29402 685th Ave · Laona, MN 56673

$49,000

3 bd · 1.0 ba · 1,244 sqft · Manufactured public records · 5 Days on market

Built 1977 3.00 ac lot

---

Why this score? — see what drove the B+ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +7.5/10.0
• Schools +4.1/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

GARAGE SPACE! 3 bedroom, 1 bath manufactured home on 3 acres off a quiet road in Roosevelt. 32x64 garage for storing toys, cars or use as a space to create, tinker or build. The home is in need of repair (sold as-is) and is priced accordingly. Seller would consider a Contract for Deed. Bring your tools - a great opportunity for the right buyer!

Key facts

• Quiet road
• 3 acres
• 32x64 garage

Tags

• 3 ACRES
• QUIET ROAD
• 32X64 GARAGE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $49k.

Deal economics

• At list price, monthly cash flow is $617 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $49k).

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Warroad Public School District (rural): math 42% / reading 53% proficiency, ranked #153 of 301 in MN (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 9 active listings in the ZIP; 49 units permitted in Roseau County in 2024 (15 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($339 loan paydown + $2k appreciation (5.0% local appreciation)).
• Roseau County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (5.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 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.
• Current owner paid $32k; list at $49k implies a 53% gain — meaningful room to come down on a strong offer.

Recommended offer $49,000

Questions for the listing agent

1. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 2.51% ✓
• Cap rate: 21.41%
• Cash-on-cash: 54.00%
• DSCR: 3.40
• GRM: 3.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.96% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 61.3%
• Equity multiple: 4.68×
• Total profit: $50,535
• Equity at exit: $27,652

10-year hold

• IRR: 59.1%
• Equity multiple: 9.66×
• Total profit: $118,883
• Equity at exit: $47,628

Cash invested: $13,720 (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 56673

• Home prices YoY: 3.5%
• Active inventory: 9
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,228 medium
• Mortgage (P&I): −$257
• Tax from tax record: −$75 /mo · $904/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$258
• Net cashflow: $617

Break-even live

Break-even rent $446

Max offer price $49,000

Occupancy floor 45%

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: $12,250
• Closing costs: $1,470
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-03-23
   status Pending
2. 2026-03-17
   listed $49,000 Active
3. 2025-06-27
   soldstatus $32,000
4. 2012-02-13
   soldstatus $20,000
5. 2011-01-21
   listed $20,000
6. 2009-10-21
   listed $20,000
7. 2008-08-12
   listed $29,000

ⓘ 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: $904 · $75/mo
• Projected year-2 tax: $904 · $75/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 FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥93°F today · 11 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,736
• − Mortgage interest: −$2,745
• − Property taxes: −$904
• − Insurance: −$245
• − Repairs & maintenance: −$1,179
• − Management: −$1,179
• − Depreciation: −$1,425
• Taxable income: $7,059
• Est. tax owed @ 24.0%: −$1,694
• After-tax cash flow: $5,715/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: Warroad Public School District
• NCES district ID: 2741850
• Math proficiency: 42% ▼ -7.00%
• Reading proficiency: 53% ▼ -14.00%
• Median HH income: $49,106
• Composite: 40.59/100
• National rank: #3697
• State rank: #153 of 301 in MN

Livability — Laona

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

Census & demographics

• Population (ZIP): 608

Population outlook (Roseau County) Hauer SSP2

• Today (2025): 15,709 people
• By 2030: 15,559 · -1.0%
• By 2040: 15,168 · -3.4%
• By 2050: 14,539 · -7.4%
• By 2075: 13,430 · -14.5%
• By 2100: 11,713 · -25.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 5%
• Common ancestry: Portuguese 17% Lithuanian 7% Scottish 5%
• Languages at home: 97% English-only · Russian/Polish/Slavic 3%

Political lean MEDSL · Roseau

• 2024 margin: Solid R (+49.3) · D 24.7% · R 74.0% · Other 1.3%
• 2008→2024 swing: -31.9pp toward R · 2008: -17.4pp · 2024: -49.3pp
• All cycles: 2024: R+49.3 2020: R+46.0 2016: R+46.3 2012: R+22.3 2008: R+17.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.96%
• Current HPI: 146.8293
• 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

+69.0% since first listed

7 events — show timeline

• 2026-03-23 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-17 Listed $49,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-06-27 Sold (Public Records) $32,000 Public Records
• 2012-02-13 Sold (MLS) $20,000 NORTHSTARMLS as Distributed by MLS Grid
• 2011-01-21 Listed $20,000 NORTHSTARMLS as Distributed by MLS Grid
• 2009-10-21 Listed $20,000 NORTHSTARMLS as Distributed by MLS Grid
• 2008-08-12 Listed $29,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+3.9%/yr

Latest (2026): $904 · +7.9% YoY. Source: county tax records.