13619 Clearwater Forest Cir

Fair Haven, MN 55382

$89,900B-

2 bd · 1.0 ba · 924 sqft · Built 1972 · Manufactured · Active · 105 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,125/mo
• Mortgage (P&I): −$471
• Tax + insurance: −$150
• HOA: −$0
• Vac / Maint / Mgmt: −$236
• Net cashflow: $267/mo
• Annual: $3,209/yr
• Cap rate: 9.86%
• Cash-on-cash: 12.75%
• DSCR: 1.57
• 1% rule: 1.25%
• Cash to close: $25,172

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $90k. Condition is rated good.
• At list price, monthly cash flow is $267 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• It's been on market 105 days — a 9% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $82k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Annandale Public School District (town): math 57% / reading 64% proficiency, ranked #38 of 301 in MN (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 17% free/reduced lunch — higher-income household profile.
• Market conditions: 32 active listings in the ZIP; 661 units permitted in Stearns County in 2024 (291 in 5+ unit buildings).
• Stearns County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~9 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 105 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.