27477 Splithand Rd · Coleraine, MN 55744

$129,000

3 bd · 2.0 ba · 1,568 sqft · Manufactured public records · 1 Days on market

Built 1998 5.00 ac 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 +28.5/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Schools +4.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Nice 3 Bedroom manufactured home on 5 acres of land near Splithand area lakes. Home features include: vaulted ceilings, 2 baths, central air, drilled well, wood burning fireplace, 3 bedrooms, level lot near a nice park too. Sold as is only.

Key facts

• Level lot
• Vaulted ceilings
• 5 acres of land

Tags

• 5 ACRES OF LAND
• VAULTED CEILINGS
• CENTRAL AIR
• DRILLED WELL
• WOOD BURNING FIREPLACE
• LEVEL LOT

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $129k.

Deal economics

• At list price, monthly cash flow is $423 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $129k).

Location & tenants

• Location reads 65/100 on livability (#552 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: health & safety D, 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.
• Market conditions: 107 active listings in the ZIP; 121 units permitted in Itasca County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $892 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• 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 $36k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $129,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 1.18% ✓
• Cap rate: 10.23%
• Cash-on-cash: 14.06%
• DSCR: 1.63
• GRM: 7.1

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: 4.3%
• Equity multiple: 1.17×
• Total profit: $6,007
• Equity at exit: $19,234

10-year hold

• IRR: 13.8%
• Equity multiple: 2.10×
• Total profit: $39,753
• Equity at exit: $11,154

Cash invested: $36,120 (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 55744

• Active inventory: 107
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,521 medium
• Mortgage (P&I): −$676
• Tax from tax record: −$48 /mo · $580/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$319
• Net cashflow: $423

Break-even live

Break-even rent $986

Max offer price $129,000

Occupancy floor 67%

Sensitivity live

Price	-10% $496	-5% $460	+0% $423	+5% $387	+10% $350
Rent	-10% $303	-5% $363	+0% $423	+5% $483	+10% $543
Rate	-1.0pp $488	-0.5pp $456	base $423	+0.5pp $390	+1.0pp $356

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-04-21
   status Pending
2. 2026-04-20
   listed $129,000 Active

ⓘ 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: $580 · $48/mo
• Projected year-2 tax: $1,012 · $84/mo
• Expected delta: +$432/yr (+$36/mo · 74.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone D · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥94°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,255
• − Mortgage interest: −$7,226
• − Property taxes: −$580
• − Insurance: −$645
• − Repairs & maintenance: −$1,460
• − Management: −$1,460
• − Depreciation: −$3,753
• Taxable income: $3,131
• Est. tax owed @ 24.0%: −$751
• After-tax cash flow: $4,328/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: Grand Rapids Public School District
• NCES district ID: 2713170
• Math proficiency: 46% ▼ -7.00%
• Reading proficiency: 55% ▼ -6.00%
• Median HH income: $49,762
• Composite: 43.14/100
• National rank: #3077
• State rank: #119 of 301 in MN

Livability — Coleraine

• Score: 65/100
• State rank: #552
• US rank: #13276

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 1,037
• Population (ZIP): 20,469

Population outlook (Itasca County) Hauer SSP2

• Today (2025): 45,885 people
• By 2030: 45,890 · +0.0%
• By 2040: 45,171 · -1.6%
• By 2050: 43,946 · -4.2%
• By 2075: 40,950 · -10.8%
• By 2100: 34,909 · -23.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 6% Native American 2% Hispanic / Latino 1%
• Common ancestry: Portuguese 14% Romanian 4% Lithuanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Itasca

• 2024 margin: Strong R (+20.2) · D 39.1% · R 59.3% · Other 1.6%
• 2008→2024 swing: -33.1pp toward R · 2008: 12.9pp · 2024: -20.2pp
• All cycles: 2024: R+20.2 2020: R+16.8 2016: R+16.5 2012: D+9.9 2008: D+12.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -196.16%
• Current HPI: 166.6788
• 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

2 events — show timeline

• 2026-04-21 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-20 Listed $129,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+5.9%/yr

Latest (2026): $580 · +37.4% YoY. Source: county tax records.