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$1,499,000

For Sale - Active
45970 County Highway 51, Perham, MN 56573
3 Beds
2 Baths
2,408 Square Feet
7.90 Acres Lot
Built in 1947
For Sale - Active
Units n/a
Checked: 5 hours ago
Updated: Sep 30, 2025 at 10:05AM

Investment Summary


Monthly Cash Flow
-$5,836
Cap Rate
1.0%
Cash-on-Cash Return
-20.3%
Debt Coverage Ratio
0.18
Internal Rate of Return (5 years)
-15.6%

Property Description


7.90 Acres Lot
Built in 1947
For Sale - Active
Units n/a

LEGACY PROPERTY ON LITTLE PINE LAKE! First time on the market in over 30 years, this property is truly one-of-a-kind. Just three minutes from Perham, this 7.9-Acre Estate blends Unmatched Privacy, Prime Location, and a Jaw-Dropping Setting that simply Cannot be Replicated. Featuring over 5 Acres of Mature Woods, Vibrant Wildlife, a Flat and Level approach to the Water’s Edge, and 900 Ft. of Riprapped Shoreline wrapping around a Private Peninsula overlooking the Ottertail River. A Winding Trail through the woods leads to a Serene Hilltop Clearing — a Park-Like Space with Sweeping Views over the Lake. Tucked deep into the trees at the end of a Private Drive, the Home offers Peaceful Seclusion. Remodeled with Rustic Charm in 2018, the interior features Reclaimed Wood Floors, a Custom Masonry Fireplace, and a 50-Year Roof. Nearly every room offers a Lake View, while the exterior showcases LP Siding, Rich Stonework, and a Beautiful Paver Patio that ties it all together. Not to be forgotten is the Remarkable 56x36 Heated Shop with Concrete Floors, Insulation, and a Finished Workshop Area — the perfect complement to the estate. Whether you’re seeking a Private Homestead, a place to Gather Generations, or a Rare Tract of Land to Pass Down, this is the type of property that comes along once in a lifetime!

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Location


Property Details


Parking

  • Description: Detached Garage
  • Details: Heated Garage, Storage, Garage
  • Garage Spaces: 1
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 3

Bathroom Information

  • # of Baths (Full): 1
  • # of Baths (Total): 2.0

Interior Features

  • # of Rooms: 13
  • # of Stories: 1
  • Basement: Yes
  • Basement Description: None, Crawl Space, Partial, Block, Concrete
  • Fireplace: Yes

Exterior Features

  • Exterior Walls Materials: Fiber cement siding (Hardi-board/Hardi-plank
  • Foundation: Slab
  • Roof Type: Gable or Hip
  • Roof Material: Asphalt, Shingle

Land Information

  • Land Use: Residential
  • Land Use Subtype: Single Family Residential

Lot Information

  • Parcel ID: 51000020031000
  • Lot Size: 344124 sqft

Property Information

  • Property Type: Single Family Residence
  • Style: (SF) Single Family
  • Year Built: 1947

Tax Information

  • Annual Tax: $8,084

Utilities

  • Water & Sewer: Private, Well
  • Heating: Forced Air
  • Cooling: Central Air

Location

  • County: Otter Tail

Listing Details


Listed by:
Jason Witzke
Jack Chivers Realty
(218) 234-1904

Source:
FargoMoorhead Area Association of REALTORS
MLS#: 6740997
FargoMoorhead Area Association of REALTORS

Investment Summary


Monthly Cash Flow
-$5,836
Cap Rate
1.0%
Cash-on-Cash Return
-20.3%
Debt Coverage Ratio
0.18
Internal Rate of Return (5 years)
-15.6%

Purchase Details

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Purchase price:
$1,499,000
Amount financed:
-$1,199,200
Down payment:
$299,800
Closing costs:
$44,970
Rehab costs:
$0
Initial cash invested:
$344,770
Square feet:
2,408
Cost per square foot:
$623
Monthly rent per square foot:
$1.16

Financing Details

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Loan amount:
$1,199,200
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
5.875%
Principal & interest:
$7,094
Property tax:
$674
Insurance:
$196
Private mortgage insurance (PMI):
$0
Monthly payment:
$7,964

Operating Income

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% Rent Monthly Yearly
Gross rent:
$2,800 $33,600
Vacancy loss: (6%)
6% -$168 -$2,016
Operating income:
$2,632 $31,584

Operating Expenses


% Rent Monthly Yearly
Property taxes: (24%)
24%-$674-$8,084
Insurance: (7%)
7%-$196-$2,352
Property management: (8%)
8%-$224-$2,688
Repairs & maintenance: (5%)
5%-$140-$1,680
Capital expenditures: (5%)
5%-$140-$1,680
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (49%)
49%-$1,374-$16,484

Cash Flow


Monthly Yearly
Net operating income:
$1,258 $15,096
Mortgage payments:
-$7,094 -$85,128
Cash flow:
-$5,836 -$70,032