32200 Merit School Dr · Lakeport, MN 56461

$124,900

3 bd · 2.0 ba · 1,228 sqft · Manufactured public records · 201 Days on market

Built 1996 1.63 ac 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 +20.1/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.4/10.0
• 1% rule +4.3/10.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Newly renovated home in Benedict, Mn with close access to all the trails and the Outpost gas station/restaurant. Great opportunity to purchase a first home or rental property. Home feature 3 bedroom and 2 full bath with 1.6 acres and only 6 miles to Walker or 23 miles to Bemidji.

Key facts

• 1.6 acres
• Newly renovated home
• 1.63 acre lot

Tags

• NEWLY RENOVATED HOME
• CLOSE ACCESS TO TRAILS
• CLOSE ACCESS TO GAS STATION
• CLOSE ACCESS TO RESTAURANT
• 1.6 ACRES

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $125k.

Deal economics

• At list price, monthly cash flow is $155 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $116k (7.4% below list).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Laporte Public School District (rural): math 20% / reading 45% proficiency, ranked #384 of 467 in MN (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 55 active listings in the ZIP; 27 units permitted in Hubbard County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($864 loan paydown + $12k appreciation (10.0% local appreciation)).
• Hubbard County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 201 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y 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.

Risks & watch-outs

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

Recommended offer $109,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 201 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.93% ✗
• Cap rate: 7.78%
• Cash-on-cash: 5.31%
• DSCR: 1.24
• GRM: 9.0

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: 28.1%
• Equity multiple: 3.23×
• Total profit: $77,834
• Equity at exit: $112,520

10-year hold

• IRR: 24.5%
• Equity multiple: 7.33×
• Total profit: $221,364
• Equity at exit: $242,653

Cash invested: $34,972 (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 56461

• Home prices YoY: 18.2%
• Active inventory: 55
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,156 medium
• Mortgage (P&I): −$655
• Tax from tax record: −$52 /mo · $620/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $155

Break-even live

Break-even rent $960

Max offer price $124,900

Occupancy floor 82%

Sensitivity live

Price	-10% $225	-5% $190	+0% $155	+5% $119	+10% $84
Rent	-10% $63	-5% $109	+0% $155	+5% $200	+10% $246
Rate	-1.0pp $218	-0.5pp $187	base $155	+0.5pp $122	+1.0pp $89

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-04-01
   status Active 280-char remark

   Show marketing remark (280 chars)

   Newly renovated home in Benedict, Mn with close access to all the trails and the Outpost gas station/restaurant. Great opportunity to purchase a first home or rental property. Home feature 3 bedroom and 2 full bath with 1.6 acres and only 6 miles to Walker or 23 miles to Bemidji.

2. 2026-03-23
   historical Contingent - Inspection 280-char remark

   Show marketing remark (280 chars)

   Newly renovated home in Benedict, Mn with close access to all the trails and the Outpost gas station/restaurant. Great opportunity to purchase a first home or rental property. Home feature 3 bedroom and 2 full bath with 1.6 acres and only 6 miles to Walker or 23 miles to Bemidji.

3. 2026-03-10
   price $124,900 280-char remark

   Show marketing remark (280 chars)

   Newly renovated home in Benedict, Mn with close access to all the trails and the Outpost gas station/restaurant. Great opportunity to purchase a first home or rental property. Home feature 3 bedroom and 2 full bath with 1.6 acres and only 6 miles to Walker or 23 miles to Bemidji.

4. 2025-11-06
   listed $129,900 Active 280-char remark

   Show marketing remark (280 chars)

   Newly renovated home in Benedict, Mn with close access to all the trails and the Outpost gas station/restaurant. Great opportunity to purchase a first home or rental property. Home feature 3 bedroom and 2 full bath with 1.6 acres and only 6 miles to Walker or 23 miles to Bemidji.

5. 2006-10-31
   historical
6. 2005-11-03
   listed $46,000

ⓘ 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: $620 · $52/mo
• Projected year-2 tax: $1,009 · $84/mo
• Expected delta: +$389/yr (+$32/mo · 62.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate 20% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 1/10 Low 7 d/yr ≥93°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,875
• − Mortgage interest: −$6,996
• − Property taxes: −$620
• − Insurance: −$624
• − Repairs & maintenance: −$1,110
• − Management: −$1,110
• − Depreciation: −$3,633
• Taxable loss: −$219
• Est. tax savings @ 24.0%: +$53
• After-tax cash flow: $1,910/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: Laporte Public School District
• NCES district ID: 2717940
• Math proficiency: 20% ▼ -5.00%
• Reading proficiency: 45% ▬ 0.00%
• Median HH income: $47,848
• Composite: 30.76/100
• National rank: #11399
• State rank: #384 of 467 in MN

Livability — Lakeport

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 3,316

Population outlook (Hubbard County) Hauer SSP2

• Today (2025): 20,512 people
• By 2030: 20,275 · -1.2%
• By 2040: 19,429 · -5.3%
• By 2050: 18,093 · -11.8%
• By 2075: 14,903 · -27.3%
• By 2100: 10,994 · -46.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 7% Hispanic / Latino 5% Native American 2%
• Common ancestry: Portuguese 17% Lithuanian 5% Romanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Hubbard

• 2024 margin: Solid R (+31.5) · D 33.4% · R 64.9% · Other 1.7%
• 2008→2024 swing: -17.0pp toward R · 2008: -14.5pp · 2024: -31.5pp
• All cycles: 2024: R+31.5 2020: R+28.8 2016: R+33.6 2012: R+16.9 2008: R+14.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 44.15%
• Current HPI: 287.2417
• 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

+171.5% since first listed

6 events — show timeline

• 2026-04-01 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-23 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-10 Price Changed $124,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-06 Listed $129,900 NORTHSTARMLS as Distributed by MLS Grid
• 2006-10-31 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2005-11-03 Listed $46,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+1.3%/yr

Latest (2025): $620 · +24.5% YoY. Source: county tax records.