155 5th Ave NW · Elgin, MN 55932

$117,000

2 bd · 1.0 ba · 992 sqft · Manufactured public records · 30 Days on market

Built 1970 0.34 ac lot

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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).

• Cash flow +8.8/30.0
• ARV discount +7.5/15.0
• Appreciation +7.3/10.0
• Schools +5.1/10.0
• Livability +3.6/5.0
• 1% rule +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0

Listing remarks MLS

Affordable living! 2 bedroom, 2 bath, mobile home on full block basement. 2-stall detached garage. This home sits on two lots on the edge of town with no neighbors to the West and beautiful countryside views.

Key facts

• 0.34 acre lot
• 2 garage spots
• Built 1970

Property features AI

Exterior

• Parking: Detached or attached 2-car garage
• Utilities: City water; City sewer; Natural gas
• Home design: Residential one-story home; Corner lot location
• Construction: Block foundation; Asphalt roof
• Exterior features: Wood exterior

Interior

• Kitchen: Eat-in kitchen; Range; Refrigerator
• Bedrooms: Two bedrooms (both on the main level)
• Bathrooms: One full bath on the main level; One three-quarter bath in the basement
• Heating & cooling: Boiler heating; Wall air conditioning unit(s)
• Interior features: Ceiling fan(s); Kitchen window
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $117k.

Deal economics

• At list price, monthly cash flow is $-95 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $100k (14.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $99k (15.5% below list).
• Recommended offer: $99k (15.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 71/100 on livability (#317 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• Plainview-Elgin-Millville (town): math 59% / reading 58% proficiency, ranked #48 of 301 in MN (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 14 active listings in the ZIP; 81 units permitted in Wabasha County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($809 loan paydown + $5k appreciation (4.6% local appreciation)).
• Wabasha County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($115k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 14y ago; this cycle's ask has dropped $18k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $36k; list at $117k implies a 230% gain — meaningful room to come down on a strong offer.

Recommended offer $98,885 (15.5% 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. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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 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: 0.85% ✗
• Cap rate: 5.31%
• Cash-on-cash: -3.50%
• DSCR: 0.84
• GRM: 9.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.56% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 8.8%
• Equity multiple: 1.55×
• Total profit: $18,037
• Equity at exit: $63,210

10-year hold

• IRR: 10.6%
• Equity multiple: 2.87×
• Total profit: $61,358
• Equity at exit: $106,616

Cash invested: $32,760 (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 55932

• Home prices YoY: 2.0%
• Active inventory: 14
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $989 medium
• Mortgage (P&I): −$614
• Tax from tax record: −$214 /mo · $2,572/yr
• Insurance: −$49
• HOA: −$0
• Vacancy / Maint / Mgmt: −$208
• Net cashflow: $-95

Break-even live

Break-even rent $1,110

Max offer price $100,138

Occupancy floor —

Sensitivity live

Price	-10% $-29	-5% $-62	+0% $-95	+5% $-129	+10% $-162
Rent	-10% $-174	-5% $-135	+0% $-95	+5% $-56	+10% $-17
Rate	-1.0pp $-37	-0.5pp $-66	base $-95	+0.5pp $-126	+1.0pp $-157

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: $29,250
• Closing costs: $3,510
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-19
   days on market $117,000 Active 30 DOM
2. 2026-06-18
   days on market $117,000 Active 29 DOM
3. 2026-06-17
   days on market $117,000 Active 28 DOM
4. 2026-06-16
   days on market $117,000 Active 27 DOM
5. 2026-06-15
   price $117,000 Active 26 DOM
6. 2026-06-15
   days on market $130,000 Active 26 DOM
7. 2026-06-14
   days on market $130,000 Active 24 DOM
8. 2026-06-13
   days on market $130,000 Active 23 DOM
9. 2026-06-10
   days on market $130,000 Active 21 DOM
10. 2026-06-09
    days on market $130,000 Active 20 DOM
11. 2026-06-08
    days on market $130,000 Active 19 DOM
12. 2026-06-07
    pricedays on market $130,000 Active 18 DOM
13. 2026-06-02
    days on market $133,000 Active 13 DOM
14. 2026-06-01
    days on market $133,000 Active 12 DOM
15. 2026-06-01
    price $133,000 Active 11 DOM
16. 2026-05-31
    days on market $135,000 Active 11 DOM
17. 2026-05-30
    days on market $135,000 Active 10 DOM
18. 2026-05-20
    listed $135,000 Active
19. 2018-12-11
    historical 208-char remark

    Show marketing remark (208 chars)

    Affordable living! 2 bedroom, 2 bath, mobile home on full block basement. 2-stall detached garage. This home sits on two lots on the edge of town with no neighbors to the West and beautiful countryside views.

