215 N Mckay Ave #43 · Alexandria, MN 56308

$131,900

3 bd · 2.0 ba · 1,280 sqft · SingleFamily · 66 Days on market

Built 2024 Good condition

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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 +23.2/30.0
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• 1% rule +6.0/10.0
• Schools +4.8/10.0
• Condition / age +4.0/5.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable homeownership starts here! This charming 2024 Highland 16x80 manufactured home in the Alexandria Estates community offers a smart, comfortable layout with 3 bedrooms and 2 bathrooms. This home is like-new and designed with efficiency in mind, you’ll appreciate the upgraded R22 floor insulation and insulated skirting for year-round comfort. The stylish kitchen comes fully equipped with brand-new stainless-steel appliances, perfect for everyday living and entertaining. Enjoy durable and modern flooring throughout, along with the convenience of an LG washer and dryer already in place—truly move-in ready! This is a fantastic opportunity to enjoy the benefits of homeownership at an affordable price.

Key facts

• Durable flooring
• Manufactured home
• Insulated skirting

Tags

• MANUFACTURED HOME
• ALEXANDRIA ESTATES COMMUNITY
• UPGRADED R22 FLOOR INSULATION
• INSULATED SKIRTING
• STAINLESS-STEEL APPLIANCES
• DURABLE FLOORING

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $132k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $238 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $132k).
• Recommended offer: $124k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 2.5% in Alexandria — 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 78/100 on livability (#105 in MN, #2,409 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, commute F.
• Alexandria Public School District (town): math 55% / reading 57% proficiency, ranked #64 of 301 in MN (top 21%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 402 active listings in the ZIP; 5 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; solid renter incomes; 285 units permitted in Douglas County in 2024 (88 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $912 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Douglas County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($124k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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 $123,986 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% 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. 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. 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.
6. 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.
7. 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: 1.10% ✓
• Cap rate: 8.46%
• Cash-on-cash: 7.74%
• DSCR: 1.34
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -4.5%
• Equity multiple: 0.83×
• Total profit: $-6,180
• Equity at exit: $19,667

10-year hold

• IRR: 5.2%
• Equity multiple: 1.39×
• Total profit: $14,243
• Equity at exit: $11,404

Cash invested: $36,932 (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 56308

• Active inventory: 402
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,455 high
• Mortgage (P&I): −$692
• Tax est. 1.5%: −$165 /mo · $1,978/yr
• Insurance: −$55
• HOA: −$0
• Vacancy / Maint / Mgmt: −$306
• Net cashflow: $238

Break-even live

Break-even rent $1,154

Max offer price $131,900

Occupancy floor 79%

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: $32,975
• Closing costs: $3,957
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1607 6th Ave E Unit 202 Alexandria, MN	2.0	1.0	950	$1,100	$1.16	44d	1	0.35mi
1605 6th Ave E Unit 214 Alexandria, MN	2.0	1.0	950	$1,100	$1.16	44d	1	0.37mi
1873 10th Ave E Unit 201 Alexandria, MN	3.0	2.0	1250	$1,795	$1.44	44d	1	0.96mi
1880 10th Ave E Alexandria, MN	4.0	1.0–2.0	842	$1,618	$1.92	44d	4	1.05mi
1964 10th Ave E Alexandria, MN	3.0	1.0–2.0	775	$1,650	$2.13	44d	1	1.05mi

Listing history 21 events

1. 2026-06-19
   days on market $131,900 Active 66 DOM
2. 2026-06-18
   days on market $131,900 Active 65 DOM
3. 2026-06-17
   days on market $131,900 Active 64 DOM
4. 2026-06-16
   days on market $131,900 Active 63 DOM
5. 2026-06-15
   days on market $131,900 Active 62 DOM
6. 2026-06-14
   days on market $131,900 Active 60 DOM
7. 2026-06-12
   remarks 699-char remark
8. 2026-06-12
   pricedays on market $131,900 Active 59 DOM
9. 2026-06-09
   days on market $135,000 Active 56 DOM
10. 2026-06-08
    days on market $135,000 Active 55 DOM
11. 2026-06-07
    days on market $135,000 Active 54 DOM
12. 2026-06-03
    days on market $135,000 Active 50 DOM
13. 2026-06-02
    days on market $135,000 Active 49 DOM
14. 2026-06-01
    days on market $135,000 Active 48 DOM
15. 2026-05-31
    days on market $135,000 Active 47 DOM
16. 2026-05-30
    days on market $135,000 Active 46 DOM
17. 2026-04-13
    listed $135,000 Active 726-char remark

    Show marketing remark (726 chars)

    Affordable homeownership starts here! This charming 2024 Highland 16x80 manufactured home in the Alexandria Estates community offers a smart, comfortable layout with 3 bedrooms and 2 bathrooms. This home is like-new and designed with efficiency in mind, you’ll appreciate the upgraded R22 floor insulation and insulated skirting for year-round comfort. The stylish kitchen comes fully equipped with brand-new stainless-steel appliances, perfect for everyday living and entertaining. Enjoy durable and modern flooring throughout, along with the convenience of an LG washer and dryer already in place—truly move-in ready! This is a fantastic opportunity to enjoy the benefits of homeownership at an affordable price.

