321 Park Lake Blvd E #308 · Detroit Lakes, MN 56501

$275,000

2 bd · 2.0 ba · 1,248 sqft · Condo public records · 78 Days on market

Built 1979 $395/mo HOA · 13% of rent

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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 +17.4/30.0
• ARV discount +7.5/15.0
• 1% rule +5.9/10.0
• DSCR +5.4/10.0
• Schools +4.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Enjoy Lake Living at its BEST in this well-located 3rd floor end unit! Take in peaceful views from your private deck overlooking Little Detroit. This 3 BRM 2 Bath condo offers comfortable living plus convenience, Association amenities are hard to beat-shared sandy lakeshore with dock and boat slip, outdoor pool, plus an indoor pool and sauna for year round enjoyment. Additional highlights include a garage and storage area giving you space for lake gear. Whether you’re looking for a full time home or a relaxing getaway, this property offered the perfect blend of comfort, convenience, and lake life!

Key facts

• Private deck
• Outdoor pool
• Dock and boat slip

Tags

• PRIVATE DECK
• SHARED SANDY LAKESHORE
• DOCK AND BOAT SLIP
• OUTDOOR POOL
• INDOOR POOL
• SAUNA

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $275k.

Deal economics

• At list price, monthly cash flow is $207 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Recommended offer: $258k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.2% vs local median 5.2% in Detroit Lakes — 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 80/100 on livability (#78 in MN, #1,847 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, cost of living A; Watch: amenities F, commute F.
• Detroit Lakes Public School District (town): math 44% / reading 50% proficiency, ranked #155 of 301 in MN (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 307 active listings in the ZIP; 156 units permitted in Becker County in 2024 (0 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.
• Becker County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($258k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 12y ago; this cycle's ask has dropped $124k (31%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $228k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $258,499 (6.0% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 B-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?
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: 1.09% ✓
• Cap rate: 7.19%
• Cash-on-cash: 3.22%
• DSCR: 1.14
• GRM: 7.7

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: -11.1%
• Equity multiple: 0.59×
• Total profit: $-31,203
• Equity at exit: $41,003

10-year hold

• IRR: -1.8%
• Equity multiple: 0.88×
• Total profit: $-9,405
• Equity at exit: $23,777

Cash invested: $77,000 (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 56501

• Active inventory: 307
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $2,993 medium
• Mortgage (P&I): −$1,442
• Tax from tax record: −$206 /mo · $2,474/yr
• Insurance: −$115
• HOA: −$395
• Vacancy / Maint / Mgmt: −$629
• Net cashflow: $207

Break-even live

Break-even rent $2,731

Max offer price $275,000

Occupancy floor 88%

Sensitivity live

Price	-10% $362	-5% $284	+0% $207	+5% $129	+10% $51
Rent	-10% $-30	-5% $88	+0% $207	+5% $325	+10% $443
Rate	-1.0pp $345	-0.5pp $276	base $207	+0.5pp $135	+1.0pp $63

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $395 · $4,740/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-12
   status $275,000 Pending 78 DOM
2. 2026-06-09
   days on market $275,000 Active 78 DOM
3. 2026-06-08
   days on market $275,000 Active 77 DOM
4. 2026-06-07
   pricedays on market $275,000 Active 76 DOM
5. 2026-06-07
   days on market $299,900 Active 75 DOM
6. 2026-06-04
   days on market $299,900 Active 72 DOM
7. 2026-06-02
   days on market $299,900 Active 71 DOM
8. 2026-06-01
   days on market $299,900 Active 70 DOM
9. 2026-05-31
   days on market $299,900 Active 69 DOM
10. 2026-05-31
    days on market $299,900 Active 68 DOM
11. 2026-05-08
    price $375,000 611-char remark

    Show marketing remark (611 chars)

    Enjoy Lake Living at its BEST in this well-located 3rd floor end unit! Take in peaceful views from your private deck overlooking Little Detroit. This 3 BRM 2 Bath condo offers comfortable living plus convenience, Association amenities are hard to beat-shared sandy lakeshore with dock and boat slip, outdoor pool, plus an indoor pool and sauna for year round enjoyment. Additional highlights include a garage and storage area giving you space for lake gear. Whether you’re looking for a full time home or a relaxing getaway, this property offered the perfect blend of comfort, convenience, and lake life!

