1291 Highland Dr · Detroit Lakes, MN 56501

$220,000

2 bd · 1.5 ba · 1,068 sqft · Condo public records · 22 Days on market

Built 1978 Good condition $200/mo HOA · 6% of rent

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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
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• 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

Top-notch remodeled condos, OWN don't rent! Call now to check out these beautiful 2 bedroom, 2 bath condo's located in quiet area with quick access to Detroit Lake, down town, Hwy 34 and Hwy 10. Tons of yard space and the new bike bath runs right by. 2-car oversized garage included.

Key facts

• In-unit laundry
• Central a/c
• Stunning kitchen

Tags

• STUNNING KITCHEN
• STAINLESS STEEL APPLIANCES
• IN-UNIT LAUNDRY
• MAINTENANCE-FREE SIDING
• NATURAL GAS FORCED AIR HEAT
• CENTRAL A/C

Property features AI

Finance

• Other: Has additional parcel(s)
• HOA & community: Homeowners association with $200 monthly fee; HOA covers hazard insurance, lawn care, and snow removal; Association contact: Dean Hermanson

Exterior

• Parking: 2-car garage; Garage with opener; Asphalt and concrete surfaces
• Utilities: City water (connected); Shared water system; Well; City sewer (connected); Natural gas
• Home design: Attached residential property; One story; Entry level: Main
• Construction: Block foundation
• Exterior features: Irregular lot; Shared driveway; Lawn care and snow removal included in association

Interior

• Kitchen: Range; Microwave; Dishwasher; Refrigerator
• Bedrooms: 2 bedrooms on the main level (9x11 and 11x13)
• Bathrooms: One full bath on the main level; One half bath on the main level
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Ceiling fan(s); Egress window(s)
• Laundry & utility: In-unit laundry with washer and dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $220k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $838 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• Recommended offer: $217k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.9% 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 $2k of loan paydown is wiped out by about $7k 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 $62k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($217k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 7y 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

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $216,700 (1.5% below list)

Questions for the listing agent

1. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. 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.
7. 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.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.43% ✓
• Cap rate: 10.86%
• Cash-on-cash: 16.32%
• DSCR: 1.73
• GRM: 5.8

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: 7.4%
• Equity multiple: 1.29×
• Total profit: $17,841
• Equity at exit: $32,803

10-year hold

• IRR: 16.7%
• Equity multiple: 2.38×
• Total profit: $84,768
• Equity at exit: $19,022

Cash invested: $61,600 (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 56501

• Active inventory: 307
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $3,151 medium
• Mortgage (P&I): −$1,154
• Tax from tax record: −$206 /mo · $2,472/yr
• Insurance: −$92
• HOA: −$200
• Vacancy / Maint / Mgmt: −$662
• Net cashflow: $838

Break-even live

Break-even rent $2,090

Max offer price $220,000

Occupancy floor 68%

Sensitivity live

Price	-10% $962	-5% $900	+0% $838	+5% $776	+10% $713
Rent	-10% $589	-5% $713	+0% $838	+5% $962	+10% $1,087
Rate	-1.0pp $949	-0.5pp $894	base $838	+0.5pp $781	+1.0pp $723

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $200 · $2,400/yr
• Likely covers: parking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-05-15
   historical Contingent - Inspection 761-char remark
2. 2026-04-27
   listed $220,000 Active 761-char remark
3. 2026-01-01
   historical
4. 2025-11-01
   price $215,000
5. 2025-10-24
   listed $220,000 Active
6. 2022-02-23
   soldstatus $195,000
7. 2022-02-22
   soldstatus $195,000

   Show marketing remark (283 chars)

   Top-notch remodeled condos, OWN don't rent! Call now to check out these beautiful 2 bedroom, 2 bath condo's located in quiet area with quick access to Detroit Lake, down town, Hwy 34 and Hwy 10. Tons of yard space and the new bike bath runs right by. 2-car oversized garage included.

8. 2020-08-27
   listed $197,900

   Show marketing remark (283 chars)

   Top-notch remodeled condos, OWN don't rent! Call now to check out these beautiful 2 bedroom, 2 bath condo's located in quiet area with quick access to Detroit Lake, down town, Hwy 34 and Hwy 10. Tons of yard space and the new bike bath runs right by. 2-car oversized garage included.

9. 2020-07-13
   historical
10. 2019-08-30
    listed $199,900

ⓘ 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: $2,472 · $206/mo
• Projected year-2 tax: $2,472 · $206/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 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 1/10 Low 7 d/yr ≥96°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: $37,811
• − Mortgage interest: −$12,323
• − Property taxes: −$2,472
• − Insurance: −$1,100
• − Repairs & maintenance: −$3,025
• − Management: −$3,025
• − HOA: −$2,400
• − Depreciation: −$6,400
• Taxable income: $7,066
• Est. tax owed @ 24.0%: −$1,696
• After-tax cash flow: $8,358/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 move-in ready townhouse in Detroit Lakes, MN, offers a fresh and stylish living space with modern amenities and a spacious 2-stall garage. The home is in good condition with minimal maintenance required.

Value-add opportunities

• Both Painting the exterior and interior walls — Enhances curb appeal and interior aesthetics
• Both Updating the flooring — Modernizes the space and improves functionality
• Both Upgrading the kitchen appliances — Enhances functionality and appeal
• Both Updating the bathroom fixtures — Enhances functionality and appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Updating the flooring — Modernizes the space and improves functionality ↑
• Both Upgrading the kitchen appliances — Enhances functionality and appeal ↑
• Both Updating the bathroom fixtures — Enhances functionality and appeal ↑

ⓘ 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: 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

+4.1% since first listed

12 events — show timeline

• 2026-06-16 Sold (MLS) $208,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-19 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-15 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-27 Listed $220,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-01 Price Changed $215,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-24 Listed $220,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-02-23 Sold (Public Records) $195,000 Public Records
• 2022-02-22 Sold (MLS) $195,000 NORTHSTARMLS as Distributed by MLS Grid
• 2020-08-27 Listed $197,900 NORTHSTARMLS as Distributed by MLS Grid
• 2020-07-13 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2019-08-30 Listed $199,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+6.8%/yr

Latest (2025): $2,472 · -2.3% YoY. Source: county tax records.