1311 Summit Ave · Detroit Lakes, MN 56501

$950,000

12 bd · 2.0 ba · 3,604 sqft · MultiFamily public records · 22 Days on market

Built 1949 0.43 ac lot

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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 +28.5/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• Schools +4.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

For Comps only

Key facts

• 4-plex
• Modern appliances
• Kitchen remodels

Tags

• 4-PLEX
• EXTENSIVE RENOVATIONS
• MODERN APPLIANCES
• UPDATED FLOORING
• KITCHEN REMODELS
• BATHROOM UPDATES

Property features AI

Finance

• Financial info: Gross income reported at $88,200; Owner pays exterior maintenance, grounds care, insurance, repairs, snow removal, taxes, trash collection and water; Expenses noted: Water/Sewer $1,924; Trash $1,063; Insurance $3,000; Maintenance $2,000; Other $500

Exterior

• Parking: Concrete parking; 2-car garage
• Utilities: City water connected; City sewer connected; 200+ amp electrical service; Electric and natural gas fuel
• Home design: Residential income property; Two levels; Not owner-occupied
• Construction: Frame construction; Asphalt roof; Poured concrete foundation; Built with a foundation area of 3,048 and total building area of 7,284
• Exterior features: Deck and side porch; Other porch; Partial vinyl fencing; Medium tree coverage; City street frontage with curbs, sidewalks and storm sewer; Publicly maintained road

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator; Energy Star appliances in some units
• Bedrooms: Total of 11 bedrooms across units (unit breakdown: one 1-bed unit, one 3-bed unit, one 5-bed unit, one 2-bed unit)
• Bathrooms: Multiple bathrooms across units (full bathrooms: 1 in the 1-bed unit; 2 in the 3-bed unit; 3 in the 5-bed unit; 1 in the 2-bed unit)
• Heating & cooling: Baseboard heating; Forced air; Fireplaces; Central cooling in several units
• Interior features: Partial, partially finished basement; Deck; Fireplace(s)
• Laundry & utility: In-unit washer and dryer in each unit

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/1.8-bath units multifamily listed at $950k.

Deal economics

• At list price, monthly cash flow is $3k ($37k/yr) — positive. Per door: $772/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $950k).
• Recommended offer: $936k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.2% vs local median 5.2% 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 $7k of loan paydown is wiped out by about $28k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $266k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($936k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 7y 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 $625k; list at $950k implies a 52% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $935,750 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.22% ✓
• Cap rate: 10.20%
• Cash-on-cash: 13.94%
• DSCR: 1.62
• GRM: 6.8

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: 4.2%
• Equity multiple: 1.16×
• Total profit: $42,741
• Equity at exit: $141,648

10-year hold

• IRR: 13.6%
• Equity multiple: 2.09×
• Total profit: $290,159
• Equity at exit: $82,139

Cash invested: $266,000 (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: 27.2×

Monthly cashflow live

• Estimated rent: $11,624 medium
• Mortgage (P&I): −$4,982
• Tax from tax record: −$715 /mo · $8,584/yr
• Insurance: −$396
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,441
• Net cashflow: $3,090

Break-even live

Break-even rent $7,713

Max offer price $950,000

Occupancy floor 68%

Sensitivity live

Price	-10% $3,628	-5% $3,359	+0% $3,090	+5% $2,821	+10% $2,552
Rent	-10% $2,172	-5% $2,631	+0% $3,090	+5% $3,549	+10% $4,008
Rate	-1.0pp $3,568	-0.5pp $3,332	base $3,090	+0.5pp $2,844	+1.0pp $2,593

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	3	1.8	$11,624
Total (4 units)			$11,624

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: $237,500
• Closing costs: $28,500
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-21
   days on market $950,000 Active 22 DOM
2. 2026-06-18
   days on market $950,000 Active 20 DOM
3. 2026-06-17
   days on market $950,000 Active 19 DOM
4. 2026-06-16
   days on market $950,000 Active 18 DOM
5. 2026-06-15
   days on market $950,000 Active 17 DOM
6. 2026-06-13
   days on market $950,000 Active 15 DOM
7. 2026-06-12
   days on market $950,000 Active 14 DOM
8. 2026-06-09
   days on market $950,000 Active 11 DOM
9. 2026-06-08
   days on market $950,000 Active 10 DOM
10. 2026-06-07
    days on market $950,000 Active 9 DOM
11. 2026-06-07
    days on market $950,000 Active 8 DOM
12. 2026-06-04
    days on market $950,000 Active 5 DOM
13. 2026-06-02
    days on market $950,000 Active 4 DOM
14. 2026-06-01
    days on market $950,000 Active 3 DOM
15. 2026-05-31
    days on market $950,000 Active 2 DOM
16. 2026-05-29
    listed $950,000 Active
17. 2024-02-05
    soldstatus $625,000
18. 2024-02-02
    soldstatus $625,000 14-char remark

    Show marketing remark (14 chars)

    For Comps only

19. 2024-02-01
    listed $625,000 14-char remark

    Show marketing remark (14 chars)

    For Comps only

20. 2020-12-08
    soldstatus $650,000 893-char remark

    Show marketing remark (893 chars)

