2201 N Broadway St · New Ulm, MN 56073

$54,500

3 bd · 2.0 ba · 1,216 sqft · Manufactured public records · 21 Days on market

Built 1984 Poor condition

---

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
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• Livability +4.1/5.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks

This home will be available around September- October 2026. Depending on when our new home is complete. Sorry for the delay I will be adding pictures with in the next couple of weeks. Also Sold As Is Will not do Contract for Deed Or Rent to own You can bring inspector or someone you trust to view home. I am entertaining reasonable offers. & amp; leaning towards a cash sale with down of 20% to hold sale that will go towards the purchase price. 3 bd 2 bath schultz dbl wide With an office & amp; enclosed porch/mudroom addition. Large kitchen, large living room & amp; Dining room open concept. Bedrooms are nice sized Central air and heat. Sheet rock walls and ceilings in most r

Key facts

• Large deck
• Cement area
• 6 ft cyclone fencing

Tags

• LARGE DECK
• CEMENT AREA
• DOG AREA
• 6 FT CYCLONE FENCING
• SHED WORKSHOP
• NEXT TO PLAYGROUND

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $54k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $841 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $54k).
• Recommended offer: $54k (1.5% below list) — sets the bar for market timing.
• Cap rate 24.8% vs local median 4.2% in New Ulm — 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 82/100 on livability (#39 in MN, #1,102 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: commute F.
• New Ulm Public School District (town): math 51% / reading 51% proficiency, ranked #104 of 301 in MN (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Jefferson Elementary (math 47% / reading 39%, grade F, #574 of 857 statewide, top 67%, 619 students, 40% FRL); Washington Learning Center (188 students, 47% FRL); New Ulm High School (math 67% / reading 67%, grade B, #19 of 471 statewide, top 4%, 706 students, 29% FRL) — zoned schools average 39% FRL vs 21% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 85 active listings in the ZIP; 41 units permitted in Brown County in 2024 (18 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $377 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Brown County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($54k) is reasonable based on typical stale-listing flexibility.

Recommended offer $53,682 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 2.71% ✓
• Cap rate: 24.80%
• Cash-on-cash: 66.10%
• DSCR: 3.94
• GRM: 3.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 65.3%
• Equity multiple: 3.93×
• Total profit: $44,696
• Equity at exit: $8,126

10-year hold

• IRR: 69.6%
• Equity multiple: 8.07×
• Total profit: $107,824
• Equity at exit: $4,712

Cash invested: $15,260 (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 56073

• Active inventory: 85
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $1,479 medium
• Mortgage (P&I): −$286
• Tax from tax record: −$19 /mo · $230/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$311
• Net cashflow: $841

Break-even live

Break-even rent $415

Max offer price $54,500

Occupancy floor 38%

Sensitivity live

Price	-10% $871	-5% $856	+0% $841	+5% $825	+10% $810
Rent	-10% $724	-5% $782	+0% $841	+5% $899	+10% $957
Rate	-1.0pp $868	-0.5pp $854	base $841	+0.5pp $826	+1.0pp $812

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: $13,625
• Closing costs: $1,635
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-21
   days on market $54,500 Active 21 DOM
2. 2026-06-21
   days on market $54,500 Active 20 DOM
3. 2026-06-18
   days on market $54,500 Active 18 DOM
4. 2026-06-17
   days on market $54,500 Active 17 DOM
5. 2026-06-16
   days on market $54,500 Active 16 DOM
6. 2026-06-15
   days on market $54,500 Active 15 DOM
7. 2026-06-13
   days on market $54,500 Active 13 DOM
8. 2026-06-12
   days on market $54,500 Active 12 DOM
9. 2026-06-09
   days on market $54,500 Active 9 DOM
10. 2026-06-08
    days on market $54,500 Active 8 DOM
11. 2026-06-07
    days on market $54,500 Active 7 DOM
12. 2026-06-07
    days on market $54,500 Active 6 DOM
13. 2026-06-04
    days on market $54,500 Active 3 DOM
14. 2026-06-02
    days on market $54,500 Active 2 DOM
15. 2026-06-01
    remarks 687-char remark
16. 2026-06-01
    listed $54,500 Active 1 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: $230 · $19/mo
• Projected year-2 tax: $420 · $35/mo
• Expected delta: +$190/yr (+$16/mo · 82.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $17,745
• − Mortgage interest: −$3,053
• − Property taxes: −$230
• − Insurance: −$272
• − Repairs & maintenance: −$1,420
• − Management: −$1,420
• − Depreciation: −$1,585
• Taxable income: $9,765
• Est. tax owed @ 24.0%: −$2,344
• After-tax cash flow: $7,743/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.

