302 W 5th Ave · Lakefield, MN 56150

$134,500

3 bd · 1.0 ba · 2,309 sqft · SingleFamily public records · 32 Days on market

Built 1916 0.28 ac lot $58/sqft · 8% below area

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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 +20.3/30.0
• ARV discount +7.5/15.0
• DSCR +6.5/10.0
• Appreciation +5.1/10.0
• 1% rule +4.6/10.0
• Schools +4.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Your Search is Over! This home will check all the boxes if you're looking for three bedrooms, remodeled bathroom, plenty of living space, two stall garage with brand new over head doors, maintenance free siding, appliances included, tasteful improvements, clean as a whistle and move-in-ready!! Priced for affordable living, so don't delay! Call today and set your time to look at your new home!

Key facts

• 0.28 acre lot
• 2 garage spots
• Built 1916

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $134k.

Deal economics

• At list price, monthly cash flow is $173 ($2k/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 $129k (3.8% below list).
• Recommended offer: $129k (3.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 76/100 on livability (#159 in MN, #3,445 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Jackson County Central School District (town): math 46% / reading 48% proficiency, ranked #160 of 301 in MN (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Pleasantview Elementary (math 57% / reading 57%, grade C+, #265 of 857 statewide, top 35%, 156 students, 45% FRL); Jackson County Central Middle (math 39% / reading 40%, grade F, #150 of 258 statewide, top 59%, 241 students, 44% FRL); Jackson County Central Senior High (math 24% / reading 47%, grade F, #303 of 471 statewide, top 65%, 340 students, 38% FRL) — zoned schools average 42% FRL vs 27% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 13 active listings in the ZIP; 4 units permitted in Jackson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($930 loan paydown + $330 appreciation (0.2% local appreciation)).
• Jackson County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (0.2% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($130k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y 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.
• Current owner paid $93k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $129,365 (3.8% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 4% concession, seller financing, or rate buy-down credit?
2. Built in 1916 — 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. 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: 0.96% ✗
• Cap rate: 7.84%
• Cash-on-cash: 5.53%
• DSCR: 1.25
• GRM: 8.7

CMA / ARV

• ARV (median comp): $87,453
• List price: $134,500
• Delta: 53.80%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

0.25% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 4.8%
• Equity multiple: 1.23×
• Total profit: $8,641
• Equity at exit: $40,714

10-year hold

• IRR: 9.7%
• Equity multiple: 2.09×
• Total profit: $41,052
• Equity at exit: $50,284

Cash invested: $37,660 (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 56150

• Home prices YoY: 0.1%
• Active inventory: 13
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,294 medium
• Mortgage (P&I): −$705
• Tax from tax record: −$87 /mo · $1,046/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$272
• Net cashflow: $173

Break-even live

Break-even rent $1,074

Max offer price $134,500

Occupancy floor 82%

Sensitivity live

Price	-10% $250	-5% $212	+0% $173	+5% $135	+10% $97
Rent	-10% $71	-5% $122	+0% $173	+5% $225	+10% $276
Rate	-1.0pp $241	-0.5pp $208	base $173	+0.5pp $139	+1.0pp $103

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: $33,625
• Closing costs: $4,035
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-05-15
   status Pending 397-char remark

   Show marketing remark (397 chars)

   Your Search is Over! This home will check all the boxes if you're looking for three bedrooms, remodeled bathroom, plenty of living space, two stall garage with brand new over head doors, maintenance free siding, appliances included, tasteful improvements, clean as a whistle and move-in-ready!! Priced for affordable living, so don't delay! Call today and set your time to look at your new home!

2. 2026-05-03
   status Active 397-char remark

   Show marketing remark (397 chars)

   Your Search is Over! This home will check all the boxes if you're looking for three bedrooms, remodeled bathroom, plenty of living space, two stall garage with brand new over head doors, maintenance free siding, appliances included, tasteful improvements, clean as a whistle and move-in-ready!! Priced for affordable living, so don't delay! Call today and set your time to look at your new home!

3. 2026-05-03
   price $134,500 397-char remark

   Show marketing remark (397 chars)

   Your Search is Over! This home will check all the boxes if you're looking for three bedrooms, remodeled bathroom, plenty of living space, two stall garage with brand new over head doors, maintenance free siding, appliances included, tasteful improvements, clean as a whistle and move-in-ready!! Priced for affordable living, so don't delay! Call today and set your time to look at your new home!

