23 Ontario Ln Unit ON23

Goodview, MN 55987

$31,800D+

2 bd · 2.0 ba · 1,216 sqft · Built 2026 · Manufactured · Active · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,366/mo
• Mortgage (P&I): −$167
• Tax + insurance: −$53
• HOA: −$0
• Vac / Maint / Mgmt: −$287
• Net cashflow: $859/mo
• Annual: $10,310/yr
• Cap rate: 38.71%
• Cash-on-cash: 115.79%
• DSCR: 6.15
• 1% rule: 4.29%
• Cash to close: $8,904

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $32k. Condition is rated fair.
• At list price, monthly cash flow is $859 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $32k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $220 of loan paydown is wiped out by about $954 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 $9k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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)

• Major: siding — Significant wear and tear
• Major: roof — Age and potential leaks
• Major: flooring — Worn and possibly substandard
• Major: interior walls/paint — Painted walls show wear
• Major: windows — Older windows may need replacement
• Major: HVAC/mechanicals — Age and potential inefficiency