3720 County Road 40 NW #17 · Garfield, MN 56332

$71,900

3 bd · 1.0 ba · 552 sqft · Other · 86 Days on market

Built 2023 ↓ 13% since listing

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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
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• ARV discount +7.5/15.0
• Appreciation +6.1/10.0
• Schools +4.8/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Like-New 2023 Park Model – Affordable Living with High-End Finishes! Experience the perfect blend of comfort and efficiency in this 2023 Highland Manufacturing park model, lightly occupied and loaded with upgrades. Offering 552 sq ft of thoughtfully designed living space, this tiny home features one main-floor bedroom, plus two versatile lofted sleeping areas—ideal for guests or additional storage. Step inside and be greeted by quality craftsmanship, including hardwood Hickory kitchen cabinets with brushed nickel hardware, stainless steel appliances (some never used!), and an inviting electric fireplace that adds warmth and charm. Main-floor laundry hook-ups, along with lots of storage areas and modern finishes throughout, elevate the space beyond the typical mobile home. Located in a well-maintained mobile home park, the monthly lot rent of just $450 includes city water, city sewer, and garbage service, making your monthly expenses more straightforward. Pet lovers are welcome! Dogs weighing under 40 pounds are permitted with approval (please inquire for details regarding our pet policy). All prospective residents must complete an application with Central Minnesota Property Management, which includes a $30 fee per adult applicant. Don't miss out on this move-in-ready, budget-friendly gem—schedule your showing today and discover tiny home living at its best! This home was purchased on 5/1/2023 for $101,655. The seller's mom lived in it for a little more than a year and transitioned to assisted care living. The MSRP was $147,203.

Key facts

• Modern finishes
• Electric fireplace
• Built 2023

Tags

• STAINLESS STEEL APPLIANCES
• ELECTRIC FIREPLACE
• MAIN-FLOOR LAUNDRY HOOK-UPS
• LOTS OF STORAGE AREAS
• MODERN FINISHES

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $72k.

Deal economics

• At list price, monthly cash flow is $290 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($996 rent vs $72k).
• Recommended offer: $68k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#513 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D, amenities 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: 6 active listings in the ZIP; 285 units permitted in Douglas County in 2024 (88 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($497 loan paydown + $2k appreciation (2.1% local appreciation)).
• Douglas County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (2.1% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $67,586 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 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: 1.39% ✓
• Cap rate: 11.13%
• Cash-on-cash: 17.29%
• DSCR: 1.77
• GRM: 6.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.15% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.9%
• Equity multiple: 2.19×
• Total profit: $23,968
• Equity at exit: $28,941

10-year hold

• IRR: 23.7%
• Equity multiple: 4.16×
• Total profit: $63,566
• Equity at exit: $42,128

Cash invested: $20,132 (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 56332

• Home prices YoY: 1.1%
• Active inventory: 6
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $996 medium
• Mortgage (P&I): −$377
• Tax est. 1.5%: −$90 /mo · $1,078/yr
• Insurance: −$30
• HOA: −$0
• Vacancy / Maint / Mgmt: −$209
• Net cashflow: $290

Break-even live

Break-even rent $629

Max offer price $71,900

Occupancy floor 66%

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: $17,975
• Closing costs: $2,157
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $71,900 Active 86 DOM
2. 2026-06-18
   days on market $71,900 Active 85 DOM
3. 2026-06-17
   days on market $71,900 Active 84 DOM
4. 2026-06-16
   days on market $71,900 Active 83 DOM
5. 2026-06-15
   days on market $71,900 Active 82 DOM
6. 2026-06-14
   days on market $71,900 Active 80 DOM
7. 2026-06-12
   days on market $71,900 Active 79 DOM
8. 2026-06-09
   days on market $71,900 Active 76 DOM
9. 2026-06-08
   days on market $71,900 Active 75 DOM
10. 2026-06-07
    days on market $71,900 Active 74 DOM
11. 2026-06-03
    days on market $71,900 Active 70 DOM
12. 2026-06-02
    days on market $71,900 Active 69 DOM
13. 2026-06-01
    days on market $71,900 Active 68 DOM
14. 2026-05-31
    days on market $71,900 Active 67 DOM
15. 2026-05-30
    days on market $71,900 Active 66 DOM
16. 2026-03-25
    listed $71,900 Active 1572-char remark

    Show marketing remark (1572 chars)

    Like-New 2023 Park Model – Affordable Living with High-End Finishes! Experience the perfect blend of comfort and efficiency in this 2023 Highland Manufacturing park model, lightly occupied and loaded with upgrades. Offering 552 sq ft of thoughtfully designed living space, this tiny home features one main-floor bedroom, plus two versatile lofted sleeping areas—ideal for guests or additional storage. Step inside and be greeted by quality craftsmanship, including hardwood Hickory kitchen cabinets with brushed nickel hardware, stainless steel appliances (some never used!), and an inviting electric fireplace that adds warmth and charm. Main-floor laundry hook-ups, along with lots of storage areas and modern finishes throughout, elevate the space beyond the typical mobile home. Located in a well-maintained mobile home park, the monthly lot rent of just $450 includes city water, city sewer, and garbage service, making your monthly expenses more straightforward. Pet lovers are welcome! Dogs weighing under 40 pounds are permitted with approval (please inquire for details regarding our pet policy). All prospective residents must complete an application with Central Minnesota Property Management, which includes a $30 fee per adult applicant. Don't miss out on this move-in-ready, budget-friendly gem—schedule your showing today and discover tiny home living at its best! This home was purchased on 5/1/2023 for $101,655. The seller's mom lived in it for a little more than a year and transitioned to assisted care living. The MSRP was $147,203.

17. 2025-12-02
    historical
18. 2025-10-30
    price $72,900
19. 2025-07-30
    price $74,900
20. 2025-07-14
    price $81,500
21. 2025-07-01
    listed $82,900 Active

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 55% 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: $11,954
• − Mortgage interest: −$4,028
• − Property taxes: −$1,078
• − Insurance: −$360
• − Repairs & maintenance: −$956
• − Management: −$956
• − Depreciation: −$2,092
• Taxable income: $2,484
• Est. tax owed @ 24.0%: −$596
• After-tax cash flow: $2,885/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: 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 — Garfield

• Score: 66/100
• State rank: #513
• US rank: #12311

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Garfield, MN
• Population (ZIP): 1,658

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% Two or more races 4% Asian 2%
• Common ancestry: Portuguese 25% Slovak 6% Lithuanian 3%
• Foreign-born: 3% · South Korea
• Languages at home: 96% English-only · Korean 2% Other Indo-European 1% German/W. Germanic 1%

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: ▲ 2.15%
• Current HPI: 199.4277
• 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

-13.3% since first listed

6 events — show timeline

• 2026-03-25 Listed $71,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-30 Price Changed $72,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-07-30 Price Changed $74,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-07-14 Price Changed $81,500 NORTHSTARMLS as Distributed by MLS Grid
• 2025-07-01 Listed $82,900 NORTHSTARMLS as Distributed by MLS Grid