1124 Garnet Blvd · Detroit Lakes, MN 56501

$327,900

3 bd · 2.0 ba · 1,360 sqft · SingleFamily public records · 125 Days on market

Built 1999 0.44 ac lot

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Why this score? — see what drove the D+ 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 +18.2/30.0
• ARV discount +7.5/15.0
• DSCR +5.7/10.0
• 1% rule +4.3/10.0
• 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

Conveniently located in a welcoming community setting, this home offers both comfort and functionality. The inviting front porch leads into a bright, open-concept main level connecting the living, dining, and kitchen areas, complete with a large island and stainless steel appliances. A cozy lower-level family room with a gas fireplace opens to a deck and fully fenced backyard-ideal for relaxing or entertaining. The main floor also includes an updated 4 bath and laundry/mechanical room with a new water heater and softener, along with an attached heated garage offering ample storage. Upstairs you'll find three bedrooms and a full bath, including a spacious primary suite with a walk-in closet, while the 500+ sq ft crawl space provides extra storage and storm shelter. Opportunities like this don't come around often-schedule your showing before it's gone!

Key facts

• Gas fireplace
• Large island
• Deck

Tags

• OPEN-CONCEPT MAIN LEVEL
• LARGE ISLAND
• STAINLESS STEEL APPLIANCES
• LOWER-LEVEL FAMILY ROOM
• GAS FIREPLACE
• DECK

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $328k.

Deal economics

• At list price, monthly cash flow is $296 ($4k/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 $306k (6.6% below list).
• Recommended offer: $289k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.4% 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 $10k 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.

Negotiation context

• It's been on market 125 days — a 12% lower offer ($289k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 7y ago; this cycle's ask has dropped $22k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $288,552 (12.0% below list)

Questions for the listing agent

1. It's been on market 125 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 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: 7.38%
• Cash-on-cash: 3.87%
• DSCR: 1.17
• GRM: 8.9

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: -10.2%
• Equity multiple: 0.63×
• Total profit: $-34,308
• Equity at exit: $48,891

10-year hold

• IRR: -0.9%
• Equity multiple: 0.94×
• Total profit: $-5,752
• Equity at exit: $28,351

Cash invested: $91,812 (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: 8.9×

Monthly cashflow live

• Estimated rent: $3,061 medium
• Mortgage (P&I): −$1,720
• Tax from tax record: −$266 /mo · $3,190/yr
• Insurance: −$137
• HOA: −$0
• Vacancy / Maint / Mgmt: −$643
• Net cashflow: $296

Break-even live

Break-even rent $2,686

Max offer price $327,900

Occupancy floor 85%

Sensitivity live

Price	-10% $482	-5% $389	+0% $296	+5% $203	+10% $111
Rent	-10% $54	-5% $175	+0% $296	+5% $417	+10% $538
Rate	-1.0pp $461	-0.5pp $380	base $296	+0.5pp $211	+1.0pp $125

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: $81,975
• Closing costs: $9,837
• Reserves months: —
• Total cash needed: —

Listing history 37 events

1. 2026-06-21
   days on market $327,900 Active 125 DOM
2. 2026-06-21
   days on market $327,900 Active 124 DOM
3. 2026-06-18
   days on market $327,900 Active 122 DOM
4. 2026-06-17
   days on market $327,900 Active 121 DOM
5. 2026-06-17
   price $327,900 Active 120 DOM
6. 2026-06-16
   days on market $339,900 Active 120 DOM
7. 2026-06-15
   days on market $339,900 Active 119 DOM
8. 2026-06-13
   days on market $339,900 Active 117 DOM
9. 2026-06-12
   days on market $339,900 Active 116 DOM
10. 2026-06-09
    days on market $339,900 Active 113 DOM
11. 2026-06-08
    days on market $339,900 Active 112 DOM
12. 2026-06-07
    days on market $339,900 Active 111 DOM
13. 2026-06-07
    days on market $339,900 Active 110 DOM
14. 2026-06-04
    days on market $339,900 Active 107 DOM
15. 2026-06-02
    days on market $339,900 Active 106 DOM
16. 2026-06-01
    days on market $339,900 Active 105 DOM
17. 2026-05-31
    days on market $339,900 Active 104 DOM
18. 2026-05-31
    days on market $339,900 Active 103 DOM
19. 2026-03-24
    price $339,900 862-char remark

