220 Maple Ave SW · Elysian, MN 56028

$2,400,000

80 bd · 48.0 ba · 17,280 sqft · MultiFamily · 80 Days on market

Built 2021 Good condition 2.15 ac lot

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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).

• Cash flow +10.8/30.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Condition / age +4.0/5.0
• 1% rule +3.2/10.0
• Livability +3.2/5.0
• DSCR +3.1/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 16 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Rare opportunity to acquire a fully stabilized, newer-construction 16-unit portfolio delivering immediate cash flow and long-term upside. Built in 2021/2022, this package includes four 4-plexes (two two-story, one single-level, one bi-level) strategically positioned on 2.15 acres. This is true turnkey investing—all 16 units are fully leased with a proven rental history, minimizing lease-up risk and operational uncertainty from day one. Units are designed for durability and tenant retention, featuring modern, low-maintenance finishes including LVP flooring, stainless appliances, spacious kitchens with islands, in-unit laundry, and separate HVAC systems. Private patios/decks, strong natural light, and ample off-street parking enhance tenant appeal and support consistent occupancy. Investment Highlights: 17,208 finished sq ft, 16 units, 36 bedrooms, 20 bathrooms, Gross annual income: $243,000, Operating expenses: $61,692 Strong in-place cash flow with efficient expense ratio. Newer construction = reduced capital expenditure risk. With limited comparable inventory of newer multi-family assets, this portfolio offers a compelling blend of stability, efficiency, and scalability. Ideal for investors seeking immediate yield with long-term hold potential. Offered as a package. Full financials and rent roll available upon request.

Key facts

• Fully leased
• In-unit laundry
• Private patios

Tags

• NEWER-CONSTRUCTION
• FULLY LEASED
• SPACIOUS KITCHENS WITH ISLANDS
• IN-UNIT LAUNDRY
• SEPARATE HVAC SYSTEMS
• PRIVATE PATIOS

Property features AI

Finance

• Other: Standard rental license in place; Has additional parcels
• Financial info: Property is not owner-occupied; Four total rental units; Gross income reported for the property; Owner pays exterior maintenance, grounds care, insurance, repairs, snow removal, taxes, and trash collection; Tenants pay all utilities including cable, electricity, gas, heat, telephone, and water

Exterior

• Parking: Parking lot
• Utilities: City water connected; City sewer connected; Natural gas; Electric service with circuit breakers (100 Amp)
• Home design: Residential income property; Two levels; Accessible doors 36"+
• Construction: Frame construction; Slab foundation
• Exterior features: Corner lot; Underground utilities; Deck and patio; Stone and vinyl exterior

Interior

• Kitchen: Dishwasher; Range; Refrigerator; Microwave; Stainless steel appliances
• Bedrooms: Total of 5 bedrooms across units; One unit includes a main-floor primary bedroom; Primary bedroom with walk-in closet
• Bathrooms: Total full bathrooms distributed across units (unit breakdown below)
• Heating & cooling: Forced air heating; Central cooling; Air-to-air exchanger; Water heater (gas and electric in different units); Tankless water heater in at least one unit
• Interior features: Open floor plan; Natural woodwork; Kitchen center island; Ceiling fan(s); Paneled doors; Patio/Deck
• Laundry & utility: Washer or washer hookup in units; Dryer or dryer hookup in at least one unit; In-unit laundry closet in some units; Washer/Dryer hookup

What this means for you Summary

Snapshot

• This is a 16 × 4-bed/2.0-bath units multifamily listed at $2.40M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-1k ($-13k/yr) — negative. Per door: $-69/mo.
• To cash-flow at today's rent, offer at most $2.24M (6.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.96M (18.3% below list).
• Recommended offer: $1.96M (18.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 63/100 on livability (#661 in MN) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B; Watch: schools F, amenities F, commute F.
• Waterville-Elysian-Morristown (rural): math 44% / reading 52% proficiency, ranked #135 of 301 in MN (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 18 active listings in the ZIP; 60 units permitted in Le Sueur County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $17k of loan paydown is wiped out by about $72k of value loss. Plan a longer hold.
• Le Sueur County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($2.26M) is reasonable based on typical stale-listing flexibility.
• 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.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,960,000 (18.3% 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. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.82% ✗
• Cap rate: 5.74%
• Cash-on-cash: -1.97%
• DSCR: 0.91
• GRM: 10.2

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: -19.5%
• Equity multiple: 0.32×
• Total profit: $-458,785
• Equity at exit: $357,848

10-year hold

• IRR: -12.3%
• Equity multiple: 0.27×
• Total profit: $-488,666
• Equity at exit: $207,508

Cash invested: $672,000 (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 56028

• Home prices YoY: -7.5%
• Active inventory: 18
• Price-to-rent: 163.3×

Monthly cashflow live

• Estimated rent: $19,600 medium
• Mortgage (P&I): −$12,586
• Tax est. 1.5%: −$3,000 /mo · $36,000/yr
• Insurance: −$1,000
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,116
• Net cashflow: $-1,102

Break-even live

Break-even rent $20,995

Max offer price $2,240,559

Occupancy floor —

16-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 16× units	4	2	$19,600
Total (16 units)			$19,600

