513 North St E · Detroit Lakes, MN 56501

$299,000

2 bd · 1.0 ba · 2,196 sqft · SingleFamily public records · 79 Days on market

Built 2001 0.29 ac lot

---

Why this score? — see what drove the D+ 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 +16.0/30.0
• ARV discount +7.5/15.0
• DSCR +4.9/10.0
• Schools +4.0/10.0
• Livability +4.0/5.0
• 1% rule +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

No more rambling through listings, this rambler deserves your attention! Welcome to this inviting rambler-style home offering comfortable living with a finished lower level and plenty of space to enjoy. Featuring 4 bedrooms, 2 bathrooms, and an attached oversized 2-stall garage, this home provides both functionality and room to spread out. The main level offers 1,170 sq. ft. and welcomes you with 2 bedrooms, a spacious full bathroom, and a versatile main-level laundry area that could also serve as a home office. The desirable kitchen flows seamlessly into the dining area and living room, creating a great layout for everyday living and easy entertaining. The lower level adds another 1,170 sq

Key facts

• 0.29 acre lot
• 2 garage spots
• Built 2001

Property features AI

Finance

• HOA & community: Other annual assessment noted

Exterior

• Parking: Attached insulated garage with garage door opener; 2 garage spaces; Asphalt driveway
• Utilities: City water connected; City sewer connected; Electric and natural gas service
• Home design: Residential property; One story (main level plus lower/finished basement); Above- and below-grade finished living areas
• Construction: Foundation: Other; Foundation area reported; Vinyl siding
• Exterior features: Vinyl exterior; Lot approximately 75 x 150

Interior

• Kitchen: Range; Microwave; Dishwasher; Refrigerator; Electric water heater
• Bedrooms: 4 bedrooms (main and lower levels)
• Bathrooms: 2 full bathrooms (one on the main floor, one in the basement)
• Heating & cooling: Baseboard heating; Fireplace heating; No central air
• Interior features: Wood basement; Has a gas fireplace in the family room
• Laundry & utility: Laundry room on lower level; Dryer; Owned water softener

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $299k.

Deal economics

• At list price, monthly cash flow is $148 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $258k (13.8% below list).
• Recommended offer: $258k (13.8% below list) — sets the bar for 1% rule.
• Cap rate 6.9% 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.
• Market conditions: 301 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 $2k of loan paydown is wiped out by about $9k 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.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $157k; list at $299k implies a 90% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $257,662 (13.8% below list)

Questions for the listing agent

1. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 14% 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. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.86% ✗
• Cap rate: 6.89%
• Cash-on-cash: 2.12%
• DSCR: 1.09
• GRM: 9.7

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: -13.0%
• Equity multiple: 0.53×
• Total profit: $-39,088
• Equity at exit: $44,582

10-year hold

• IRR: -4.0%
• Equity multiple: 0.74×
• Total profit: $-22,178
• Equity at exit: $25,852

Cash invested: $83,720 (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: 301
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $2,577 medium
• Mortgage (P&I): −$1,568
• Tax from tax record: −$195 /mo · $2,338/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$541
• Net cashflow: $148

Break-even live

Break-even rent $2,389

Max offer price $299,000

Occupancy floor 89%

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-07
   statusdays on market $299,000 Pending 79 DOM
2. 2026-06-04
   days on market $299,000 Contingent - Subject to Financing 78 DOM
3. 2026-06-02
   days on market $299,000 Contingent - Subject to Financing 77 DOM
4. 2026-06-01
   days on market $299,000 Contingent - Subject to Financing 76 DOM
5. 2026-05-31
   days on market $299,000 Contingent - Subject to Financing 75 DOM
6. 2026-05-31
   days on market $299,000 Contingent - Subject to Financing 74 DOM
7. 2026-04-18
   historical Contingent - Inspection
8. 2026-03-17
   listed $299,000 Active
9. 2015-11-03
   soldstatus $157,000
10. 2013-08-05
    soldstatus $145,500
11. 2007-02-22
    soldstatus $127,000
12. 2003-05-12
    soldstatus $108,150

ⓘ 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: $2,338 · $195/mo
• Projected year-2 tax: $2,843 · $237/mo
• Expected delta: +$505/yr (+$42/mo · 21.6%)

ⓘ 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: $30,919
• − Mortgage interest: −$16,749
• − Property taxes: −$2,338
• − Insurance: −$1,495
• − Repairs & maintenance: −$2,474
• − Management: −$2,474
• − Depreciation: −$8,698
• Taxable loss: −$3,308
• Est. tax savings @ 24.0%: +$794
• After-tax cash flow: $2,571/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

+176.5% since first listed

6 events — show timeline

• 2026-04-18 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-17 Listed $299,000 NORTHSTARMLS as Distributed by MLS Grid
• 2015-11-03 Sold (Public Records) $157,000 Public Records
• 2013-08-05 Sold (Public Records) $145,500 Public Records
• 2007-02-22 Sold (Public Records) $127,000 Public Records
• 2003-05-12 Sold (Public Records) $108,150 Public Records

Property tax history

+4.5%/yr

Latest (2025): $2,338 · -6.3% YoY. Source: county tax records.