2022 Morgan Way · North Mankato, MN 56003

$164,900

3 bd · 1.0 ba · 1,568 sqft · Other public records · 112 Days on market

Built 2019 Good condition $105/sqft · 37% below area Est $264k · 37% under ↓ 9% 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 +28.2/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.2/10.0
• Schools +4.4/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't miss your opportunity to own this 3 bedroom 2 bath home with over 1500 sq ft. The primary bedroom features an ensuite with lots of storage and walk in closet. One level living at its finest with an eat in Kitchen/Dining combo with center island and lots of natural light. Schools and parks within walking distance and Hwy 14 is close enough to make any commute an ease. Schedule your showing today!

Key facts

• Built 2019
• Listed 111 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $165k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $522 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $150k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.1% vs local median 3.3% in North 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 80/100 on livability (#71 in MN, #1,734 nationally) — a professional / high-income tenant draw. Strengths: schools A+, housing A+, crime A; Watch: amenities F, 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: 168 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; 109 units permitted in Nicollet County in 2024 (47 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $46k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 112 days — a 9% lower offer ($150k) is reasonable based on typical stale-listing flexibility.

Recommended offer $150,059 (9.0% below list)

Questions for the listing agent

1. It's been on market 112 days. Have you received any prior offers? Is the seller open to a 9% 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 A-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: 1.22% ✓
• Cap rate: 10.09%
• Cash-on-cash: 13.56%
• DSCR: 1.60
• GRM: 6.9

CMA / ARV

• ARV (median comp): $263,812
• List price: $164,900
• Delta: -37.49%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 3.7%
• Equity multiple: 1.14×
• Total profit: $6,504
• Equity at exit: $24,587

10-year hold

• IRR: 13.2%
• Equity multiple: 2.05×
• Total profit: $48,398
• Equity at exit: $14,258

Cash invested: $46,172 (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 56003

• Active inventory: 168
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $2,005 high
• Mortgage (P&I): −$865
• Tax from tax record: −$129 /mo · $1,546/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$421
• Net cashflow: $522

Break-even live

Break-even rent $1,345

Max offer price $164,900

Occupancy floor 69%

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: $41,225
• Closing costs: $4,947
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2306 Pleasant View Dr Unit 2306 North Mankato, MN	3.0	2.0	1482	$2,100	$1.42	43d	1	0.29mi
2140 Rolling Green Trl Unit 2140 North Mankato, MN	4.0	3.0	2079	$2,150	$1.03	43d	1	0.32mi
2140 Rolling Green Trl Unit 2134 North Mankato, MN	3.0	2.5	1652	$1,950	$1.18	43d	1	0.32mi
2140 Rolling Green Trl Unit 2141 North Mankato, MN	3.0	2.5	1440	$1,850	$1.28	43d	1	0.32mi
2106 Linden Trl North Mankato, MN	3.0	2.5	1826	$1,970	$1.08	43d	1	0.86mi

Listing history 21 events

1. 2026-06-19
   days on market $164,900 Active 112 DOM
2. 2026-06-18
   days on market $164,900 Active 111 DOM
3. 2026-06-17
   days on market $164,900 Active 110 DOM
4. 2026-06-16
   days on market $164,900 Active 109 DOM
5. 2026-06-15
   days on market $164,900 Active 108 DOM
6. 2026-06-14
   days on market $164,900 Active 106 DOM
7. 2026-06-13
   days on market $164,900 Active 105 DOM
8. 2026-06-10
   days on market $164,900 Active 103 DOM
9. 2026-06-09
   days on market $164,900 Active 102 DOM
10. 2026-06-08
    days on market $164,900 Active 101 DOM
11. 2026-06-07
    days on market $164,900 Active 100 DOM
12. 2026-06-05
    days on market $164,900 Active 97 DOM
13. 2026-06-03
    days on market $164,900 Active 96 DOM
14. 2026-06-02
    days on market $164,900 Active 95 DOM
15. 2026-06-01
    days on market $164,900 Active 94 DOM
16. 2026-05-31
    days on market $164,900 Active 93 DOM
17. 2026-05-30
    days on market $164,900 Active 92 DOM
18. 2026-05-02
    price $164,900 405-char remark

    Show marketing remark (405 chars)

    Don't miss your opportunity to own this 3 bedroom 2 bath home with over 1500 sq ft. The primary bedroom features an ensuite with lots of storage and walk in closet. One level living at its finest with an eat in Kitchen/Dining combo with center island and lots of natural light. Schools and parks within walking distance and Hwy 14 is close enough to make any commute an ease. Schedule your showing today!