Condition & rehab AI · 1 photo

Poor 20/100 Extensive rehab

This manufactured home requires extensive renovations across all systems and areas, with major repairs and updates needed to improve its condition and value.

Repairs flagged

• Major kitchen — No photos of kitchen
• Major bathrooms — No photos of bathrooms
• Major roof — No photos of roof
• Major exterior — No photos of exterior
• Major flooring — No photos of flooring
• Major interior walls/paint — No photos of interior walls/paint
• Major windows — No photos of windows
• Major foundation/structure — No photos of foundation/structure
• Major HVAC/mechanicals — No photos of HVAC/mechanicals
• Major landscaping/curb appeal — No photos of landscaping/curb appeal

Value-add opportunities

• Both extensive exterior renovation — Improves both resale and rental value
• Both kitchen and bathroom updates — Enhances functionality and appeal
• Both HVAC and mechanical upgrades — Improves comfort and energy efficiency
• Both landscaping and curb appeal improvements — Enhances curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen · No photos of kitchen	Major	$15,000–50,000
bathrooms · No photos of bathrooms	Major	$15,000–50,000
roof · No photos of roof	Major	$15,000–50,000
exterior · No photos of exterior	Major	$15,000–50,000
flooring · No photos of flooring	Major	$15,000–50,000
interior walls/paint · No photos of interior walls/paint	Major	$15,000–50,000
windows · No photos of windows	Major	$15,000–50,000
foundation/structure · No photos of foundation/structure	Major	$15,000–50,000
HVAC/mechanicals · No photos of HVAC/mechanicals	Major	$15,000–50,000
landscaping/curb appeal · No photos of landscaping/curb appeal	Major	$15,000–50,000
Total estimated repair cost · 10 items		$150,000–500,000

Value-add ROI direction

• Both extensive exterior renovation — Improves both resale and rental value ↑
• Both kitchen and bathroom updates — Enhances functionality and appeal ↑
• Both HVAC and mechanical upgrades — Improves comfort and energy efficiency ↑
• Both landscaping and curb appeal improvements — Enhances curb appeal and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: New Ulm Public School District
• NCES district ID: 2723490
• Math proficiency: 51% ▼ -3.00%
• Reading proficiency: 51% ▼ -7.00%
• Median HH income: $53,171
• Composite: 43.93/100
• National rank: #2906
• State rank: #104 of 301 in MN

Livability — New Ulm

• Score: 82/100
• State rank: #39
• US rank: #1102

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Ulm, MN
• City population: 17,325
• Population (ZIP): 17,325

Population outlook (Brown County) Hauer SSP2

• Today (2025): 24,403 people
• By 2030: 23,790 · -2.5%
• By 2040: 22,309 · -8.6%
• By 2050: 20,948 · -14.2%
• By 2075: 19,038 · -22.0%
• By 2100: 16,658 · -31.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 3% Two or more races 2%
• Common ancestry: Portuguese 9% Lithuanian 2% Romanian 2%
• Foreign-born: 2% · Canada, Vietnam
• Languages at home: 96% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Brown

• 2024 margin: Solid R (+35.2) · D 31.5% · R 66.7% · Other 1.8%
• 2008→2024 swing: -23.1pp toward R · 2008: -12.1pp · 2024: -35.2pp
• All cycles: 2024: R+35.2 2020: R+32.8 2016: R+36.2 2012: R+16.6 2008: R+12.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -166.22%
• Current HPI: 192.7295
• 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

1 event — show timeline

• 2026-06-01 Listed $54,500 FSBO.com

Property tax history

+8.3%/yr

Latest (2025): $230 · -12.2% YoY. Source: county tax records.