    Show marketing remark (862 chars)

    Conveniently located in a welcoming community setting, this home offers both comfort and functionality. The inviting front porch leads into a bright, open-concept main level connecting the living, dining, and kitchen areas, complete with a large island and stainless steel appliances. A cozy lower-level family room with a gas fireplace opens to a deck and fully fenced backyard-ideal for relaxing or entertaining. The main floor also includes an updated 4 bath and laundry/mechanical room with a new water heater and softener, along with an attached heated garage offering ample storage. Upstairs you'll find three bedrooms and a full bath, including a spacious primary suite with a walk-in closet, while the 500+ sq ft crawl space provides extra storage and storm shelter. Opportunities like this don't come around often-schedule your showing before it's gone!

20. 2026-02-16
    listed $349,900 Active 862-char remark

    Show marketing remark (862 chars)

    Conveniently located in a welcoming community setting, this home offers both comfort and functionality. The inviting front porch leads into a bright, open-concept main level connecting the living, dining, and kitchen areas, complete with a large island and stainless steel appliances. A cozy lower-level family room with a gas fireplace opens to a deck and fully fenced backyard-ideal for relaxing or entertaining. The main floor also includes an updated 4 bath and laundry/mechanical room with a new water heater and softener, along with an attached heated garage offering ample storage. Upstairs you'll find three bedrooms and a full bath, including a spacious primary suite with a walk-in closet, while the 500+ sq ft crawl space provides extra storage and storm shelter. Opportunities like this don't come around often-schedule your showing before it's gone!

21. 2023-11-13
    soldstatus $319,900
22. 2023-11-09
    soldstatus $319,900 Sold 991-char remark

    Show marketing remark (991 chars)

    Located near Detroit Lakes Middle School, Roosevelt Elementary, M-State College, the Boys' and Girls' Club, and a neighborhood soccer field, this property offers convenience and community. From the charming front porch, step inside and be greeted by an open floor plan connecting the living, dining, and kitchen areas. The large kitchen island and stainless steel appliances make it an attractive place for cooking, gathering, and entertaining. Take a step down to a cozy family room with gas fireplace and new flooring, plus a sliding door that leads to a deck and fenced backyard. Ideal for relaxing, playing, and enjoying the outdoors. The main floor also features a recently updated 3/4 bath and a convenient laundry/mechanical room with new water heater and softener. The attached heated garage has ample storage space. Upstairs, discover three bedrooms and a full bath. The primary bedroom boasts a large walk-in closet. The 500+ sq ft crawl space provides a storm shelter and storage.

23. 2023-10-08
    status Pending 991-char remark

    Show marketing remark (991 chars)

    Located near Detroit Lakes Middle School, Roosevelt Elementary, M-State College, the Boys' and Girls' Club, and a neighborhood soccer field, this property offers convenience and community. From the charming front porch, step inside and be greeted by an open floor plan connecting the living, dining, and kitchen areas. The large kitchen island and stainless steel appliances make it an attractive place for cooking, gathering, and entertaining. Take a step down to a cozy family room with gas fireplace and new flooring, plus a sliding door that leads to a deck and fenced backyard. Ideal for relaxing, playing, and enjoying the outdoors. The main floor also features a recently updated 3/4 bath and a convenient laundry/mechanical room with new water heater and softener. The attached heated garage has ample storage space. Upstairs, discover three bedrooms and a full bath. The primary bedroom boasts a large walk-in closet. The 500+ sq ft crawl space provides a storm shelter and storage.

