128 S Belmont Dr · Mankato, MN 56001

$279,900

4 bd · 1.0 ba · 1,962 sqft · SingleFamily public records · 21 Days on market

Built 1962 9,583 sqft lot Est $306k · 9% under

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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).

• ARV discount +11.3/15.0
• Cash flow +10.1/30.0
• Rent growth +4.6/5.0
• Schools +4.4/10.0
• Livability +3.9/5.0
• DSCR +2.9/10.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Ask about Nationstar financing. Get up to 3% in closing cost assistance. Seller is motivated to sell and bring forth any and all offers. Corp. owned. Sold As-Is

Key facts

• Quartz countertops
• Firepit
• New deck

Tags

• FULLY FENCED BACKYARD
• NEW DECK
• BUILT-IN SPRINKLER SYSTEM
• FIREPIT
• QUARTZ COUNTERTOPS
• GENUINE HARDWOOD FLOORING

Property features AI

Exterior

• Parking: Attached garage with 1 garage space; Garage with concrete floor and garage door opener
• Utilities: Public water; Public sewer
• Home design: Single family residence; Residential property
• Construction: Metal siding
• Exterior features: Asphalt roof

Interior

• Kitchen: Dishwasher; Cooktop; Range; Refrigerator
• Flooring: Hardwood; Tile
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Finished full basement; Wood-burning fireplace
• Laundry & utility: Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $280k.

Deal economics

• At list price, monthly cash flow is $-162 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $251k (10.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $205k (26.7% below list).
• Recommended offer: $205k (26.7% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 3.5% in Mankato — 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 77/100 on livability (#133 in MN, #2,970 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: crime C-, amenities C-, commute F.
• Mankato Public School District (urban): math 48% / reading 56% proficiency, ranked #98 of 301 in MN (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Washington Elementary (math 52% / reading 52%, grade C-, #368 of 857 statewide, top 47%, 376 students, 45% FRL); Prairie Winds Middle School (math 40% / reading 51%, grade D+, #106 of 258 statewide, top 43%, 954 students, 47% FRL); Mankato East Senior High (math 32% / reading 62%, grade D-, #166 of 471 statewide, top 39%, 1,293 students, 42% FRL) — zoned schools average 45% FRL vs 29% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+8.6%/yr); 359 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 269 units permitted in Blue Earth County in 2024 (154 in 5+ unit buildings).
• This rent runs 35% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Blue Earth County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($276k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 18y 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 $184k; list at $280k implies a 52% gain — meaningful room to come down on a strong offer.

Recommended offer $205,223 (26.7% 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 1962 — 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 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: 0.73% ✗
• Cap rate: 5.60%
• Cash-on-cash: -2.48%
• DSCR: 0.89
• GRM: 11.4

CMA / ARV

• ARV (on-the-fly): $306,072
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
128 S Belmont Dr	0.00mi	4/2.0	2,000 (+2%)	1mo	$285,000	$143	92
220 Alta Dr	0.11mi	4/2.0	2,015 (+3%)	2mo	$330,000	$164	85
110 Electa Blvd	0.21mi	3/2.0 (-1)	2,100 (+7%)	12mo	$305,000	$145	59
1218 Fair St	0.41mi	4/2.0	1,872 (-5%)	12mo	$263,500	$141	59
105 S Mayfair Dr	0.40mi	5/2.0 (+1)	1,942 (-1%)	14mo	$335,000	$173	59
117 Atwood Dr	0.11mi	3/2.0 (-1)	1,722 (-12%)	12mo	$285,000	$166	56
2508 Marwood Dr	0.57mi	4/2.0	2,048 (+4%)	9mo	$318,500	$156	54
2411 E Main St	0.52mi	5/2.0 (+1)	1,890 (-4%)	14mo	$280,000	$148	49
220 Heather Lane Ln	0.43mi	3/2.5 (-1)	1,732 (-12%)	7mo	$245,000	$141	44
1027 E Mulberry St	0.63mi	3/1.0 (-1)	2,140 (+9%)	8mo	$200,000	$93	43
220 Belle Ave	0.56mi	3/2.0 (-1)	1,778 (-9%)	8mo	$285,000	$160	42
145 Rita Rd	0.54mi	3/2.0 (-1)	1,720 (-12%)	9mo	$289,900	$169	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -15.4%
• Equity multiple: 0.43×
• Total profit: $-44,891
• Equity at exit: $41,734

10-year hold

• IRR: -0.5%
• Equity multiple: 0.96×
• Total profit: $-3,266
• Equity at exit: $24,201

Cash invested: $78,372 (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 56001

• Rents YoY: 8.6%
• Active inventory: 359
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $2,052 high
• Mortgage (P&I): −$1,468
• Tax from tax record: −$199 /mo · $2,386/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$431
• Net cashflow: $-162