18. 2024-10-22
    soldstatus $129,900 Sold 645-char remark

    Show marketing remark (645 chars)

    Why rent when you can own?! Discover affordable homeownership with this brand new Highland 16x80 manufactured home, situated in the Alexandria Estates community. This well designed home offers three bedrooms and two bathrooms, perfect for comfortable living. Enjoy the benefits of upgraded R22 floor insulation and insulated skirting, ensuring an efficient environment year-round. The kitchen comes equipped with brand-new appliances, making it move-in ready. This is your opportunity to build equity and enjoy the benefits of homeownership at an affordable price. Come check out this beautiful home—call or text to schedule a tour today!

19. 2024-09-23
    status Pending 645-char remark

    Show marketing remark (645 chars)

    Why rent when you can own?! Discover affordable homeownership with this brand new Highland 16x80 manufactured home, situated in the Alexandria Estates community. This well designed home offers three bedrooms and two bathrooms, perfect for comfortable living. Enjoy the benefits of upgraded R22 floor insulation and insulated skirting, ensuring an efficient environment year-round. The kitchen comes equipped with brand-new appliances, making it move-in ready. This is your opportunity to build equity and enjoy the benefits of homeownership at an affordable price. Come check out this beautiful home—call or text to schedule a tour today!

20. 2024-08-29
    listed $129,900 Active 645-char remark

    Show marketing remark (645 chars)

    Why rent when you can own?! Discover affordable homeownership with this brand new Highland 16x80 manufactured home, situated in the Alexandria Estates community. This well designed home offers three bedrooms and two bathrooms, perfect for comfortable living. Enjoy the benefits of upgraded R22 floor insulation and insulated skirting, ensuring an efficient environment year-round. The kitchen comes equipped with brand-new appliances, making it move-in ready. This is your opportunity to build equity and enjoy the benefits of homeownership at an affordable price. Come check out this beautiful home—call or text to schedule a tour today!

21. 2024-08-26
    historical $129,900 645-char remark

    Show marketing remark (645 chars)

    Why rent when you can own?! Discover affordable homeownership with this brand new Highland 16x80 manufactured home, situated in the Alexandria Estates community. This well designed home offers three bedrooms and two bathrooms, perfect for comfortable living. Enjoy the benefits of upgraded R22 floor insulation and insulated skirting, ensuring an efficient environment year-round. The kitchen comes equipped with brand-new appliances, making it move-in ready. This is your opportunity to build equity and enjoy the benefits of homeownership at an affordable price. Come check out this beautiful home—call or text to schedule a tour today!

ⓘ 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 1/10 Low 7 d/yr ≥95°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: $17,464
• − Mortgage interest: −$7,388
• − Property taxes: −$1,978
• − Insurance: −$660
• − Repairs & maintenance: −$1,397
• − Management: −$1,397
• − Depreciation: −$3,837
• Taxable income: $806
• Est. tax owed @ 24.0%: −$194
• After-tax cash flow: $2,665/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.

Condition & rehab AI · 8 photos

Good 80/100 Cosmetic rehab

This move-in ready manufactured home in Alexandria Estates offers a good condition with minor cosmetic updates to enhance its curb appeal and value.

Value-add opportunities

• Both Painting exterior siding — Enhances curb appeal and value.
• Both Landscaping improvements — Enhances curb appeal and value.
• Both New window treatments — Improves aesthetics and energy efficiency.
• Both New flooring in bedrooms — Enhances comfort and value.
• Both New lighting fixtures — Improves ambiance and energy efficiency.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior siding — Enhances curb appeal and value. ↑
• Both Landscaping improvements — Enhances curb appeal and value. ↑
• Both New window treatments — Improves aesthetics and energy efficiency. ↑
• Both New flooring in bedrooms — Enhances comfort and value. ↑
• Both New lighting fixtures — Improves ambiance and energy efficiency. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Alexandria Public School District
• NCES district ID: 2703060
• Math proficiency: 55% ▼ -10.00%
• Reading proficiency: 57% ▼ -9.00%
• Median HH income: $52,476
• Composite: 48.0/100
• National rank: #2197
• State rank: #64 of 301 in MN

Livability — Alexandria

• Score: 78/100
• State rank: #105
• US rank: #2409

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Alexandria, MN
• County: Douglas County · 27,008 people
• City population: 27,008
• Metro: Alexandria, MN
• Population (ZIP): 27,008
• Household income: $78,177
• Rent vs Own: 27.4% rent · 72.6% own
• Severe rent burden: 550.0

Population outlook (Douglas County) Hauer SSP2

• Today (2025): 38,913 people
• By 2030: 39,636 · +1.9%
• By 2040: 40,564 · +4.2%
• By 2050: 40,819 · +4.9%
• By 2075: 40,824 · +4.9%
• By 2100: 38,379 · -1.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 3% Two or more races 2%
• Common ancestry: Portuguese 22% Lithuanian 3% Romanian 3%
• Foreign-born: 2% · Vietnam, Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Douglas

• 2024 margin: Solid R (+35.1) · D 31.7% · R 66.8% · Other 1.4%
• 2008→2024 swing: -25.6pp toward R · 2008: -9.5pp · 2024: -35.1pp
• All cycles: 2024: R+35.1 2020: R+32.8 2016: R+35.8 2012: R+15.5 2008: R+9.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -215.15%
• Current HPI: 189.1595
• Rent YoY: —
• Metro: Alexandria, 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

+3.9% since first listed

5 events — show timeline

• 2026-04-13 Listed $135,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-10-22 Sold (MLS) $129,900 NORTHSTARMLS as Distributed by MLS Grid
• 2024-09-23 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2024-08-29 Listed $129,900 NORTHSTARMLS as Distributed by MLS Grid
• 2024-08-26 Coming Soon $129,900 NORTHSTARMLS as Distributed by MLS Grid