134 Haynes St · Mankato, MN 56001

$224,800

2 bd · 1.0 ba · 1,594 sqft · SingleFamily public records · 1 Days on market

Built 1957 8,058 sqft lot Est $265k · 15% under

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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).

• ARV discount +14.3/15.0
• Cash flow +11.0/30.0
• Rent growth +4.6/5.0
• Schools +4.4/10.0
• Livability +3.9/5.0
• DSCR +3.2/10.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming rambler on a corner lot in Mankato! This move-in ready home features 3 bedrooms plus a flex room, beautiful hardwood floors, brand-new living room carpet, and a functional floor plan designed for everyday living. The eat-in kitchen offers ample space for dining and gathering, while the finished lower level provides additional living space, a third bedroom, nonconforming fourth bedroom, ¾ bath, and versatile flex room ideal for a home office, fitness area, hobby room, or extra storage. Situated on a corner lot, this property also includes a detached 2-stall garage and plenty of outdoor space to enjoy. Conveniently located near schools, parks, shopping, and everyday amenities, this well-maintained home offers the perfect combination of comfort, flexibility, and value.

Key facts

• Eat-in kitchen
• Outdoor space
• Corner lot

Tags

• CORNER LOT
• EAT-IN KITCHEN
• FINISHED LOWER LEVEL
• DETACHED 2-STALL GARAGE
• OUTDOOR SPACE

Property features AI

Exterior

• Parking: 2-car garage
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential property; One story; Main level entry
• Construction: Block construction; Asphalt roof; Block foundation; Built area includes finished space above and below grade
• Exterior features: Patio; Wood exterior; Lot approximately 50 x 155

Interior

• Kitchen: Range; Dishwasher; Refrigerator; Gas water heater
• Bedrooms: 3 bedrooms total; Main floor bedroom(s) included
• Bathrooms: One full bath on the main floor; One three-quarter bath in the basement
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Finished basement with block construction and sump pump; Main floor primary bedroom; Kitchen/dining room layout; Patio access; Water softener (owned)
• Laundry & utility: Washer/dryer hookup; Laundry area in basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $-94 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $208k (7.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $173k (23.2% below list).
• Recommended offer: $173k (23.2% below list) — sets the bar for 1% rule.
• Cap rate 5.8% 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; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 269 units permitted in Blue Earth County in 2024 (154 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 $7k 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.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.
• Current owner paid $65k; list at $225k implies a 245% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $172,538 (23.2% 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 1957 — 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: 0.77% ✗
• Cap rate: 5.79%
• Cash-on-cash: -1.79%
• DSCR: 0.92
• GRM: 10.9

CMA / ARV

• ARV (on-the-fly): $264,604
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
333 Parry St	0.28mi	3/1.0 (+1)	1,650 (+4%)	12mo	$95,000	$58	66
304 W Welcome Ave	0.22mi	3/2.0 (+1)	1,554 (-2%)	14mo	$292,150	$188	65
133 Lincoln St	0.60mi	3/1.0 (+1)	1,596 (+0%)	3mo	$189,000	$118	64
113 Rita Rd	0.44mi	3/1.5 (+1)	1,484 (-7%)	2mo	$285,000	$192	60
212 Locke St	0.48mi	3/1.5 (+1)	1,657 (+4%)	8mo	$203,000	$123	58
137 Meadow Ln	0.51mi	2/2.0	1,535 (-4%)	10mo	$265,900	$173	58
405 Glenwood Ave	0.34mi	3/2.5 (+1)	1,624 (+2%)	18mo	$230,750	$142	55
309 Locust St	0.41mi	3/2.5 (+1)	1,716 (+8%)	7mo	$274,000	$160	51
145 Rita Rd	0.56mi	3/2.0 (+1)	1,720 (+8%)	9mo	$289,900	$169	44
120 Hannah St	0.57mi	3/1.5 (+1)	1,425 (-11%)	10mo	$280,000	$196	41
420 Stoltzman Rd	0.73mi	2/2.5	1,487 (-7%)	15mo	$247,500	$166	36
212 W Pleasant St	0.71mi	3/2.0 (+1)	1,382 (-13%)	3mo	$155,000	$112	34