12. 2026-03-23
    listed $399,000 Active 611-char remark

    Show marketing remark (611 chars)

    Enjoy Lake Living at its BEST in this well-located 3rd floor end unit! Take in peaceful views from your private deck overlooking Little Detroit. This 3 BRM 2 Bath condo offers comfortable living plus convenience, Association amenities are hard to beat-shared sandy lakeshore with dock and boat slip, outdoor pool, plus an indoor pool and sauna for year round enjoyment. Additional highlights include a garage and storage area giving you space for lake gear. Whether you’re looking for a full time home or a relaxing getaway, this property offered the perfect blend of comfort, convenience, and lake life!

13. 2016-06-15
    soldstatus $228,000
14. 2015-09-06
    historical
15. 2014-11-06
    listed $259,000
16. 2014-10-31
    historical
17. 2014-07-30
    listed $279,000
18. 2006-11-29
    soldstatus $243,000
19. 2004-08-16
    soldstatus $190,700
20. 2003-03-14
    soldstatus $140,000
21. 1999-08-20
    soldstatus $109,900
22. 1999-08-16
    soldstatus $91,585
23. 1995-11-01
    soldstatus $75,000
24. 1994-04-01
    soldstatus $70,000

ⓘ 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: $2,474 · $206/mo
• Projected year-2 tax: $2,777 · $231/mo
• Expected delta: +$303/yr (+$25/mo · 12.2%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥96°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,915
• − Mortgage interest: −$15,404
• − Property taxes: −$2,474
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,873
• − Management: −$2,873
• − HOA: −$4,740
• − Depreciation: −$8,000
• Taxable loss: −$1,824
• Est. tax savings @ 24.0%: +$438
• After-tax cash flow: $2,916/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: Detroit Lakes Public School District
• NCES district ID: 2710230
• Math proficiency: 44% ▼ -11.00%
• Reading proficiency: 50% ▼ -11.00%
• Median HH income: $50,571
• Composite: 40.33/100
• National rank: #3746
• State rank: #155 of 301 in MN

Livability — Detroit Lakes

• Score: 80/100
• State rank: #78
• US rank: #1847

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Detroit Lakes, MN
• City population: 18,239
• Population (ZIP): 18,239

Population outlook (Becker County) Hauer SSP2

• Today (2025): 34,604 people
• By 2030: 35,095 · +1.4%
• By 2040: 35,691 · +3.1%
• By 2050: 35,869 · +3.7%
• By 2075: 36,103 · +4.3%
• By 2100: 32,798 · -5.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Native American 2%
• Common ancestry: Portuguese 25% Scottish 4% Lithuanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Becker

• 2024 margin: Solid R (+33.1) · D 32.7% · R 65.8% · Other 1.5%
• 2008→2024 swing: -26.3pp toward R · 2008: -6.9pp · 2024: -33.1pp
• All cycles: 2024: R+33.1 2020: R+30.1 2016: R+33.2 2012: R+14.6 2008: R+6.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -222.40%
• Current HPI: 217.4973
• 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

+435.7% since first listed

14 events — show timeline

• 2026-05-08 Price Changed $375,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-23 Listed $399,000 NORTHSTARMLS as Distributed by MLS Grid
• 2016-06-15 Sold (Public Records) $228,000 Public Records
• 2015-09-06 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2014-11-06 Listed $259,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-10-31 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2014-07-30 Listed $279,000 NORTHSTARMLS as Distributed by MLS Grid
• 2006-11-29 Sold (Public Records) $243,000 Public Records
• 2004-08-16 Sold (Public Records) $190,700 Public Records
• 2003-03-14 Sold (Public Records) $140,000 Public Records
• 1999-08-20 Sold (Public Records) $109,900 Public Records
• 1999-08-16 Sold (Public Records) $91,585 Public Records
• 1995-11-01 Sold (Public Records) $75,000 Public Records
• 1994-04-01 Sold (Public Records) $70,000 Public Records

Property tax history

+1.5%/yr

Latest (2025): $2,474 · -0.5% YoY. Source: county tax records.