203 S Division St · Mankato, MN 56001

$324,700

3 bd · 1.0 ba · 2,129 sqft · SingleFamily public records · 1 Days on market

Built 1954 9,148 sqft lot Est $304k · 7% over

---

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 +12.2/30.0
• Rent growth +4.6/5.0
• ARV discount +4.5/15.0
• Schools +4.4/10.0
• Livability +3.9/5.0
• DSCR +3.6/10.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Adorable 3 bedroom, 2 bathroom home located in Mankato. Home features plentiful natural light in the large living room, spacious main floor bedrooms, abundant storage, large kitchen and main floor laundry. Downstairs you will find a second large living area. Outside you will find beautiful landscaping along with a patio, partially fenced in yard and a storage shed. You will want to see this charming home for yourself!

Key facts

• Main floor laundry
• New appliances
• Updated countertops

Tags

• FULLY RENOVATED FULL BATHROOM
• UPDATED COUNTERTOPS
• STYLISH TILE BACKSPLASH
• NEW APPLIANCES
• NEW LVT FLOORING
• MAIN FLOOR LAUNDRY

Property features AI

Finance

• Other: Lot dimensions approximately 115 x 80 (0.21 acre); Public maintained road
• Financial info: Financial details not provided
• HOA & community: No HOA information provided

Exterior

• Parking: Attached garage with 2 spaces; Garage door opener; Concrete driveway
• Security: Smoke detectors; Accessible entrance
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Metal siding; Metal roof; Partially finished full basement with sump pump
• Exterior features: Patio; Corner lot; Shed(s)

Interior

• Kitchen: Dishwasher; Disposal; Freezer; Microwave; Cooktop; Range; Refrigerator
• Bedrooms: Bedrooms not specified
• Flooring: Flooring not specified
• Bathrooms: One full bathroom; One three-quarter bathroom
• Heating & cooling: Natural gas forced-air heating; Central air conditioning; Ceiling fans
• Interior features: Eat-in kitchen; Window coverings; Gas fireplace
• Laundry & utility: Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $325k.

Deal economics

• At list price, monthly cash flow is $-66 ($-788/yr) — negative.
• To cash-flow at today's rent, offer at most $313k (3.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $256k (21.3% below list).
• Recommended offer: $256k (21.3% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 3.4% in Mankato — 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 77/100 on livability (#133 in MN, #2,970 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: crime C-, amenities C-, commute F.
• Mankato Public School District (urban): math 48% / reading 56% proficiency, ranked #98 of 301 in MN (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+8.6%/yr); 352 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 269 units permitted in Blue Earth County in 2024 (154 in 5+ unit buildings).
• This rent runs 44% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Blue Earth County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 6y ago 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.
• Current owner paid $216k; list at $325k implies a 51% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $255,537 (21.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.79% ✗
• Cap rate: 6.05%
• Cash-on-cash: -0.87%
• DSCR: 0.96
• GRM: 10.6

CMA / ARV

• ARV (on-the-fly): $304,447
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1027 E Mulberry St	0.18mi	3/1.0	2,140 (+0%)	8mo	$200,000	$93	84
203 S Division St	0.00mi	3/2.0	2,322 (+9%)	0mo	$334,700	$144	80
110 Electa Blvd	0.50mi	3/2.0	2,100 (-1%)	12mo	$305,000	$145	60
220 Alta Dr	0.55mi	4/2.0 (+1)	2,015 (-5%)	2mo	$330,000	$164	55
128 S Belmont Dr	0.66mi	4/2.0 (+1)	2,000 (-6%)	1mo	$285,000	$143	49
219 Ellis Ave	0.71mi	3/2.0	2,067 (-3%)	14mo	$244,000	$118	46
215 Capital Dr	0.57mi	3/2.0	2,352 (+10%)	8mo	$289,900	$123	46
205 Capital Dr	0.52mi	4/1.5 (+1)	2,293 (+8%)	13mo	$275,000	$120	45
314 E Walnut St	0.67mi	4/2.0 (+1)	2,002 (-6%)	7mo	$240,000	$120	44
132 Coy St	0.55mi	2/1.0 (-1)	1,852 (-13%)	8mo	$276,000	$149	41
1218 Fair St	0.61mi	4/2.0 (+1)	1,872 (-12%)	12mo	$263,500	$141	33
117 Eastwood Dr	0.61mi	2/2.0 (-1)	2,376 (+12%)	13mo	$364,000	$153	32

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -12.7%
• Equity multiple: 0.52×
• Total profit: $-43,351
• Equity at exit: $48,414

10-year hold

• IRR: 2.3%
• Equity multiple: 1.20×
• Total profit: $18,090
• Equity at exit: $28,074

