240 Tanager Path · Mankato, MN 56001

$199,900

3 bd · 1.0 ba · 1,272 sqft · Townhouse public records · 34 Days on market

Built 2003 1,307 sqft lot $155/mo HOA · 9% of rent

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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 +11.4/30.0
• ARV discount +7.5/15.0
• Rent growth +4.6/5.0
• Schools +4.4/10.0
• Livability +3.9/5.0
• 1% rule +3.6/10.0
• DSCR +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Ready to move in townhome! Three bedrooms, 1 full bath upper level and 3/4 bath lower level. New carpet through out the townhome. Carpet comes with a 10 year wear warranty. New electric/self cleaning stove/oven, microwave, self vented, refrigerator and dishwasher. New washer/dryer, drywall and freshly painted floor in the laundry room. Double car garage ceiling has been replaced and insulated, drywalled and painted 2018. Springs for the garage door were replaced summer of 2018. Asphalt driveway replaced 2017. Roof replaced 2014. Come see this great clean townhome and make it yours!

Key facts

• 1,307 sq ft lot
• 2 garage spots
• Built 2003

Property features AI

Finance

• HOA & community: Homeowners association with a $155 monthly association fee

Exterior

• Parking: Attached 2-car garage with garage door opener
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: Single-family residence (townhome); Residential property
• Construction: Vinyl siding; Asphalt roof; Above-grade finished area
• Exterior features: Corner lot

Interior

• Kitchen: Dishwasher; Cooktop; Range; Microwave; Refrigerator
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Eat-in kitchen; Window coverings; Smoke detector(s)
• Laundry & utility: Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $200k.

Deal economics

• At list price, monthly cash flow is $-71 ($-847/yr) — negative.
• To cash-flow at today's rent, offer at most $187k (6.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $172k (14.2% below list).
• Recommended offer: $172k (14.2% below list) — sets the bar for 1% rule.
• Cap rate 5.9% 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: Rosa Parks Elementary (math 54% / reading 46%, grade D+, #417 of 857 statewide, top 49%, 434 students, 63% FRL); Prairie Winds Middle School (math 40% / reading 51%, grade D+, #106 of 258 statewide, top 43%, 954 students, 47% FRL); Mankato East Senior High (math 32% / reading 62%, grade D-, #166 of 471 statewide, top 39%, 1,293 students, 42% FRL) — zoned schools average 51% FRL vs 29% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+8.6%/yr); 359 active listings in the ZIP; 7 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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

• It's been on market 34 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 9y 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 $137k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $171,609 (14.2% 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. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.86% ✗
• Cap rate: 5.87%
• Cash-on-cash: -1.51%
• DSCR: 0.93
• GRM: 9.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -13.2%
• Equity multiple: 0.50×
• Total profit: $-27,763
• Equity at exit: $29,806

10-year hold

• IRR: 2.4%
• Equity multiple: 1.21×
• Total profit: $11,534
• Equity at exit: $17,284

Cash invested: $55,972 (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 56001

• Rents YoY: 8.6%
• Active inventory: 359
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,716 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$140 /mo · $1,676/yr
• Insurance: −$83
• HOA: −$155
• Vacancy / Maint / Mgmt: −$360
• Net cashflow: $-71

Break-even live

Break-even rent $1,805

Max offer price $187,438

Occupancy floor 99%

Sensitivity live

Price	-10% $43	-5% $-14	+0% $-71	+5% $-127	+10% $-184
Rent	-10% $-206	-5% $-138	+0% $-71	+5% $-3	+10% $65
Rate	-1.0pp $30	-0.5pp $-20	base $-71	+0.5pp $-122	+1.0pp $-175

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
103 Everglades Trl Mankato, MN	2.0–4.0	2.5	1453	$1,860	$1.28	45d	3	0.26mi
109 Willow Cascades Trl Unit 109 WCT Mankato, MN	3.0	2.5	1500	$1,850	$1.23	45d	1	0.29mi
701 S Victory Dr Unit 8 Mankato, MN	2.0	1.0	925	$1,349	$1.46	45d	1	0.52mi
875 Heron Dr Mankato, MN	2.0	1.0	919	$1,098	$1.19	45d	1	0.86mi
50 Hilltop Ln Mankato, MN	1.0–2.0	1.0	760	$1,010	$1.33	45d	11	0.87mi
140 Homestead Rd Mankato, MN	1.0–3.0	1.0	843	$1,313	$1.56	45d	8	1.08mi
200 Briargate Rd Mankato, MN	1.0–3.0	1.0–3.0	912	$1,799	$1.97	45d	32	1.08mi

HOA detail

• Monthly dues: $155 · $1,860/yr
• Likely covers: electric

Listing history 14 events

1. 2026-05-02
   status Pending
2. 2026-03-25
   listed $199,900 Active
3. 2019-03-27
   soldstatus $137,000
4. 2019-03-22
   soldstatus $137,000 594-char remark

   Show marketing remark (594 chars)

   Ready to move in townhome! Three bedrooms, 1 full bath upper level and 3/4 bath lower level. New carpet through out the townhome. Carpet comes with a 10 year wear warranty. New electric/self cleaning stove/oven, microwave, self vented, refrigerator and dishwasher. New washer/dryer, drywall and freshly painted floor in the laundry room. Double car garage ceiling has been replaced and insulated, drywalled and painted 2018. Springs for the garage door were replaced summer of 2018. Asphalt driveway replaced 2017. Roof replaced 2014. Come see this great clean townhome and make it yours!

