30592 179th St · Erie, MN 56501

$264,500

3 bd · 1.0 ba · 1,200 sqft · SingleFamily public records · 28 Days on market

Built 1953 0.97 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 +29.0/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• Schools +4.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Country living with room to grow! This charming 3-bedroom, 1-bath home sits on a beautiful . 97-acre lot offering the perfect combination of privacy, space, and functionality. Inside, you’ll love the beautiful hardwood floors along with numerous updates including a newer furnace, windows, and appliances — making this home move-in ready and easy to enjoy. Outside, you’ll find the ultimate setup for hobbies, storage, or a home business — including a spacious 24x40 insulated Foltz building, a 12x16 insulated steel building, and an additional storage shed for all your tools, toys, and equipment. Whether you need workshop space, extra storage, or room for recreational veh

Key facts

• Insulated building
• Workshop space
• Newer furnace

Tags

• HARDWOOD FLOORS
• NEWER FURNACE
• INSULATED BUILDING
• STORAGE SHED
• WORKSHOP SPACE
• YARD SPACE

Property features AI

Exterior

• Parking: 2-car garage (24 x 40)
• Utilities: Well water; Private sewer; Propane fuel
• Home design: Residential property; One level; Entry level living
• Construction: Built on block foundation; Asphalt roof; Other structures: Pole building, storage shed
• Exterior features: Log exterior; Deck; Patio; Heavy tree coverage

Interior

• Kitchen: Microwave; Range; Refrigerator
• Bedrooms: 3 bedrooms on one level
• Bathrooms: Main-floor full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Gas fireplace; Eat-in kitchen; Full basement
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $264k.

Deal economics

• At list price, monthly cash flow is $905 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $264k).
• Recommended offer: $261k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• 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: 301 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 $2k of loan paydown is wiped out by about $8k 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 $74k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($261k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $260,532 (1.5% below list)

Questions for the listing agent

1. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.21% ✓
• Cap rate: 10.40%
• Cash-on-cash: 14.66%
• DSCR: 1.65
• GRM: 6.9

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: 5.1%
• Equity multiple: 1.20×
• Total profit: $14,706
• Equity at exit: $39,438

10-year hold

• IRR: 14.5%
• Equity multiple: 2.17×
• Total profit: $86,713
• Equity at exit: $22,869

Cash invested: $74,060 (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: 301
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $3,199 medium
• Mortgage (P&I): −$1,387
• Tax from tax record: −$124 /mo · $1,494/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$672
• Net cashflow: $905

Break-even live

Break-even rent $2,053

Max offer price $264,500

Occupancy floor 67%

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: $66,125
• Closing costs: $7,935
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $264,500 Active 28 DOM
2. 2026-06-17
   days on market $264,500 Active 27 DOM
3. 2026-06-16
   days on market $264,500 Active 26 DOM
4. 2026-06-15
   days on market $264,500 Active 25 DOM
5. 2026-06-13
   days on market $264,500 Active 23 DOM
6. 2026-06-12
   days on market $264,500 Active 22 DOM
7. 2026-06-09
   days on market $264,500 Active 19 DOM
8. 2026-06-08
   days on market $264,500 Active 18 DOM
9. 2026-06-07
   days on market $264,500 Active 17 DOM
10. 2026-06-07
    days on market $264,500 Active 16 DOM
11. 2026-06-04
    pricedays on market $264,500 Active 13 DOM
12. 2026-06-02
    days on market $274,500 Active 12 DOM
13. 2026-06-01
    days on market $274,500 Active 11 DOM
14. 2026-05-31
    days on market $274,500 Active 10 DOM
15. 2026-05-31
    days on market $274,500 Active 9 DOM
16. 2025-05-21
    listed $274,500 Active

ⓘ 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: $1,494 · $124/mo
• Projected year-2 tax: $2,228 · $186/mo
• Expected delta: +$734/yr (+$61/mo · 49.1%)

ⓘ 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 5/10 Major
• 🌡 Heat 1/10 Low 7 d/yr ≥94°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: $38,382
• − Mortgage interest: −$14,816
• − Property taxes: −$1,494
• − Insurance: −$1,322
• − Repairs & maintenance: −$3,071
• − Management: −$3,071
• − Depreciation: −$7,695
• Taxable income: $6,914
• Est. tax owed @ 24.0%: −$1,659
• After-tax cash flow: $9,201/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 — Erie

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• 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

1 event — show timeline

• 2025-05-21 Listed $274,500 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+6.2%/yr

Latest (2025): $1,494 · +4.6% YoY. Source: county tax records.