19. 2026-03-21
    price $173,000 405-char remark

    Show marketing remark (405 chars)

    Don't miss your opportunity to own this 3 bedroom 2 bath home with over 1500 sq ft. The primary bedroom features an ensuite with lots of storage and walk in closet. One level living at its finest with an eat in Kitchen/Dining combo with center island and lots of natural light. Schools and parks within walking distance and Hwy 14 is close enough to make any commute an ease. Schedule your showing today!

20. 2026-02-28
    listed $180,500 Active 405-char remark

    Show marketing remark (405 chars)

    Don't miss your opportunity to own this 3 bedroom 2 bath home with over 1500 sq ft. The primary bedroom features an ensuite with lots of storage and walk in closet. One level living at its finest with an eat in Kitchen/Dining combo with center island and lots of natural light. Schools and parks within walking distance and Hwy 14 is close enough to make any commute an ease. Schedule your showing today!

21. 2026-02-26
    historical $180,500 405-char remark

    Show marketing remark (405 chars)

    Don't miss your opportunity to own this 3 bedroom 2 bath home with over 1500 sq ft. The primary bedroom features an ensuite with lots of storage and walk in closet. One level living at its finest with an eat in Kitchen/Dining combo with center island and lots of natural light. Schools and parks within walking distance and Hwy 14 is close enough to make any commute an ease. Schedule your showing today!

ⓘ 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: $1,546 · $129/mo
• Projected year-2 tax: $1,696 · $141/mo
• Expected delta: +$150/yr (+$13/mo · 9.7%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $24,064
• − Mortgage interest: −$9,237
• − Property taxes: −$1,546
• − Insurance: −$824
• − Repairs & maintenance: −$1,925
• − Management: −$1,925
• − Depreciation: −$4,797
• Taxable income: $3,809
• Est. tax owed @ 24.0%: −$914
• After-tax cash flow: $5,349/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 · 12 photos

Good 80/100 Cosmetic rehab

This 3-bedroom, 2-bath home is in good condition with modern updates and a well-maintained exterior. It's ready for immediate move-in and would benefit from a fresh coat of paint on the exterior trim.

Value-add opportunities

• Resale Paint exterior trim — Enhances curb appeal
• Rental Clean gutters — Keeps property in good condition

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior trim — Enhances curb appeal ↑
• Rental Clean gutters — Keeps property in good condition ↑

ⓘ 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: 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 — North Mankato

• Score: 80/100
• State rank: #71
• US rank: #1734

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Mankato, MN
• Population (ZIP): 15,319

Population outlook (Nicollet County) Hauer SSP2

• Today (2025): 34,373 people
• By 2030: 34,666 · +0.9%
• By 2040: 34,616 · +0.7%
• By 2050: 34,340 · -0.1%
• By 2075: 33,171 · -3.5%
• By 2100: 31,949 · -7.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 7% Hispanic / Latino 5% Black 2% Asian 2%
• Common ancestry: Portuguese 14% Italian 4% Scottish 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 96% English-only · Spanish 1% Other Indo-European 1%

Political lean MEDSL · Nicollet

• 2024 margin: Toss-up / Even · D 48.8% · R 49.3% · Other 1.9%
• 2008→2024 swing: -11.0pp toward R · 2008: 10.5pp · 2024: -0.5pp
• All cycles: 2024: R+0.5 2020: D+3.2 2016: R+3.1 2012: D+7.9 2008: D+10.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -138.37%
• Current HPI: 165.5673
• 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

-8.6% since first listed

4 events — show timeline

• 2026-05-02 Price Changed $164,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-21 Price Changed $173,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-28 Listed $180,500 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-26 Coming Soon $180,500 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+11.9%/yr

Latest (2025): $1,546 · +3.5% YoY. Source: county tax records.