5. 2019-02-04
   listed $139,900 594-char remark

   Show marketing remark (594 chars)

   Ready to move in townhome! Three bedrooms, 1 full bath upper level and 3/4 bath lower level. New carpet through out the townhome. Carpet comes with a 10 year wear warranty. New electric/self cleaning stove/oven, microwave, self vented, refrigerator and dishwasher. New washer/dryer, drywall and freshly painted floor in the laundry room. Double car garage ceiling has been replaced and insulated, drywalled and painted 2018. Springs for the garage door were replaced summer of 2018. Asphalt driveway replaced 2017. Roof replaced 2014. Come see this great clean townhome and make it yours!

6. 2017-03-17
   soldstatus $123,000
7. 2017-03-06
   status Active 196-char remark

   Show marketing remark (196 chars)

   New paint, new carpet, new kitchen flooring, new dishwasher and new garbage disposal. New Driveway coming this spring! Just a few minutes drive from everything in Mankato. Owner Occupant property.

8. 2017-03-03
   soldstatus $123,000 Sold 196-char remark

   Show marketing remark (196 chars)

   New paint, new carpet, new kitchen flooring, new dishwasher and new garbage disposal. New Driveway coming this spring! Just a few minutes drive from everything in Mankato. Owner Occupant property.

9. 2017-02-03
   historical Contingent - Subject to Statutory Rescission 196-char remark

   Show marketing remark (196 chars)

   New paint, new carpet, new kitchen flooring, new dishwasher and new garbage disposal. New Driveway coming this spring! Just a few minutes drive from everything in Mankato. Owner Occupant property.

10. 2017-02-03
    historical 196-char remark

    Show marketing remark (196 chars)

    New paint, new carpet, new kitchen flooring, new dishwasher and new garbage disposal. New Driveway coming this spring! Just a few minutes drive from everything in Mankato. Owner Occupant property.

11. 2017-01-21
    price $121,900 196-char remark

    Show marketing remark (196 chars)

    New paint, new carpet, new kitchen flooring, new dishwasher and new garbage disposal. New Driveway coming this spring! Just a few minutes drive from everything in Mankato. Owner Occupant property.

12. 2017-01-21
    status Active 196-char remark

    Show marketing remark (196 chars)

    New paint, new carpet, new kitchen flooring, new dishwasher and new garbage disposal. New Driveway coming this spring! Just a few minutes drive from everything in Mankato. Owner Occupant property.

13. 2017-01-04
    historical 196-char remark

    Show marketing remark (196 chars)

    New paint, new carpet, new kitchen flooring, new dishwasher and new garbage disposal. New Driveway coming this spring! Just a few minutes drive from everything in Mankato. Owner Occupant property.

14. 2017-01-02
    listed $119,900 Active 196-char remark

    Show marketing remark (196 chars)

    New paint, new carpet, new kitchen flooring, new dishwasher and new garbage disposal. New Driveway coming this spring! Just a few minutes drive from everything in Mankato. Owner Occupant property.

ⓘ 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: $1,676 · $140/mo
• Projected year-2 tax: $1,957 · $163/mo
• Expected delta: +$281/yr (+$23/mo · 16.8%)

ⓘ 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 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,593
• − Mortgage interest: −$11,198
• − Property taxes: −$1,676
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,647
• − Management: −$1,647
• − HOA: −$1,860
• − Depreciation: −$5,815
• Taxable loss: −$4,250
• Est. tax savings @ 24.0%: +$1,020
• After-tax cash flow: $173/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

+66.7% since first listed

14 events — show timeline

• 2026-05-02 Pending — RASM
• 2026-03-25 Listed $199,900 RASM
• 2019-03-27 Sold (Public Records) $137,000 Public Records
• 2019-03-22 Sold (MLS) $137,000 RASM
• 2019-02-04 Listed $139,900 RASM
• 2017-03-17 Sold (Public Records) $123,000 Public Records
• 2017-03-06 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2017-03-03 Sold (MLS) $123,000 NORTHSTARMLS as Distributed by MLS Grid
• 2017-02-03 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2017-02-03 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2017-01-21 Price Changed $121,900 NORTHSTARMLS as Distributed by MLS Grid
• 2017-01-21 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2017-01-04 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2017-01-02 Listed $119,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+1.7%/yr

Latest (2025): $1,676 · -4.8% YoY. Source: county tax records.