Lot 20 County Road 76 Rd

Cohasset, MN 55744

$49,900B-

3 bd · 1.0 ba · 1,216 sqft · Built 1993 · Manufactured · Pending · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,104/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$83
• HOA: −$0
• Vac / Maint / Mgmt: −$232
• Net cashflow: $527/mo
• Annual: $6,328/yr
• Cap rate: 18.97%
• Cash-on-cash: 45.29%
• DSCR: 3.02
• 1% rule: 2.21%
• Cash to close: $13,972

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $50k. Condition is rated fair.
• At list price, monthly cash flow is $527 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $345 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#398 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A-; Watch: health & safety C-, amenities F, commute F.
• Grand Rapids Public School District (town): math 46% / reading 55% proficiency, ranked #119 of 301 in MN (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Robert J. Elkington Middle School (math 47% / reading 59%, grade C+, #53 of 258 statewide, top 22%, 747 students, 45% FRL); Grand Rapids Senior High (math 62% / reading 62%, grade B-, #35 of 471 statewide, top 8%, 1,129 students, 39% FRL).
• Market conditions: 108 active listings in the ZIP; 121 units permitted in Itasca County in 2024 (0 in 5+ unit buildings).
• Itasca County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• 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.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — The satellite image shows a large section of the roof is missing.
• Major: exterior siding — The siding is weathered and the paint is peeling.
• Major: flooring — The carpet is worn and stained.
• Major: interior walls — The walls are bare and show signs of wear and tear.
• Minor: bathroom fixtures — The fixtures and tiles appear dated.