303 E Lafayette St · Mankato, MN 56001

$269,000

4 bd · 2.5 ba · 1,858 sqft · SingleFamily public records · 77 Days on market

Built 1926 3,485 sqft lot Est $258k · at est. ↓ 3% since listing

---

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 +13.2/30.0
• ARV discount +5.6/15.0
• Rent growth +4.6/5.0
• Schools +4.4/10.0
• DSCR +4.0/10.0
• Livability +3.9/5.0
• 1% rule +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Stately 4-bedroom, 3-bath stucco home offering timeless quality and charm. Oak floors run throughout, complemented by beautiful woodwork and classic architectural details. Features include a formal dining room, newer HVAC system, and all appliances in good condition. Truly move-in ready and ideal for those seeking space, character, and craftsmanship.

Key facts

• Move-in ready
• Formal dining room
• Newer hvac system

Tags

• FORMAL DINING ROOM
• NEWER HVAC SYSTEM
• OAK FLOORS
• ARCHITECTURAL DETAILS
• MOVE-IN READY

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $269k.

Deal economics

• At list price, monthly cash flow is $-3 ($-37/yr) — negative.
• To cash-flow at today's rent, offer at most $268k (0.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $217k (19.4% below list).
• Recommended offer: $217k (19.4% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 3.4% 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.
• Market conditions: Rents rising fast (+8.6%/yr); 352 active listings in the ZIP; 3 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; 269 units permitted in Blue Earth County in 2024 (154 in 5+ unit buildings).
• This rent runs 37% 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

• It's been on market 77 days — a 6% lower offer ($253k) is reasonable based on typical stale-listing flexibility.
• 3 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

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $216,792 (19.4% 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 77 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.81% ✗
• Cap rate: 6.28%
• Cash-on-cash: -0.05%
• DSCR: 1.00
• GRM: 10.3

CMA / ARV

• ARV (on-the-fly): $258,262
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
216 E Vine St	0.15mi	4/2.0	1,600 (-14%)	4mo	$60,000	$38	64
460 N 6th St	0.39mi	4/2.0	1,788 (-4%)	22mo	$242,000	$135	55
1529 N 5th St	0.53mi	4/1.5	1,832 (-1%)	18mo	$247,000	$135	54
222 Belleview Ave	0.59mi	4/1.5	1,746 (-6%)	12mo	$275,000	$158	48
314 N Broad St	0.51mi	3/1.5 (-1)	1,588 (-14%)	11mo	$220,000	$139	34
1710 N Broad St	0.65mi	3/2.0 (-1)	1,589 (-14%)	7mo	$305,000	$192	33
809 Lyndale St	0.73mi	4/2.0	1,585 (-15%)	10mo	$230,000	$145	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: -11.4%
• Equity multiple: 0.57×
• Total profit: $-32,384
• Equity at exit: $40,109

10-year hold

• IRR: 3.6%
• Equity multiple: 1.31×
• Total profit: $23,468
• Equity at exit: $23,258

Cash invested: $75,320 (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: 352
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $2,168 medium
• Mortgage (P&I): −$1,411
• Tax from tax record: −$193 /mo · $2,316/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$455
• Net cashflow: $-3

Break-even live

Break-even rent $2,172

Max offer price $268,455

Occupancy floor 95%

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: $67,250
• Closing costs: $8,070
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1050 Marsh St Unit 326 Van Tol Mankato, MN	3.0	2.0	1461	$2,360	$1.62	43d	1	0.72mi
412 Wall St Unit 412 North Mankato, MN	4.0	2.5	2600	$2,300	$0.88	43d	1	0.76mi
101 Glenwood Ave Mankato, MN	2.0–3.0	1.0	1075	$1,330	$1.24	43d	8	1.11mi

Listing history 6 events

1. 2026-05-11
   soldstatus $260,000 Sold 352-char remark

   Show marketing remark (352 chars)

   Stately 4-bedroom, 3-bath stucco home offering timeless quality and charm. Oak floors run throughout, complemented by beautiful woodwork and classic architectural details. Features include a formal dining room, newer HVAC system, and all appliances in good condition. Truly move-in ready and ideal for those seeking space, character, and craftsmanship.

2. 2026-04-16
   status Pending 352-char remark

   Show marketing remark (352 chars)

   Stately 4-bedroom, 3-bath stucco home offering timeless quality and charm. Oak floors run throughout, complemented by beautiful woodwork and classic architectural details. Features include a formal dining room, newer HVAC system, and all appliances in good condition. Truly move-in ready and ideal for those seeking space, character, and craftsmanship.

3. 2026-01-30
   listed $269,000 Active 352-char remark

   Show marketing remark (352 chars)

   Stately 4-bedroom, 3-bath stucco home offering timeless quality and charm. Oak floors run throughout, complemented by beautiful woodwork and classic architectural details. Features include a formal dining room, newer HVAC system, and all appliances in good condition. Truly move-in ready and ideal for those seeking space, character, and craftsmanship.

4. 2026-01-29
   listed $269,000 Active 352-char remark

   Show marketing remark (352 chars)

   Stately 4-bedroom, 3-bath stucco home offering timeless quality and charm. Oak floors run throughout, complemented by beautiful woodwork and classic architectural details. Features include a formal dining room, newer HVAC system, and all appliances in good condition. Truly move-in ready and ideal for those seeking space, character, and craftsmanship.

5. 2026-01-19
   historical
6. 2025-12-29
   listed $269,000 Active

ⓘ 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: $2,316 · $193/mo
• Projected year-2 tax: $2,664 · $222/mo
• Expected delta: +$348/yr (+$29/mo · 15.0%)

ⓘ 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 1/10 Low
• 🌡 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: $26,015
• − Mortgage interest: −$15,068
• − Property taxes: −$2,316
• − Insurance: −$1,345
• − Repairs & maintenance: −$2,081
• − Management: −$2,081
• − Depreciation: −$7,825
• Taxable loss: −$4,702
• Est. tax savings @ 24.0%: +$1,128
• After-tax cash flow: $1,091/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

-3.3% since first listed

6 events — show timeline

• 2026-05-11 Sold (MLS) $260,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-16 Pending — RASM
• 2026-01-30 Listed $269,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-29 Listed $269,000 RASM
• 2026-01-19 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-29 Listed $269,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+4.7%/yr

Latest (2025): $2,316 · -5.3% YoY. Source: county tax records.