20. 2012-10-19
    soldstatus $35,500 208-char remark

    Show marketing remark (208 chars)

    Affordable living! 2 bedroom, 2 bath, mobile home on full block basement. 2-stall detached garage. This home sits on two lots on the edge of town with no neighbors to the West and beautiful countryside views.

21. 2012-10-19
    soldstatus $35,500 208-char remark

    Show marketing remark (208 chars)

    Affordable living! 2 bedroom, 2 bath, mobile home on full block basement. 2-stall detached garage. This home sits on two lots on the edge of town with no neighbors to the West and beautiful countryside views.

22. 2012-10-17
    soldstatus $35,500
23. 2012-08-28
    listed $39,900 208-char remark

    Show marketing remark (208 chars)

    Affordable living! 2 bedroom, 2 bath, mobile home on full block basement. 2-stall detached garage. This home sits on two lots on the edge of town with no neighbors to the West and beautiful countryside views.

24. 2012-08-28
    listed $39,900 208-char remark

    Show marketing remark (208 chars)

    Affordable living! 2 bedroom, 2 bath, mobile home on full block basement. 2-stall detached garage. This home sits on two lots on the edge of town with no neighbors to the West and beautiful countryside views.

25. 1996-09-27
    soldstatus $50,000

ⓘ 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: $2,572 · $214/mo
• Projected year-2 tax: $2,572 · $214/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: $11,866
• − Mortgage interest: −$6,554
• − Property taxes: −$2,572
• − Insurance: −$585
• − Repairs & maintenance: −$949
• − Management: −$949
• − Depreciation: −$3,404
• Taxable loss: −$3,147
• Est. tax savings @ 24.0%: +$755
• After-tax cash flow: $-390/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: Plainview-Elgin-Millville
• NCES district ID: 2700287
• Math proficiency: 59% ▼ -9.00%
• Reading proficiency: 58% ▼ -9.00%
• Median HH income: $60,359
• Composite: 50.84/100
• National rank: #1800
• State rank: #48 of 301 in MN

Livability — Elgin

• Score: 71/100
• State rank: #317
• US rank: #7105

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elgin, MN
• Population (ZIP): 2,080

Population outlook (Wabasha County) Hauer SSP2

• Today (2025): 20,444 people
• By 2030: 19,836 · -3.0%
• By 2040: 18,478 · -9.6%
• By 2050: 17,132 · -16.2%
• By 2075: 15,035 · -26.5%
• By 2100: 13,581 · -33.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 4% Asian 2%
• Common ancestry: Portuguese 13% Romanian 2% Scottish 1%
• Foreign-born: 1%
• Languages at home: 93% English-only · Spanish 3% Other Asian/Pacific 2% German/W. Germanic 1%

Political lean MEDSL · Wabasha

• 2024 margin: Strong R (+28.2) · D 35.0% · R 63.2% · Other 1.8%
• 2008→2024 swing: -25.8pp toward R · 2008: -2.4pp · 2024: -28.2pp
• All cycles: 2024: R+28.2 2020: R+26.4 2016: R+26.6 2012: R+5.4 2008: R+2.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.56%
• Current HPI: 228.2466
• 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

+170.0% since first listed

8 events — show timeline

• 2026-05-20 Listed $135,000 NORTHSTARMLS as Distributed by MLS Grid
• 2018-12-11 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2012-10-19 Sold (MLS) $35,500 NORTHSTARMLS as Distributed by MLS Grid
• 2012-10-19 Sold (MLS) $35,500 NORTHSTARMLS as Distributed by MLS Grid
• 2012-10-17 Sold (Public Records) $35,500 Public Records
• 2012-08-28 Listed $39,900 NORTHSTARMLS as Distributed by MLS Grid
• 2012-08-28 Listed $39,900 NORTHSTARMLS as Distributed by MLS Grid
• 1996-09-27 Sold (Public Records) $50,000 Public Records

Property tax history

+15.4%/yr

Latest (2025): $2,572 · +80.9% YoY. Source: county tax records.