315 Park Lake Blvd #302 · Detroit Lakes, MN 56501

$177,000

4 bd · 2.0 ba · 540 sqft · SingleFamily public records · 180 Days on market

Built 1972 871 sqft 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Detroit Lake Condo!! Resort Style living, lake access, beach and fantastic location. This furnished, spacious studio with numerous updates and upgrades, a full bath and 3 season porch overlooking the outdoor pool. The association has an outdoor pool, indoor pool, sauna and sandy Detroit Lake frontage. Walking distance to park, pavilion, city beach and many restaurants. Condo is situated close to the elevator and laundry room. HOA fees include heat, water, sewer, garbage, lawn care, pool maintenance, snow removal and building insurance.

Key facts

• Outdoor pool
• 3 season porch
• Lake access

Tags

• LAKE ACCESS
• 3 SEASON PORCH
• OUTDOOR POOL
• INDOOR POOL
• SANDY DETROIT LAKE FRONTAGE
• WALKING DISTANCE TO PARK

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $177k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $177k).
• Recommended offer: $156k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.6% vs local median 4.7% in Detroit Lakes — 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 (#78 in MN, #1,847 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, cost of living A; Watch: amenities F, commute F.
• 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: 307 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 $1k of loan paydown is wiped out by about $5k 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 $50k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 180 days — a 12% lower offer ($156k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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.
• Current owner paid $70k; list at $177k implies a 153% gain — meaningful room to come down on a strong offer.

Recommended offer $155,760 (12.0% below list)

Questions for the listing agent

1. It's been on market 180 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
7. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
8. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
9. 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.
10. 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.
11. 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: 1.89% ✓
• Cap rate: 16.58%
• Cash-on-cash: 36.73%
• DSCR: 2.63
• GRM: 4.4

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: 32.6%
• Equity multiple: 2.37×
• Total profit: $67,921
• Equity at exit: $26,391

10-year hold

• IRR: 39.6%
• Equity multiple: 4.70×
• Total profit: $183,510
• Equity at exit: $15,304

Cash invested: $49,560 (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: 307
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $3,345 medium
• Mortgage (P&I): −$928
• Tax from tax record: −$124 /mo · $1,486/yr
• Insurance: −$74
• HOA: −$0
• Vacancy / Maint / Mgmt: −$702
• Net cashflow: $1,517

Break-even live

Break-even rent $1,425

Max offer price $177,000

Occupancy floor 50%

Sensitivity live

Price	-10% $1,617	-5% $1,567	+0% $1,517	+5% $1,467	+10% $1,417
Rent	-10% $1,253	-5% $1,385	+0% $1,517	+5% $1,649	+10% $1,781
Rate	-1.0pp $1,606	-0.5pp $1,562	base $1,517	+0.5pp $1,471	+1.0pp $1,424

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: $44,250
• Closing costs: $5,310
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2025-11-25
   listed $177,000 Active 541-char remark

   Show marketing remark (541 chars)

   Detroit Lake Condo!! Resort Style living, lake access, beach and fantastic location. This furnished, spacious studio with numerous updates and upgrades, a full bath and 3 season porch overlooking the outdoor pool. The association has an outdoor pool, indoor pool, sauna and sandy Detroit Lake frontage. Walking distance to park, pavilion, city beach and many restaurants. Condo is situated close to the elevator and laundry room. HOA fees include heat, water, sewer, garbage, lawn care, pool maintenance, snow removal and building insurance.

2. 2022-04-26
   historical
3. 2021-10-26
   listed $145,000
4. 2008-12-15
   soldstatus $70,000
5. 1996-09-27
   soldstatus $24,000

ⓘ 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: $1,486 · $124/mo
• Projected year-2 tax: $1,734 · $145/mo
• Expected delta: +$248/yr (+$21/mo · 16.7%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥96°F today · 11 d/yr by 30 yrs out
• 💨 Wind 1/10 Low

Taxation est. · year 1

• Rental income: $40,142
• − Mortgage interest: −$9,915
• − Property taxes: −$1,486
• − Insurance: −$885
• − Repairs & maintenance: −$3,211
• − Management: −$3,211
• − Depreciation: −$5,149
• Taxable income: $16,285
• Est. tax owed @ 24.0%: −$3,908
• After-tax cash flow: $14,295/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 — Detroit Lakes

• Score: 80/100
• State rank: #78
• US rank: #1847

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Detroit Lakes, MN
• City population: 18,239
• 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

+637.5% since first listed

5 events — show timeline

• 2025-11-25 Listed $177,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-04-26 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2021-10-26 Listed $145,000 NORTHSTARMLS as Distributed by MLS Grid
• 2008-12-15 Sold (Public Records) $70,000 Public Records
• 1996-09-27 Sold (Public Records) $24,000 Public Records

Property tax history

+41.6%/yr

Latest (2025): $1,486 · +9.7% YoY. Source: county tax records.