4608 Manor Brook Dr NW · Rochester, MN 55901

$260,000

4 bd · 2.0 ba · 1,288 sqft · SingleFamily public records · 28 Days on market

Built 2004 8,276 sqft lot $202/sqft · 10% below area Est $290k · 10% under

---

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 +23.5/30.0
• ARV discount +12.1/15.0
• DSCR +7.6/10.0
• 1% rule +5.5/10.0
• Livability +4.6/5.0
• Schools +4.1/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Home is in the Community Land Trust. Must income qualify and owner occupy. Income qualify, no more than $100,500/household at the time of purchase. Home has been almost completely renovated, 4 bedrooms and 2 bathrooms on one floor.

Key facts

• 8,276 sq ft lot
• 2 garage spots
• Built 2004

Property features AI

Finance

• Financial info: Land is leased with a land lease payment of $25

Exterior

• Parking: Attached 2-car garage
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential property; Single-story; Slab foundation
• Construction: Slab foundation
• Exterior features: Vinyl exterior; Lot approximately 0.19 acres (68 x 120)

Interior

• Bedrooms: 4 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Heat pump; Central air conditioning
• Interior features: No basement; One-level living

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $260k.

Deal economics

• At list price, monthly cash flow is $485 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $260k).
• Recommended offer: $256k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 3.6% in Rochester — 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 92/100 on livability (#1 in MN, #27 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+.
• Rochester Public School District (urban): math 40% / reading 51% proficiency, ranked #152 of 301 in MN (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bishop Elementary (math 51% / reading 51%, grade C-, #406 of 857 statewide, top 48%, 512 students, 41% FRL); John Adams Middle (math 20% / reading 42%, grade F, #191 of 258 statewide, top 74%, 731 students, 42% FRL); John Marshall Senior High (math 37% / reading 58%, grade D, #162 of 471 statewide, top 35%, 1,573 students, 43% FRL).
• Market conditions: Rents rising (+2.2%/yr); 507 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,267 units permitted in Olmsted County in 2024 (915 in 5+ unit buildings).
• This rent runs 35% of the median local income ($95k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• Olmsted County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($256k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $79k; list at $260k implies a 230% gain — meaningful room to come down on a strong offer.

Recommended offer $256,100 (1.5% below list)

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: 1.05% ✓
• Cap rate: 8.53%
• Cash-on-cash: 7.99%
• DSCR: 1.36
• GRM: 7.9

CMA / ARV

• ARV (median comp): $289,865
• List price: $260,000
• Delta: -10.30%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.18% rent growth · sell at horizon

5-year hold

• IRR: -5.0%
• Equity multiple: 0.81×
• Total profit: $-13,539
• Equity at exit: $38,767

10-year hold

• IRR: 3.7%
• Equity multiple: 1.26×
• Total profit: $18,788
• Equity at exit: $22,480

Cash invested: $72,800 (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 55901

• Home prices YoY: -33.2%
• Rents YoY: 2.2%
• Active inventory: 507
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $2,731 medium
• Mortgage (P&I): −$1,363
• Tax from tax record: −$201 /mo · $2,412/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$573
• Net cashflow: $485

Break-even live

Break-even rent $2,117

Max offer price $260,000

Occupancy floor 77%

Sensitivity live

Price	-10% $632	-5% $558	+0% $485	+5% $411	+10% $337
Rent	-10% $269	-5% $377	+0% $485	+5% $592	+10% $700
Rate	-1.0pp $616	-0.5pp $551	base $485	+0.5pp $417	+1.0pp $349

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: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3680 9th St NW Rochester, MN	2.0–3.0	2.5	1600	$2,695	$1.68	15d	17	0.81mi
1990 Ashland Dr NW Rochester, MN	1.0–3.0	1.0–2.0	920	$1,726	$1.88	15d	3	1.22mi
4275 Heritage Pl NW Rochester, MN	2.0–5.0	2.0–3.5	2067	$3,946	$1.91	15d	9	1.31mi
2257 Jordyn Rd NW Rochester, MN	3.0	2.0	1715	$3,440	$2.01	45d	1	1.48mi

Listing history 9 events

1. 2026-06-02
   status $260,000 Pending 28 DOM
2. 2026-06-01
   days on market $260,000 Contingent - Inspection 28 DOM
3. 2026-05-31
   days on market $260,000 Contingent - Inspection 27 DOM
4. 2026-05-30
   days on market $260,000 Contingent - Inspection 26 DOM
5. 2026-05-04
   listed $260,000 Active 231-char remark
6. 2025-06-13
   soldstatus $78,718
7. 2004-08-05
   soldstatus $62,295
8. 2004-07-29
   soldstatus $62,295
9. 2003-03-18
   soldstatus $35,000

ⓘ 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: $2,412 · $201/mo
• Projected year-2 tax: $2,662 · $222/mo
• Expected delta: +$250/yr (+$21/mo · 10.4%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°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: $32,770
• − Mortgage interest: −$14,564
• − Property taxes: −$2,412
• − Insurance: −$1,300
• − Repairs & maintenance: −$2,622
• − Management: −$2,622
• − Depreciation: −$7,564
• Taxable income: $1,687
• Est. tax owed @ 24.0%: −$405
• After-tax cash flow: $5,410/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: Rochester Public School District
• NCES district ID: 2731800
• Math proficiency: 40% ▼ -10.00%
• Reading proficiency: 51% ▼ -4.00%
• Median HH income: $66,540
• Composite: 40.6/100
• National rank: #3695
• State rank: #152 of 301 in MN

Livability — Rochester

• Score: 92/100
• State rank: #1
• US rank: #27

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rochester, MN
• County: Olmsted County · 135,035 people
• City population: 135,035
• Metro: Rochester, MN
• Population (ZIP): 58,495
• Household income: $94,607
• Rent vs Own: 35.7% rent · 64.3% own
• Severe rent burden: 1651.0

Population outlook (Olmsted County) Hauer SSP2

• Today (2025): 165,999 people
• By 2030: 172,425 · +3.9%
• By 2040: 183,785 · +10.7%
• By 2050: 192,981 · +16.3%
• By 2075: 215,284 · +29.7%
• By 2100: 224,887 · +35.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Black 12% Asian 8% Two or more races 6% Hispanic / Latino 5%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Portuguese 11% Romanian 3% Iranian 2%
• Foreign-born: 15% · Canada, Vietnam, China
• Languages at home: 81% English-only · Spanish 3% Other Asian/Pacific 3% Arabic 2%

Political lean MEDSL · Olmsted

• 2024 margin: D (+10.7) · D 54.3% · R 43.6% · Other 2.1%
• 2008→2024 swing: +7.4pp toward D · 2008: 3.3pp · 2024: 10.7pp
• All cycles: 2024: D+10.7 2020: D+10.7 2016: D+0.8 2012: D+3.2 2008: D+3.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -126.08%
• Current HPI: 253.7999
• Rent YoY: ▲ 2.18%
• Metro: Rochester, MN
• 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

+642.9% since first listed

7 events — show timeline

• 2026-06-01 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-20 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-04 Listed $260,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-06-13 Sold (Public Records) $78,718 Public Records
• 2004-08-05 Sold (Public Records) $62,295 Public Records
• 2004-07-29 Sold (Public Records) $62,295 Public Records
• 2003-03-18 Sold (Public Records) $35,000 Public Records

Property tax history

+3.1%/yr

Latest (2025): $2,412 · -15.2% YoY. Source: county tax records.