505 Peony St SE · Rochester, MN 55904

$245,000

3 bd · 2.0 ba · 1,560 sqft · Manufactured public records · 27 Days on market

Built 2005 6,054 sqft lot $157/sqft · 30% below area Est $348k · 30% under $100/mo HOA · 4% of rent

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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 +19.3/30.0
• ARV discount +15.0/15.0
• DSCR +6.1/10.0
• 1% rule +5.3/10.0
• Livability +4.6/5.0
• Schools +4.1/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable 3 bedroom 2 bathroom 2 car attached garage manufactured home located in The Gardens Community of SE. The home features a master bedroom with a spacious ensuite bathroom. The living room has a rough in for a wood burning fireplace, a separate sitting area and a patio door that opens to the backyard. The kitchen has newer stainless steel appliances, an island and a separate dining area. Great home with the convenience of everything on one level!

Key facts

• 6,054 sq ft lot
• 2 garage spots
• Built 2005

Property features AI

Finance

• HOA & community: Homeowners association managed by Matik Management; HOA fee $100 monthly; HOA covers professional management and recreation facility; Shared clubhouse and community room

Exterior

• Parking: Attached garage with garage door opener; 2-car garage
• Utilities: City water connected; City sewer connected; Natural gas; 100 amp electrical service with circuit breakers
• Home design: Residential property; One level; Main floor entry
• Construction: Asphalt roof (age over 8 years); Pillar/post/pier foundation; Built with vinyl siding
• Exterior features: Vinyl exterior; Private road frontage; Association-maintained road; Irregular lot shape

Interior

• Kitchen: Kitchen center island; Kitchen window; Dishwasher; Microwave; Range; Refrigerator; Stainless steel appliances
• Bedrooms: 3 bedrooms (main level primary)
• Flooring: Tile floors
• Bathrooms: 2 full bathrooms; Two primary baths; Primary en suite with private and walk-through configurations; Main floor full bath
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Ceiling fans; Vaulted ceilings; Tile floors; Water softener owned; Water osmosis system; All living facilities on one level; Main floor primary bedroom; Main floor bedroom; Primary bedroom suite; Primary bedroom walk-in closet; Walk-in closet; Eat-in kitchen; Kitchen/dining room; Separate/formal dining room
• Laundry & utility: Main level laundry room; Washer/dryer hookup; Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $245k.

Deal economics

• At list price, monthly cash flow is $268 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $245k).
• Recommended offer: $241k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 3.5% in Rochester — 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 92/100 on livability (#1 in MN, #27 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+.
• Rochester Public School District (urban): math 40% / reading 51% proficiency, ranked #152 of 301 in MN (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bamber Valley Elementary (math 48% / reading 53%, grade D+, #412 of 857 statewide, top 48%, 633 students, 26% FRL); Mayo Senior High (math 42% / reading 65%, grade C-, #104 of 471 statewide, top 22%, 1,862 students, 31% FRL) — zoned schools at 28% FRL track the district average.
• Market conditions: Rents rising (+2.1%/yr); 149 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,267 units permitted in Olmsted County in 2024 (915 in 5+ unit buildings).
• This rent runs 39% of the median local income ($77k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Olmsted County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($241k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 20y 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.

Recommended offer $241,325 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.03% ✓
• Cap rate: 7.61%
• Cash-on-cash: 4.69%
• DSCR: 1.21
• GRM: 8.1

CMA / ARV

• ARV (median comp): $347,654
• List price: $245,000
• Delta: -29.53%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.1% rent growth · sell at horizon

5-year hold

• IRR: -10.0%
• Equity multiple: 0.64×
• Total profit: $-24,828
• Equity at exit: $36,530

10-year hold

• IRR: -1.9%
• Equity multiple: 0.88×
• Total profit: $-8,507
• Equity at exit: $21,183

Cash invested: $68,600 (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 55904

• Rents YoY: 2.1%
• Active inventory: 149
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $2,513 medium
• Mortgage (P&I): −$1,285
• Tax from tax record: −$230 /mo · $2,760/yr
• Insurance: −$102
• HOA: −$100
• Vacancy / Maint / Mgmt: −$528
• Net cashflow: $268

