909 W Lakewood Avenue Site #46 · Lake City, MN 55041

$23,800

3 bd · 1.0 ba · 1,064 sqft · Manufactured · 148 Days on market

Built 2026 Good condition ↓ 2% since listing

---

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 +4.3/10.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

* THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as a basketball court, community events, , and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

Key facts

• Built 2026
• Listed 148 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $24k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $464 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($795 rent vs $24k).
• Recommended offer: $21k (12.0% below list) — sets the bar for market timing.
• Cap rate 29.7% vs local median 0.4% in Lake City — 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 75/100 on livability (#195 in MN, #4,149 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A; Watch: amenities F, commute F.
• Lake City Public School District (town): math 50% / reading 50% proficiency, ranked #115 of 301 in MN (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Zoned schools: Bluff View Elementary (math 56% / reading 51%, grade C, #357 of 857 statewide, top 42%, 616 students, 41% FRL); Lincoln Secondary (math 42% / reading 48%, grade D-, #187 of 471 statewide, top 40%, 587 students, 34% FRL) — zoned schools average 37% FRL vs 20% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 109 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 81 units permitted in Wabasha County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $165 of loan paydown is wiped out by about $714 of value loss. Plan a longer hold.
• Wabasha County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 148 days — a 12% lower offer ($21k) is reasonable based on typical stale-listing flexibility.

Recommended offer $20,944 (12.0% below list)

Questions for the listing agent

1. It's been on market 148 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 3.34% ✓
• Cap rate: 29.67%
• Cash-on-cash: 83.48%
• DSCR: 4.71
• GRM: 2.5

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: 83.8%
• Equity multiple: 4.85×
• Total profit: $25,681
• Equity at exit: $3,549

10-year hold

• IRR: 87.1%
• Equity multiple: 10.07×
• Total profit: $60,429
• Equity at exit: $2,058

Cash invested: $6,664 (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 55041

• Home prices YoY: -30.8%
• Active inventory: 109
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $795 medium
• Mortgage (P&I): −$125
• Tax est. 1.5%: −$30 /mo · $357/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$167
• Net cashflow: $464

Break-even live

Break-even rent $208

Max offer price $23,800

Occupancy floor 37%

Sensitivity live

Price	-10% $480	-5% $472	+0% $464	+5% $455	+10% $447
Rent	-10% $401	-5% $432	+0% $464	+5% $495	+10% $526
Rate	-1.0pp $476	-0.5pp $470	base $464	+0.5pp $457	+1.0pp $451

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: $5,950
• Closing costs: $714
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1120 N Oak St Lake City, MN	2.0	1.5	1055	$795	$0.75	0d	1	1.45mi

Listing history 7 events

1. 2026-06-02
   days on market $23,800 Active 148 DOM
2. 2026-06-01
   price $23,800 Active 147 DOM
3. 2026-06-01
   days on market $23,300 Active 147 DOM
4. 2026-05-31
   days on market $23,300 Active 146 DOM
5. 2026-05-31
   days on market $23,300 Active 145 DOM
6. 2026-02-01
   price $23,300 394-char remark

   Show marketing remark (394 chars)

   * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as a basketball court, community events, , and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

7. 2026-01-05
   listed $23,800 Active 394-char remark

   Show marketing remark (394 chars)

   * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as a basketball court, community events, , and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $9,540
• − Mortgage interest: −$1,333
• − Property taxes: −$357
• − Insurance: −$119
• − Repairs & maintenance: −$763
• − Management: −$763
• − Depreciation: −$692
• Taxable income: $5,512
• Est. tax owed @ 24.0%: −$1,323
• After-tax cash flow: $4,240/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 · 7 photos

Good 75/100 Cosmetic rehab

This mobile home is in good condition with recent updates, making it a solid investment opportunity.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and protects the structure
• Both Replace carpet in bedrooms — Fresh carpet improves aesthetics and comfort
• Both Install new window treatments — Enhances curb appeal and provides privacy

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and protects the structure ↑
• Both Replace carpet in bedrooms — Fresh carpet improves aesthetics and comfort ↑
• Both Install new window treatments — Enhances curb appeal and provides privacy ↑

ⓘ 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: Lake City Public School District
• NCES district ID: 2717520
• Math proficiency: 50% ▼ -5.00%
• Reading proficiency: 50% ▼ -6.00%
• Median HH income: $54,923
• Composite: 43.26/100
• National rank: #3051
• State rank: #115 of 301 in MN

Livability — Lake City

• Score: 75/100
• State rank: #195
• US rank: #4149

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lake City, MN
• Population (ZIP): 7,532

Population outlook (Wabasha County) Hauer SSP2

• Today (2025): 20,444 people
• By 2030: 19,836 · -3.0%
• By 2040: 18,478 · -9.6%
• By 2050: 17,132 · -16.2%
• By 2075: 15,035 · -26.5%
• By 2100: 13,581 · -33.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Hispanic / Latino 1% Asian 1%
• Common ancestry: Portuguese 12% Romanian 4% Lithuanian 2%
• Foreign-born: 2% · South Korea, Canada
• Languages at home: 98% English-only · German/W. Germanic 1%

Political lean MEDSL · Wabasha

• 2024 margin: Strong R (+28.2) · D 35.0% · R 63.2% · Other 1.8%
• 2008→2024 swing: -25.8pp toward R · 2008: -2.4pp · 2024: -28.2pp
• All cycles: 2024: R+28.2 2020: R+26.4 2016: R+26.6 2012: R+5.4 2008: R+2.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -98.48%
• Current HPI: 221.4681
• 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

-2.1% since first listed

2 events — show timeline

• 2026-02-01 Price Changed $23,300 Zillow
• 2026-01-05 Listed $23,800 Zillow