902 N 5th St · Mankato, MN 56001

$164,900

3 bd · 1.0 ba · 1,029 sqft · SingleFamily public records · 30 Days on market

Built 1876 3,049 sqft lot Est $176k · 6% under

---

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 +18.8/30.0
• ARV discount +10.3/15.0
• DSCR +5.9/10.0
• Rent growth +4.6/5.0
• Schools +4.4/10.0
• 1% rule +4.3/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

3 bedroom 2 story with a rental license. New furnace and central air in 2000. Electrical was updated to 200 amp in 1994. Maintenance free exterior. Zoned commercial, could be used for business.

Key facts

• Off street parking
• Solid rental history
• Rental license

Tags

• RENTAL LICENSE
• SOLID RENTAL HISTORY
• MAINTENANCE FREE SIDING
• OFF STREET PARKING

Property features AI

Exterior

• Parking: Asphalt parking
• Utilities: Public water; Public sewer
• Home design: Multi-family residential income property; Vinyl siding
• Construction: Asphalt roof
• Exterior features: Front porch; Corner lot; Publicly maintained road

Interior

• Heating & cooling: Natural gas heating with forced air; Central air conditioning
• Interior features: Full unfinished basement; Central air

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $165 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $154k (6.7% below list).
• Recommended offer: $154k (6.7% below list) — sets the bar for 1% rule.
• Cap rate 7.5% vs local median 3.4% in 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 77/100 on livability (#133 in MN, #2,970 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: crime C-, amenities C-, 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: Rents rising fast (+8.6%/yr); 359 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 269 units permitted in Blue Earth County in 2024 (154 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.
• Blue Earth County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $46k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($162k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 22y 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.

Risks & watch-outs

• Watch-outs: built in 1876 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $153,826 (6.7% below list)

Questions for the listing agent

1. Built in 1876 — 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. 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?
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: 0.93% ✗
• Cap rate: 7.49%
• Cash-on-cash: 4.28%
• DSCR: 1.19
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $175,959
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
808 N 4th St	0.11mi	3/1.0	1,142 (+11%)	9mo	$167,700	$147	70
940 Marsh St	0.59mi	2/1.0 (-1)	1,025 (-0%)	14mo	$229,900	$224	55
1317 N 7th St	0.37mi	3/1.0	1,144 (+11%)	23mo	$195,900	$171	45
311 Thompson St	0.41mi	2/1.0 (-1)	880 (-14%)	13mo	$177,400	$202	41
1210 N 7th St	0.27mi	2/1.0 (-1)	894 (-13%)	24mo	$100,000	$112	40
230 N 6th St	0.50mi	3/1.0	1,161 (+13%)	19mo	$160,000	$138	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -4.5%
• Equity multiple: 0.82×
• Total profit: $-8,140
• Equity at exit: $24,587

10-year hold

• IRR: 10.0%
• Equity multiple: 1.94×
• Total profit: $43,283
• 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 56001

• Rents YoY: 8.6%
• Active inventory: 359
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,538 high
• Mortgage (P&I): −$865
• Tax from tax record: −$117 /mo · $1,406/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$323
• Net cashflow: $165

Break-even live

Break-even rent $1,330

Max offer price $164,900

Occupancy floor 84%

Sensitivity live

Price	-10% $258	-5% $211	+0% $165	+5% $118	+10% $71
Rent	-10% $43	-5% $104	+0% $165	+5% $225	+10% $286
Rate	-1.0pp $248	-0.5pp $207	base $165	+0.5pp $122	+1.0pp $78

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 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
320 E Lafayette St Mankato, MN	2.0	1.0	1122	$1,545	$1.38	45d	1	0.11mi
405 N 5th St Mankato, MN	1.0–3.0	1.0–2.0	780	$1,600	$2.05	45d	16	0.41mi
614 N Riverfront Dr Unit 624 1/2 Mankato, MN	2.0	1.0	900	$1,000	$1.11	45d	1	0.41mi
120 Knollcrest Dr Mankato, MN	2.0	1.0	897	$1,020	$1.14	45d	4	0.43mi
325 E Washington St Unit 3 Mankato, MN	2.0	1.0	795	$1,025	$1.29	45d	1	0.45mi
1050 Marsh St Unit 326 Van Tol Mankato, MN	3.0	2.0	1461	$2,360	$1.62	45d	1	0.60mi
235 Belgrade Ave Unit 201 North Mankato, MN	2.0	1.0	900	$1,550	$1.72	45d	1	0.86mi
101 Glenwood Ave Mankato, MN	2.0–3.0	1.0	1075	$1,330	$1.24	45d	8	1.08mi
1111 Range St Unit 128 North Mankato, MN	2.0	2.0	960	$1,545	$1.61	45d	1	1.16mi
200 Briargate Rd Mankato, MN	1.0–3.0	1.0–3.0	912	$1,799	$1.97	45d	32	1.42mi
1247 Range St Unit 116 Mankato, MN	2.0	1.0	1115	$1,500	$1.35	45d	1	1.45mi

