641 Summit Ave · Balaton, MN 56115

$158,000

2 bd · 1.0 ba · 1,080 sqft · SingleFamily · 33 Days on market

Built 1968 0.38 ac lot

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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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +7.4/30.0
• Schools +5.0/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.8/10.0
• DSCR +1.6/10.0

Listing remarks

Move-in ready and packed with possibilities! This beautifully updated 2 bedroom, 1 bathroom home has been extensively renovated from top to bottom, featuring all new plumbing, electrical, fixtures, doors windows, siding, flooring, sheetrock, water heater complete bathroom renovation and even a new sewer line already in place. The thoughtfully optimized floor plan offers comfortable living with a perfect main floor location for a stackable washer and dryer, plus a bonus room in the 1/4 story that would make a great office, hobby room, guest space, or additional storage area. Outside is where this property really shines- the detached triple stall garage is extra deep and offers incredible fle

Key facts

• Updated electrical
• 12 foot door
• Updated plumbing

Tags

• UPDATED PLUMBING
• UPDATED ELECTRICAL
• COMPLETE BATHROOM RENOVATION
• DETACHED TRIPLE STALL GARAGE
• OVERSIZED THIRD STALL
• 12 FOOT DOOR

Property features AI

Finance

• Other: Lot approximately 0.38 acres (dimensions about 100 x 165); Above-grade finished area approximately 1,080; Main level finished area approximately 864; Living area approximately 1,080

Exterior

• Parking: Detached or attached 3-car garage (34 x 42 — ~1,324 sq. ft.)
• Utilities: City water connected; City sewer connected; Oil fuel
• Home design: Residential property; One story; Slab foundation
• Construction: Vinyl siding; Slab foundation
• Exterior features: Vinyl exterior

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 1 three-quarter bathroom
• Heating & cooling: Forced air heating; Window air conditioning units
• Interior features: No basement; One-level living

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $158k.

Deal economics

• At list price, monthly cash flow is $-202 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $122k (22.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $107k (32.5% below list).
• Recommended offer: $107k (32.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 66/100 on livability (#477 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D, schools F, amenities F.
• Market conditions: 52 active listings in the ZIP; 91 units permitted in Lyon County in 2024 (72 in 5+ unit buildings).

Forward outlook

• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (10.0% local appreciation)).
• Lyon County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($153k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $60k; list at $158k implies a 163% gain — meaningful room to come down on a strong offer.

Recommended offer $106,696 (32.5% 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. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
3. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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?
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 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: 0.68% ✗
• Cap rate: 4.76%
• Cash-on-cash: -5.47%
• DSCR: 0.76
• GRM: 12.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.4%
• Equity multiple: 2.65×
• Total profit: $73,183
• Equity at exit: $142,339

10-year hold

• IRR: 18.6%
• Equity multiple: 6.10×
• Total profit: $225,595
• Equity at exit: $306,959

Cash invested: $44,240 (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 56115

• Home prices YoY: 11.5%
• Active inventory: 52
• Price-to-rent: 12.3×

Monthly cashflow live

• Estimated rent: $1,067 medium
• Mortgage (P&I): −$829
• Tax from tax record: −$150 /mo · $1,804/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$224
• Net cashflow: $-202

Break-even live

Break-even rent $1,322

Max offer price $122,345

Occupancy floor —

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: $39,500
• Closing costs: $4,740
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $158,000 Active 33 DOM
2. 2026-06-18
   days on market $158,000 Active 32 DOM
3. 2026-06-17
   days on market $158,000 Active 31 DOM
4. 2026-06-16
   days on market $158,000 Active 30 DOM
5. 2026-06-15
   days on market $158,000 Active 29 DOM
6. 2026-06-14
   pricedays on market $158,000 Active 27 DOM
7. 2026-06-12
   days on market $165,000 Active 26 DOM
8. 2026-06-08
   days on market $165,000 Active 22 DOM
9. 2026-06-07
   days on market $165,000 Active 21 DOM
10. 2026-06-05
    days on market $165,000 Active 19 DOM
11. 2026-06-04
    days on market $165,000 Active 17 DOM
12. 2026-06-02
    days on market $165,000 Active 16 DOM
13. 2026-06-01
    days on market $165,000 Active 15 DOM
14. 2026-05-31
    days on market $165,000 Active 14 DOM
15. 2026-05-31
    days on market $165,000 Active 13 DOM
16. 2026-05-17
    listed $165,000 Active
17. 2025-09-10
    soldstatus $60,000

ⓘ 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: $1,804 · $150/mo
• Projected year-2 tax: $1,804 · $150/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥97°F today · 14 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: $12,804
• − Mortgage interest: −$8,850
• − Property taxes: −$1,804
• − Insurance: −$790
• − Repairs & maintenance: −$1,024
• − Management: −$1,024
• − Depreciation: −$4,596
• Taxable loss: −$5,286
• Est. tax savings @ 24.0%: +$1,269
• After-tax cash flow: $-1,153/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)

No district data.

Livability — Balaton

• Score: 66/100
• State rank: #477
• US rank: #11330

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Balaton, MN
• Population (ZIP): 1,262

Population outlook (Lyon County) Hauer SSP2

• Today (2025): 25,369 people
• By 2030: 24,890 · -1.9%
• By 2040: 23,599 · -7.0%
• By 2050: 22,383 · -11.8%
• By 2075: 20,076 · -20.9%
• By 2100: 18,901 · -25.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Portuguese 17% Iranian 6% Romanian 4%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Lyon

• 2024 margin: Solid R (+31.8) · D 33.1% · R 64.9% · Other 2.0%
• 2008→2024 swing: -30.2pp toward R · 2008: -1.6pp · 2024: -31.8pp
• All cycles: 2024: R+31.8 2020: R+25.9 2016: R+28.3 2012: R+9.2 2008: R+1.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 11.48%
• Current HPI: 111.48
• 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

+175.0% since first listed

2 events — show timeline

• 2026-05-17 Listed $165,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-10 Sold (Public Records) $60,000 Public Records

Property tax history

+5.3%/yr

Latest (2026): $1,804 · -1.1% YoY. Source: county tax records.