105 Snetting Dr · Thief River Falls, MN 56701

$48,000

2 bd · 1.0 ba · 960 sqft · SingleFamily public records · 37 Days on market

Built 2001 Fair condition $50/sqft · 72% below area ↓ 13% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.7/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this well-maintained 2001 Homak trailer home located in the quiet and friendly Challenger Court community. Measuring 16 x 60 feet, this home offers a comfortable and practical layout perfect for individuals, couples, or small families. Inside, you & acirc; & euro; & trade; ll find 2 cozy bedrooms and 1 full bathroom, along with the convenience of central air to keep you comfortable year-round. The home comes fully equipped with essential appliances, including a microwave, refrigerator, dishwasher, washer, and dryer & acirc; & euro; & rdquo; making it truly move-in ready. The exterior features durable gorilla skirting, adding both insulation and curb appeal

Key facts

• Spacious shed
• Peaceful court
• Central air

Tags

• CENTRAL AIR
• FULLY EQUIPPED APPLIANCES
• DURABLE GORILLA SKIRTING
• SPACIOUS SHED
• QUIET COMMUNITY
• PEACEFUL COURT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $48k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $779 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $48k).
• Recommended offer: $47k (3.0% below list) — sets the bar for market timing.
• Cap rate 25.8% vs local median 5.5% in Thief River Falls — 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 74/100 on livability (#219 in MN, #4,606 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety D+, amenities F, commute F.
• Thief River Falls School District (town): math 39% / reading 47% proficiency, ranked #201 of 301 in MN (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 102 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 11 units permitted in Pennington County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $332 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Pennington County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($47k) is reasonable based on typical stale-listing flexibility.

Recommended offer $46,560 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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: 2.86% ✓
• Cap rate: 25.76%
• Cash-on-cash: 69.54%
• DSCR: 4.09
• GRM: 2.9

CMA / ARV

• ARV (median comp): $168,952
• List price: $48,000
• Delta: -67.45%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 69.0%
• Equity multiple: 4.11×
• Total profit: $41,834
• Equity at exit: $7,157

10-year hold

• IRR: 73.1%
• Equity multiple: 8.46×
• Total profit: $100,328
• Equity at exit: $4,150

Cash invested: $13,440 (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 56701

• Active inventory: 102
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $1,375 medium
• Mortgage (P&I): −$252
• Tax from tax record: −$36 /mo · $428/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$289
• Net cashflow: $779

Break-even live

Break-even rent $389

Max offer price $48,000

Occupancy floor 38%

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: $12,000
• Closing costs: $1,440
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
231 Tindolph Ave N Thief River Falls, MN	3.0	2.0	1000	$1,375	$1.38	44d	1	1.37mi

Listing history 18 events

1. 2026-06-18
   days on market $48,000 Active 37 DOM
2. 2026-06-17
   days on market $48,000 Active 36 DOM
3. 2026-06-16
   days on market $48,000 Active 35 DOM
4. 2026-06-15
   days on market $48,000 Active 34 DOM
5. 2026-06-13
   days on market $48,000 Active 32 DOM
6. 2026-06-12
   days on market $48,000 Active 31 DOM
7. 2026-06-09
   days on market $48,000 Active 28 DOM
8. 2026-06-08
   days on market $48,000 Active 27 DOM
9. 2026-06-07
   days on market $48,000 Active 26 DOM
10. 2026-06-07
    days on market $48,000 Active 25 DOM
11. 2026-06-04
    days on market $48,000 Active 22 DOM
12. 2026-06-02
    days on market $48,000 Active 21 DOM
13. 2026-06-01
    days on market $48,000 Active 20 DOM
14. 2026-05-31
    days on market $48,000 Active 19 DOM
15. 2026-05-31
    days on market $48,000 Active 18 DOM
16. 2026-05-13
    price $48,000 1169-char remark
17. 2026-05-12
    listed $55,000 Active 1169-char remark
18. 2026-04-27
    listed $55,000 Active 1117-char remark

ⓘ 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: $428 · $36/mo
• Projected year-2 tax: $483 · $40/mo
• Expected delta: +$55/yr (+$5/mo · 12.8%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥94°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,500
• − Mortgage interest: −$2,689
• − Property taxes: −$428
• − Insurance: −$240
• − Repairs & maintenance: −$1,320
• − Management: −$1,320
• − Depreciation: −$1,396
• Taxable income: $9,107
• Est. tax owed @ 24.0%: −$2,186
• After-tax cash flow: $7,161/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 · 1 photo

Fair 45/100 Cosmetic rehab

This 2001 Homak trailer home in Thief River Falls, MN, is move-in ready with essential appliances and central air, but it requires some exterior repairs and maintenance to improve its curb appeal and value.

Repairs flagged

• Major roof — The roof appears aged and may need inspection for leaks or damage.
• Moderate exterior siding — The siding looks weathered and may need repainting or replacement.
• Minor landscaping — Minimal landscaping with some bare ground and sparse vegetation, which could be improved with some basic landscaping work.

Value-add opportunities

• Both paint exterior siding — Painting the exterior siding can improve curb appeal and the home's value.
• Both repair and replace roof — A new roof can significantly increase the home's value and reduce maintenance costs.
• Both landscaping — Improving the landscaping can enhance curb appeal and attract more potential buyers or renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · The roof appears aged and may need inspection for leaks or damage.	Major	$15,000–50,000
exterior siding · The siding looks weathered and may need repainting or replacement.	Moderate	$3,000–15,000
landscaping · Minimal landscaping with some bare ground and sparse vegetation, which could be improved with some basic landscaping work.	Minor	$500–3,000
Total estimated repair cost · 3 items		$18,500–68,000

Value-add ROI direction

• Both paint exterior siding — Painting the exterior siding can improve curb appeal and the home's value. ↑
• Both repair and replace roof — A new roof can significantly increase the home's value and reduce maintenance costs. ↑
• Both landscaping — Improving the landscaping can enhance curb appeal and attract more potential buyers or renters. ↑

ⓘ 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: Thief River Falls School District
• NCES district ID: 2738850
• Math proficiency: 39% ▼ -19.00%
• Reading proficiency: 47% ▼ -13.00%
• Median HH income: $49,239
• Composite: 36.88/100
• National rank: #4547
• State rank: #201 of 301 in MN

Livability — Thief River Falls

• Score: 74/100
• State rank: #219
• US rank: #4606

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Thief River Falls, MN
• City population: 12,814
• Population (ZIP): 12,814

Population outlook (Pennington County) Hauer SSP2

• Today (2025): 14,800 people
• By 2030: 15,030 · +1.6%
• By 2040: 15,402 · +4.1%
• By 2050: 15,601 · +5.4%
• By 2075: 15,659 · +5.8%
• By 2100: 14,231 · -3.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 5% Two or more races 4% Black 1% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 34% Romanian 4% Lithuanian 4%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 3% French/Haitian/Cajun 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Pennington

• 2024 margin: Solid R (+31.5) · D 33.1% · R 64.6% · Other 2.3%
• 2008→2024 swing: -33.6pp toward R · 2008: 2.1pp · 2024: -31.5pp
• All cycles: 2024: R+31.5 2020: R+27.0 2016: R+27.8 2012: R+4.3 2008: D+2.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -123.53%
• Current HPI: 136.4729
• 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

-12.7% since first listed

2 events — show timeline

• 2026-05-13 Price Changed $48,000 FSBO.com
• 2026-05-12 Listed $55,000 FSBO.com