28186 Little Floyd Lake Rd · Detroit Lakes, MN 56501

$350,000

3 bd · 2.0 ba · 2,088 sqft · SingleFamily public records · 34 Days on market

Built 1980 3.20 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 +14.4/30.0
• ARV discount +7.5/15.0
• DSCR +4.4/10.0
• Schools +4.0/10.0
• Livability +4.0/5.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Escape to country living with this charming 4-bedroom, 2-bath home nestled on peaceful (Dovre) lake. Surrounded by nature and wide-open views, this property offers the perfect blend of privacy, space, and functionality. The home features a spacious four-season porch, ideal for enjoying morning coffee, wildlife views, and relaxing year-round comfort no matter the season. Outside, you’ll find several outbuildings offering abundant storage, workshop, and shop space perfect for hobbies, equipment, small business use, or recreational needs. Whether you’re looking for a hobby farm setup, a place to store toys, or simply room to spread out, this property delivers. Enjoy the tranquility

Key facts

• Four season porch
• Mature surroundings
• Outbuildings

Tags

• FOUR SEASON PORCH
• OUTBUILDINGS
• SCENIC WATER VIEWS
• MATURE SURROUNDINGS
• ROOM TO ROAM

Property features AI

Exterior

• Parking: Attached garage; Multiple garages; 2 garage spaces (garage roughly 24 x 26)
• Utilities: Well water; Septic system compliant; Electric and propane fuel
• Home design: Residential split-entry (bi-level) home; Entry level split entry
• Construction: Asphalt roof; Block foundation; Main level and below-grade finished areas (total living area combined)
• Exterior features: Covered porch; Other exterior features; Garage(s), workshop, and storage shed on property; Lot approximately 3.2 acres (265 x 527)

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator
• Bedrooms: 4 bedrooms
• Bathrooms: 2 full bathrooms (one in upper level, one in basement)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Kitchen and dining area combined; Full basement
• Laundry & utility: Washer; Dryer (laundry located in basement)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $350k.

Deal economics

• At list price, monthly cash flow is $68 ($816/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $280k (19.9% below list).
• Recommended offer: $280k (19.9% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 4.7% in Detroit Lakes — 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 80/100 on livability (#78 in MN, #1,847 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, cost of living A; Watch: amenities F, commute F.
• Detroit Lakes Public School District (town): math 44% / reading 50% proficiency, ranked #155 of 301 in MN (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 307 active listings in the ZIP; 156 units permitted in Becker County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Becker County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($340k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $100k; list at $350k implies a 250% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $280,459 (19.9% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
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. 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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
6. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
7. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
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 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: 0.80% ✗
• Cap rate: 6.53%
• Cash-on-cash: 0.83%
• DSCR: 1.04
• GRM: 10.4

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: -15.0%
• Equity multiple: 0.46×
• Total profit: $-52,507
• Equity at exit: $52,186

10-year hold

• IRR: -6.5%
• Equity multiple: 0.59×
• Total profit: $-40,649
• Equity at exit: $30,262

Cash invested: $98,000 (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 56501

• Active inventory: 307
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $2,805 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$166 /mo · $1,996/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$589
• Net cashflow: $68

Break-even live

Break-even rent $2,718

Max offer price $350,000

Occupancy floor 93%

Sensitivity live

Price	-10% $266	-5% $167	+0% $68	+5% $-31	+10% $-130
Rent	-10% $-154	-5% $-43	+0% $68	+5% $179	+10% $290
Rate	-1.0pp $244	-0.5pp $157	base $68	+0.5pp $-23	+1.0pp $-115

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $350,000 Active 34 DOM
2. 2026-06-21
   days on market $350,000 Active 33 DOM
3. 2026-06-18
   days on market $350,000 Active 31 DOM
4. 2026-06-17
   price $350,000 Active 30 DOM
5. 2026-06-17
   days on market $379,900 Active 30 DOM
6. 2026-06-16
   days on market $379,900 Active 29 DOM
7. 2026-06-15
   days on market $379,900 Active 28 DOM
8. 2026-06-13
   days on market $379,900 Active 26 DOM
9. 2026-06-12
   pricedays on market $379,900 Active 25 DOM
10. 2026-06-09
    days on market $409,000 Active 22 DOM
11. 2026-06-08
    days on market $409,000 Active 21 DOM
12. 2026-06-07
    days on market $409,000 Active 20 DOM
13. 2026-06-07
    days on market $409,000 Active 19 DOM
14. 2026-06-04
    days on market $409,000 Active 16 DOM
15. 2026-06-02
    days on market $409,000 Active 15 DOM
16. 2026-06-01
    days on market $409,000 Active 14 DOM
17. 2026-05-31
    days on market $409,000 Active 13 DOM
18. 2026-05-31
    days on market $409,000 Active 12 DOM
19. 2026-05-18
    listed $409,000 Active
20. 1997-04-01
    soldstatus $100,000

ⓘ 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: $1,996 · $166/mo
• Projected year-2 tax: $2,958 · $246/mo
• Expected delta: +$962/yr (+$80/mo · 48.2%)

ⓘ 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 5/10 Major
• 🌡 Heat 1/10 Low 7 d/yr ≥96°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,655
• − Mortgage interest: −$19,605
• − Property taxes: −$1,996
• − Insurance: −$1,750
• − Repairs & maintenance: −$2,692
• − Management: −$2,692
• − Depreciation: −$10,182
• Taxable loss: −$5,263
• Est. tax savings @ 24.0%: +$1,263
• After-tax cash flow: $2,079/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: Detroit Lakes Public School District
• NCES district ID: 2710230
• Math proficiency: 44% ▼ -11.00%
• Reading proficiency: 50% ▼ -11.00%
• Median HH income: $50,571
• Composite: 40.33/100
• National rank: #3746
• State rank: #155 of 301 in MN

Livability — Detroit Lakes

• Score: 80/100
• State rank: #78
• US rank: #1847

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 18,239
• Population (ZIP): 18,239

Population outlook (Becker County) Hauer SSP2

• Today (2025): 34,604 people
• By 2030: 35,095 · +1.4%
• By 2040: 35,691 · +3.1%
• By 2050: 35,869 · +3.7%
• By 2075: 36,103 · +4.3%
• By 2100: 32,798 · -5.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Native American 2%
• Common ancestry: Portuguese 25% Scottish 4% Lithuanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Becker

• 2024 margin: Solid R (+33.1) · D 32.7% · R 65.8% · Other 1.5%
• 2008→2024 swing: -26.3pp toward R · 2008: -6.9pp · 2024: -33.1pp
• All cycles: 2024: R+33.1 2020: R+30.1 2016: R+33.2 2012: R+14.6 2008: R+6.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -222.40%
• Current HPI: 217.4973
• 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

+309.0% since first listed

2 events — show timeline

• 2026-05-18 Listed $409,000 NORTHSTARMLS as Distributed by MLS Grid
• 1997-04-01 Sold (Public Records) $100,000 Public Records

Property tax history

+3.3%/yr

Latest (2025): $1,996 · +4.4% YoY. Source: county tax records.