1612 Clare Ct · North Mankato, MN 56003

$280,000

5 bd · 2.0 ba · 1,613 sqft · SingleFamily public records · 9 Days on market

Built 1964 0.45 ac lot Est $292k · at est.

---

Why this score? — see what drove the F 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 +9.3/15.0
• Cash flow +6.5/30.0
• Schools +4.4/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.2/10.0
• DSCR +0.7/10.0
• Appreciation +0.0/10.0

Key facts

• 0.45 acre lot
• Garage
• Built 1964

Property features AI

Exterior

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

Interior

• Kitchen: Cooktop; Range; Dishwasher; Refrigerator; Disposal
• Bathrooms: Two full bathrooms
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Finished full basement with sump pump
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $280k.

Deal economics

• At list price, monthly cash flow is $-478 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $195k (30.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $172k (38.5% below list).
• Recommended offer: $172k (38.5% below list) — sets the bar for 1% rule.
• Cap rate 4.2% vs local median 3.3% in North Mankato — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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; 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.

Recommended offer $172,289 (38.5% 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 1964 — 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 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?
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: 0.62% ✗
• Cap rate: 4.24%
• Cash-on-cash: -7.32%
• DSCR: 0.67
• GRM: 13.5

CMA / ARV

• ARV (on-the-fly): $291,953
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1529 Peggy Ln	0.67mi	4/2.0 (-1)	1,656 (+3%)	3mo	$299,900	$181	56
1532 Peggy Ln	0.71mi	4/2.0 (-1)	1,590 (-1%)	13mo	$299,900	$189	49
742 Park Ave	0.69mi	5/2.0	1,818 (+13%)	21mo	$275,000	$151	29

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -29.1%
• Equity multiple: 0.03×
• Total profit: $-75,876
• Equity at exit: $41,749

10-year hold

• IRR: -29.3%
• Equity multiple: -0.34×
• Total profit: $-105,442
• Equity at exit: $24,209

Cash invested: $78,400 (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: 13.5×

Monthly cashflow live

• Estimated rent: $1,723 medium
• Mortgage (P&I): −$1,468
• Tax from tax record: −$254 /mo · $3,054/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$362
• Net cashflow: $-478

Break-even live

Break-even rent $2,329

Max offer price $195,483

Occupancy floor —

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: $70,000
• Closing costs: $8,400
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-13
   status Pending
2. 2026-05-04
   listed Active Under Contract
3. 2026-05-04
   listed $280,000

ⓘ 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: $3,054 · $254/mo
• Projected year-2 tax: $3,095 · $258/mo
• Expected delta: +$41/yr (+$3/mo · 1.3%)

ⓘ 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: $20,675
• − Mortgage interest: −$15,684
• − Property taxes: −$3,054
• − Insurance: −$1,400
• − Repairs & maintenance: −$1,654
• − Management: −$1,654
• − Depreciation: −$8,145
• Taxable loss: −$10,917
• Est. tax savings @ 24.0%: +$2,620
• After-tax cash flow: $-3,121/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

3 events — show timeline

• 2026-05-13 Pending — RASM
• 2026-05-04 Listed — RASM
• 2026-05-04 Listed $280,000 RASM

Property tax history

+3.4%/yr

Latest (2025): $3,054 · +2.8% YoY. Source: county tax records.