224 Elm St W · Detroit Lakes, MN 56501

$265,000

2 bd · 1.5 ba · 1,428 sqft · SingleFamily public records · 14 Days on market

Built 1955 7,260 sqft lot

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Why this score? — see what drove the C+ 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 +25.8/30.0
• DSCR +8.6/10.0
• ARV discount +7.5/15.0
• 1% rule +5.9/10.0
• 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

Conveniently located city 4BD/2BA home with access to all Detroit Lakes has to offer! Privately fenced backyard that's close to Highways for an easy commute. Open concept kitchen, large sized living room and 2 bedrooms and 3/4 bath on main floor. Upper lever is a loft that can be used as a very spacious 5th bedroom. Completely updated basement with 2 bedrooms and a full bath. 2nd living area is great for movie night! Backyard has been landscaped and leveled with lush new lawn for you to enjoy! Firepit and above ground pool is the perfect getaway with friends and family. Call your favorite agent and schedule a private showing today!

Key facts

• Updated full bath
• Farmhouse sink
• Electric fireplace

Tags

• FULLY FENCED YARD
• FARMHOUSE SINK
• TILE BACKSPLASH
• STAINLESS STEEL APPLIANCES
• ELECTRIC FIREPLACE
• UPDATED FULL BATH

Property features AI

Exterior

• Parking: 1-car garage
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential property; One-and-a-half story; Main-level primary living areas
• Construction: Asphalt roof; Poured concrete foundation; Built with block basement walls
• Exterior features: Vinyl exterior; Wood fencing; Irregular lot shape; Lot approximately 7,260 square feet; Deck; Patio

Interior

• Kitchen: Range; Microwave; Refrigerator; Dishwasher; Kitchen/Dining room layout
• Bedrooms: 4 bedrooms (several on the main level)
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Ceiling fans; Deck; Kitchen window; Patio; Electric fireplace in the living room; Partially finished basement with storage and egress windows; Full basement (partially finished), block walls
• Laundry & utility: Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $265k.

Deal economics

• At list price, monthly cash flow is $643 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $265k).
• Cap rate 9.2% 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 $8k 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

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 5y 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 $210k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $265,000

Questions for the listing agent

1. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.09% ✓
• Cap rate: 9.20%
• Cash-on-cash: 10.40%
• DSCR: 1.46
• GRM: 7.6

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: -0.7%
• Equity multiple: 0.97×
• Total profit: $-2,065
• Equity at exit: $39,512

10-year hold

• IRR: 8.9%
• Equity multiple: 1.68×
• Total profit: $50,633
• Equity at exit: $22,912

Cash invested: $74,200 (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: 7.6×

Monthly cashflow live

• Estimated rent: $2,891 medium
• Mortgage (P&I): −$1,390
• Tax from tax record: −$141 /mo · $1,690/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$607
• Net cashflow: $643

Break-even live

Break-even rent $2,077

Max offer price $265,000

Occupancy floor 73%

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-02
   status $265,000 Pending 14 DOM
2. 2026-06-01
   days on market $265,000 Contingent - Inspection 14 DOM
3. 2026-05-31
   days on market $265,000 Contingent - Inspection 13 DOM
4. 2026-05-31
   days on market $265,000 Contingent - Inspection 12 DOM
5. 2026-05-21
   historical Contingent - Inspection
6. 2026-05-18
   listed $265,000 Active
7. 2021-06-15
   soldstatus $209,900 Sold 644-char remark

   Show marketing remark (644 chars)

   Conveniently located city 4BD/2BA home with access to all Detroit Lakes has to offer! Privately fenced backyard that's close to Highways for an easy commute. Open concept kitchen, large sized living room and 2 bedrooms and 3/4 bath on main floor. Upper lever is a loft that can be used as a very spacious 5th bedroom. Completely updated basement with 2 bedrooms and a full bath. 2nd living area is great for movie night! Backyard has been landscaped and leveled with lush new lawn for you to enjoy! Firepit and above ground pool is the perfect getaway with friends and family. Call your favorite agent and schedule a private showing today!

8. 2021-06-14
   soldstatus $209,000
9. 2021-06-10
   soldstatus $209,900 637-char remark

   Show marketing remark (637 chars)

   Conveniently located city 4BD/2BA home with access to all Detroit Lakes has to offer! Privately fenced backyard that's close to Highways for an easy commute. Open concept kitchen, large sized living room and 2 bedrooms and 3/4 bath on main floor. Upper lever is a loft that can be used as a very spacious 5th bedroom.Completely updated basement with 2 bedrooms and a full bath. 2nd living area is great for movie night!Backyard has been landscaped and leveled with lush new lawn for you to enjoy! Firepit and above ground pool is the perfect getaway with friends and family.Call your favorite agent and schedule a private showing today!