4. 2026-05-02
   historical 397-char remark

   Show marketing remark (397 chars)

   Your Search is Over! This home will check all the boxes if you're looking for three bedrooms, remodeled bathroom, plenty of living space, two stall garage with brand new over head doors, maintenance free siding, appliances included, tasteful improvements, clean as a whistle and move-in-ready!! Priced for affordable living, so don't delay! Call today and set your time to look at your new home!

5. 2026-05-01
   status Active 397-char remark

   Show marketing remark (397 chars)

   Your Search is Over! This home will check all the boxes if you're looking for three bedrooms, remodeled bathroom, plenty of living space, two stall garage with brand new over head doors, maintenance free siding, appliances included, tasteful improvements, clean as a whistle and move-in-ready!! Priced for affordable living, so don't delay! Call today and set your time to look at your new home!

6. 2026-04-28
   historical 397-char remark

   Show marketing remark (397 chars)

   Your Search is Over! This home will check all the boxes if you're looking for three bedrooms, remodeled bathroom, plenty of living space, two stall garage with brand new over head doors, maintenance free siding, appliances included, tasteful improvements, clean as a whistle and move-in-ready!! Priced for affordable living, so don't delay! Call today and set your time to look at your new home!

7. 2026-04-09
   listed $139,500 Active 397-char remark

   Show marketing remark (397 chars)

   Your Search is Over! This home will check all the boxes if you're looking for three bedrooms, remodeled bathroom, plenty of living space, two stall garage with brand new over head doors, maintenance free siding, appliances included, tasteful improvements, clean as a whistle and move-in-ready!! Priced for affordable living, so don't delay! Call today and set your time to look at your new home!

8. 2026-03-26
   historical $139,500 397-char remark

   Show marketing remark (397 chars)

   Your Search is Over! This home will check all the boxes if you're looking for three bedrooms, remodeled bathroom, plenty of living space, two stall garage with brand new over head doors, maintenance free siding, appliances included, tasteful improvements, clean as a whistle and move-in-ready!! Priced for affordable living, so don't delay! Call today and set your time to look at your new home!

9. 2021-08-31
   soldstatus $92,900
10. 2021-08-30
    soldstatus $92,900 Sold 488-char remark

    Show marketing remark (488 chars)

    This charming home with sufficient living space, good location, many upgrades, and a very affordable price is a MUST SEE! A nice size bonus room/multi-purpose room has so many options, including main floor laundry with space for much more. New flooring and miscellaneous updates in 2021. New furnace, water heater and exterior paint in 2020. Updated electrical, roof and insulation in 2013. DON'T MISS THIS OPPORTUNITY TO LIVE IN A QUIET AND FRIENDLY COMMUNITY THAT IS MORE THAN THRIVING!

11. 2021-08-19
    status Pending 488-char remark

    Show marketing remark (488 chars)

    This charming home with sufficient living space, good location, many upgrades, and a very affordable price is a MUST SEE! A nice size bonus room/multi-purpose room has so many options, including main floor laundry with space for much more. New flooring and miscellaneous updates in 2021. New furnace, water heater and exterior paint in 2020. Updated electrical, roof and insulation in 2013. DON'T MISS THIS OPPORTUNITY TO LIVE IN A QUIET AND FRIENDLY COMMUNITY THAT IS MORE THAN THRIVING!

12. 2021-08-01
    soldstatus $92,900
13. 2021-07-06
    historical Contingent - Sale of Another Property 488-char remark

    Show marketing remark (488 chars)

    This charming home with sufficient living space, good location, many upgrades, and a very affordable price is a MUST SEE! A nice size bonus room/multi-purpose room has so many options, including main floor laundry with space for much more. New flooring and miscellaneous updates in 2021. New furnace, water heater and exterior paint in 2020. Updated electrical, roof and insulation in 2013. DON'T MISS THIS OPPORTUNITY TO LIVE IN A QUIET AND FRIENDLY COMMUNITY THAT IS MORE THAN THRIVING!

