35193 Quiet Aly #8 · Pequot Lakes, MN 56472

$105,000

4 bd · 5.0 ba · 3,200 sqft · Townhouse · 43 Days on market

Built 2023 Good condition 12 ac lot $209/mo HOA · 14% of rent ↓ 12% since listing

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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 +24.4/30.0
• 1% rule +8.8/10.0
• DSCR +7.9/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Condition / age +4.0/5.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Don't miss this recently built four bedroom, five bath home on Clamshell Lake of the Whitefish Chain. Home was just completed in 2023 by Nor-Son Custom Builders. Enjoy 1/10th ownership and true maintenance free living in a beautiful, exceptionally cared for lake home on Clamshell Lake. This fractional ownership allows you to enjoy all the Whitefish Chain has to offer and the ability to rent your lake home and reap the financial benefits. Attention to detail is the only way to describe this home; from the custom cabinets, granite countertops, tiled back splash, custom wet bar upstairs, open floor plan, tiled showers, fireplace and so much more. Enjoy the shared pool, sand beach, fire pit and

Key facts

• Clamshell lake
• Custom cabinets
• Whitefish chain

Tags

• CLAMSHELL LAKE
• WHITEFISH CHAIN
• MAINTENANCE FREE LIVING
• CUSTOM CABINETS
• GRANITE COUNTERTOPS
• TILED BACK SPLASH

Property features AI

Finance

• Other: Shared rooms: amusement/party room, club house, play area; Association fee includes: air conditioning, beach access, cable TV, dock, electricity, gas, hazard insurance, heating, internet, lawn care, grounds maintenance, parking, professional management, recreation facility, shared amenities, and snow removal
• Financial info: Annual association fee
• HOA & community: Clamshell Homeowners Association; Association amenities include beach, boat slip, dock, in-ground sprinkler system, and shared recreation facilities; HOA fee collected annually

Exterior

• Parking: Parking lot
• Utilities: Water: Private well / shared system; Sewer: Private sewer, shared septic (compliant); Electric: Circuit breakers, 100 amp service; Fuel: Electric and natural gas
• Home design: Residential attached property; Two levels; Pitched roof (age 8 years or less)
• Construction: New construction; Slab foundation
• Exterior features: Stone exterior; Patio; Accessible shoreline; Cleared lot with light tree coverage; Underground utilities; Shared pool

Interior

• Kitchen: Cooktop; Range; Microwave; Dishwasher; Refrigerator; Stainless steel appliances; Exhaust fan; Electric water heater
• Bedrooms: 4 bedrooms (two on main level, two on upper level)
• Bathrooms: 4 full bathrooms; 1 half bathroom (main floor); Two primary baths
• Heating & cooling: Forced air heating; Fireplace heating (gas, circulating); Central air conditioning
• Interior features: Eat-in kitchen; Main-floor laundry; Door lever handles; Air-to-air exchanger; Ceiling fan(s); In-ground sprinkler
• Laundry & utility: Dryer; Main-floor laundry

What this means for you Summary

Snapshot

• This is a 4-bed/5.0-bath townhouse listed at $105k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $214 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Recommended offer: $102k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 0.3% in Pequot 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 69/100 on livability (#351 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, employment D+, amenities F.
• Pequot Lakes Public Schools (rural): math 40% / reading 57% proficiency, ranked #137 of 301 in MN (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 272 active listings in the ZIP; 420 units permitted in Crow Wing County in 2024 (17 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $726 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Crow Wing County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($102k) 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.

