428 Commodore Dr · Mankato, MN 56001

$1,495,000

None bd · None ba · 14,280 sqft · MultiFamily · 18 Days on market

Built 1964 0.64 ac lot Est $1528k · at est.

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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
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• ARV discount +8.5/15.0
• Rent growth +4.6/5.0
• Schools +4.4/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 16 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

Here is your opportunity to purchase a well located 16 unit apartment complex in Mankato MN! Consisting of 2 separate parcels and 2 separate buildings, this property offers 14 two bedroom units and 2 one bedroom units. Currently renting for $945-$989/month for the two bedroom units and $845/month for the one bedroom units, the total monthly rent income is $15,138. The total annual income is $183,841 when the coin laundry is included. The tenants pay their own electricity, cable/internet. The landlord pays the common area, electric($1,904 annually), the gas($7,762 annually), the water/sewer($7,085), the garbage($3,035), as well as lawn care, snow removal, maintenance, taxes and insurance. W

Key facts

• 0.64 acre lot
• Built 1964
• Listed 18 days

What this means for you Summary

Snapshot

• This is a 14×2bd/1.5ba + 2×1bd/1.5ba units multifamily listed at $1.50M.

Deal economics

• At list price, monthly cash flow is $7k ($89k/yr) — positive. Per door: $465/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($21k rent vs $1.50M).
• Recommended offer: $1.47M (1.5% below list) — sets the bar for market timing.
• Cap rate 12.3% 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: Kennedy Elementary (math 57% / reading 47%, grade C-, #368 of 857 statewide, top 47%, 370 students, 52% 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 47% FRL vs 29% district-wide (18 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; 269 units permitted in Blue Earth County in 2024 (154 in 5+ unit buildings).
• At $21,183/mo this rent would consume 366% of the median local household income ($70k/yr) (locally 2394% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $10k of loan paydown is wiped out by about $45k 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $419k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($1.47M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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 $400k; list at $1.50M implies a 274% gain — meaningful room to come down on a strong offer.

Recommended offer $1,472,575 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
7. 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.
8. 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: 1.42% ✓
• Cap rate: 12.27%
• Cash-on-cash: 21.34%
• DSCR: 1.95
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $1,527,960
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
428 Commodore Dr	0.00mi	—/—	14,280 (0%)	1mo	$1,525,000	$107	99

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: 19.1%
• Equity multiple: 1.82×
• Total profit: $343,520
• Equity at exit: $222,909

10-year hold

• IRR: 30.5%
• Equity multiple: 4.39×
• Total profit: $1,417,887
• Equity at exit: $129,260

Cash invested: $418,600 (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: 93.1×

Monthly cashflow live

• Estimated rent: $21,183 high
• Mortgage (P&I): −$7,840
• Tax from tax record: −$827 /mo · $9,926/yr
• Insurance: −$623
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,448
• Net cashflow: $7,445

Break-even live

Break-even rent $11,760

Max offer price $1,495,000

Occupancy floor 60%

Sensitivity live

Price	-10% $8,291	-5% $7,868	+0% $7,445	+5% $7,021	+10% $6,598
Rent	-10% $5,771	-5% $6,608	+0% $7,445	+5% $8,281	+10% $9,118
Rate	-1.0pp $8,197	-0.5pp $7,825	base $7,445	+0.5pp $7,057	+1.0pp $6,663

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

Units	Beds	Baths	Est. rent
▸ 14× units	2	1.5	$18,732
▸ 2× units	1	1.5	$2,446
Total (16 units)			$21,183

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: $373,750
• Closing costs: $44,850
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-03-30
   status Pending
2. 2026-03-11
   listed $1,495,000 Active
3. 2023-12-14
   historical $945
4. 2023-10-20
   listed $945
5. 2023-09-08
   historical $945
6. 2023-08-29
   listed $945
7. 2013-09-20
   soldstatus $400,000
8. 2013-09-20
   soldstatus $466,000
9. 1991-04-10
   soldstatus $175,000
10. 1981-02-01
    soldstatus $466,000

ⓘ 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: $9,926 · $827/mo
• Projected year-2 tax: $13,335 · $1,111/mo
• Expected delta: +$3,409/yr (+$284/mo · 34.3%)

ⓘ 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 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: $254,196
• − Mortgage interest: −$83,743
• − Property taxes: −$9,926
• − Insurance: −$7,475
• − Repairs & maintenance: −$20,336
• − Management: −$20,336
• − Depreciation: −$43,491
• Taxable income: $68,889
• Est. tax owed @ 24.0%: −$16,533
• After-tax cash flow: $72,801/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

+220.8% since first listed

10 events — show timeline

• 2026-03-30 Pending — RASM
• 2026-03-11 Listed $1,495,000 RASM
• 2023-12-14 Rental Removed $945 APPFOLIO
• 2023-10-20 Listed for Rent $945 APPFOLIO
• 2023-09-08 Rental Removed $945 APPFOLIO
• 2023-08-29 Listed for Rent $945 APPFOLIO
• 2013-09-20 Sold (Public Records) $466,000 Public Records
• 2013-09-20 Sold (Public Records) $400,000 Public Records
• 1991-04-10 Sold (Public Records) $175,000 Public Records
• 1981-02-01 Sold (Public Records) $466,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $9,926 · -2.8% YoY. Source: county tax records.