10. 2021-06-10
    soldstatus $209,900

    Show marketing remark (637 chars)

    Conveniently located city 4BD/2BA home with access to all Detroit Lakes has to offer! Privately fenced backyard that's close to Highways for an easy commute. Open concept kitchen, large sized living room and 2 bedrooms and 3/4 bath on main floor. Upper lever is a loft that can be used as a very spacious 5th bedroom.Completely updated basement with 2 bedrooms and a full bath. 2nd living area is great for movie night!Backyard has been landscaped and leveled with lush new lawn for you to enjoy! Firepit and above ground pool is the perfect getaway with friends and family.Call your favorite agent and schedule a private showing today!

11. 2021-05-11
    status Pending 644-char remark

    Show marketing remark (644 chars)

    Conveniently located city 4BD/2BA home with access to all Detroit Lakes has to offer! Privately fenced backyard that's close to Highways for an easy commute. Open concept kitchen, large sized living room and 2 bedrooms and 3/4 bath on main floor. Upper lever is a loft that can be used as a very spacious 5th bedroom. Completely updated basement with 2 bedrooms and a full bath. 2nd living area is great for movie night! Backyard has been landscaped and leveled with lush new lawn for you to enjoy! Firepit and above ground pool is the perfect getaway with friends and family. Call your favorite agent and schedule a private showing today!

12. 2021-04-20
    historical Contingent - Inspection 644-char remark

    Show marketing remark (644 chars)

    Conveniently located city 4BD/2BA home with access to all Detroit Lakes has to offer! Privately fenced backyard that's close to Highways for an easy commute. Open concept kitchen, large sized living room and 2 bedrooms and 3/4 bath on main floor. Upper lever is a loft that can be used as a very spacious 5th bedroom. Completely updated basement with 2 bedrooms and a full bath. 2nd living area is great for movie night! Backyard has been landscaped and leveled with lush new lawn for you to enjoy! Firepit and above ground pool is the perfect getaway with friends and family. Call your favorite agent and schedule a private showing today!

13. 2021-04-05
    status Active 644-char remark

    Show marketing remark (644 chars)

    Conveniently located city 4BD/2BA home with access to all Detroit Lakes has to offer! Privately fenced backyard that's close to Highways for an easy commute. Open concept kitchen, large sized living room and 2 bedrooms and 3/4 bath on main floor. Upper lever is a loft that can be used as a very spacious 5th bedroom. Completely updated basement with 2 bedrooms and a full bath. 2nd living area is great for movie night! Backyard has been landscaped and leveled with lush new lawn for you to enjoy! Firepit and above ground pool is the perfect getaway with friends and family. Call your favorite agent and schedule a private showing today!

14. 2021-03-29
    historical Contingent - Inspection 644-char remark

    Show marketing remark (644 chars)

    Conveniently located city 4BD/2BA home with access to all Detroit Lakes has to offer! Privately fenced backyard that's close to Highways for an easy commute. Open concept kitchen, large sized living room and 2 bedrooms and 3/4 bath on main floor. Upper lever is a loft that can be used as a very spacious 5th bedroom. Completely updated basement with 2 bedrooms and a full bath. 2nd living area is great for movie night! Backyard has been landscaped and leveled with lush new lawn for you to enjoy! Firepit and above ground pool is the perfect getaway with friends and family. Call your favorite agent and schedule a private showing today!

15. 2021-03-26
    price $209,900 644-char remark

    Show marketing remark (644 chars)

    Conveniently located city 4BD/2BA home with access to all Detroit Lakes has to offer! Privately fenced backyard that's close to Highways for an easy commute. Open concept kitchen, large sized living room and 2 bedrooms and 3/4 bath on main floor. Upper lever is a loft that can be used as a very spacious 5th bedroom. Completely updated basement with 2 bedrooms and a full bath. 2nd living area is great for movie night! Backyard has been landscaped and leveled with lush new lawn for you to enjoy! Firepit and above ground pool is the perfect getaway with friends and family. Call your favorite agent and schedule a private showing today!

16. 2021-03-19
    price $213,900 644-char remark

    Show marketing remark (644 chars)

    Conveniently located city 4BD/2BA home with access to all Detroit Lakes has to offer! Privately fenced backyard that's close to Highways for an easy commute. Open concept kitchen, large sized living room and 2 bedrooms and 3/4 bath on main floor. Upper lever is a loft that can be used as a very spacious 5th bedroom. Completely updated basement with 2 bedrooms and a full bath. 2nd living area is great for movie night! Backyard has been landscaped and leveled with lush new lawn for you to enjoy! Firepit and above ground pool is the perfect getaway with friends and family. Call your favorite agent and schedule a private showing today!

