21707 State Highway 22 #22 · Munson, MN 56368

$129,900

1 bd · 1.0 ba · 422 sqft · SingleFamily · 28 Days on market

Built 2003 Good condition 784 sqft lot $100/mo HOA · 7% of rent

---

Why this score? — see what drove the C 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 +22.3/30.0
• ARV discount +7.5/15.0
• DSCR +7.1/10.0
• 1% rule +6.8/10.0
• Schools +4.7/10.0
• Condition / age +4.0/5.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Want to enjoy all the feels of a cabin, but don't want to spend as much. This is the perfect opportunity for you! Nestled in one of the most sought-after resorts on the Horseshoe Chain of Lakes, this charming and well-cared-for park model offers the perfect cozy cabin feel with all the perks of resort living. Move-in ready and waiting for its next owners to make summer memories. Step outside to your own private dock slip with direct lake access, enjoy the shared sandy beach, and take full advantage of resort amenities including a clubhouse, and shared beach. Everything you need for the perfect lake summer just unpack and enjoy. Don't miss your chance to own a piece of the Horseshoe Chain. S

Key facts

• $100 HOA
• Built 2003
• Listed 27 days

Property features AI

Finance

• Other: Directions available: Hwy 23 west to Richmond, left on Hwy 22; 1 mile to resort on right side. 3rd place on right (tan)
• HOA & community: Part of Peninsula Shores association; Association amenities include beach and boat slip; Annual association fee of $1,200 covering beach access, dock, lawn care, parking, professional management, sewer, shared amenities, snow removal and water

Exterior

• Parking: Parking lot
• Utilities: Shared water system; Shared septic; Electric and propane fuel sources
• Home design: Residential property; One story; Entry at main level; Facing direction not specified
• Construction: Asphalt roof (age 8 years or less); Block foundation; Built features on a 422 foundation area
• Exterior features: Covered, enclosed front porch and patio; Porch; Patio; Vinyl siding; Accessible shoreline; Irregular lot; Dock; Lake view; Shared waterfront access; Deeded access; Storage shed

Interior

• Kitchen: Cooktop; Range; Microwave; Refrigerator; Exhaust fan; Kitchen window
• Bedrooms: 1 bedroom on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating; Fireplace heating; Central air conditioning; Electric water heater
• Interior features: Ceiling fan(s); Skylight; Kitchen window; Main floor primary bedroom; Main floor bedroom; Breakfast area; No internal stairs
• Laundry & utility: Washer hookup in kitchen; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $130k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $213 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $128k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Rocori Public School District (town): math 51% / reading 57% proficiency, ranked #68 of 301 in MN (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Market conditions: 60 active listings in the ZIP; 661 units permitted in Stearns County in 2024 (291 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Stearns County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.

Recommended offer $127,951 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
4. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
5. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
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: 1.18% ✓
• Cap rate: 8.26%
• Cash-on-cash: 7.03%
• DSCR: 1.31
• GRM: 7.1

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: -5.5%
• Equity multiple: 0.80×
• Total profit: $-7,385
• Equity at exit: $19,369

10-year hold

• IRR: 4.3%
• Equity multiple: 1.31×
• Total profit: $11,399
• Equity at exit: $11,231

Cash invested: $36,372 (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 56368

• Active inventory: 60
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,533 medium
• Mortgage (P&I): −$681
• Tax est. 1.5%: −$162 /mo · $1,948/yr
• Insurance: −$54
• HOA: −$100
• Vacancy / Maint / Mgmt: −$322
• Net cashflow: $213

Break-even live

Break-even rent $1,263

Max offer price $129,900

Occupancy floor 81%

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $100 · $1,200/yr

Listing history 17 events

1. 2026-06-17
   days on market $129,900 Active 28 DOM
2. 2026-06-16
   days on market $129,900 Active 27 DOM
3. 2026-06-15
   days on market $129,900 Active 26 DOM
4. 2026-06-13
   days on market $129,900 Active 24 DOM
5. 2026-06-12
   days on market $129,900 Active 23 DOM
6. 2026-06-09
   days on market $129,900 Active 20 DOM
7. 2026-06-09
   price $129,900 Active 19 DOM
8. 2026-06-08
   days on market $134,900 Active 19 DOM
9. 2026-06-07
   days on market $134,900 Active 18 DOM
10. 2026-06-05
    days on market $134,900 Active 16 DOM
11. 2026-06-04
    days on market $134,900 Active 14 DOM
12. 2026-06-02
    days on market $134,900 Active 13 DOM
13. 2026-06-01
    days on market $134,900 Active 12 DOM
14. 2026-05-31
    days on market $134,900 Active 11 DOM
15. 2026-05-31
    days on market $134,900 Active 10 DOM
16. 2026-05-21
    listed $134,900 Active
17. 2026-05-19
    historical $134,900

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

Taxation est. · year 1

• Rental income: $18,394
• − Mortgage interest: −$7,276
• − Property taxes: −$1,948
• − Insurance: −$650
• − Repairs & maintenance: −$1,472
• − Management: −$1,472
• − HOA: −$1,200
• − Depreciation: −$3,779
• Taxable income: $597
• Est. tax owed @ 24.0%: −$143
• After-tax cash flow: $2,415/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 · 12 photos

Good 80/100 Cosmetic rehab

This move-in ready park model offers a cozy cabin feel with all the perks of resort living. Minor updates to the exterior and interior can further enhance its curb appeal and value.

Value-add opportunities

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics.
• Both Landscaping improvements — Enhances curb appeal and creates a more inviting environment.
• Both New flooring in high-traffic areas — Improves aesthetics and durability.
• Both Upgrading kitchen appliances — Enhances functionality and appeal for potential buyers/renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhances curb appeal and creates a more inviting environment. ↑
• Both New flooring in high-traffic areas — Improves aesthetics and durability. ↑
• Both Upgrading kitchen appliances — Enhances functionality and appeal for potential buyers/renters. ↑

ⓘ 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: Rocori Public School District
• NCES district ID: 2709440
• Math proficiency: 51% ▼ -11.00%
• Reading proficiency: 57% ▼ -8.00%
• Median HH income: $63,151
• Composite: 47.34/100
• National rank: #2294
• State rank: #68 of 301 in MN

Livability — Munson

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 4,162

Population outlook (Stearns County) Hauer SSP2

• Today (2025): 162,629 people
• By 2030: 166,495 · +2.4%
• By 2040: 172,661 · +6.2%
• By 2050: 177,480 · +9.1%
• By 2075: 192,907 · +18.6%
• By 2100: 206,274 · +26.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 5% Two or more races 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Romanian 5% Lithuanian 5% Portuguese 4%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Stearns

• 2024 margin: Strong R (+26.8) · D 35.7% · R 62.5% · Other 1.9%
• 2008→2024 swing: -19.8pp toward R · 2008: -7.0pp · 2024: -26.8pp
• All cycles: 2024: R+26.8 2020: R+22.5 2016: R+27.9 2012: R+12.1 2008: R+7.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -201.40%
• Current HPI: 185.4156
• 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

• 2026-05-21 Listed $134,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-19 Coming Soon $134,900 NORTHSTARMLS as Distributed by MLS Grid