303 N Broad St · Mankato, MN 56001

$390,000

5 bd · 4.0 ba · 3,706 sqft · MultiFamily public records · 63 Days on market

Built 1885 6,534 sqft lot $105/sqft · 38% above area Est $374k · at est.

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Why this score? — see what drove the C+ 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 +25.4/30.0
• DSCR +8.4/10.0
• 1% rule +6.5/10.0
• ARV discount +5.5/15.0
• 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: 4 units. estimate disagrees with records

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

Turnkey 4-unit investment opportunity in the heart of downtown Mankato. This 4,000+ sq ft property includes one 2-bedroom unit and three 1-bedroom units, all with full bathrooms, generating $3,075/month in rental income. Tenants pay electric and Wi-Fi, helping offset owner expenses. Newer roof (2019). The 2-bedroom unit features a dishwasher, and all units offer some cosmetic updates. Additional highlights include shared on-site laundry on first floor, tall/vaulted ceilings, and two porches for extra storage. Located just minutes from downtown amenities, this property offers strong rental appeal and consistent occupancy potential. 24-hour notice to tour. Call for a private showing.

Key facts

• 6,534 sq ft lot
• Parking
• Built 1885

What this means for you Summary

Snapshot

• This is a 1×2bd/1ba + 3×1bd/1ba units multifamily listed at $390k.

Deal economics

• At list price, monthly cash flow is $899 ($11k/yr) — positive. Per door: $225/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $390k).
• Recommended offer: $367k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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; 1 comparable units currently listed for rent nearby; 269 units permitted in Blue Earth County in 2024 (154 in 5+ unit buildings).
• At $4,501/mo this rent would consume 78% 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 $3k of loan paydown is wiped out by about $12k 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 $109k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($367k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $330k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1885 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $366,600 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% 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 1885 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.15% ✓
• Cap rate: 9.06%
• Cash-on-cash: 9.88%
• DSCR: 1.44
• GRM: 7.2

CMA / ARV

• ARV (median comp): $373,744
• List price: $390,000
• Delta: 4.35%
• Verdict: FAIR
• Comps: 6 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
722 S Broad St	0.70mi	5/4.0	4,080 (+10%)	9mo	$395,000	$97	43

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: 4.0%
• Equity multiple: 1.16×
• Total profit: $17,877
• Equity at exit: $58,150

10-year hold

• IRR: 17.7%
• Equity multiple: 2.81×
• Total profit: $197,719
• Equity at exit: $33,720

Cash invested: $109,200 (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: 27.2×

Monthly cashflow live

• Estimated rent: $4,501 high
• Mortgage (P&I): −$2,045
• Tax from tax record: −$449 /mo · $5,392/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$945
• Net cashflow: $899

Break-even live

Break-even rent $3,363

Max offer price $390,000

Occupancy floor 75%

Sensitivity live

Price	-10% $1,120	-5% $1,009	+0% $899	+5% $788	+10% $678
Rent	-10% $543	-5% $721	+0% $899	+5% $1,077	+10% $1,254
Rate	-1.0pp $1,095	-0.5pp $998	base $899	+0.5pp $798	+1.0pp $695

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,194
▸ 3× units	1	1	$3,309
Total (4 units)			$4,501

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: $97,500
• Closing costs: $11,700
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
412 Wall St Unit 412 North Mankato, MN	4.0	2.5	2600	$2,300	$0.88	44d	1	0.48mi

Listing history 22 events

1. 2026-06-19
   days on market $390,000 Active 63 DOM
2. 2026-06-18
   days on market $390,000 Active 62 DOM
3. 2026-06-17
   days on market $390,000 Active 61 DOM
4. 2026-06-16
   days on market $390,000 Active 60 DOM
5. 2026-06-15
   days on market $390,000 Active 59 DOM
6. 2026-06-14
   days on market $390,000 Active 57 DOM
7. 2026-06-13
   days on market $390,000 Active 56 DOM
8. 2026-06-10
   days on market $390,000 Active 54 DOM
9. 2026-06-09
   days on market $390,000 Active 53 DOM
10. 2026-06-08
    days on market $390,000 Active 52 DOM
11. 2026-06-07
    days on market $390,000 Active 51 DOM
12. 2026-06-05
    days on market $390,000 Active 48 DOM
13. 2026-06-03
    days on market $390,000 Active 47 DOM
14. 2026-06-02
    days on market $390,000 Active 46 DOM
15. 2026-06-01
    days on market $390,000 Active 45 DOM
16. 2026-05-31
    days on market $390,000 Active 44 DOM
17. 2026-05-30
    days on market $390,000 Active 43 DOM
18. 2026-04-17
    listed $390,000 Active 690-char remark

    Show marketing remark (690 chars)

    Turnkey 4-unit investment opportunity in the heart of downtown Mankato. This 4,000+ sq ft property includes one 2-bedroom unit and three 1-bedroom units, all with full bathrooms, generating $3,075/month in rental income. Tenants pay electric and Wi-Fi, helping offset owner expenses. Newer roof (2019). The 2-bedroom unit features a dishwasher, and all units offer some cosmetic updates. Additional highlights include shared on-site laundry on first floor, tall/vaulted ceilings, and two porches for extra storage. Located just minutes from downtown amenities, this property offers strong rental appeal and consistent occupancy potential. 24-hour notice to tour. Call for a private showing.

19. 2023-01-05
    soldstatus $330,000
20. 2001-07-12
    soldstatus $180,000
21. 1996-10-30
    soldstatus $97,000
22. 1993-01-26
    soldstatus $85,000

ⓘ 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: $5,392 · $449/mo
• Projected year-2 tax: $5,392 · $449/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 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: $54,012
• − Mortgage interest: −$21,846
• − Property taxes: −$5,392
• − Insurance: −$1,950
• − Repairs & maintenance: −$4,321
• − Management: −$4,321
• − Depreciation: −$11,345
• Taxable income: $4,837
• Est. tax owed @ 24.0%: −$1,161
• After-tax cash flow: $9,624/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

+358.8% since first listed

5 events — show timeline

• 2026-04-17 Listed $390,000 RASM
• 2023-01-05 Sold (Public Records) $330,000 Public Records
• 2001-07-12 Sold (Public Records) $180,000 Public Records
• 1996-10-30 Sold (Public Records) $97,000 Public Records
• 1993-01-26 Sold (Public Records) $85,000 Public Records

Property tax history

+2.2%/yr

Latest (2025): $5,392 · +2.1% YoY. Source: county tax records.