41922 County Highway 38 · Millerville, MN 56524

$134,900

2 bd · 1.0 ba · 904 sqft · SingleFamily public records · 13 Days on market

Built 1940 0.72 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 +8.6/30.0
• Appreciation +8.0/10.0
• ARV discount +7.5/15.0
• Schools +5.1/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0
• 1% rule +1.6/10.0

Listing remarks MLS

If you are looking for a first or last home in a peaceful country setting, this it the perfect place. This is a small cozy 2 bedroom low maintenance rambler in the heart of the lakes country and is a great retreat close to Inspiration Peak.

Key facts

• Many lakes
• Outdoor activities
• Outdoor attractions

Tags

• DETACHED SINGLE STALL GARAGE
• OUTDOOR ATTRACTIONS
• MANY LAKES
• OUTDOOR ACTIVITIES

Property features AI

Finance

• Financial info: Conventional mortgage types commonly used

Exterior

• Parking: Gravel and asphalt parking; Detached garage (1-car)
• Utilities: Private water; Private sewer with tank and drainage field; Electric and pellet heating fuel
• Home design: Residential single-story home; Entry and primary living on main level; One level
• Construction: Frame construction; Asphalt roof; Poured concrete foundation; Built area (above grade) 904
• Exterior features: Vinyl exterior; Partial fencing; Deck; Gazebo; Storage shed; Chicken coop / barn; Irregular lot with medium tree coverage; Paved street and highway frontage (90 x 265 irregular)

Interior

• Kitchen: Kitchen with center island (19.3 x 13.4); Range; Microwave; Refrigerator
• Bedrooms: Two bedrooms on the main floor (16 x 11.9; 16 x 10)
• Flooring: Hardwood floors; Tile floors
• Bathrooms: One full bathroom on the main floor (9 x 8.75)
• Heating & cooling: Baseboard heating; Pellet and electric fuel sources; Wall cooling unit(s)
• Interior features: Ceiling fan(s); Deck; Natural woodwork; Kitchen center island; Tile floors; Wall unit(s) for cooling; Water softener (owned)
• Laundry & utility: Main floor laundry; Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $-115 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $115k (15.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $90k (33.5% below list).
• Recommended offer: $90k (33.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 58/100 on livability (#811 in MN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime D+, schools F.
• Battle Lake Public School District (rural): math 59% / reading 61% proficiency, ranked #45 of 301 in MN (top 15%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 20 active listings in the ZIP; 140 units permitted in Otter Tail County in 2024 (48 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($933 loan paydown + $8k appreciation (5.9% local appreciation)).
• By year 4, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 25y 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 $112k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $89,660 (33.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. 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?
7. 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.
8. 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.
9. 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: 0.66% ✗
• Cap rate: 5.27%
• Cash-on-cash: -3.65%
• DSCR: 0.84
• GRM: 12.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.92% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.2%
• Equity multiple: 1.82×
• Total profit: $30,890
• Equity at exit: $84,079

10-year hold

• IRR: 12.9%
• Equity multiple: 3.56×
• Total profit: $96,670
• Equity at exit: $151,852

Cash invested: $37,772 (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 56524

• Home prices YoY: 3.1%
• Active inventory: 20
• Price-to-rent: 12.5×

Monthly cashflow live

• Estimated rent: $897 medium
• Mortgage (P&I): −$707
• Tax from tax record: −$60 /mo · $716/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$188
• Net cashflow: $-115

Break-even live

Break-even rent $1,042

Max offer price $114,586

Occupancy floor —

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Listing history 35 events

1. 2026-06-09
   status $134,900 Pending 13 DOM
2. 2026-06-08
   days on market $134,900 Contingent - Inspection 13 DOM
3. 2026-06-07
   days on market $134,900 Contingent - Inspection 12 DOM
4. 2026-06-05
   days on market $134,900 Contingent - Inspection 10 DOM
5. 2026-06-04
   days on market $134,900 Contingent - Inspection 8 DOM
6. 2026-06-03
   status $134,900 Contingent - Inspection 7 DOM
7. 2026-06-02
   days on market $134,900 Active 7 DOM
8. 2026-06-01
   days on market $134,900 Active 6 DOM
9. 2026-05-31
   days on market $134,900 Active 5 DOM
10. 2026-05-31
    days on market $134,900 Active 4 DOM
11. 2026-05-26
    listed $134,900 Active
12. 2021-10-06
    soldstatus $111,900
13. 2021-10-01
    soldstatus $111,900 Sold 241-char remark

    Show marketing remark (241 chars)

    If you are looking for a first or last home in a peaceful country setting, this it the perfect place. This is a small cozy 2 bedroom low maintenance rambler in the heart of the lakes country and is a great retreat close to Inspiration Peak.

14. 2021-08-31
    status Pending 241-char remark

    Show marketing remark (241 chars)

    If you are looking for a first or last home in a peaceful country setting, this it the perfect place. This is a small cozy 2 bedroom low maintenance rambler in the heart of the lakes country and is a great retreat close to Inspiration Peak.

15. 2021-08-30
    price $114,900 241-char remark

    Show marketing remark (241 chars)

    If you are looking for a first or last home in a peaceful country setting, this it the perfect place. This is a small cozy 2 bedroom low maintenance rambler in the heart of the lakes country and is a great retreat close to Inspiration Peak.

16. 2021-08-26
    price $109,900 241-char remark

    Show marketing remark (241 chars)

    If you are looking for a first or last home in a peaceful country setting, this it the perfect place. This is a small cozy 2 bedroom low maintenance rambler in the heart of the lakes country and is a great retreat close to Inspiration Peak.