Break-even live

Break-even rent $2,173

Max offer price $245,000

Occupancy floor 84%

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
350 Boulder Rd SE Rochester, MN	1.0–3.0	1.0–2.5	1181	$2,594	$2.20	13d	1	0.16mi
4850 Maine Ave SE Rochester, MN	3.0	1.0–2.0	1039	$3,284	$3.16	13d	28	0.65mi
3960 Willow Heights Dr SW Rochester, MN	3.0	1.0	1734	$1,700	$0.98	43d	1	0.85mi
3714 10th Ave SW Rochester, MN	3.0	2.0	1783	$2,250	$1.26	13d	1	1.33mi

HOA detail

• Monthly dues: $100 · $1,200/yr

Listing history 27 events

1. 2026-05-07
   historical Contingent - Inspection 1216-char remark
2. 2026-05-01
   listed $245,000 Active 1216-char remark
3. 2026-04-24
   historical $245,000 1216-char remark
4. 2024-06-13
   soldstatus $225,000
5. 2024-06-04
   soldstatus $225,000 Sold 458-char remark

   Show marketing remark (458 chars)

   Affordable 3 bedroom 2 bathroom 2 car attached garage manufactured home located in The Gardens Community of SE. The home features a master bedroom with a spacious ensuite bathroom. The living room has a rough in for a wood burning fireplace, a separate sitting area and a patio door that opens to the backyard. The kitchen has newer stainless steel appliances, an island and a separate dining area. Great home with the convenience of everything on one level!

6. 2024-04-12
   status Pending 458-char remark

   Show marketing remark (458 chars)

   Affordable 3 bedroom 2 bathroom 2 car attached garage manufactured home located in The Gardens Community of SE. The home features a master bedroom with a spacious ensuite bathroom. The living room has a rough in for a wood burning fireplace, a separate sitting area and a patio door that opens to the backyard. The kitchen has newer stainless steel appliances, an island and a separate dining area. Great home with the convenience of everything on one level!

7. 2024-04-03
   historical Contingent - Inspection 458-char remark

   Show marketing remark (458 chars)

   Affordable 3 bedroom 2 bathroom 2 car attached garage manufactured home located in The Gardens Community of SE. The home features a master bedroom with a spacious ensuite bathroom. The living room has a rough in for a wood burning fireplace, a separate sitting area and a patio door that opens to the backyard. The kitchen has newer stainless steel appliances, an island and a separate dining area. Great home with the convenience of everything on one level!

8. 2024-03-04
   listed $230,000 Active 458-char remark

   Show marketing remark (458 chars)

   Affordable 3 bedroom 2 bathroom 2 car attached garage manufactured home located in The Gardens Community of SE. The home features a master bedroom with a spacious ensuite bathroom. The living room has a rough in for a wood burning fireplace, a separate sitting area and a patio door that opens to the backyard. The kitchen has newer stainless steel appliances, an island and a separate dining area. Great home with the convenience of everything on one level!

9. 2023-05-18
   soldstatus $200,000
10. 2019-11-14
    soldstatus $105,000
11. 2018-12-11
    historical

    Show marketing remark (181 chars)

    Large 3 bedroom 2 bath home with extra storage, vaulted ceiling, new carpet, roof 2 years old. 2 car garage included. Schools Rochester or Stewartville. This is a manufactured home.

12. 2013-08-19
    soldstatus $110,000

    Show marketing remark (181 chars)

    Large 3 bedroom 2 bath home with extra storage, vaulted ceiling, new carpet, roof 2 years old. 2 car garage included. Schools Rochester or Stewartville. This is a manufactured home.

13. 2013-08-19
    soldstatus $110,000

    Show marketing remark (181 chars)

    Large 3 bedroom 2 bath home with extra storage, vaulted ceiling, new carpet, roof 2 years old. 2 car garage included. Schools Rochester or Stewartville. This is a manufactured home.

14. 2013-05-30
    listed $110,000

    Show marketing remark (181 chars)

    Large 3 bedroom 2 bath home with extra storage, vaulted ceiling, new carpet, roof 2 years old. 2 car garage included. Schools Rochester or Stewartville. This is a manufactured home.

15. 2013-05-30
    listed $110,000

    Show marketing remark (181 chars)

    Large 3 bedroom 2 bath home with extra storage, vaulted ceiling, new carpet, roof 2 years old. 2 car garage included. Schools Rochester or Stewartville. This is a manufactured home.

