136 Tanager Path · Mankato, MN 56001

$204,900

3 bd · 1.0 ba · 1,272 sqft · SingleFamily public records · 9 Days on market

Built 2004 1,742 sqft lot Est $204k · at est. $155/mo HOA · 9% of rent

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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 +10.1/30.0
• ARV discount +7.2/15.0
• Rent growth +4.6/5.0
• Schools +4.4/10.0
• Livability +3.9/5.0
• 1% rule +3.3/10.0
• DSCR +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this meticulously maintained 3-bedroom, 2-bath townhome nestled in the highly sought-after Mankato hilltop area. This home boasts recent updates and brand-new flooring throughout, providing a fresh and modern feel. As you enter and go up the stairs, you’re greeted by an inviting open-concept layout that seamlessly blends the living, dining, and kitchen areas, creating an ideal space for entertaining and daily living. Large windows flood the space with natural light, enhancing the warm tones of the new flooring. The kitchen is designed with functionality and style in mind, featuring sleek countertops, ample cupboard space and a walk in pantry. Adjacent to the kitchen is a dining area with plenty of room for hosting dinner parties. The two upper level bedrooms are spacious and versatile, ideal for family, guests, or even a home office. The second full bathroom has also been tastefully updated and offers modern convenience. This townhome includes an attached garage for easy access and additional storage. Located in Mankato hilltop, this home is just minutes from popular shopping, dining, schools, and parks. With modern updates, a convenient layout, and a fantastic location, this townhome is truly move-in ready. Schedule a showing today to experience all that this beautiful home has to offer!

Key facts

• New ac unit
• Hilltop location
• Flex room

Tags

• HILLTOP LOCATION
• NEW AC UNIT
• ECOBEE SMART THERMOSTAT
• FLEX ROOM

Property features AI

Finance

• HOA & community: Homeowners association with a $155 monthly fee

Exterior

• Parking: Attached garage with 2 spaces; Garage door opener; Asphalt driveway
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: Single-family residence (townhome); Residential property
• Construction: Vinyl siding construction; Asphalt roof
• Exterior features: Asphalt roof; Vinyl siding; Lot approximately 35 x 47 (0.04 acres)

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Cooktop; Range; Refrigerator
• Bathrooms: One full bathroom; One three-quarter bathroom
• Heating & cooling: Central air; Ceiling fan(s); Natural gas forced-air heating
• Interior features: Eat-in kitchen; Window coverings; Smoke detector(s)
• Laundry & utility: Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $205k.

Deal economics

• At list price, monthly cash flow is $-120 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $184k (10.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $169k (17.5% below list).
• Recommended offer: $169k (17.5% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 3.4% in Mankato — 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 77/100 on livability (#133 in MN, #2,970 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: crime C-, amenities C-, commute 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: Rents rising fast (+8.6%/yr); 352 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 45d 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

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 18y 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.

Recommended offer $169,121 (17.5% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 0.83% ✗
• Cap rate: 5.59%
• Cash-on-cash: -2.52%
• DSCR: 0.89
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $203,520
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
240 Tanager Path	0.03mi	3/2.0	1,272 (0%)	0mo	$196,000	$154	94
329 Tanager Path	0.07mi	3/2.0	1,272 (0%)	2mo	$199,900	$157	91
449 Tanager Path	0.09mi	3/2.0	1,272 (0%)	9mo	$195,000	$153	85
224 Tanager Path	0.03mi	3/2.0	1,272 (0%)	12mo	$200,000	$157	84
320 Tanager Path	0.07mi	3/2.0	1,272 (0%)	12mo	$203,000	$160	82
125 Tanager Path	0.02mi	3/2.0	1,272 (0%)	16mo	$184,000	$145	81
333 Tanager Path	0.07mi	3/2.0	1,272 (0%)	16mo	$190,000	$149	80
244 Tanager Path	0.03mi	3/2.0	1,179 (-7%)	9mo	$202,000	$171	75
301 Skylark Dr	0.16mi	2/2.0 (-1)	1,386 (+9%)	1mo	$295,000	$213	68
308 Tanager Road Rd	0.36mi	2/1.5 (-1)	1,160 (-9%)	0mo	$268,000	$231	61
248 Quail Path	0.30mi	3/2.0	1,440 (+13%)	3mo	$335,000	$233	58
119 Cardinal Dr	0.38mi	2/2.0 (-1)	1,460 (+15%)	16mo	$273,000	$187	35

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -14.9%
• Equity multiple: 0.44×
• Total profit: $-31,879
• Equity at exit: $30,551

10-year hold

• IRR: 0.7%
• Equity multiple: 1.06×
• Total profit: $3,255
• Equity at exit: $17,716

Cash invested: $57,372 (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 56001

• Rents YoY: 8.6%
• Active inventory: 352
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,691 high
• Mortgage (P&I): −$1,075
• Tax from tax record: −$142 /mo · $1,698/yr
• Insurance: −$85
• HOA: −$155
• Vacancy / Maint / Mgmt: −$355
• Net cashflow: $-120

Break-even live

Break-even rent $1,844

Max offer price $183,642

Occupancy floor —

Sensitivity live

Price	-10% $-4	-5% $-62	+0% $-120	+5% $-178	+10% $-236
Rent	-10% $-254	-5% $-187	+0% $-120	+5% $-54	+10% $13
Rate	-1.0pp $-17	-0.5pp $-68	base $-120	+0.5pp $-173	+1.0pp $-227

