620 N Washington Ave · Detroit Lakes, MN 56501

$349,900

2 bd · 2.0 ba · 2,002 sqft · SingleFamily public records · 39 Days on market

Built 2007 10,018 sqft lot $175/sqft · 11% above area Est $330k · 6% over

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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).

• Cash flow +11.7/30.0
• ARV discount +4.8/15.0
• Schools +4.0/10.0
• Livability +4.0/5.0
• DSCR +3.5/10.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

UPDATES GALORE! Come take a peak at this updated 4-bedroom, 2-bath home filled with natural light. Home has been thoughtfully updated from top to bottom. Upstairs you will find a remodeled kitchen with stainless steel appliances, tile backsplash, gas range, updated cabinets/counters, 2 bedrooms, great room and a beautifully updated bath. The lower level offers a superb renovated living space with an accent wall, 2 bedrooms, bathroom with walk in tile shower and a versatile office or gaming area. Other updates include updated flooring throughout nearly the entire home, updated solid doors and trim. Furnace and A/C both replaced in 2025! Step outside to a stamped concrete patio with hot tub

Key facts

• Updated cabinets
• Remodeled kitchen
• Updated flooring

Tags

• REMODELED KITCHEN
• STAINLESS STEEL APPLIANCES
• TILE BACKSPLASH
• GAS RANGE
• UPDATED CABINETS
• UPDATED FLOORING

Property features AI

Finance

• Other: Lot size approximately 0.23 acres
• Financial info: VA mortgage eligible

Exterior

• Parking: Attached insulated garage (2 cars)
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential single-story home; Entry level: One
• Construction: Block foundation; Roof age over 8 years
• Exterior features: Vinyl exterior; Front porch; Deck; City street frontage; Publicly maintained road

Interior

• Kitchen: Kitchen center island; Kitchen window; Dishwasher; Microwave; Range; Refrigerator; Stainless steel appliances
• Bedrooms: 4 bedrooms
• Flooring: Tile floors
• Bathrooms: Main floor full bath; Basement 3/4 bath with walk-in shower
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Finished daylight/full basement with lookout windows; Vaulted ceilings; Informal dining area; Walk-in closets; Tile floors; Kitchen with center island and window; Storage shed on property
• Laundry & utility: Lower level laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $350k.

Deal economics

• At list price, monthly cash flow is $-99 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $332k (5.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $265k (24.3% below list).
• Recommended offer: $265k (24.3% below list) — sets the bar for 1% rule.

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: 307 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 $10k 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

• It's been on market 39 days — a 3% lower offer ($339k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts 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 $195k; list at $350k implies a 79% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $264,711 (24.3% 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. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
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: 0.76% ✗
• Cap rate: 5.95%
• Cash-on-cash: -1.22%
• DSCR: 0.95
• GRM: 11.0

CMA / ARV

• ARV (median comp): $329,945
• List price: $349,900
• Delta: 6.05%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -18.3%
• Equity multiple: 0.36×
• Total profit: $-63,135
• Equity at exit: $52,171

10-year hold

• IRR: -10.7%
• Equity multiple: 0.35×
• Total profit: $-63,542
• Equity at exit: $30,253

Cash invested: $97,972 (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: 307
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $2,647 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$210 /mo · $2,520/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$556
• Net cashflow: $-99

Break-even live

Break-even rent $2,773

Max offer price $332,325

Occupancy floor 99%

Sensitivity live

Price	-10% $99	-5% $0	+0% $-99	+5% $-199	+10% $-298
Rent	-10% $-309	-5% $-204	+0% $-99	+5% $5	+10% $110
Rate	-1.0pp $77	-0.5pp $-10	base $-99	+0.5pp $-190	+1.0pp $-282

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: $87,475
• Closing costs: $10,497
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-21
   days on market $349,900 Active 39 DOM
2. 2026-06-21
   days on market $349,900 Active 38 DOM
3. 2026-06-18
   days on market $349,900 Active 36 DOM
4. 2026-06-17
   days on market $349,900 Active 35 DOM
5. 2026-06-16
   days on market $349,900 Active 34 DOM
6. 2026-06-15
   days on market $349,900 Active 33 DOM
7. 2026-06-13
   days on market $349,900 Active 31 DOM
8. 2026-06-12
   days on market $349,900 Active 30 DOM
9. 2026-06-09
   days on market $349,900 Active 27 DOM
10. 2026-06-08
    days on market $349,900 Active 26 DOM
11. 2026-06-07
    days on market $349,900 Active 25 DOM
12. 2026-06-07
    days on market $349,900 Active 24 DOM
13. 2026-06-04
    days on market $349,900 Active 21 DOM
14. 2026-06-02
    days on market $349,900 Active 20 DOM
15. 2026-06-01
    days on market $349,900 Active 19 DOM
16. 2026-05-31
    days on market $349,900 Active 18 DOM
17. 2026-05-31
    days on market $349,900 Active 17 DOM
18. 2026-05-13
    listed $349,900 Active 976-char remark
19. 2026-05-12
    historical
20. 2026-05-08
    status Active
21. 2026-05-01
    historical Contingent - Inspection
22. 2026-04-29
    status Active
23. 2026-04-29
    historical
24. 2026-04-12
    price $349,900
25. 2026-03-23
    price $359,900
26. 2026-02-25
    price $364,900
27. 2026-01-27
    listed $369,900 Active
28. 2016-10-18
    soldstatus $195,000
29. 2007-01-04
    soldstatus $52,500

ⓘ 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: $2,520 · $210/mo
• Projected year-2 tax: $3,219 · $268/mo
• Expected delta: +$699/yr (+$58/mo · 27.8%)

ⓘ 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 6/10 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: $31,765
• − Mortgage interest: −$19,600
• − Property taxes: −$2,520
• − Insurance: −$1,750
• − Repairs & maintenance: −$2,541
• − Management: −$2,541
• − Depreciation: −$10,179
• Taxable loss: −$7,365
• Est. tax savings @ 24.0%: +$1,768
• After-tax cash flow: $574/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

+566.5% since first listed

12 events — show timeline

• 2026-05-13 Listed $349,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-12 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-08 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-01 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-29 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-29 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-12 Price Changed $349,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-23 Price Changed $359,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-25 Price Changed $364,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-27 Listed $369,900 NORTHSTARMLS as Distributed by MLS Grid
• 2016-10-18 Sold (Public Records) $195,000 Public Records
• 2007-01-04 Sold (Public Records) $52,500 Public Records

Property tax history

+6.2%/yr

Latest (2025): $2,520 · -4.5% YoY. Source: county tax records.