16. 2010-06-03
    soldstatus $87,000
17. 2010-05-25
    soldstatus $87,000
18. 2010-05-25
    soldstatus $87,000
19. 2010-03-03
    historical
20. 2009-04-06
    listed $79,900
21. 2009-04-05
    historical
22. 2008-04-05
    listed $115,000
23. 2008-03-31
    listed $79,900
24. 2007-05-22
    soldstatus $35,000
25. 2007-05-04
    soldstatus $120,000
26. 2007-04-16
    historical
27. 2006-11-04
    listed $122,500

ⓘ 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: $2,760 · $230/mo
• Projected year-2 tax: $2,760 · $230/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥97°F today · 16 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: $30,152
• − Mortgage interest: −$13,724
• − Property taxes: −$2,760
• − Insurance: −$1,225
• − Repairs & maintenance: −$2,412
• − Management: −$2,412
• − HOA: −$1,200
• − Depreciation: −$7,127
• Taxable loss: −$709
• Est. tax savings @ 24.0%: +$170
• After-tax cash flow: $3,387/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: Rochester Public School District
• NCES district ID: 2731800
• Math proficiency: 40% ▼ -10.00%
• Reading proficiency: 51% ▼ -4.00%
• Median HH income: $66,540
• Composite: 40.6/100
• National rank: #3695
• State rank: #152 of 301 in MN

Livability — Rochester

• Score: 92/100
• State rank: #1
• US rank: #27

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rochester, MN
• County: Olmsted County · 135,035 people
• City population: 135,035
• Metro: Rochester, MN
• Population (ZIP): 29,639
• Household income: $77,016
• Rent vs Own: 35.7% rent · 64.3% own
• Severe rent burden: 864.0

Population outlook (Olmsted County) Hauer SSP2

• Today (2025): 165,999 people
• By 2030: 172,425 · +3.9%
• By 2040: 183,785 · +10.7%
• By 2050: 192,981 · +16.3%
• By 2075: 215,284 · +29.7%
• By 2100: 224,887 · +35.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Black 10% Hispanic / Latino 8% Two or more races 5% Asian 3%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 11% Lithuanian 2% Italian 2%
• Foreign-born: 11% · Canada, China, Vietnam
• Languages at home: 84% English-only · Spanish 5% Other Asian/Pacific 3% Arabic 2%

Political lean MEDSL · Olmsted

• 2024 margin: D (+10.7) · D 54.3% · R 43.6% · Other 2.1%
• 2008→2024 swing: +7.4pp toward D · 2008: 3.3pp · 2024: 10.7pp
• All cycles: 2024: D+10.7 2020: D+10.7 2016: D+0.8 2012: D+3.2 2008: D+3.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -161.04%
• Current HPI: 267.168
• Rent YoY: ▲ 2.10%
• Metro: Rochester, MN
• 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

+100.0% since first listed

28 events — show timeline

• 2026-05-27 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-07 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-01 Listed $245,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-24 Coming Soon $245,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-06-13 Sold (Public Records) $225,000 Public Records
• 2024-06-04 Sold (MLS) $225,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-04-12 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2024-04-03 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2024-03-04 Listed $230,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-05-18 Sold (Public Records) $200,000 Public Records
• 2019-11-14 Sold (Public Records) $105,000 Public Records
• 2018-12-11 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2013-08-19 Sold (MLS) $110,000 NORTHSTARMLS as Distributed by MLS Grid
• 2013-08-19 Sold (MLS) $110,000 NORTHSTARMLS as Distributed by MLS Grid
• 2013-05-30 Listed $110,000 NORTHSTARMLS as Distributed by MLS Grid
• 2013-05-30 Listed $110,000 NORTHSTARMLS as Distributed by MLS Grid
• 2010-06-03 Sold (Public Records) $87,000 Public Records
• 2010-05-25 Sold (MLS) $87,000 NORTHSTARMLS as Distributed by MLS Grid
• 2010-05-25 Sold (MLS) $87,000 NORTHSTARMLS as Distributed by MLS Grid
• 2010-03-03 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2009-04-06 Listed $79,900 NORTHSTARMLS as Distributed by MLS Grid
• 2009-04-05 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2008-04-05 Listed $115,000 NORTHSTARMLS as Distributed by MLS Grid
• 2008-03-31 Listed $79,900 NORTHSTARMLS as Distributed by MLS Grid
• 2007-05-22 Sold (Public Records) $35,000 Public Records
• 2007-05-04 Sold (MLS) $120,000 NORTHSTARMLS as Distributed by MLS Grid
• 2007-04-16 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2006-11-04 Listed $122,500 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+11.2%/yr

Latest (2025): $2,760 · +6.5% YoY. Source: county tax records.