308 Connie Ln · Eagle Lake, MN 56024

$199,500

3 bd · 1.5 ba · 1,736 sqft · SingleFamily public records · 55 Days on market

Built 1977 0.26 ac lot $115/sqft · 12% below area Est $375k · 47% under

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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).

• ARV discount +15.0/15.0
• Cash flow +11.3/30.0
• Schools +4.4/10.0
• Livability +3.4/5.0
• DSCR +3.3/10.0
• 1% rule +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Just a short drive from Mankato. Close to a beautiful city park. Beautiful landscaped yard and storage shed - large deck. 3BR on one level, ceramic and wood floors. Finished walk out family room. Oversized 1 stall garage.

Key facts

• Natural light
• Large yard
• Elevated lot

Tags

• SPLIT-LEVEL DESIGN
• NATURAL LIGHT
• AMPLE ROOM FOR DINING
• LARGE YARD
• MATURE TREES
• ELEVATED LOT

Property features AI

Exterior

• Parking: Tuck-under garage; 1-car garage
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential property; Two levels; Entry levels on upper and lower (split living between levels)
• Construction: Asphalt roof; Foundation described as other; Foundation dimensions approximately 26x38x42x28; Above- and below-grade finished areas totaling 2,872 sq ft (1,436 per level)
• Exterior features: Front porch; Deck; Vinyl siding; Storage shed

Interior

• Kitchen: Kitchen on upper level
• Bedrooms: 3 bedrooms (all on upper level)
• Bathrooms: 2 full baths; 1 half bath; Primary bathroom (upper level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Full basement
• Laundry & utility: Utility room in lower level

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $-75 ($-898/yr) — negative.
• To cash-flow at today's rent, offer at most $186k (6.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $164k (18.0% below list).
• Recommended offer: $164k (18.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 67/100 on livability (#450 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, schools A; Watch: amenities F, commute F, health & safety 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: 31 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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

• It's been on market 55 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 22y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $120k; list at $200k implies a 66% gain — meaningful room to come down on a strong offer.

Recommended offer $163,506 (18.0% 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 55 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
3. Built in 1977 — 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 A-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. 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?
7. 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.
8. 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.
9. 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: 0.82% ✗
• Cap rate: 5.84%
• Cash-on-cash: -1.61%
• DSCR: 0.93
• GRM: 10.2

CMA / ARV

• ARV (median comp): $374,802
• List price: $199,500
• Delta: -46.77%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
221 Blace Ave	0.12mi	3/1.5	1,794 (+3%)	11mo	$340,950	$190	79
220 Connie Ln	0.10mi	4/2.0 (+1)	1,807 (+4%)	6mo	$307,000	$170	77
414 Linda Dr	0.12mi	3/2.0	1,728 (-0%)	20mo	$250,000	$145	75
309 Blace Ave	0.07mi	3/2.0	1,706 (-2%)	21mo	$298,000	$175	75
212 Blace Ave	0.19mi	4/2.0 (+1)	1,816 (+5%)	7mo	$278,500	$153	71
105 Gray Fox Path	0.43mi	2/2.0 (-1)	1,796 (+4%)	1mo	$425,000	$237	66
104 Blace Ave	0.31mi	3/2.0	1,589 (-8%)	8mo	$273,000	$172	63
105 White Fox Path	0.51mi	3/2.0	1,766 (+2%)	12mo	$451,975	$256	61
212 Ann Dr	0.28mi	4/2.0 (+1)	1,750 (+1%)	22mo	$290,000	$166	61
106 E Connie Ln	0.26mi	2/2.0 (-1)	1,529 (-12%)	5mo	$377,500	$247	57
104 E Connie Ln	0.26mi	2/2.0 (-1)	1,532 (-12%)	11mo	$374,281	$244	52
212 Oak Dr	0.66mi	4/2.0 (+1)	1,936 (+12%)	11mo	$340,000	$176	34

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -18.9%
• Equity multiple: 0.34×
• Total profit: $-37,074
• Equity at exit: $29,746

10-year hold

• IRR: -11.5%
• Equity multiple: 0.31×
• Total profit: $-38,348
• Equity at exit: $17,249

Cash invested: $55,860 (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 56024

• Home prices YoY: -25.7%
• Active inventory: 31
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $1,635 medium
• Mortgage (P&I): −$1,046
• Tax from tax record: −$237 /mo · $2,846/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$343
• Net cashflow: $-75

Break-even live

Break-even rent $1,730

Max offer price $186,287

Occupancy floor 100%

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: $49,875
• Closing costs: $5,985
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
217 Thomas Dr E Eagle Lake, MN	2.0–3.0	1.5–2.0	1232	$1,750	$1.42	43d	5	0.44mi
630 Maple Ln Eagle Lake, MN	2.0	1.5	1200	$1,588	$1.32	43d	5	0.57mi
656 Maple Ln Eagle Lake, MN	2.0	1.5	1200	$1,525	$1.27	43d	1	0.60mi