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: $51,225
• Closing costs: $6,147
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
103 Everglades Trl Mankato, MN	2.0–4.0	2.5	1453	$1,860	$1.28	44d	3	0.33mi
109 Willow Cascades Trl Unit 109 WCT Mankato, MN	3.0	2.5	1500	$1,850	$1.23	44d	1	0.36mi
701 S Victory Dr Unit 8 Mankato, MN	2.0	1.0	925	$1,349	$1.46	44d	1	0.46mi
50 Hilltop Ln Mankato, MN	1.0–2.0	1.0	760	$1,010	$1.33	44d	11	0.80mi
875 Heron Dr Mankato, MN	2.0	1.0	919	$1,098	$1.19	44d	1	0.90mi
200 Briargate Rd Mankato, MN	1.0–3.0	1.0–3.0	912	$1,799	$1.97	44d	32	1.04mi
140 Homestead Rd Mankato, MN	1.0–3.0	1.0	843	$1,313	$1.56	44d	8	1.05mi

HOA detail

• Monthly dues: $155 · $1,860/yr

Listing history 8 events

1. 2026-06-19
   days on market $204,900 Active 9 DOM
2. 2026-06-18
   days on market $204,900 Active 8 DOM
3. 2026-06-17
   days on market $204,900 Active 7 DOM
4. 2026-06-16
   days on market $204,900 Active 6 DOM
5. 2026-06-15
   days on market $204,900 Active 5 DOM
6. 2026-06-14
   days on market $204,900 Active 3 DOM
7. 2026-06-13
   remarks 699-char remark
8. 2026-06-13
   listed $204,900 Active 2 DOM

ⓘ 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: $1,698 · $142/mo
• Projected year-2 tax: $1,996 · $166/mo
• Expected delta: +$298/yr (+$25/mo · 17.6%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,295
• − Mortgage interest: −$11,478
• − Property taxes: −$1,698
• − Insurance: −$1,024
• − Repairs & maintenance: −$1,624
• − Management: −$1,624
• − HOA: −$1,860
• − Depreciation: −$5,961
• Taxable loss: −$4,973
• Est. tax savings @ 24.0%: +$1,194
• After-tax cash flow: $-250/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 — Mankato

• Score: 77/100
• State rank: #133
• US rank: #2970

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mankato, MN
• County: Blue Earth County · 51,585 people
• City population: 51,585
• Metro: Mankato, MN
• Population (ZIP): 51,585
• Household income: $69,531
• Rent vs Own: 45.9% rent · 54.1% own
• Severe rent burden: 2394.0

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 (83%)
• Race & ethnicity: White 83% Black 6% Hispanic / Latino 5% Two or more races 4% Asian 3%
• Common ancestry: Portuguese 11% Lithuanian 3% Romanian 3%
• Foreign-born: 8% · Canada, Vietnam, South Korea
• Languages at home: 90% English-only · Spanish 3% Other Indo-European 1% Vietnamese 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: ▼ -192.46%
• Current HPI: 189.8485
• Rent YoY: ▲ 8.55%
• Metro: Mankato, MN
• 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

+73.6% since first listed

28 events — show timeline

• 2026-06-09 Listed $204,900 RASM
• 2025-02-18 Sold (Public Records) $198,500 Public Records
• 2025-02-10 Sold (MLS) $198,500 NORTHSTARMLS as Distributed by MLS Grid
• 2025-02-10 Sold (MLS) $198,500 RASM
• 2025-01-09 Pending — RASM
• 2025-01-09 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2024-12-31 Contingent — RASM
• 2024-12-31 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2024-12-18 Price Changed $189,900 RASM
• 2024-12-18 Price Changed $189,900 NORTHSTARMLS as Distributed by MLS Grid
• 2024-11-18 Price Changed $193,900 NORTHSTARMLS as Distributed by MLS Grid
• 2024-11-18 Price Changed $193,900 RASM
• 2024-11-07 Price Changed $195,900 RASM
• 2024-10-25 Price Changed $199,900 RASM
• 2024-10-25 Price Changed $199,900 NORTHSTARMLS as Distributed by MLS Grid
• 2024-10-23 Listed $194,900 NORTHSTARMLS as Distributed by MLS Grid
• 2024-10-23 Listed $194,900 RASM
• 2018-05-22 Sold (Public Records) $132,000 Public Records
• 2018-05-21 Sold (MLS) $132,000 RASM
• 2018-02-26 Listed $129,000 RASM
• 2015-05-21 Sold (Public Records) $115,500 Public Records
• 2015-05-15 Sold (MLS) $115,500 RASM
• 2014-10-21 Listed $107,700 RASM
• 2012-12-27 Sold (Public Records) $106,900 Public Records
• 2012-12-21 Sold (MLS) $106,900 NORTHSTARMLS as Distributed by MLS Grid
• 2012-03-27 Listed $107,700 NORTHSTARMLS as Distributed by MLS Grid
• 2009-05-25 Sold (MLS) $94,000 NORTHSTARMLS as Distributed by MLS Grid
• 2008-10-14 Listed $118,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+1.9%/yr

Latest (2025): $1,698 · -4.7% YoY. Source: county tax records.