Break-even live

Break-even rent $2,257

Max offer price $251,279

Occupancy floor —

Sensitivity live

Price	-10% $-4	-5% $-83	+0% $-162	+5% $-241	+10% $-320
Rent	-10% $-324	-5% $-243	+0% $-162	+5% $-81	+10% $0
Rate	-1.0pp $-21	-0.5pp $-91	base $-162	+0.5pp $-235	+1.0pp $-308

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: $69,975
• Closing costs: $8,397
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
200 Briargate Rd Mankato, MN	1.0–3.0	1.0–3.0	912	$1,799	$1.97	45d	32	0.62mi
1050 Marsh St Unit 326 Van Tol Mankato, MN	3.0	2.0	1461	$2,360	$1.62	45d	1	0.64mi
101 Glenwood Ave Mankato, MN	2.0–3.0	1.0	1075	$1,330	$1.24	45d	8	1.19mi
103 Everglades Trl Mankato, MN	2.0–4.0	2.5	1453	$1,995	$1.37	45d	3	1.31mi
109 Willow Cascades Trl Unit 109 WCT Mankato, MN	3.0	2.5	1500	$1,850	$1.23	45d	1	1.34mi

Listing history 8 events

1. 2026-05-04
   status Pending
2. 2026-04-20
   historical Active Under Contract
3. 2026-04-13
   listed $279,900 Active
4. 2020-10-12
   soldstatus $184,000
5. 2017-11-01
   soldstatus $175,000
6. 2008-10-07
   soldstatus $105,500 160-char remark

   Show marketing remark (160 chars)

   Ask about Nationstar financing. Get up to 3% in closing cost assistance. Seller is motivated to sell and bring forth any and all offers. Corp. owned. Sold As-Is

7. 2008-08-21
   listed $110,000 160-char remark

   Show marketing remark (160 chars)

   Ask about Nationstar financing. Get up to 3% in closing cost assistance. Seller is motivated to sell and bring forth any and all offers. Corp. owned. Sold As-Is

8. 1994-11-30
   soldstatus $89,000

ⓘ 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: $2,386 · $199/mo
• Projected year-2 tax: $2,760 · $230/mo
• Expected delta: +$374/yr (+$31/mo · 15.7%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,627
• − Mortgage interest: −$15,679
• − Property taxes: −$2,386
• − Insurance: −$1,400
• − Repairs & maintenance: −$1,970
• − Management: −$1,970
• − Depreciation: −$8,143
• Taxable loss: −$6,920
• Est. tax savings @ 24.0%: +$1,661
• After-tax cash flow: $-283/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: Mankato Public School District
• NCES district ID: 2718780
• Math proficiency: 48% ▼ -11.00%
• Reading proficiency: 56% ▼ -8.00%
• Median HH income: $49,469
• Composite: 44.36/100
• National rank: #2819
• State rank: #98 of 301 in MN

Livability — Mankato

• Score: 77/100
• State rank: #133
• US rank: #2970

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mankato, MN
• County: Blue Earth County · 51,585 people
• City population: 51,585
• Metro: Mankato, MN
• Population (ZIP): 51,585
• Household income: $69,531
• Rent vs Own: 45.9% rent · 54.1% own
• Severe rent burden: 2394.0

Population outlook (Blue Earth County) Hauer SSP2

• Today (2025): 70,208 people
• By 2030: 72,708 · +3.6%
• By 2040: 77,481 · +10.4%
• By 2050: 82,842 · +18.0%
• By 2075: 99,990 · +42.4%
• By 2100: 116,795 · +66.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Black 6% Hispanic / Latino 5% Two or more races 4% Asian 3%
• Common ancestry: Portuguese 11% Lithuanian 3% Romanian 3%
• Foreign-born: 8% · Canada, Vietnam, South Korea
• Languages at home: 90% English-only · Spanish 3% Other Indo-European 1% Vietnamese 1%

Political lean MEDSL · Blue Earth

• 2024 margin: Toss-up / Even · D 48.3% · R 49.5% · Other 2.1%
• 2008→2024 swing: -14.2pp toward R · 2008: 12.9pp · 2024: -1.2pp
• All cycles: 2024: R+1.2 2020: D+4.4 2016: R+3.7 2012: D+9.5 2008: D+12.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -192.46%
• Current HPI: 189.8485
• Rent YoY: ▲ 8.55%
• Metro: Mankato, MN
• 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

+214.5% since first listed

8 events — show timeline

• 2026-05-04 Pending — RASM
• 2026-04-20 Contingent — RASM
• 2026-04-13 Listed $279,900 RASM
• 2020-10-12 Sold (Public Records) $184,000 Public Records
• 2017-11-01 Sold (Public Records) $175,000 Public Records
• 2008-10-07 Sold (MLS) $105,500 NORTHSTARMLS as Distributed by MLS Grid
• 2008-08-21 Listed $110,000 NORTHSTARMLS as Distributed by MLS Grid
• 1994-11-30 Sold (Public Records) $89,000 Public Records

Property tax history

-1.2%/yr

Latest (2025): $2,386 · +4.6% YoY. Source: county tax records.