15 Randy Ave · Melrose, MN 56352

$119,900

3 bd · 2.0 ba · 1,216 sqft · SingleFamily · 52 Days on market

Built 2023 $260/mo HOA · 19% of rent ↓ 4% since listing

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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 +12.6/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Schools +4.1/10.0
• Livability +3.8/5.0
• DSCR +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Affordable housing option, located in a well-maintained mobile home park! Mobile home is a 2023 model w/ popular amenities & modern colors & finishes. Rental is $280/month & includes a detached oversized 1-stall garage. You'll appreciate the kitchen's large center island w/ butcher block countertop, beautifully stained cabinets, SS appliances, tiled backsplash & laminate planking flooring. Open concept kitchen/dining/living rooms; plenty of natural light! Relax in the spacious primary bedroom suite; you will love the WIC, stand up shower and deep soaker tub. Steps away is a laundry area! Second and third bedrooms are nice-sized and are next to the second full bathroo

Key facts

• Large center island
• Ss appliances
• 2023 model

Tags

• 2023 MODEL
• DETACHED OVERSIZED GARAGE
• LARGE CENTER ISLAND
• BUTCHER BLOCK COUNTERTOP
• BEAUTIFULLY STAINED CABINETS
• SS APPLIANCES

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $-16 ($-195/yr) — negative.
• To cash-flow at today's rent, offer at most $118k (2.0% below list).
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 76/100 on livability (#164 in MN, #3,568 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Melrose Public School District (rural): math 45% / reading 50% proficiency, ranked #142 of 301 in MN (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 31 active listings in the ZIP; 661 units permitted in Stearns County in 2024 (291 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($829 loan paydown + $12k appreciation (10.0% local appreciation)).
• Stearns County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.

Recommended offer $116,303 (3.0% 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 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.13% ✓
• Cap rate: 6.13%
• Cash-on-cash: -0.58%
• DSCR: 0.97
• GRM: 7.4

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: 23.9%
• Equity multiple: 2.92×
• Total profit: $64,448
• Equity at exit: $108,015

10-year hold

• IRR: 21.3%
• Equity multiple: 6.69×
• Total profit: $190,960
• Equity at exit: $232,939

Cash invested: $33,572 (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 56352

• Home prices YoY: 6.1%
• Active inventory: 31
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,357 medium
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,798/yr
• Insurance: −$50
• HOA: −$260
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $-16

Break-even live

Break-even rent $1,378

Max offer price $117,553

Occupancy floor 96%

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $260 · $3,120/yr

Listing history 5 events

1. 2026-04-16
   status Pending
2. 2026-04-15
   historical Contingent - Inspection
3. 2026-03-13
   price $119,900
4. 2026-03-03
   price $122,900
5. 2026-02-23
   listed $124,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥98°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,289
• − Mortgage interest: −$6,716
• − Property taxes: −$1,798
• − Insurance: −$600
• − Repairs & maintenance: −$1,303
• − Management: −$1,303
• − HOA: −$3,120
• − Depreciation: −$3,488
• Taxable loss: −$2,039
• Est. tax savings @ 24.0%: +$489
• After-tax cash flow: $295/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: Melrose Public School District
• NCES district ID: 2720550
• Math proficiency: 45% ▼ -14.00%
• Reading proficiency: 50% ▼ -5.00%
• Median HH income: $55,833
• Composite: 41.26/100
• National rank: #3525
• State rank: #142 of 301 in MN

Livability — Melrose

• Score: 76/100
• State rank: #164
• US rank: #3568

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Melrose, MN
• Population (ZIP): 5,955

Population outlook (Stearns County) Hauer SSP2

• Today (2025): 162,629 people
• By 2030: 166,495 · +2.4%
• By 2040: 172,661 · +6.2%
• By 2050: 177,480 · +9.1%
• By 2075: 192,907 · +18.6%
• By 2100: 206,274 · +26.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 12% Two or more races 2%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Portuguese 4% Romanian 4% Lithuanian 2%
• Foreign-born: 5% · Canada
• Languages at home: 87% English-only · Spanish 11% German/W. Germanic 1%

Political lean MEDSL · Stearns

• 2024 margin: Strong R (+26.8) · D 35.7% · R 62.5% · Other 1.9%
• 2008→2024 swing: -19.8pp toward R · 2008: -7.0pp · 2024: -26.8pp
• All cycles: 2024: R+26.8 2020: R+22.5 2016: R+27.9 2012: R+12.1 2008: R+7.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 23.62%
• Current HPI: 410.59
• 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

-4.0% since first listed

5 events — show timeline

• 2026-04-16 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-15 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-13 Price Changed $119,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-03 Price Changed $122,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-23 Listed $124,900 NORTHSTARMLS as Distributed by MLS Grid