Listing history 33 events

1. 2026-06-19
   days on market $199,500 Active 55 DOM
2. 2026-06-18
   days on market $199,500 Active 54 DOM
3. 2026-06-17
   days on market $199,500 Active 53 DOM
4. 2026-06-16
   days on market $199,500 Active 52 DOM
5. 2026-06-15
   days on market $199,500 Active 51 DOM
6. 2026-06-14
   days on market $199,500 Active 49 DOM
7. 2026-06-13
   days on market $199,500 Active 48 DOM
8. 2026-06-10
   days on market $199,500 Active 46 DOM
9. 2026-06-09
   days on market $199,500 Active 45 DOM
10. 2026-06-08
    days on market $199,500 Active 44 DOM
11. 2026-06-07
    days on market $199,500 Active 43 DOM
12. 2026-06-05
    days on market $199,500 Active 40 DOM
13. 2026-06-03
    pricedays on market $199,500 Active 39 DOM
14. 2026-06-03
    status $210,000 Active 38 DOM
15. 2026-06-02
    days on market $210,000 Contingent - Inspection 38 DOM
16. 2026-06-01
    days on market $210,000 Contingent - Inspection 37 DOM
17. 2026-05-31
    days on market $210,000 Contingent - Inspection 36 DOM
18. 2026-05-30
    days on market $210,000 Contingent - Inspection 35 DOM
19. 2026-05-14
    historical Contingent - Inspection 971-char remark
20. 2026-05-12
    status Pending 971-char remark
21. 2026-04-22
    listed $210,000 Active 971-char remark
22. 2009-02-27
    soldstatus $120,000 224-char remark

    Show marketing remark (255 chars)

    This home is just a short drive from Mankato and is close to a beautiful city park. The yard has been landscaped and there is a lovely deck on the back of the house. Also on the property is a storage shed. There are 3 bedrooms on one level. The floors hav

23. 2009-02-27
    soldstatus $120,000

    Show marketing remark (255 chars)

    This home is just a short drive from Mankato and is close to a beautiful city park. The yard has been landscaped and there is a lovely deck on the back of the house. Also on the property is a storage shed. There are 3 bedrooms on one level. The floors hav

24. 2009-02-16
    historical 224-char remark

    Show marketing remark (224 chars)

    Just a short drive from Mankato. Close to a beautiful city park. Beautiful landscaped yard and storage shed - large deck. 3BR on one level, ceramic and wood floors. Finished walk out family room. Oversized 1 stall garage.

25. 2008-08-17
    listed $129,900 224-char remark

    Show marketing remark (224 chars)

    Just a short drive from Mankato. Close to a beautiful city park. Beautiful landscaped yard and storage shed - large deck. 3BR on one level, ceramic and wood floors. Finished walk out family room. Oversized 1 stall garage.

26. 2008-08-06
    listed $129,900

    Show marketing remark (255 chars)

    This home is just a short drive from Mankato and is close to a beautiful city park. The yard has been landscaped and there is a lovely deck on the back of the house. Also on the property is a storage shed. There are 3 bedrooms on one level. The floors hav

27. 2008-07-30
    historical
28. 2007-08-30
    listed $140,000
29. 2004-05-24
    soldstatus $127,000
30. 2004-05-24
    soldstatus $127,000
31. 2004-04-15
    historical
32. 2004-03-15
    listed $129,500
33. 1994-01-28
    soldstatus $72,500

ⓘ 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: $2,846 · $237/mo
• Projected year-2 tax: $2,846 · $237/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 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: $19,621
• − Mortgage interest: −$11,175
• − Property taxes: −$2,846
• − Insurance: −$998
• − Repairs & maintenance: −$1,570
• − Management: −$1,570
• − Depreciation: −$5,804
• Taxable loss: −$4,341
• Est. tax savings @ 24.0%: +$1,042
• After-tax cash flow: $144/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 — Eagle Lake

• Score: 67/100
• State rank: #450
• US rank: #10712

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Eagle Lake, MN
• Population (ZIP): 3,595

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 (86%)
• Race & ethnicity: White 86% Two or more races 10% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 12% Lithuanian 2% Romanian 2%
• Foreign-born: 3% · Canada, South Korea
• Languages at home: 95% English-only · Spanish 4% Tagalog/Filipino 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: ▼ -70.00%
• Current HPI: 202.5905
• 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

+175.2% since first listed

17 events — show timeline

• 2026-06-03 Price Changed $199,500 NORTHSTARMLS as Distributed by MLS Grid
• 2026-06-02 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-14 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-12 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-22 Listed $210,000 NORTHSTARMLS as Distributed by MLS Grid
• 2009-02-27 Sold (MLS) $120,000 NORTHSTARMLS as Distributed by MLS Grid
• 2009-02-27 Sold (MLS) $120,000 NORTHSTARMLS as Distributed by MLS Grid
• 2009-02-16 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2008-08-17 Listed $129,900 NORTHSTARMLS as Distributed by MLS Grid
• 2008-08-06 Listed $129,900 NORTHSTARMLS as Distributed by MLS Grid
• 2008-07-30 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2007-08-30 Listed $140,000 NORTHSTARMLS as Distributed by MLS Grid
• 2004-05-24 Sold (Public Records) $127,000 Public Records
• 2004-05-24 Sold (MLS) $127,000 NORTHSTARMLS as Distributed by MLS Grid
• 2004-04-15 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2004-03-15 Listed $129,500 NORTHSTARMLS as Distributed by MLS Grid
• 1994-01-28 Sold (Public Records) $72,500 Public Records

Property tax history

+3.8%/yr

Latest (2025): $2,846 · -9.7% YoY. Source: county tax records.