18 Cedar Ave SE · Menahga, MN 56464

$179,900

3 bd · 2.0 ba · 1,456 sqft · SingleFamily public records · 37 Days on market

Built 2002 6,969 sqft lot $124/sqft · 58% below area

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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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +7.1/30.0
• Schools +4.8/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.8/10.0
• DSCR +1.3/10.0

Listing remarks MLS

Enjoy this clean, tidy, well-kept manufactured home located in central Menahga. This house has 2 full bathrooms, 3 large bedrooms along with a soaking tub in Master Bedroom. The bedroom has an extra door that gives easy access to laundry area and entryway. A wrap around deck with access off kitchen or back entry to enjoy morning sunrises or evening sunsets. The heated detached garage has a parking area, workshop and a separate room for crafts. Cookstove in garage convenient for canning or have as an extra cooking area. This house is an easy walking distance to the Cottage House Cafe, Kahvila Cafe, Bakery, Bank, Post Office and Schools.

Key facts

• Full bathroom
• Walk-in closet
• Primary suite

Tags

• VAULTED CEILINGS
• ABUNDANT NATURAL LIGHT
• PRIMARY SUITE
• FULL BATHROOM
• WALK-IN CLOSET
• DETACHED HEATED GARAGE

Property features AI

Exterior

• Parking: Heated, insulated garage; 1-car garage (garage dimensions approximately 32 x 36)
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential property; One level (one story); Manufactured home
• Construction: Block foundation; Asphalt pitched roof; Built area above grade 1,456
• Exterior features: Vinyl exterior; Deck; Corner lot; City street with paved access and public road maintenance

Interior

• Kitchen: Range; Refrigerator; Kitchen window
• Bedrooms: 3 bedrooms (all on main level); Primary bedroom is a suite with private bath and walk-thru layout
• Bathrooms: 2 full bathrooms; Main floor full bath; Private primary bath
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Vaulted ceilings; Ceiling fan(s); Kitchen window; Informal dining room; Main floor primary bedroom; Primary bedroom walk-in closet; Walk-in closet; Washer/Dryer hookup
• Laundry & utility: Washer; Dryer; Laundry on main level; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $-258 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $134k (25.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $122k (32.4% below list).
• Recommended offer: $122k (32.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 77/100 on livability (#136 in MN, #3,014 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment D-.
• Menahga Public School District (rural): math 52% / reading 57% proficiency, ranked #246 of 467 in MN (top 53%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 52 active listings in the ZIP; 52 units permitted in Wadena County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Wadena County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y 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 $130k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $121,679 (32.4% 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 37 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 0.68% ✗
• Cap rate: 4.57%
• Cash-on-cash: -6.15%
• DSCR: 0.73
• GRM: 12.3

CMA / ARV

• ARV (median comp): $426,332
• List price: $179,900
• Delta: -57.80%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 19.9%
• Equity multiple: 2.62×
• Total profit: $81,532
• Equity at exit: $162,068

10-year hold

• IRR: 18.2%
• Equity multiple: 6.02×
• Total profit: $253,043
• Equity at exit: $349,506

Cash invested: $50,372 (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 56464

• Home prices YoY: 18.3%
• Active inventory: 52
• Price-to-rent: 12.3×

Monthly cashflow live

• Estimated rent: $1,217 medium
• Mortgage (P&I): −$943
• Tax from tax record: −$201 /mo · $2,414/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $-258

Break-even live

Break-even rent $1,544

Max offer price $134,274

Occupancy floor —

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Listing history 34 events

1. 2026-06-18
   days on market $179,900 Active 37 DOM
2. 2026-06-17
   days on market $179,900 Active 36 DOM
3. 2026-06-16
   days on market $179,900 Active 35 DOM
4. 2026-06-15
   days on market $179,900 Active 34 DOM
5. 2026-06-13
   days on market $179,900 Active 32 DOM
6. 2026-06-12
   days on market $179,900 Active 31 DOM
7. 2026-06-09
   days on market $179,900 Active 28 DOM
8. 2026-06-08
   days on market $179,900 Active 27 DOM
9. 2026-06-07
   days on market $179,900 Active 26 DOM
10. 2026-06-07
    days on market $179,900 Active 25 DOM
11. 2026-06-04
    days on market $179,900 Active 22 DOM
12. 2026-06-02
    days on market $179,900 Active 21 DOM
13. 2026-06-01
    days on market $179,900 Active 20 DOM
14. 2026-05-31
    days on market $179,900 Active 19 DOM
15. 2026-05-31
    days on market $179,900 Active 18 DOM
16. 2026-05-12
    listed $179,900 Active 448-char remark
17. 2026-02-24
    status Pending
18. 2026-02-24
    historical
19. 2026-01-13
    price $189,000
20. 2025-10-05
    price $199,999
21. 2025-09-29
    listed $219,000 Active
22. 2022-12-07
    soldstatus $130,000 Sold

    Show marketing remark (643 chars)

    Enjoy this clean, tidy, well-kept manufactured home located in central Menahga. This house has 2 full bathrooms, 3 large bedrooms along with a soaking tub in Master Bedroom. The bedroom has an extra door that gives easy access to laundry area and entryway. A wrap around deck with access off kitchen or back entry to enjoy morning sunrises or evening sunsets. The heated detached garage has a parking area, workshop and a separate room for crafts. Cookstove in garage convenient for canning or have as an extra cooking area. This house is an easy walking distance to the Cottage House Cafe, Kahvila Cafe, Bakery, Bank, Post Office and Schools.

