106 Aspen Ave SW · Cass Lake, MN 56633

$249,800

40 bd · 20.0 ba · 4,482 sqft · MultiFamily · 49 Days on market

Built 1950 1,132 sqft lot ↓ 6% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +8.4/10.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Five-unit apartment building located in Cass Lake, Minnesota. Units are newly remodeled and there is an on-site laundry facility. Good rental history with location with a high demand for housing. Property has five 2-bedroom units. This is a great investment opportunity!

Key facts

• One level layout
• 1,132 sq ft lot
• Built 1950

Tags

• 5 UNIT APARTMENT BUILDING
• ONE LEVEL LAYOUT
• STEADY INCOME POTENTIAL
• CONVENIENCE OF ALL UNITS

Property features AI

Finance

• Other: Not owner-occupied
• Financial info: Property contains 4 total units; Gross income reported at $46,800; Electric expense around $900; Insurance expense around $6,000; Other expenses around $346

Exterior

• Parking: No carport spaces
• Utilities: City water connected; City sewer connected; Electric and natural gas service
• Home design: Residential income property; Other subtype; Single-story building; Main entry on one level
• Construction: Slab foundation; Foundation dimensions approximately 42 x 106; Foundation area about 4,482
• Exterior features: Lot dimensions approximately 100 x 125; Lot area about 0.026 acres

Interior

• Kitchen: Kitchens present in each unit (standard for residential income units)
• Bedrooms: Total of 8 bedrooms across the building; Individual units include 2-bedroom layouts
• Bathrooms: Each unit includes 1 bathroom (three-quarter bath noted for each unit type)
• Heating & cooling: Forced air heating
• Interior features: No basement; One level
• Laundry & utility: Building uses both electric and natural gas

What this means for you Summary

Snapshot

• This is a 4×2bd/1ba + 1×1bd/1ba units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $318/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $250k).
• Recommended offer: $242k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 71/100 on livability (#319 in MN) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, health & safety A+; Watch: crime D, schools F, amenities F.
• Cass Lake-Bena Public Schools (rural): math 14% / reading 26% proficiency, ranked #290 of 301 in MN (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 58 active listings in the ZIP; 285 units permitted in Cass County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $19k of equity ($2k loan paydown + $17k appreciation (6.9% local appreciation)).
• Cass County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.9% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 6y 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 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $242,306 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.71% ✓
• Cap rate: 13.94%
• Cash-on-cash: 27.32%
• DSCR: 2.22
• GRM: 4.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.89% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 40.0%
• Equity multiple: 3.67×
• Total profit: $187,098
• Equity at exit: $171,361

10-year hold

• IRR: 36.5%
• Equity multiple: 7.70×
• Total profit: $468,314
• Equity at exit: $323,942

Cash invested: $69,944 (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 56633

• Home prices YoY: 2.1%
• Active inventory: 58
• Price-to-rent: 24.3×

Monthly cashflow live

• Estimated rent: $4,261 medium
• Mortgage (P&I): −$1,310
• Tax from tax record: −$360 /mo · $4,318/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$895
• Net cashflow: $1,592

Break-even live

Break-even rent $2,245

Max offer price $249,800

Occupancy floor 58%

Sensitivity live

Price	-10% $1,734	-5% $1,663	+0% $1,592	+5% $1,522	+10% $1,451
Rent	-10% $1,256	-5% $1,424	+0% $1,592	+5% $1,761	+10% $1,929
Rate	-1.0pp $1,718	-0.5pp $1,656	base $1,592	+0.5pp $1,528	+1.0pp $1,462

5-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$3,424
1× unit	1	1	$835
Total (5 units)			$4,261

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: $62,450
• Closing costs: $7,494
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-21
   days on market $249,800 Active 49 DOM
2. 2026-06-19
   days on market $249,800 Active 47 DOM
3. 2026-06-18
   days on market $249,800 Active 46 DOM
4. 2026-06-17
   days on market $249,800 Active 45 DOM
5. 2026-06-16
   days on market $249,800 Active 44 DOM
6. 2026-06-15
   days on market $249,800 Active 43 DOM
7. 2026-06-14
   days on market $249,800 Active 41 DOM
8. 2026-06-12
   days on market $249,800 Active 40 DOM
9. 2026-06-09
   days on market $249,800 Active 37 DOM
10. 2026-06-08
    days on market $249,800 Active 36 DOM
11. 2026-06-07
    days on market $249,800 Active 35 DOM
12. 2026-06-05
    days on market $249,800 Active 32 DOM
13. 2026-06-03
    days on market $249,800 Active 31 DOM
14. 2026-06-02
    days on market $249,800 Active 30 DOM
15. 2026-06-01
    days on market $249,800 Active 29 DOM
16. 2026-05-31
    days on market $249,800 Active 28 DOM
17. 2026-05-30
    days on market $249,800 Active 27 DOM
18. 2026-05-02
    listed $259,900 Active 756-char remark
19. 2023-10-18
    soldstatus $220,000
20. 2023-10-16
    soldstatus $220,000 Sold 270-char remark