24. 2023-09-26
    price $319,900 991-char remark

    Show marketing remark (991 chars)

    Located near Detroit Lakes Middle School, Roosevelt Elementary, M-State College, the Boys' and Girls' Club, and a neighborhood soccer field, this property offers convenience and community. From the charming front porch, step inside and be greeted by an open floor plan connecting the living, dining, and kitchen areas. The large kitchen island and stainless steel appliances make it an attractive place for cooking, gathering, and entertaining. Take a step down to a cozy family room with gas fireplace and new flooring, plus a sliding door that leads to a deck and fenced backyard. Ideal for relaxing, playing, and enjoying the outdoors. The main floor also features a recently updated 3/4 bath and a convenient laundry/mechanical room with new water heater and softener. The attached heated garage has ample storage space. Upstairs, discover three bedrooms and a full bath. The primary bedroom boasts a large walk-in closet. The 500+ sq ft crawl space provides a storm shelter and storage.

25. 2023-06-29
    listed $325,000 Active 991-char remark

    Show marketing remark (991 chars)

    Located near Detroit Lakes Middle School, Roosevelt Elementary, M-State College, the Boys' and Girls' Club, and a neighborhood soccer field, this property offers convenience and community. From the charming front porch, step inside and be greeted by an open floor plan connecting the living, dining, and kitchen areas. The large kitchen island and stainless steel appliances make it an attractive place for cooking, gathering, and entertaining. Take a step down to a cozy family room with gas fireplace and new flooring, plus a sliding door that leads to a deck and fenced backyard. Ideal for relaxing, playing, and enjoying the outdoors. The main floor also features a recently updated 3/4 bath and a convenient laundry/mechanical room with new water heater and softener. The attached heated garage has ample storage space. Upstairs, discover three bedrooms and a full bath. The primary bedroom boasts a large walk-in closet. The 500+ sq ft crawl space provides a storm shelter and storage.

26. 2023-02-24
    historical
27. 2023-02-23
    status Active
28. 2023-02-23
    listed $325,000
29. 2022-11-23
    status Pending
30. 2022-11-15
    historical Contingent - Inspection
31. 2022-10-04
    price $325,000
32. 2022-08-31
    price $339,999
33. 2022-07-25
    listed $345,000 Active
34. 2020-05-19
    soldstatus $243,000
35. 2020-05-18
    soldstatus $243,000
36. 2019-06-14
    listed $239,000
37. 2008-04-09
    soldstatus $150,000

ⓘ 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: $3,190 · $266/mo
• Projected year-2 tax: $3,431 · $286/mo
• Expected delta: +$241/yr (+$20/mo · 7.6%)

ⓘ 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 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: $36,733
• − Mortgage interest: −$18,367
• − Property taxes: −$3,190
• − Insurance: −$1,640
• − Repairs & maintenance: −$2,939
• − Management: −$2,939
• − Depreciation: −$9,539
• Taxable loss: −$1,880
• Est. tax savings @ 24.0%: +$451
• After-tax cash flow: $4,006/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

+126.6% since first listed

19 events — show timeline

• 2026-03-24 Price Changed $339,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-16 Listed $349,900 NORTHSTARMLS as Distributed by MLS Grid
• 2023-11-13 Sold (Public Records) $319,900 Public Records
• 2023-11-09 Sold (MLS) $319,900 NORTHSTARMLS as Distributed by MLS Grid
• 2023-10-08 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2023-09-26 Price Changed $319,900 NORTHSTARMLS as Distributed by MLS Grid
• 2023-06-29 Listed $325,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-02-24 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2023-02-23 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2023-02-23 Listed $325,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-11-23 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2022-11-15 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2022-10-04 Price Changed $325,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-08-31 Price Changed $339,999 NORTHSTARMLS as Distributed by MLS Grid
• 2022-07-25 Listed $345,000 NORTHSTARMLS as Distributed by MLS Grid
• 2020-05-19 Sold (Public Records) $243,000 Public Records
• 2020-05-18 Sold (MLS) $243,000 NORTHSTARMLS as Distributed by MLS Grid
• 2019-06-14 Listed $239,000 NORTHSTARMLS as Distributed by MLS Grid
• 2008-04-09 Sold (Public Records) $150,000 Public Records

Property tax history

+6.6%/yr

Latest (2025): $3,190 · +11.0% YoY. Source: county tax records.