17. 2021-06-08
    listed $112,900 Active 241-char remark

    Show marketing remark (241 chars)

    If you are looking for a first or last home in a peaceful country setting, this it the perfect place. This is a small cozy 2 bedroom low maintenance rambler in the heart of the lakes country and is a great retreat close to Inspiration Peak.

18. 2020-01-02
    soldstatus $94,000
19. 2019-12-30
    soldstatus $94,000 318-char remark

    Show marketing remark (318 chars)

    Whether you are looking for your first home, your last home or your home away from home, this one should check all your boxes! This cozy 2 bedroom low maintenance rambler is situated on a private wooded lot in the heart of lakes country. Close to 3 WPA's, Spitzer Lake and Inpiration Peak, this is the perfect retreat!

20. 2019-11-01
    listed $94,000 318-char remark

    Show marketing remark (318 chars)

    Whether you are looking for your first home, your last home or your home away from home, this one should check all your boxes! This cozy 2 bedroom low maintenance rambler is situated on a private wooded lot in the heart of lakes country. Close to 3 WPA's, Spitzer Lake and Inpiration Peak, this is the perfect retreat!

21. 2018-06-26
    soldstatus $88,000
22. 2018-06-22
    soldstatus $88,000
23. 2018-04-02
    listed $89,900
24. 2018-01-06
    historical
25. 2017-10-06
    listed $89,000
26. 2011-07-11
    soldstatus $69,500
27. 2011-07-05
    soldstatus $69,500
28. 2011-07-05
    soldstatus $69,500
29. 2011-07-05
    soldstatus $69,500
30. 2011-05-04
    listed $74,900
31. 2011-05-04
    listed $74,900
32. 2011-05-04
    listed $74,900
33. 2008-08-19
    soldstatus $15,000
34. 2003-11-14
    soldstatus $15,000
35. 2001-05-11
    listed $19,900

ⓘ 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: $716 · $60/mo
• Projected year-2 tax: $1,113 · $93/mo
• Expected delta: +$397/yr (+$33/mo · 55.5%)

ⓘ 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 ≥95°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,759
• − Mortgage interest: −$7,556
• − Property taxes: −$716
• − Insurance: −$674
• − Repairs & maintenance: −$861
• − Management: −$861
• − Depreciation: −$3,924
• Taxable loss: −$3,834
• Est. tax savings @ 24.0%: +$920
• After-tax cash flow: $-460/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: Battle Lake Public School District
• NCES district ID: 2703750
• Math proficiency: 59% ▼ -11.00%
• Reading proficiency: 61% ▼ -11.00%
• Median HH income: $48,803
• Composite: 50.96/100
• National rank: #1782
• State rank: #45 of 301 in MN

Livability — Millerville

• Score: 58/100
• State rank: #811
• US rank: #20980

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 709

Population outlook (Otter Tail County) Hauer SSP2

• Today (2025): 58,183 people
• By 2030: 58,267 · +0.1%
• By 2040: 57,999 · -0.3%
• By 2050: 57,183 · -1.7%
• By 2075: 57,638 · -0.9%
• By 2100: 54,697 · -6.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 5% Two or more races 2%
• Common ancestry: Portuguese 28% Romanian 3% Lithuanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Otter Tail

• 2024 margin: Solid R (+34.2) · D 32.1% · R 66.3% · Other 1.6%
• 2008→2024 swing: -21.3pp toward R · 2008: -12.9pp · 2024: -34.2pp
• All cycles: 2024: R+34.2 2020: R+32.5 2016: R+35.9 2012: R+21.2 2008: R+12.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.92%
• Current HPI: 198.4661
• 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

+577.9% since first listed

25 events — show timeline

• 2026-05-26 Listed $134,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-10-06 Sold (Public Records) $111,900 Public Records
• 2021-10-01 Sold (MLS) $111,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-08-31 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-08-30 Price Changed $114,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-08-26 Price Changed $109,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-06-08 Listed $112,900 NORTHSTARMLS as Distributed by MLS Grid
• 2020-01-02 Sold (Public Records) $94,000 Public Records
• 2019-12-30 Sold (MLS) $94,000 NORTHSTARMLS as Distributed by MLS Grid
• 2019-11-01 Listed $94,000 NORTHSTARMLS as Distributed by MLS Grid
• 2018-06-26 Sold (Public Records) $88,000 Public Records
• 2018-06-22 Sold (MLS) $88,000 NORTHSTARMLS as Distributed by MLS Grid
• 2018-04-02 Listed $89,900 NORTHSTARMLS as Distributed by MLS Grid
• 2018-01-06 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2017-10-06 Listed $89,000 NORTHSTARMLS as Distributed by MLS Grid
• 2011-07-11 Sold (Public Records) $69,500 Public Records
• 2011-07-05 Sold (MLS) $69,500 NORTHSTARMLS as Distributed by MLS Grid
• 2011-07-05 Sold (MLS) $69,500 NORTHSTARMLS as Distributed by MLS Grid
• 2011-07-05 Sold (MLS) $69,500 NORTHSTARMLS as Distributed by MLS Grid
• 2011-05-04 Listed $74,900 NORTHSTARMLS as Distributed by MLS Grid
• 2011-05-04 Listed $74,900 NORTHSTARMLS as Distributed by MLS Grid
• 2011-05-04 Listed $74,900 NORTHSTARMLS as Distributed by MLS Grid
• 2008-08-19 Sold (Public Records) $15,000 Public Records
• 2003-11-14 Sold (Public Records) $15,000 Public Records
• 2001-05-11 Listed $19,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+6.6%/yr

Latest (2025): $716 · -9.6% YoY. Source: county tax records.