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: -14.2%
• Equity multiple: 0.47×
• Total profit: $-33,318
• Equity at exit: $33,518

10-year hold

• IRR: 0.9%
• Equity multiple: 1.07×
• Total profit: $4,658
• Equity at exit: $19,437

Cash invested: $62,944 (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: 10.9×

Monthly cashflow live

• Estimated rent: $1,725 high
• Mortgage (P&I): −$1,179
• Tax from tax record: −$184 /mo · $2,212/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$362
• Net cashflow: $-94

Break-even live

Break-even rent $1,844

Max offer price $208,225

Occupancy floor —

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: $56,200
• Closing costs: $6,744
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
101 Glenwood Ave Mankato, MN	2.0–3.0	1.0	1075	$1,095	$1.02	44d	8	0.38mi
200 Briargate Rd Mankato, MN	1.0–3.0	1.0–3.0	912	$1,370	$1.50	44d	32	0.56mi
201 N Riverfront Dr Apt 501 Mankato, MN	2.0	2.0	2045	$3,725	$1.82	44d	1	1.01mi
1050 Marsh St Unit 326 Van Tol Mankato, MN	3.0	2.0	1461	$2,360	$1.62	44d	1	1.05mi
320 E Lafayette St Mankato, MN	2.0	1.0	1122	$1,545	$1.38	44d	1	1.44mi

Listing history 2 events

1. 2026-06-18
   remarks 692-char remark

   Show marketing remark (792 chars)

   Charming rambler on a corner lot in Mankato! This move-in ready home features 3 bedrooms plus a flex room, beautiful hardwood floors, brand-new living room carpet, and a functional floor plan designed for everyday living. The eat-in kitchen offers ample space for dining and gathering, while the finished lower level provides additional living space, a third bedroom, nonconforming fourth bedroom, ¾ bath, and versatile flex room ideal for a home office, fitness area, hobby room, or extra storage. Situated on a corner lot, this property also includes a detached 2-stall garage and plenty of outdoor space to enjoy. Conveniently located near schools, parks, shopping, and everyday amenities, this well-maintained home offers the perfect combination of comfort, flexibility, and value.

2. 2026-06-18
   listed $224,800 Active 1 DOM

   Show marketing remark (792 chars)

   Charming rambler on a corner lot in Mankato! This move-in ready home features 3 bedrooms plus a flex room, beautiful hardwood floors, brand-new living room carpet, and a functional floor plan designed for everyday living. The eat-in kitchen offers ample space for dining and gathering, while the finished lower level provides additional living space, a third bedroom, nonconforming fourth bedroom, ¾ bath, and versatile flex room ideal for a home office, fitness area, hobby room, or extra storage. Situated on a corner lot, this property also includes a detached 2-stall garage and plenty of outdoor space to enjoy. Conveniently located near schools, parks, shopping, and everyday amenities, this well-maintained home offers the perfect combination of comfort, flexibility, and value.

ⓘ 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: $2,212 · $184/mo
• Projected year-2 tax: $2,365 · $197/mo
• Expected delta: +$153/yr (+$13/mo · 6.9%)

ⓘ 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 2/10 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: $20,705
• − Mortgage interest: −$12,592
• − Property taxes: −$2,212
• − Insurance: −$1,124
• − Repairs & maintenance: −$1,656
• − Management: −$1,656
• − Depreciation: −$6,540
• Taxable loss: −$5,076
• Est. tax savings @ 24.0%: +$1,218
• After-tax cash flow: $92/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

+238.0% since first listed

4 events — show timeline

• 2026-06-18 Listed $224,800 NORTHSTARMLS as Distributed by MLS Grid
• 2026-06-18 Listed $224,800 RASM
• 1994-04-26 Sold (Public Records) $65,100 Public Records
• 1993-01-15 Sold (Public Records) $66,500 Public Records

Property tax history

+4.3%/yr

Latest (2025): $2,212 · -1.2% YoY. Source: county tax records.