68,700 Public Records
• 2020-06-05 Sold (MLS) $68,700 NORTHSTARMLS as Distributed by MLS Grid
• 2019-10-28 Listed $68,700 NORTHSTARMLS as Distributed by MLS Grid
• 2001-03-26 Sold (Public Records) $52,000 Public Records
• 1999-08-01 Sold (Public Records) $48,000 Public Records

Property tax history

+9.7%/yr

Latest (2025): $1,074 · +30.0% YoY. Source: county tax records.