2153 Elaine Ln · North Mankato, MN 56003

$109,900

4 bd · 1.0 ba · 1,848 sqft · Other public records · 1 Days on market

Built 2001

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• 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

Move in ready 1848 square foot modern home. This home is also 100% handicap accessible. Three bedrooms, 2 bathrooms, 2 living rooms, a separate laundry area, tons of storage and walk-in closets. Many updates made in the last 3 years. Neutral colors painted throughout; new floors throughout; removed walls to open floor plan; new baseboards; new crown molding; new window coverings; new doors; some new electrical; new lighting; and more. Heat tape has been updated, and no issues with freezing pipes. Utilities are very reasonable, averaging under $180 a month for heat, electricity, and city (water, sewer, garbage). Additionally, the furnace and air conditioner have been serviced.

Key facts

• Bonus room
• Handicap accessible
• Freshly stained deck

Tags

• BONUS ROOM
• FRESHLY STAINED DECK
• HANDICAP ACCESSIBLE
• MOVE IN READY

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath other listed at $110k.

Deal economics

• At list price, monthly cash flow is $920 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Cap rate 16.3% vs local median 3.3% in North 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 80/100 on livability (#71 in MN, #1,734 nationally) — a professional / high-income tenant draw. Strengths: schools A+, housing A+, crime A; Watch: amenities F, 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.
• Market conditions: 168 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 109 units permitted in Nicollet County in 2024 (47 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $760 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 2y 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 $90k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $109,900

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. 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?
3. 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.
4. 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.
5. 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: 1.83% ✓
• Cap rate: 16.34%
• Cash-on-cash: 35.89%
• DSCR: 2.60
• GRM: 4.6

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: 31.6%
• Equity multiple: 2.33×
• Total profit: $40,791
• Equity at exit: $16,386

10-year hold

• IRR: 38.7%
• Equity multiple: 4.60×
• Total profit: $110,907
• Equity at exit: $9,502

Cash invested: $30,772 (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 56003

• Active inventory: 168
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $2,013 high
• Mortgage (P&I): −$576
• Tax from tax record: −$48 /mo · $570/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$423
• Net cashflow: $920

Break-even live

Break-even rent $848

Max offer price $109,900

Occupancy floor 49%

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2306 Pleasant View Dr Unit 2306 North Mankato, MN	3.0	2.0	1482	$2,100	$1.42	44d	1	0.34mi
2140 Rolling Green Trl Unit 2140 North Mankato, MN	4.0	3.0	2079	$2,150	$1.03	44d	1	0.36mi
2140 Rolling Green Trl Unit 2134 North Mankato, MN	3.0	2.5	1652	$1,950	$1.18	44d	1	0.36mi
2140 Rolling Green Trl Unit 2141 North Mankato, MN	3.0	2.5	1440	$1,850	$1.28	44d	1	0.36mi
2106 Linden Trl North Mankato, MN	3.0	2.5	1826	$1,970	$1.08	44d	1	1.06mi

Listing history 5 events

1. 2026-05-13
   status Under Contract
2. 2026-05-12
   listed $109,900 Active
3. 2024-06-13
   soldstatus $89,900 Sold 687-char remark

   Show marketing remark (687 chars)

   Move in ready 1848 square foot modern home. This home is also 100% handicap accessible. Three bedrooms, 2 bathrooms, 2 living rooms, a separate laundry area, tons of storage and walk-in closets. Many updates made in the last 3 years. Neutral colors painted throughout; new floors throughout; removed walls to open floor plan; new baseboards; new crown molding; new window coverings; new doors; some new electrical; new lighting; and more. Heat tape has been updated, and no issues with freezing pipes. Utilities are very reasonable, averaging under $180 a month for heat, electricity, and city (water, sewer, garbage). Additionally, the furnace and air conditioner have been serviced.

4. 2024-05-30
   status Pending 687-char remark

   Show marketing remark (687 chars)

   Move in ready 1848 square foot modern home. This home is also 100% handicap accessible. Three bedrooms, 2 bathrooms, 2 living rooms, a separate laundry area, tons of storage and walk-in closets. Many updates made in the last 3 years. Neutral colors painted throughout; new floors throughout; removed walls to open floor plan; new baseboards; new crown molding; new window coverings; new doors; some new electrical; new lighting; and more. Heat tape has been updated, and no issues with freezing pipes. Utilities are very reasonable, averaging under $180 a month for heat, electricity, and city (water, sewer, garbage). Additionally, the furnace and air conditioner have been serviced.

5. 2024-05-21
   listed $94,900 Active 687-char remark

   Show marketing remark (687 chars)

   Move in ready 1848 square foot modern home. This home is also 100% handicap accessible. Three bedrooms, 2 bathrooms, 2 living rooms, a separate laundry area, tons of storage and walk-in closets. Many updates made in the last 3 years. Neutral colors painted throughout; new floors throughout; removed walls to open floor plan; new baseboards; new crown molding; new window coverings; new doors; some new electrical; new lighting; and more. Heat tape has been updated, and no issues with freezing pipes. Utilities are very reasonable, averaging under $180 a month for heat, electricity, and city (water, sewer, garbage). Additionally, the furnace and air conditioner have been serviced.

ⓘ 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: $570 · $48/mo
• Projected year-2 tax: $900 · $75/mo
• Expected delta: +$330/yr (+$28/mo · 58.0%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $24,153
• − Mortgage interest: −$6,156
• − Property taxes: −$570
• − Insurance: −$550
• − Repairs & maintenance: −$1,932
• − Management: −$1,932
• − Depreciation: −$3,197
• Taxable income: $9,816
• Est. tax owed @ 24.0%: −$2,356
• After-tax cash flow: $8,690/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 — North Mankato

• Score: 80/100
• State rank: #71
• US rank: #1734

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Mankato, MN
• Population (ZIP): 15,319

Population outlook (Nicollet County) Hauer SSP2

• Today (2025): 34,373 people
• By 2030: 34,666 · +0.9%
• By 2040: 34,616 · +0.7%
• By 2050: 34,340 · -0.1%
• By 2075: 33,171 · -3.5%
• By 2100: 31,949 · -7.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 7% Hispanic / Latino 5% Black 2% Asian 2%
• Common ancestry: Portuguese 14% Italian 4% Scottish 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 96% English-only · Spanish 1% Other Indo-European 1%

Political lean MEDSL · Nicollet

• 2024 margin: Toss-up / Even · D 48.8% · R 49.3% · Other 1.9%
• 2008→2024 swing: -11.0pp toward R · 2008: 10.5pp · 2024: -0.5pp
• All cycles: 2024: R+0.5 2020: D+3.2 2016: R+3.1 2012: D+7.9 2008: D+10.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -138.37%
• Current HPI: 165.5673
• 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

+15.8% since first listed

5 events — show timeline

• 2026-05-13 Pending — FSBO.com
• 2026-05-12 Listed $109,900 FSBO.com
• 2024-06-13 Sold (MLS) $89,900 NORTHSTARMLS as Distributed by MLS Grid
• 2024-05-30 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2024-05-21 Listed $94,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+7.6%/yr

Latest (2025): $570 · +44.7% YoY. Source: county tax records.