10629 Town Rd 34 · Mizpah, MN 56660

$44,900

2 bd · 1.0 ba · 924 sqft · Manufactured public records · 63 Days on market

Manufactured home Built 1960 1.45 ac lot

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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
• Appreciation +5.0/10.0
• Schools +4.0/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

1.45ac neighboring the Blue Ox Trail with well and septic. Home is not livable. Semi trailer is used for storage shed.

Key facts

• 1.45 acre lot
• Built 1960
• Listed 63 days

Property features AI

Finance

• Financial info: $182 annual tax (2025)

Exterior

• Parking: Driveway with non-paved/other surface
• Utilities: Private water source; Private sewer; Other fuel type
• Home design: Residential property; Single-story (one level); Manufactured home
• Construction: Block foundation
• Exterior features: Metal exterior; Other outbuilding/structure on the property; Lot approximately 1.45 acres (dimensions: 356 x 300 x 94 x 400)

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: No heating system listed; No cooling system listed
• Interior features: Has basement (no finished basement features listed)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $45k.

Deal economics

• At list price, monthly cash flow is $272 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($677 rent vs $45k).
• Recommended offer: $42k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 59/100 on livability (#797 in MN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime D-, amenities F.
• South Koochiching School District (rural): math 45% / reading 45% proficiency, ranked #333 of 467 in MN (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Northome Elementary (math 44% / reading 54%, grade D, #423 of 857 statewide, top 55%, 84 students, 63% FRL); Northome Secondary (math 15% / reading 44%, grade F, #349 of 471 statewide, top 75%, 84 students, 57% FRL) — zoned schools average 60% FRL vs 45% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 5 active listings in the ZIP; 26 units permitted in Koochiching County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($310 loan paydown + $1k appreciation (3.0% local appreciation)).
• Koochiching County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($42k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $5k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $12k; list at $45k implies a 259% gain — meaningful room to come down on a strong offer.

Recommended offer $42,206 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 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 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. 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: 1.51% ✓
• Cap rate: 13.55%
• Cash-on-cash: 25.93%
• DSCR: 2.15
• GRM: 5.5

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: 31.9%
• Equity multiple: 2.81×
• Total profit: $22,695
• Equity at exit: $20,189

10-year hold

• IRR: 32.2%
• Equity multiple: 5.50×
• Total profit: $56,522
• Equity at exit: $31,114

Cash invested: $12,572 (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 56660

• Active inventory: 5
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $677 medium
• Mortgage (P&I): −$235
• Tax from tax record: −$9 /mo · $112/yr
• Insurance: −$19
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$142
• Net cashflow: $272

Break-even live

Break-even rent $334

Max offer price $44,900

Occupancy floor 55%

Sensitivity live

Price	-10% $297	-5% $284	+0% $272	+5% $259	+10% $246
Rent	-10% $218	-5% $245	+0% $272	+5% $298	+10% $325
Rate	-1.0pp $294	-0.5pp $283	base $272	+0.5pp $260	+1.0pp $248

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: $11,225
• Closing costs: $1,347
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-22
   days on market $44,900 Active 63 DOM
2. 2026-06-21
   days on market $44,900 Active 62 DOM
3. 2026-06-21
   days on market $44,900 Active 61 DOM
4. 2026-06-18
   days on market $44,900 Active 59 DOM
5. 2026-06-17
   days on market $44,900 Active 58 DOM
6. 2026-06-16
   days on market $44,900 Active 57 DOM
7. 2026-06-15
   days on market $44,900 Active 56 DOM
8. 2026-06-13
   days on market $44,900 Active 54 DOM
9. 2026-06-12
   pricedays on market $44,900 Active 53 DOM
10. 2026-06-09
    days on market $49,900 Active 50 DOM
11. 2026-06-08
    days on market $49,900 Active 49 DOM
12. 2026-06-07
    days on market $49,900 Active 48 DOM
13. 2026-06-05
    days on market $49,900 Active 46 DOM
14. 2026-06-04
    days on market $49,900 Active 44 DOM
15. 2026-06-02
    days on market $49,900 Active 43 DOM
16. 2026-06-01
    days on market $49,900 Active 42 DOM
17. 2026-05-31
    days on market $49,900 Active 41 DOM
18. 2026-05-31
    days on market $49,900 Active 40 DOM
19. 2026-04-20
    listed $49,900 Active 118-char remark
20. 2026-03-10
    historical
21. 2025-09-09
    listed $54,900 Active
22. 2000-06-01
    soldstatus $12,500

ⓘ 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: $112 · $9/mo
• Projected year-2 tax: $307 · $26/mo
• Expected delta: +$195/yr (+$16/mo · 174.5%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥92°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $8,130
• − Mortgage interest: −$2,515
• − Property taxes: −$112
• − Insurance: −$224
• − Repairs & maintenance: −$650
• − Management: −$650
• − Depreciation: −$1,306
• Taxable income: $2,671
• Est. tax owed @ 24.0%: −$641
• After-tax cash flow: $2,619/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: South Koochiching School District
• NCES district ID: 2732700
• Math proficiency: 45% ▬ 0.00%
• Reading proficiency: 45% ▬ 0.00%
• Median HH income: $40,157
• Composite: 39.92/100
• National rank: #7917
• State rank: #333 of 467 in MN

Livability — Mizpah

• Score: 59/100
• State rank: #797
• US rank: #20200

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 265

Population outlook (Koochiching County) Hauer SSP2

• Today (2025): 11,977 people
• By 2030: 11,406 · -4.8%
• By 2040: 10,045 · -16.1%
• By 2050: 8,746 · -27.0%
• By 2075: 6,363 · -46.9%
• By 2100: 4,275 · -64.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Native American 2% Black 1%
• Common ancestry: Slovene 9% Portuguese 9% Iranian 8%
• Foreign-born: 1%
• Languages at home: 98% English-only · German/W. Germanic 1%

Political lean MEDSL · Koochiching

• 2024 margin: Strong R (+25.7) · D 36.4% · R 62.0% · Other 1.6%
• 2008→2024 swing: -35.8pp toward R · 2008: 10.1pp · 2024: -25.7pp
• All cycles: 2024: R+25.7 2020: R+21.3 2016: R+20.0 2012: D+9.5 2008: D+10.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

+259.2% since first listed

5 events — show timeline

• 2026-06-11 Price Changed $44,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-20 Listed $49,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-10 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-09 Listed $54,900 NORTHSTARMLS as Distributed by MLS Grid
• 2000-06-01 Sold (Public Records) $12,500 Public Records

Property tax history

-0.8%/yr

Latest (2026): $112 · -38.5% YoY. Source: county tax records.