17. 2021-03-12
    price $215,000 644-char remark

    Show marketing remark (644 chars)

    Conveniently located city 4BD/2BA home with access to all Detroit Lakes has to offer! Privately fenced backyard that's close to Highways for an easy commute. Open concept kitchen, large sized living room and 2 bedrooms and 3/4 bath on main floor. Upper lever is a loft that can be used as a very spacious 5th bedroom. Completely updated basement with 2 bedrooms and a full bath. 2nd living area is great for movie night! Backyard has been landscaped and leveled with lush new lawn for you to enjoy! Firepit and above ground pool is the perfect getaway with friends and family. Call your favorite agent and schedule a private showing today!

18. 2021-03-05
    price $219,000 644-char remark

    Show marketing remark (644 chars)

    Conveniently located city 4BD/2BA home with access to all Detroit Lakes has to offer! Privately fenced backyard that's close to Highways for an easy commute. Open concept kitchen, large sized living room and 2 bedrooms and 3/4 bath on main floor. Upper lever is a loft that can be used as a very spacious 5th bedroom. Completely updated basement with 2 bedrooms and a full bath. 2nd living area is great for movie night! Backyard has been landscaped and leveled with lush new lawn for you to enjoy! Firepit and above ground pool is the perfect getaway with friends and family. Call your favorite agent and schedule a private showing today!

19. 2021-02-26
    listed $225,000 Active 644-char remark

    Show marketing remark (637 chars)

    Conveniently located city 4BD/2BA home with access to all Detroit Lakes has to offer! Privately fenced backyard that's close to Highways for an easy commute. Open concept kitchen, large sized living room and 2 bedrooms and 3/4 bath on main floor. Upper lever is a loft that can be used as a very spacious 5th bedroom.Completely updated basement with 2 bedrooms and a full bath. 2nd living area is great for movie night!Backyard has been landscaped and leveled with lush new lawn for you to enjoy! Firepit and above ground pool is the perfect getaway with friends and family.Call your favorite agent and schedule a private showing today!

20. 2021-02-26
    listed $209,900 637-char remark

    Show marketing remark (637 chars)

    Conveniently located city 4BD/2BA home with access to all Detroit Lakes has to offer! Privately fenced backyard that's close to Highways for an easy commute. Open concept kitchen, large sized living room and 2 bedrooms and 3/4 bath on main floor. Upper lever is a loft that can be used as a very spacious 5th bedroom.Completely updated basement with 2 bedrooms and a full bath. 2nd living area is great for movie night!Backyard has been landscaped and leveled with lush new lawn for you to enjoy! Firepit and above ground pool is the perfect getaway with friends and family.Call your favorite agent and schedule a private showing today!

21. 2021-02-26
    listed $209,900

    Show marketing remark (637 chars)

    Conveniently located city 4BD/2BA home with access to all Detroit Lakes has to offer! Privately fenced backyard that's close to Highways for an easy commute. Open concept kitchen, large sized living room and 2 bedrooms and 3/4 bath on main floor. Upper lever is a loft that can be used as a very spacious 5th bedroom.Completely updated basement with 2 bedrooms and a full bath. 2nd living area is great for movie night!Backyard has been landscaped and leveled with lush new lawn for you to enjoy! Firepit and above ground pool is the perfect getaway with friends and family.Call your favorite agent and schedule a private showing today!

22. 2005-05-06
    soldstatus $93,800
23. 2001-12-20
    soldstatus $66,000

ⓘ 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: $1,690 · $141/mo
• Projected year-2 tax: $2,329 · $194/mo
• Expected delta: +$639/yr (+$53/mo · 37.8%)

ⓘ 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: $34,692
• − Mortgage interest: −$14,844
• − Property taxes: −$1,690
• − Insurance: −$1,325
• − Repairs & maintenance: −$2,775
• − Management: −$2,775
• − Depreciation: −$7,709
• Taxable income: $3,573
• Est. tax owed @ 24.0%: −$858
• After-tax cash flow: $6,858/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

+301.5% since first listed

19 events — show timeline

• 2026-05-21 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-18 Listed $265,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-06-15 Sold (MLS) $209,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-06-14 Sold (Public Records) $209,000 Public Records
• 2021-06-10 Sold (MLS) $209,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-06-10 Sold (MLS) $209,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-05-11 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-04-20 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2021-04-05 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2021-03-29 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2021-03-26 Price Changed $209,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-03-19 Price Changed $213,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-03-12 Price Changed $215,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-03-05 Price Changed $219,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-02-26 Listed $209,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-02-26 Listed $209,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-02-26 Listed $225,000 NORTHSTARMLS as Distributed by MLS Grid
• 2005-05-06 Sold (Public Records) $93,800 Public Records
• 2001-12-20 Sold (Public Records) $66,000 Public Records

Property tax history

+7.5%/yr

Latest (2025): $1,690 · +1.4% YoY. Source: county tax records.