229 W Pleasant St · Mankato, MN 56001

$250,000

3 bd · 1.5 ba · 1,773 sqft · SingleFamily public records · 2 Days on market

Built 1916 2,352 sqft lot Est $241k · at est.

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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 +11.0/30.0
• ARV discount +5.8/15.0
• Rent growth +4.6/5.0
• Schools +4.4/10.0
• Livability +3.9/5.0
• 1% rule +3.8/10.0
• DSCR +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Come and check out this craftsman style home that offers 3 bedrooms, 2 baths. The main level offers a nice front entry and front porch. When you enter the home you will find beautiful original woodwork and hardwood floors throughout the living room and dining room with its cute window seat. The kitchen offers original cabinets and some newer ones. The upstairs has 3 same floor bedrooms with full bath with jetted tub and shower. The lower level has an office/den rec area and storage. The outside of the home has extensive landscaping and beautiful privacy wall with circular paver patio and court yard. Come check out this house!

Key facts

• Craftsman style home
• Classic built-ins
• Original woodwork

Tags

• CRAFTSMAN STYLE HOME
• ORIGINAL WOODWORK
• HARDWOOD FLOORS
• CLASSIC BUILT-INS
• WELCOMING FRONT PORCH
• SPACIOUS LIVING ROOM

Property features AI

Exterior

• Parking: Concrete parking surface
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential property; Two-story home; Brick/mortar foundation
• Construction: Brick/mortar foundation
• Exterior features: Vinyl exterior

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 1 full bath; 1 half bath
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Finished and partially finished basement; Finished lower-level living space; Two levels

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $-105 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $231k (7.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $220k (12.0% below list).
• Recommended offer: $220k (12.0% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 3.5% 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.
• Zoned schools: Bridges Community Elementary (math 77% / reading 72%, grade A, #35 of 857 statewide, top 4%, 233 students, 19% FRL); Dakota Meadows Middle School (math 36% / reading 59%, grade C-, #93 of 258 statewide, top 37%, 878 students, 34% FRL); Mankato West Senior High (math 52% / reading 67%, grade C+, #46 of 471 statewide, top 11%, 1,223 students, 32% FRL) — zoned schools at 28% FRL track the district average.
• Market conditions: Rents rising fast (+8.6%/yr); 359 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 46d 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).
• This rent runs 38% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 12y 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

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $219,888 (12.0% 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. Built in 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.88% ✗
• Cap rate: 5.79%
• Cash-on-cash: -1.80%
• DSCR: 0.92
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $241,128
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
223 State St	0.14mi	2/2.0 (-1)	1,724 (-3%)	8mo	$220,000	$128	75
202 E Lewis St	0.21mi	3/2.0	1,910 (+8%)	5mo	$210,500	$110	71
315 Byron St	0.13mi	4/2.0 (+1)	1,604 (-10%)	1mo	$179,500	$112	70
212 Locke St	0.27mi	3/1.5	1,657 (-6%)	8mo	$203,000	$123	70
133 Lincoln St	0.20mi	3/1.0	1,596 (-10%)	3mo	$189,000	$118	69
106 Blue Earth St	0.45mi	3/1.5	1,620 (-9%)	1mo	$320,000	$198	64
215 James Ave	0.44mi	4/2.0 (+1)	1,820 (+3%)	8mo	$280,000	$154	61
301 James Ave	0.53mi	4/2.5 (+1)	1,695 (-4%)	1mo	$230,000	$136	58
132 Coy St	0.54mi	2/1.0 (-1)	1,852 (+4%)	8mo	$276,000	$149	54
30 Eginton Rd	0.60mi	3/2.0	1,964 (+11%)	1mo	$360,000	$183	52
309 Locust St	0.71mi	3/2.5	1,716 (-3%)	7mo	$274,000	$160	52
314 E Walnut St	0.74mi	4/2.0 (+1)	2,002 (+13%)	7mo	$240,000	$120	31

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: -13.4%
• Equity multiple: 0.49×
• Total profit: $-35,490
• Equity at exit: $37,276

10-year hold

• IRR: 2.2%
• Equity multiple: 1.20×
• Total profit: $13,776
• Equity at exit: $21,615

Cash invested: $70,000 (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: 359
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $2,199 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$427 /mo · $5,126/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$462
• Net cashflow: $-105

Break-even live

Break-even rent $2,332

Max offer price $231,408

Occupancy floor 100%

Sensitivity live

Price	-10% $36	-5% $-34	+0% $-105	+5% $-176	+10% $-247
Rent	-10% $-279	-5% $-192	+0% $-105	+5% $-18	+10% $68
Rate	-1.0pp $21	-0.5pp $-42	base $-105	+0.5pp $-170	+1.0pp $-236

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
101 Glenwood Ave Mankato, MN	2.0–3.0	1.0	1075	$1,330	$1.24	45d	8	0.57mi
201 N Riverfront Dr Apt 501 Mankato, MN	2.0	2.0	2045	$3,725	$1.82	45d	1	0.96mi
412 Wall St Unit 412 North Mankato, MN	4.0	2.5	2600	$2,300	$0.88	45d	1	0.99mi
200 Briargate Rd Mankato, MN	1.0–3.0	1.0–3.0	912	$1,799	$1.97	45d	32	1.28mi
1050 Marsh St Unit 326 Van Tol Mankato, MN	3.0	2.0	1461	$2,360	$1.62	45d	1	1.50mi

Listing history 2 events

1. 2026-06-21
   remarks 699-char remark
2. 2026-06-21
   listed $250,000 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: $5,126 · $427/mo
• Projected year-2 tax: $5,126 · $427/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 · 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 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,387
• − Mortgage interest: −$14,004
• − Property taxes: −$5,126
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,111
• − Management: −$2,111
• − Depreciation: −$7,273
• Taxable loss: −$5,488
• Est. tax savings @ 24.0%: +$1,317
• After-tax cash flow: $54/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

+1624.1% since first listed

21 events — show timeline

• 2026-06-19 Listed $250,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-07-09 Sold (Public Records) $224,000 Public Records
• 2025-07-01 Sold (MLS) $224,000 RASM
• 2025-05-27 Pending — RASM
• 2025-05-19 Contingent — RASM
• 2025-05-15 Price Changed $199,999 RASM
• 2025-05-09 Relisted — RASM
• 2025-05-09 Price Changed $225,000 RASM
• 2025-03-31 Pending — RASM
• 2025-03-20 Contingent — RASM
• 2025-03-12 Listed $199,999 RASM
• 2014-10-31 Sold (Public Records) $112,500 Public Records
• 2014-10-17 Sold (MLS) $112,500 LSAR
• 2014-10-17 Sold (MLS) $112,500 RASM
• 2014-10-17 Sold (MLS) $112,500 NORTHSTARMLS as Distributed by MLS Grid
• 2014-07-28 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2014-07-17 Listed $119,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-07-17 Listed $119,000 LSAR
• 2014-07-17 Listed $119,000 RASM
• 1999-08-02 Sold (Public Records) $90,000 Public Records
• 1986-08-01 Sold (Public Records) $14,500 Public Records

Property tax history

+13.5%/yr

Latest (2025): $5,126 · -5.7% YoY. Source: county tax records.