    Rare offering in Detroit Lakes. This 4-plex is located one block from Big Detroit and is across the street from Zorbaz and People's Park. Extensive high end renovations have been made to 2 of the units in the last 18 months along with the other 2 units being renovated with the same attention to detail just the year before. New appliances, flooring, windows, kitchen remodels, bathroom remodels, lighting, and insulation to name a few. See documents to find detailed renovations by unit. This property has seen success with short term rentals which includes 3 of the units coming fully furnished and 1 unit unfurnished with a longterm tenant. It has turned into a reliable source for local businesses and individuals relying on this rental service. Financials available upon request. One of a kind!, Unit 1 Total Baths: 1, Unit 2 Total Baths: 2, Unit 3 Total Baths: 3, Unit 4 Total Baths: 1.5

21. 2020-12-08
    soldstatus $650,000

    Show marketing remark (893 chars)

    Rare offering in Detroit Lakes. This 4-plex is located one block from Big Detroit and is across the street from Zorbaz and People's Park. Extensive high end renovations have been made to 2 of the units in the last 18 months along with the other 2 units being renovated with the same attention to detail just the year before. New appliances, flooring, windows, kitchen remodels, bathroom remodels, lighting, and insulation to name a few. See documents to find detailed renovations by unit. This property has seen success with short term rentals which includes 3 of the units coming fully furnished and 1 unit unfurnished with a longterm tenant. It has turned into a reliable source for local businesses and individuals relying on this rental service. Financials available upon request. One of a kind!, Unit 1 Total Baths: 1, Unit 2 Total Baths: 2, Unit 3 Total Baths: 3, Unit 4 Total Baths: 1.5

22. 2019-12-12
    listed $749,000 893-char remark

    Show marketing remark (893 chars)

    Rare offering in Detroit Lakes. This 4-plex is located one block from Big Detroit and is across the street from Zorbaz and People's Park. Extensive high end renovations have been made to 2 of the units in the last 18 months along with the other 2 units being renovated with the same attention to detail just the year before. New appliances, flooring, windows, kitchen remodels, bathroom remodels, lighting, and insulation to name a few. See documents to find detailed renovations by unit. This property has seen success with short term rentals which includes 3 of the units coming fully furnished and 1 unit unfurnished with a longterm tenant. It has turned into a reliable source for local businesses and individuals relying on this rental service. Financials available upon request. One of a kind!, Unit 1 Total Baths: 1, Unit 2 Total Baths: 2, Unit 3 Total Baths: 3, Unit 4 Total Baths: 1.5

23. 2019-12-12
    listed $749,000

    Show marketing remark (893 chars)

    Rare offering in Detroit Lakes. This 4-plex is located one block from Big Detroit and is across the street from Zorbaz and People's Park. Extensive high end renovations have been made to 2 of the units in the last 18 months along with the other 2 units being renovated with the same attention to detail just the year before. New appliances, flooring, windows, kitchen remodels, bathroom remodels, lighting, and insulation to name a few. See documents to find detailed renovations by unit. This property has seen success with short term rentals which includes 3 of the units coming fully furnished and 1 unit unfurnished with a longterm tenant. It has turned into a reliable source for local businesses and individuals relying on this rental service. Financials available upon request. One of a kind!, Unit 1 Total Baths: 1, Unit 2 Total Baths: 2, Unit 3 Total Baths: 3, Unit 4 Total Baths: 1.5

24. 2015-06-16
    soldstatus $361,000
25. 2001-11-01
    soldstatus $190,000

ⓘ 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: $8,584 · $715/mo
• Projected year-2 tax: $9,612 · $801/mo
• Expected delta: +$1,028/yr (+$86/mo · 12.0%)

ⓘ 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 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: $139,488
• − Mortgage interest: −$53,215
• − Property taxes: −$8,584
• − Insurance: −$4,750
• − Repairs & maintenance: −$11,159
• − Management: −$11,159
• − Depreciation: −$27,636
• Taxable income: $22,985
• Est. tax owed @ 24.0%: −$5,516
• After-tax cash flow: $31,562/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

• Census place: Detroit Lakes, MN
• 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

+400.0% since first listed

10 events — show timeline

• 2026-05-29 Listed $950,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-02-05 Sold (Public Records) $625,000 Public Records
• 2024-02-02 Sold (MLS) $625,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-02-01 Listed $625,000 NORTHSTARMLS as Distributed by MLS Grid
• 2020-12-08 Sold (MLS) $650,000 NORTHSTARMLS as Distributed by MLS Grid
• 2020-12-08 Sold (MLS) $650,000 NORTHSTARMLS as Distributed by MLS Grid
• 2019-12-12 Listed $749,000 NORTHSTARMLS as Distributed by MLS Grid
• 2019-12-12 Listed $749,000 NORTHSTARMLS as Distributed by MLS Grid
• 2015-06-16 Sold (Public Records) $361,000 Public Records
• 2001-11-01 Sold (Public Records) $190,000 Public Records

Property tax history

+6.3%/yr

Latest (2025): $8,584 · +2.1% YoY. Source: county tax records.