23. 2022-12-07
    soldstatus $130,000

    Show marketing remark (643 chars)

    Enjoy this clean, tidy, well-kept manufactured home located in central Menahga. This house has 2 full bathrooms, 3 large bedrooms along with a soaking tub in Master Bedroom. The bedroom has an extra door that gives easy access to laundry area and entryway. A wrap around deck with access off kitchen or back entry to enjoy morning sunrises or evening sunsets. The heated detached garage has a parking area, workshop and a separate room for crafts. Cookstove in garage convenient for canning or have as an extra cooking area. This house is an easy walking distance to the Cottage House Cafe, Kahvila Cafe, Bakery, Bank, Post Office and Schools.

24. 2022-11-22
    status Pending

    Show marketing remark (643 chars)

    Enjoy this clean, tidy, well-kept manufactured home located in central Menahga. This house has 2 full bathrooms, 3 large bedrooms along with a soaking tub in Master Bedroom. The bedroom has an extra door that gives easy access to laundry area and entryway. A wrap around deck with access off kitchen or back entry to enjoy morning sunrises or evening sunsets. The heated detached garage has a parking area, workshop and a separate room for crafts. Cookstove in garage convenient for canning or have as an extra cooking area. This house is an easy walking distance to the Cottage House Cafe, Kahvila Cafe, Bakery, Bank, Post Office and Schools.

25. 2022-11-13
    historical Contingent - Inspection

    Show marketing remark (643 chars)

    Enjoy this clean, tidy, well-kept manufactured home located in central Menahga. This house has 2 full bathrooms, 3 large bedrooms along with a soaking tub in Master Bedroom. The bedroom has an extra door that gives easy access to laundry area and entryway. A wrap around deck with access off kitchen or back entry to enjoy morning sunrises or evening sunsets. The heated detached garage has a parking area, workshop and a separate room for crafts. Cookstove in garage convenient for canning or have as an extra cooking area. This house is an easy walking distance to the Cottage House Cafe, Kahvila Cafe, Bakery, Bank, Post Office and Schools.

26. 2022-10-14
    listed $159,900 Active

    Show marketing remark (643 chars)

    Enjoy this clean, tidy, well-kept manufactured home located in central Menahga. This house has 2 full bathrooms, 3 large bedrooms along with a soaking tub in Master Bedroom. The bedroom has an extra door that gives easy access to laundry area and entryway. A wrap around deck with access off kitchen or back entry to enjoy morning sunrises or evening sunsets. The heated detached garage has a parking area, workshop and a separate room for crafts. Cookstove in garage convenient for canning or have as an extra cooking area. This house is an easy walking distance to the Cottage House Cafe, Kahvila Cafe, Bakery, Bank, Post Office and Schools.

27. 2017-12-11
    soldstatus $79,900
28. 2017-12-05
    soldstatus $79,900 Sold
29. 2017-10-02
    status Pending
30. 2017-07-25
    historical Contingent - Sale of Another Property
31. 2017-06-06
    listed $79,900 Active
32. 2006-07-31
    historical
33. 2006-07-31
    soldstatus $103,000
34. 2006-04-06
    listed $119,900

ⓘ 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: $2,414 · $201/mo
• Projected year-2 tax: $2,414 · $201/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 FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 2/10 Low 7 d/yr ≥95°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,601
• − Mortgage interest: −$10,077
• − Property taxes: −$2,414
• − Insurance: −$900
• − Repairs & maintenance: −$1,168
• − Management: −$1,168
• − Depreciation: −$5,233
• Taxable loss: −$6,359
• Est. tax savings @ 24.0%: +$1,526
• After-tax cash flow: $-1,573/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: Menahga Public School District
• NCES district ID: 2720580
• Math proficiency: 52% ▼ -15.00%
• Reading proficiency: 57% ▼ -4.00%
• Median HH income: $41,685
• Composite: 47.55/100
• National rank: #4963
• State rank: #246 of 467 in MN

Livability — Menahga

• Score: 77/100
• State rank: #136
• US rank: #3014

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Menahga, MN
• Population (ZIP): 5,091

Population outlook (Wadena County) Hauer SSP2

• Today (2025): 13,856 people
• By 2030: 13,689 · -1.2%
• By 2040: 13,382 · -3.4%
• By 2050: 13,062 · -5.7%
• By 2075: 12,185 · -12.1%
• By 2100: 10,297 · -25.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Portuguese 14% Romanian 2% Iranian 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Wadena

• 2024 margin: Solid R (+51.5) · D 23.6% · R 75.1% · Other 1.2%
• 2008→2024 swing: -34.1pp toward R · 2008: -17.4pp · 2024: -51.5pp
• All cycles: 2024: R+51.5 2020: R+45.5 2016: R+45.7 2012: R+24.4 2008: R+17.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 50.85%
• Current HPI: 328.0482
• 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

+50.0% since first listed

19 events — show timeline

• 2026-05-12 Listed $179,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-24 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-24 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-13 Price Changed $189,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-05 Price Changed $199,999 NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-29 Listed $219,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-12-07 Sold (Public Records) $130,000 Public Records
• 2022-12-07 Sold (MLS) $130,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-11-22 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2022-11-13 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2022-10-14 Listed $159,900 NORTHSTARMLS as Distributed by MLS Grid
• 2017-12-11 Sold (Public Records) $79,900 Public Records
• 2017-12-05 Sold (MLS) $79,900 NORTHSTARMLS as Distributed by MLS Grid
• 2017-10-02 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2017-07-25 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2017-06-06 Listed $79,900 NORTHSTARMLS as Distributed by MLS Grid
• 2006-07-31 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2006-07-31 Sold (MLS) $103,000 NORTHSTARMLS as Distributed by MLS Grid
• 2006-04-06 Listed $119,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+3.6%/yr

Latest (2026): $2,414 · +84.6% YoY. Source: county tax records.