Listing history 23 events

1. 2026-06-21
   days on market $164,900 Active 30 DOM
2. 2026-06-19
   days on market $164,900 Active 28 DOM
3. 2026-06-18
   days on market $164,900 Active 27 DOM
4. 2026-06-17
   days on market $164,900 Active 26 DOM
5. 2026-06-16
   days on market $164,900 Active 25 DOM
6. 2026-06-15
   days on market $164,900 Active 24 DOM
7. 2026-06-14
   days on market $164,900 Active 22 DOM
8. 2026-06-13
   days on market $164,900 Active 21 DOM
9. 2026-06-10
   days on market $164,900 Active 19 DOM
10. 2026-06-09
    days on market $164,900 Active 18 DOM
11. 2026-06-08
    days on market $164,900 Active 17 DOM
12. 2026-06-07
    days on market $164,900 Active 16 DOM
13. 2026-06-05
    days on market $164,900 Active 13 DOM
14. 2026-06-03
    days on market $164,900 Active 12 DOM
15. 2026-06-02
    days on market $164,900 Active 11 DOM
16. 2026-06-01
    days on market $164,900 Active 10 DOM
17. 2026-05-31
    days on market $164,900 Active 9 DOM
18. 2026-05-30
    days on market $164,900 Active 8 DOM
19. 2026-05-22
    listed $164,900 Active
20. 2004-12-02
    soldstatus $230,000
21. 2004-11-30
    soldstatus $89,900 193-char remark

    Show marketing remark (193 chars)

    3 bedroom 2 story with a rental license. New furnace and central air in 2000. Electrical was updated to 200 amp in 1994. Maintenance free exterior. Zoned commercial, could be used for business.

22. 2004-10-19
    historical 193-char remark

    Show marketing remark (193 chars)

    3 bedroom 2 story with a rental license. New furnace and central air in 2000. Electrical was updated to 200 amp in 1994. Maintenance free exterior. Zoned commercial, could be used for business.

23. 2004-10-13
    listed $89,900 193-char remark

    Show marketing remark (193 chars)

    3 bedroom 2 story with a rental license. New furnace and central air in 2000. Electrical was updated to 200 amp in 1994. Maintenance free exterior. Zoned commercial, could be used for business.

ⓘ 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: $1,406 · $117/mo
• Projected year-2 tax: $1,626 · $136/mo
• Expected delta: +$220/yr (+$18/mo · 15.7%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°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: $18,459
• − Mortgage interest: −$9,237
• − Property taxes: −$1,406
• − Insurance: −$824
• − Repairs & maintenance: −$1,477
• − Management: −$1,477
• − Depreciation: −$4,797
• Taxable loss: −$759
• Est. tax savings @ 24.0%: +$182
• After-tax cash flow: $2,157/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: 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 — Mankato

• Score: 77/100
• State rank: #133
• US rank: #2970

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mankato, MN
• County: Blue Earth County · 51,585 people
• City population: 51,585
• Metro: Mankato, MN
• Population (ZIP): 51,585
• Household income: $69,531
• Rent vs Own: 45.9% rent · 54.1% own
• Severe rent burden: 2394.0

Population outlook (Blue Earth County) Hauer SSP2

• Today (2025): 70,208 people
• By 2030: 72,708 · +3.6%
• By 2040: 77,481 · +10.4%
• By 2050: 82,842 · +18.0%
• By 2075: 99,990 · +42.4%
• By 2100: 116,795 · +66.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Black 6% Hispanic / Latino 5% Two or more races 4% Asian 3%
• Common ancestry: Portuguese 11% Lithuanian 3% Romanian 3%
• Foreign-born: 8% · Canada, Vietnam, South Korea
• Languages at home: 90% English-only · Spanish 3% Other Indo-European 1% Vietnamese 1%

Political lean MEDSL · Blue Earth

• 2024 margin: Toss-up / Even · D 48.3% · R 49.5% · Other 2.1%
• 2008→2024 swing: -14.2pp toward R · 2008: 12.9pp · 2024: -1.2pp
• All cycles: 2024: R+1.2 2020: D+4.4 2016: R+3.7 2012: D+9.5 2008: D+12.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -192.46%
• Current HPI: 189.8485
• Rent YoY: ▲ 8.55%
• Metro: Mankato, 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

+83.4% since first listed

5 events — show timeline

• 2026-05-22 Listed $164,900 RASM
• 2004-12-02 Sold (Public Records) $230,000 Public Records
• 2004-11-30 Sold (MLS) $89,900 NORTHSTARMLS as Distributed by MLS Grid
• 2004-10-19 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2004-10-13 Listed $89,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+2.5%/yr

Latest (2025): $1,406 · +0.1% YoY. Source: county tax records.