Cash invested: $90,916 (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 56001

• Rents YoY: 8.6%
• Active inventory: 352
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $2,555 medium
• Mortgage (P&I): −$1,703
• Tax from tax record: −$246 /mo · $2,956/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$537
• Net cashflow: $-66

Break-even live

Break-even rent $2,638

Max offer price $313,104

Occupancy floor 98%

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: $81,175
• Closing costs: $9,741
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1050 Marsh St Unit 326 Van Tol Mankato, MN	3.0	2.0	1461	$2,360	$1.62	43d	1	0.48mi
201 N Riverfront Dr Apt 501 Mankato, MN	2.0	2.0	2045	$3,725	$1.82	43d	1	0.81mi
412 Wall St Unit 412 North Mankato, MN	4.0	2.5	2600	$2,300	$0.88	43d	1	1.16mi

Listing history 5 events

1. 2026-05-01
   status Pending
2. 2026-05-01
   listed $324,700 Active
3. 2020-08-18
   soldstatus $215,500
4. 2020-08-17
   soldstatus $215,500 421-char remark

   Show marketing remark (421 chars)

   Adorable 3 bedroom, 2 bathroom home located in Mankato. Home features plentiful natural light in the large living room, spacious main floor bedrooms, abundant storage, large kitchen and main floor laundry. Downstairs you will find a second large living area. Outside you will find beautiful landscaping along with a patio, partially fenced in yard and a storage shed. You will want to see this charming home for yourself!

5. 2020-07-13
   listed $209,900 421-char remark

   Show marketing remark (421 chars)

   Adorable 3 bedroom, 2 bathroom home located in Mankato. Home features plentiful natural light in the large living room, spacious main floor bedrooms, abundant storage, large kitchen and main floor laundry. Downstairs you will find a second large living area. Outside you will find beautiful landscaping along with a patio, partially fenced in yard and a storage shed. You will want to see this charming home for yourself!

ⓘ 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: $2,956 · $246/mo
• Projected year-2 tax: $3,296 · $275/mo
• Expected delta: +$340/yr (+$28/mo · 11.5%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,664
• − Mortgage interest: −$18,188
• − Property taxes: −$2,956
• − Insurance: −$1,624
• − Repairs & maintenance: −$2,453
• − Management: −$2,453
• − Depreciation: −$9,446
• Taxable loss: −$6,455
• Est. tax savings @ 24.0%: +$1,549
• After-tax cash flow: $762/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: Mankato Public School District
• NCES district ID: 2718780
• Math proficiency: 48% ▼ -11.00%
• Reading proficiency: 56% ▼ -8.00%
• Median HH income: $49,469
• Composite: 44.36/100
• National rank: #2819
• State rank: #98 of 301 in MN

Livability — Mankato

• Score: 77/100
• State rank: #133
• US rank: #2970

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mankato, MN
• County: Blue Earth County · 51,585 people
• City population: 51,585
• Metro: Mankato, MN
• Population (ZIP): 51,585
• Household income: $69,531
• Rent vs Own: 45.9% rent · 54.1% own
• Severe rent burden: 2394.0

Population outlook (Blue Earth County) Hauer SSP2

• Today (2025): 70,208 people
• By 2030: 72,708 · +3.6%
• By 2040: 77,481 · +10.4%
• By 2050: 82,842 · +18.0%
• By 2075: 99,990 · +42.4%
• By 2100: 116,795 · +66.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Black 6% Hispanic / Latino 5% Two or more races 4% Asian 3%
• Common ancestry: Portuguese 11% Lithuanian 3% Romanian 3%
• Foreign-born: 8% · Canada, Vietnam, South Korea
• Languages at home: 90% English-only · Spanish 3% Other Indo-European 1% Vietnamese 1%

Political lean MEDSL · Blue Earth

• 2024 margin: Toss-up / Even · D 48.3% · R 49.5% · Other 2.1%
• 2008→2024 swing: -14.2pp toward R · 2008: 12.9pp · 2024: -1.2pp
• All cycles: 2024: R+1.2 2020: D+4.4 2016: R+3.7 2012: D+9.5 2008: D+12.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -192.46%
• Current HPI: 189.8485
• Rent YoY: ▲ 8.55%
• Metro: Mankato, MN
• 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

+54.7% since first listed

5 events — show timeline

• 2026-05-01 Pending — RASM
• 2026-05-01 Listed $324,700 RASM
• 2020-08-18 Sold (Public Records) $215,500 Public Records
• 2020-08-17 Sold (MLS) $215,500 RASM
• 2020-07-13 Listed $209,900 RASM

Property tax history

+5.2%/yr

Latest (2025): $2,956 · +6.9% YoY. Source: county tax records.