    Show marketing remark (270 chars)

    Five-unit apartment building located in Cass Lake, Minnesota. Units are newly remodeled and there is an on-site laundry facility. Good rental history with location with a high demand for housing. Property has five 2-bedroom units. This is a great investment opportunity!

21. 2023-08-18
    status Pending 270-char remark

    Show marketing remark (270 chars)

    Five-unit apartment building located in Cass Lake, Minnesota. Units are newly remodeled and there is an on-site laundry facility. Good rental history with location with a high demand for housing. Property has five 2-bedroom units. This is a great investment opportunity!

22. 2023-06-11
    listed $235,000 Active 270-char remark

    Show marketing remark (270 chars)

    Five-unit apartment building located in Cass Lake, Minnesota. Units are newly remodeled and there is an on-site laundry facility. Good rental history with location with a high demand for housing. Property has five 2-bedroom units. This is a great investment opportunity!

23. 2022-07-14
    listed $234,900 Active
24. 2021-12-17
    historical
25. 2021-10-19
    listed $199,900 Active
26. 2021-07-08
    listed $214,900 Active
27. 2020-11-17
    historical
28. 2020-08-18
    listed $214,900 Active
29. 2020-06-13
    historical
30. 2020-02-26
    listed $264,900 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: $4,318 · $360/mo
• Projected year-2 tax: $4,318 · $360/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 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 1/10 Low 7 d/yr ≥93°F today · 12 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: $51,132
• − Mortgage interest: −$13,993
• − Property taxes: −$4,318
• − Insurance: −$1,249
• − Repairs & maintenance: −$4,091
• − Management: −$4,091
• − Depreciation: −$7,267
• Taxable income: $16,124
• Est. tax owed @ 24.0%: −$3,870
• After-tax cash flow: $15,238/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: Cass Lake-Bena Public Schools
• NCES district ID: 2708070
• Math proficiency: 14% ▼ -12.00%
• Reading proficiency: 26% ▼ -9.00%
• Median HH income: $36,458
• Composite: 16.58/100
• National rank: #9177
• State rank: #290 of 301 in MN

Livability — Cass Lake

• Score: 71/100
• State rank: #319
• US rank: #7129

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cass Lake, MN
• Population (ZIP): 4,863

Population outlook (Cass County) Hauer SSP2

• Today (2025): 27,371 people
• By 2030: 26,311 · -3.9%
• By 2040: 23,945 · -12.5%
• By 2050: 21,889 · -20.0%
• By 2075: 18,435 · -32.6%
• By 2100: 14,478 · -47.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.90)
• Race & ethnicity: Native American 51% White 32% Two or more races 12% Hispanic / Latino 4% Asian 1%
• Common ancestry: Portuguese 7% Lithuanian 2% Italian 1%
• Foreign-born: 2% · Canada
• Languages at home: 88% English-only · Other Asian/Pacific 1%

Political lean MEDSL · Cass

• 2024 margin: Solid R (+33.4) · D 32.6% · R 66.0% · Other 1.3%
• 2008→2024 swing: -24.9pp toward R · 2008: -8.5pp · 2024: -33.4pp
• All cycles: 2024: R+33.4 2020: R+28.9 2016: R+31.7 2012: R+13.1 2008: R+8.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.89%
• Current HPI: 340.4577
• 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

-5.7% since first listed

14 events — show timeline

• 2026-05-19 Price Changed $249,800 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-02 Listed $259,900 NORTHSTARMLS as Distributed by MLS Grid
• 2023-10-18 Sold (Public Records) $220,000 Public Records
• 2023-10-16 Sold (MLS) $220,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-08-18 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2023-06-11 Listed $235,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-07-14 Listed $234,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-12-17 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2021-10-19 Listed $199,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-07-08 Listed $214,900 NORTHSTARMLS as Distributed by MLS Grid
• 2020-11-17 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2020-08-18 Listed $214,900 NORTHSTARMLS as Distributed by MLS Grid
• 2020-06-13 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2020-02-26 Listed $264,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+4.0%/yr

Latest (2026): $4,318 · -20.4% YoY. Source: county tax records.