14. 2021-06-24
    listed $94,900

    Show marketing remark (488 chars)

    This charming home with sufficient living space, good location, many upgrades, and a very affordable price is a MUST SEE! A nice size bonus room/multi-purpose room has so many options, including main floor laundry with space for much more. New flooring and miscellaneous updates in 2021. New furnace, water heater and exterior paint in 2020. Updated electrical, roof and insulation in 2013. DON'T MISS THIS OPPORTUNITY TO LIVE IN A QUIET AND FRIENDLY COMMUNITY THAT IS MORE THAN THRIVING!

15. 2021-06-24
    listed $94,900 Active 488-char remark

    Show marketing remark (488 chars)

    This charming home with sufficient living space, good location, many upgrades, and a very affordable price is a MUST SEE! A nice size bonus room/multi-purpose room has so many options, including main floor laundry with space for much more. New flooring and miscellaneous updates in 2021. New furnace, water heater and exterior paint in 2020. Updated electrical, roof and insulation in 2013. DON'T MISS THIS OPPORTUNITY TO LIVE IN A QUIET AND FRIENDLY COMMUNITY THAT IS MORE THAN THRIVING!

16. 2021-06-18
    historical $94,900 488-char remark

    Show marketing remark (488 chars)

    This charming home with sufficient living space, good location, many upgrades, and a very affordable price is a MUST SEE! A nice size bonus room/multi-purpose room has so many options, including main floor laundry with space for much more. New flooring and miscellaneous updates in 2021. New furnace, water heater and exterior paint in 2020. Updated electrical, roof and insulation in 2013. DON'T MISS THIS OPPORTUNITY TO LIVE IN A QUIET AND FRIENDLY COMMUNITY THAT IS MORE THAN THRIVING!

17. 2015-02-18
    soldstatus $49,900
18. 2007-03-20
    soldstatus $49,900

ⓘ 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: $1,046 · $87/mo
• Projected year-2 tax: $1,276 · $106/mo
• Expected delta: +$230/yr (+$19/mo · 22.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,524
• − Mortgage interest: −$7,534
• − Property taxes: −$1,046
• − Insurance: −$672
• − Repairs & maintenance: −$1,242
• − Management: −$1,242
• − Depreciation: −$3,913
• Taxable loss: −$125
• Est. tax savings @ 24.0%: +$30
• After-tax cash flow: $2,111/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: Jackson County Central School District
• NCES district ID: 2700231
• Math proficiency: 46% ▼ -9.00%
• Reading proficiency: 48% ▼ -7.00%
• Median HH income: $48,654
• Composite: 40.17/100
• National rank: #3790
• State rank: #160 of 301 in MN

Livability — Lakefield

• Score: 76/100
• State rank: #159
• US rank: #3445

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lakefield, MN
• Population (ZIP): 2,863

Population outlook (Jackson County) Hauer SSP2

• Today (2025): 9,757 people
• By 2030: 9,560 · -2.0%
• By 2040: 9,130 · -6.4%
• By 2050: 8,699 · -10.8%
• By 2075: 8,113 · -16.8%
• By 2100: 7,471 · -23.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Portuguese 12% Iranian 3% Romanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 3% Other Asian/Pacific 2%

Political lean MEDSL · Jackson

• 2024 margin: Solid R (+42.1) · D 28.1% · R 70.2% · Other 1.7%
• 2008→2024 swing: -37.8pp toward R · 2008: -4.3pp · 2024: -42.1pp
• All cycles: 2024: R+42.1 2020: R+37.9 2016: R+38.8 2012: R+14.3 2008: R+4.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.25%
• Current HPI: 247.4024
• 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

+169.5% since first listed

18 events — show timeline

• 2026-05-15 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-03 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-03 Price Changed $134,500 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-01 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-28 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-09 Listed $139,500 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-26 Coming Soon $139,500 NORTHSTARMLS as Distributed by MLS Grid
• 2021-08-31 Sold (Public Records) $92,900 Public Records
• 2021-08-30 Sold (MLS) $92,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-08-19 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-08-01 Sold (MLS) $92,900 Iowa Great Lakes BOR
• 2021-07-06 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2021-06-24 Listed $94,900 Iowa Great Lakes BOR
• 2021-06-24 Listed $94,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-06-18 Coming Soon $94,900 NORTHSTARMLS as Distributed by MLS Grid
• 2015-02-18 Sold (Public Records) $49,900 Public Records
• 2007-03-20 Sold (Public Records) $49,900 Public Records

Property tax history

+7.0%/yr

Latest (2025): $1,046 · -1.9% YoY. Source: county tax records.