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: $600,000
• Closing costs: $72,000
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $2,400,000 Active 80 DOM
2. 2026-06-18
   days on market $2,400,000 Active 79 DOM
3. 2026-06-17
   days on market $2,400,000 Active 78 DOM
4. 2026-06-16
   days on market $2,400,000 Active 77 DOM
5. 2026-06-15
   days on market $2,400,000 Active 76 DOM
6. 2026-06-14
   days on market $2,400,000 Active 74 DOM
7. 2026-06-12
   days on market $2,400,000 Active 73 DOM
8. 2026-06-09
   days on market $2,400,000 Active 70 DOM
9. 2026-06-08
   days on market $2,400,000 Active 69 DOM
10. 2026-06-07
    days on market $2,400,000 Active 68 DOM
11. 2026-06-05
    days on market $2,400,000 Active 65 DOM
12. 2026-06-02
    days on market $2,400,000 Active 63 DOM
13. 2026-06-01
    days on market $2,400,000 Active 62 DOM
14. 2026-05-31
    days on market $2,400,000 Active 61 DOM
15. 2026-05-30
    days on market $2,400,000 Active 60 DOM
16. 2026-03-30
    listed $2,400,000 Active 1348-char remark

    Show marketing remark (1348 chars)

    Rare opportunity to acquire a fully stabilized, newer-construction 16-unit portfolio delivering immediate cash flow and long-term upside. Built in 2021/2022, this package includes four 4-plexes (two two-story, one single-level, one bi-level) strategically positioned on 2.15 acres. This is true turnkey investing—all 16 units are fully leased with a proven rental history, minimizing lease-up risk and operational uncertainty from day one. Units are designed for durability and tenant retention, featuring modern, low-maintenance finishes including LVP flooring, stainless appliances, spacious kitchens with islands, in-unit laundry, and separate HVAC systems. Private patios/decks, strong natural light, and ample off-street parking enhance tenant appeal and support consistent occupancy. Investment Highlights: 17,208 finished sq ft, 16 units, 36 bedrooms, 20 bathrooms, Gross annual income: $243,000, Operating expenses: $61,692 Strong in-place cash flow with efficient expense ratio. Newer construction = reduced capital expenditure risk. With limited comparable inventory of newer multi-family assets, this portfolio offers a compelling blend of stability, efficiency, and scalability. Ideal for investors seeking immediate yield with long-term hold potential. Offered as a package. Full financials and rent roll available upon request.

17. 2026-03-30
    listed $2,400,000 Active

    Show marketing remark (1348 chars)

    Rare opportunity to acquire a fully stabilized, newer-construction 16-unit portfolio delivering immediate cash flow and long-term upside. Built in 2021/2022, this package includes four 4-plexes (two two-story, one single-level, one bi-level) strategically positioned on 2.15 acres. This is true turnkey investing—all 16 units are fully leased with a proven rental history, minimizing lease-up risk and operational uncertainty from day one. Units are designed for durability and tenant retention, featuring modern, low-maintenance finishes including LVP flooring, stainless appliances, spacious kitchens with islands, in-unit laundry, and separate HVAC systems. Private patios/decks, strong natural light, and ample off-street parking enhance tenant appeal and support consistent occupancy. Investment Highlights: 17,208 finished sq ft, 16 units, 36 bedrooms, 20 bathrooms, Gross annual income: $243,000, Operating expenses: $61,692 Strong in-place cash flow with efficient expense ratio. Newer construction = reduced capital expenditure risk. With limited comparable inventory of newer multi-family assets, this portfolio offers a compelling blend of stability, efficiency, and scalability. Ideal for investors seeking immediate yield with long-term hold potential. Offered as a package. Full financials and rent roll available upon request.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X · 75% 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: $235,200
• − Mortgage interest: −$134,437
• − Property taxes: −$36,000
• − Insurance: −$12,000
• − Repairs & maintenance: −$18,816
• − Management: −$18,816
• − Depreciation: −$69,818
• Taxable loss: −$54,687
• Est. tax savings @ 24.0%: +$13,125
• After-tax cash flow: $-97/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.

Condition & rehab AI · 13 photos

Good 80/100 Cosmetic rehab

This fully stabilized, newer-construction 16-unit portfolio is in excellent condition, with modern finishes and separate HVAC systems, making it a turnkey investment with immediate cash flow and long-term upside.

Value-add opportunities

• Both landscaping — enhances curb appeal and property value
• Both exterior paint — refreshes the home's appearance
• Both interior paint — refreshes the home's appearance

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — enhances curb appeal and property value ↑
• Both exterior paint — refreshes the home's appearance ↑
• Both interior paint — refreshes the home's appearance ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Waterville-Elysian-Morristown
• NCES district ID: 2700013
• Math proficiency: 44% ▼ -18.00%
• Reading proficiency: 52% ▼ -14.00%
• Median HH income: $56,686
• Composite: 41.74/100
• National rank: #3401
• State rank: #135 of 301 in MN

Livability — Elysian

• Score: 63/100
• State rank: #661
• US rank: #15857

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elysian, MN
• Population (ZIP): 1,057

Population outlook (Le Sueur County) Hauer SSP2

• Today (2025): 27,622 people
• By 2030: 27,346 · -1.0%
• By 2040: 26,451 · -4.2%
• By 2050: 25,299 · -8.4%
• By 2075: 23,188 · -16.1%
• By 2100: 21,103 · -23.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Hispanic / Latino 1%
• Common ancestry: Portuguese 10% Norwegian 4% Italian 3%
• Foreign-born: 0% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Le Sueur

• 2024 margin: Solid R (+33.7) · D 32.4% · R 66.0% · Other 1.6%
• 2008→2024 swing: -29.4pp toward R · 2008: -4.3pp · 2024: -33.7pp
• All cycles: 2024: R+33.7 2020: R+30.3 2016: R+30.7 2012: R+6.5 2008: R+4.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -16.91%
• Current HPI: 208.4418
• 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

+0.0% since first listed

2 events — show timeline

• 2026-03-30 Listed $2,400,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-30 Listed $2,400,000 RASM