10 Northview Dr NE · Chatfield, MN 55923

$34,000

3 bd · 2.0 ba · 1,216 sqft · Manufactured public records · 1 Days on market

Built 2000

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• Livability +4.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Small town living less than a half hour from Rochester. Master bedroom with full bath, garden tub and walk in closet. Large living room/ kitchen/ dining area with built-ins include large pantry and desk. Small fenced yard for pets off of second set of stairs on the deck. Carport with small shed attached. 2 Additional sheds for storage. Many updates including new 50 gallon water heater in 2019, new roof in 2018, subflooring, carpet & amp; laminate, drywall, new Kitchenaide dishwasher, fresh paint in neutral colors all in 2021. New gravel on large parking area in 2020. Lot rent + home cost lower than buying a stick built home & amp; option to move this mobile home to your own property

Key facts

• Small fenced yard
• Carport
• New water heater

Tags

• GARDEN TUB
• WALK IN CLOSET
• LARGE PANTRY
• SMALL FENCED YARD
• CARPORT
• NEW WATER HEATER

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $34k.

Deal economics

• At list price, monthly cash flow is $748 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $34k).

Location & tenants

• Location reads 82/100 on livability (#48 in MN, #1,274 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F.
• Chatfield Public Schools (rural): math 54% / reading 65% proficiency, ranked #39 of 301 in MN (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Market conditions: 35 active listings in the ZIP; 1,267 units permitted in Olmsted County in 2024 (915 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $235 of loan paydown is wiped out by about $1k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $34,000

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: 3.65% ✓
• Cap rate: 32.68%
• Cash-on-cash: 94.25%
• DSCR: 5.19
• GRM: 2.3

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: 95.1%
• Equity multiple: 5.43×
• Total profit: $42,131
• Equity at exit: $5,070

10-year hold

• IRR: 97.8%
• Equity multiple: 11.30×
• Total profit: $98,078
• Equity at exit: $2,940

Cash invested: $9,520 (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 55923

• Home prices YoY: -12.3%
• Active inventory: 35
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $1,240 medium
• Mortgage (P&I): −$178
• Tax from tax record: −$40 /mo · $476/yr
• Insurance: −$14
• HOA: −$0
• Vacancy / Maint / Mgmt: −$260
• Net cashflow: $748

Break-even live

Break-even rent $294

Max offer price $34,000

Occupancy floor 35%

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: $8,500
• Closing costs: $1,020
• Reserves months: —
• Total cash needed: —

Tax reassessment forecast MN · Partial reset (capped growth)

• Current annual tax: $476 · $40/mo
• Projected year-2 tax: $476 · $40/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,884
• − Mortgage interest: −$1,905
• − Property taxes: −$476
• − Insurance: −$170
• − Repairs & maintenance: −$1,191
• − Management: −$1,191
• − Depreciation: −$989
• Taxable income: $8,963
• Est. tax owed @ 24.0%: −$2,151
• After-tax cash flow: $6,822/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: Chatfield Public Schools
• NCES district ID: 2708220
• Math proficiency: 54% ▼ -14.00%
• Reading proficiency: 65% ▼ -6.00%
• Median HH income: $63,138
• Composite: 51.88/100
• National rank: #1654
• State rank: #39 of 301 in MN

Livability — Chatfield

• Score: 82/100
• State rank: #48
• US rank: #1274

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chatfield, MN
• City population: 4,387
• Population (ZIP): 4,387

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 (94%)
• Race & ethnicity: White 94% Two or more races 3% Hispanic / Latino 3% Asian 1%
• Common ancestry: Portuguese 21% Romanian 4% Iranian 2%
• Foreign-born: 2% · Canada, China
• Languages at home: 97% English-only · Spanish 1% German/W. Germanic 1% Chinese 1%

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: ▼ -38.08%
• Current HPI: 271.2781
• 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

Property tax history

-11.1%/yr

Latest (2025): $476 · -3.3% YoY. Source: county tax records.