Recommended offer $101,850 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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: 1.38% ✓
• Cap rate: 8.74%
• Cash-on-cash: 8.73%
• DSCR: 1.39
• GRM: 6.0

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: -2.9%
• Equity multiple: 0.89×
• Total profit: $-3,240
• Equity at exit: $15,656

10-year hold

• IRR: 6.9%
• Equity multiple: 1.52×
• Total profit: $15,333
• Equity at exit: $9,078

Cash invested: $29,400 (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 56472

• Home prices YoY: -10.7%
• Active inventory: 272
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,454 medium
• Mortgage (P&I): −$551
• Tax est. 1.5%: −$131 /mo · $1,575/yr
• Insurance: −$44
• HOA: −$209
• Vacancy / Maint / Mgmt: −$305
• Net cashflow: $214

Break-even live

Break-even rent $1,183

Max offer price $105,000

Occupancy floor 80%

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $209 · $2,508/yr
• Likely covers: pool

Listing history 20 events

1. 2026-06-18
   days on market $105,000 Active 43 DOM
2. 2026-06-17
   days on market $105,000 Active 42 DOM
3. 2026-06-16
   days on market $105,000 Active 41 DOM
4. 2026-06-15
   days on market $105,000 Active 40 DOM
5. 2026-06-13
   days on market $105,000 Active 38 DOM
6. 2026-06-12
   days on market $105,000 Active 37 DOM
7. 2026-06-09
   days on market $105,000 Active 34 DOM
8. 2026-06-08
   days on market $105,000 Active 33 DOM
9. 2026-06-07
   days on market $105,000 Active 32 DOM
10. 2026-06-07
    days on market $105,000 Active 31 DOM
11. 2026-06-04
    days on market $105,000 Active 28 DOM
12. 2026-06-02
    days on market $105,000 Active 27 DOM
13. 2026-06-01
    days on market $105,000 Active 26 DOM
14. 2026-05-31
    days on market $105,000 Active 25 DOM
15. 2026-05-31
    days on market $105,000 Active 24 DOM
16. 2026-05-06
    listed $105,000 Active 823-char remark
17. 2025-10-01
    historical
18. 2024-09-12
    listed $120,000 Active
19. 2024-09-06
    historical
20. 2023-09-05
    listed $120,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $17,446
• − Mortgage interest: −$5,882
• − Property taxes: −$1,575
• − Insurance: −$525
• − Repairs & maintenance: −$1,396
• − Management: −$1,396
• − HOA: −$2,508
• − Depreciation: −$3,055
• Taxable income: $1,111
• Est. tax owed @ 24.0%: −$267
• After-tax cash flow: $2,300/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This recently built four-bedroom, five-bath home on Clamshell Lake is in excellent condition with modern finishes and a maintenance-free lifestyle. It offers a great investment opportunity for both resale and rental.

Value-add opportunities

• Both landscaping — enhances curb appeal and adds value
• Both painting — refreshes interior and exterior
• Both landscaping — enhances curb appeal and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — enhances curb appeal and adds value ↑
• Both painting — refreshes interior and exterior ↑
• Both landscaping — enhances curb appeal and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Pequot Lakes Public Schools
• NCES district ID: 2728200
• Math proficiency: 40% ▼ -24.00%
• Reading proficiency: 57% ▼ -13.00%
• Median HH income: $51,513
• Composite: 41.62/100
• National rank: #3430
• State rank: #137 of 301 in MN

Livability — Pequot Lakes

• Score: 69/100
• State rank: #351
• US rank: #8172

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pequot Lakes, MN
• Population (ZIP): 8,764

Population outlook (Crow Wing County) Hauer SSP2

• Today (2025): 64,187 people
• By 2030: 64,057 · -0.2%
• By 2040: 62,470 · -2.7%
• By 2050: 59,064 · -8.0%
• By 2075: 48,738 · -24.1%
• By 2100: 36,112 · -43.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Portuguese 17% Romanian 3% Lithuanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1% French/Haitian/Cajun 1%

Political lean MEDSL · Crow Wing

• 2024 margin: Solid R (+31.4) · D 33.6% · R 65.0% · Other 1.5%
• 2008→2024 swing: -23.7pp toward R · 2008: -7.7pp · 2024: -31.4pp
• All cycles: 2024: R+31.4 2020: R+29.7 2016: R+31.8 2012: R+13.4 2008: R+7.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -24.90%
• Current HPI: 208.0163
• 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

-12.5% since first listed

5 events — show timeline

• 2026-05-06 Listed $105,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2024-09-12 Listed $120,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-09-06 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2023-09-05 Listed $120,000 NORTHSTARMLS as Distributed by MLS Grid