Is $224,900 a good price for a home in Park Rapids?

According to BuyPulse, 407 Lake Avenue rates Excellent Value — at $122/sqft it's priced 42% below the typical Park Rapids single-family home of $210/sqft. Its negotiating-position score is 84/100 (Strong buyer leverage), weighed on days on market, comparable inventory, and how Park Rapids homes are closing versus list. Powered by the Realgorithm™.

What are the special assessments at 407 Lake Avenue — and what do they mean?

This property has $276/yr in annual special assessments, with no specials pending. Special assessments are separate from property taxes — they are charges levied by the city for infrastructure improvements like streets, water, sewer, and sidewalks. Annual property taxes are $2,784/yr. Always factor both into your total monthly housing cost before making an offer.

Does 407 Lake Avenue have a basement?

Yes, 407 Lake Avenue has a basement with 300 sq ft of below-grade space.

What type of heating and cooling does 407 Lake Avenue have?

407 Lake Avenue has Forced Air heating and Central Air cooling.

Where is 407 Lake Avenue located?

407 Lake Avenue is in the Mckinleys neighborhood of Park Rapids, MN 56470, in Hubbard County.

Is 407 Lake Avenue still available?

Yes — 407 Lake Avenue is currently listed as Active on the MLS and accepting showings. Contact us to schedule a tour or make an offer.

When was 407 Lake Avenue built?

407 Lake Avenue was built in 1977. It features block construction and a block foundation.

Does 407 Lake Avenue have main-floor laundry?

Yes — the laundry at 407 Lake Avenue is on the main level.

How walkable is 407 Lake Avenue?

407 Lake Avenue has a Walk Score of 56/100 (Somewhat Walkable) and a Bike Score of 58/100 (Somewhat Bikeable).

How many homes like 407 Lake Avenue are for sale in Park Rapids?

16 similar homes (single-family homes between $169K and $281K in Park Rapids) are for sale right now — you have options.

Do homes in Park Rapids sell for asking price?

47% of the last 15 comparable Park Rapids sales closed at or over list price — about half hold full price. Based on real NorthstarMLS closings, not estimates.

What does "M Markdowns" mean?

M Markdowns™ is Modern Market REALTORS®’ real estate tracker of homes for sale with verified MLS price reductions across the Fargo-Moorhead metro and Minnesota lake country. Every reduction is sourced directly from NorthstarMLS — minimum $2,000 drop to filter noise.

What does "BuyPulse" mean?

BuyPulse™ is Modern Market REALTORS®’ live market-data brand for Fargo-Moorhead: cohort statistics — homes for sale, median days to pending, and share of sales closing at or over list price — computed from real NorthstarMLS closings, not estimates.

What does "Realgorithm™" mean?

The Realgorithm™ is Modern Market REALTORS®’ proprietary market-data engine — it computes every BuyPulse verdict from real NorthstarMLS closings (comparable active inventory, median days to pending, and sale-to-list price ratio) rather than an automated online estimate.

1977 single family home for sale at 407 Lake Avenue in Park Rapids, MN — 4 bed, 2 bath (photo 1 of 27)

1977 single family home for sale at 407 Lake Avenue in Park Rapids, MN — 4 bed, 2 bath (photo 2 of 27)

1977 single family home for sale at 407 Lake Avenue in Park Rapids, MN — 4 bed, 2 bath (photo 3 of 27)

1977 single family home for sale at 407 Lake Avenue in Park Rapids, MN — 4 bed, 2 bath (photo 4 of 27)

1977 single family home for sale at 407 Lake Avenue in Park Rapids, MN — 4 bed, 2 bath (photo 5 of 27)

1977 single family home for sale at 407 Lake Avenue in Park Rapids, MN — 4 bed, 2 bath (photo 6 of 27)

1977 single family home for sale at 407 Lake Avenue in Park Rapids, MN — 4 bed, 2 bath (photo 7 of 27)

1977 single family home for sale at 407 Lake Avenue in Park Rapids, MN — 4 bed, 2 bath (photo 8 of 27)

1977 single family home for sale at 407 Lake Avenue in Park Rapids, MN — 4 bed, 2 bath (photo 9 of 27)

1977 single family home for sale at 407 Lake Avenue in Park Rapids, MN — 4 bed, 2 bath (photo 10 of 27)

1977 single family home for sale at 407 Lake Avenue in Park Rapids, MN — 4 bed, 2 bath (photo 11 of 27)

1977 single family home for sale at 407 Lake Avenue in Park Rapids, MN — 4 bed, 2 bath (photo 12 of 27)

1977 single family home for sale at 407 Lake Avenue in Park Rapids, MN — 4 bed, 2 bath (photo 13 of 27)

1977 single family home for sale at 407 Lake Avenue in Park Rapids, MN — 4 bed, 2 bath (photo 14 of 27)

1977 single family home for sale at 407 Lake Avenue in Park Rapids, MN — 4 bed, 2 bath (photo 15 of 27)

1977 single family home for sale at 407 Lake Avenue in Park Rapids, MN — 4 bed, 2 bath (photo 16 of 27)

1977 single family home for sale at 407 Lake Avenue in Park Rapids, MN — 4 bed, 2 bath (photo 17 of 27)

1977 single family home for sale at 407 Lake Avenue in Park Rapids, MN — 4 bed, 2 bath (photo 18 of 27)

1977 single family home for sale at 407 Lake Avenue in Park Rapids, MN — 4 bed, 2 bath (photo 19 of 27)

1977 single family home for sale at 407 Lake Avenue in Park Rapids, MN — 4 bed, 2 bath (photo 20 of 27)

1977 single family home for sale at 407 Lake Avenue in Park Rapids, MN — 4 bed, 2 bath (photo 21 of 27)

1977 single family home for sale at 407 Lake Avenue in Park Rapids, MN — 4 bed, 2 bath (photo 22 of 27)

1977 single family home for sale at 407 Lake Avenue in Park Rapids, MN — 4 bed, 2 bath (photo 23 of 27)

1977 single family home for sale at 407 Lake Avenue in Park Rapids, MN — 4 bed, 2 bath (photo 24 of 27)

1977 single family home for sale at 407 Lake Avenue in Park Rapids, MN — 4 bed, 2 bath (photo 25 of 27)

1977 single family home for sale at 407 Lake Avenue in Park Rapids, MN — 4 bed, 2 bath (photo 26 of 27)

1977 single family home for sale at 407 Lake Avenue in Park Rapids, MN — 4 bed, 2 bath (photo 27 of 27)

407 Lake Avenue, Park Rapids, MN 56470

4 Beds | 2 Baths | 1,836 Sq Ft | Single Family Home | MLS# 7091979

M Markdowns — Price Reduced — was $229,900 (↓ $5,000)

$224,900

Is 407 Lake Avenue a Good Deal?

BuyPulse Verdict

Excellent Value

At $122/sqft — This home is priced 42% below the typical Park Rapids single-family home of $210/sqft.

Your Negotiating Position

84 — Strong buyer leverage

Day 123 — Park Rapids homes overall typically go under contract by day ~14. This one is past that window.

47% of recent sales closed at or over asking — about half hold full price.

16 similar homes for sale — alternatives if they won't move.

This seller already cut $5,000 — motivation showing.

$1,523/month Estimated

Principal & interest: $1,137
Property taxes: $232
Home insurance (est.): $131
Special assessments: $23
HOA dues: None

20% down ($44,980) · 30-yr fixed, 6.5% · Can I afford this home?

Includes special assessments — the FM-metro cost most portals leave out. Estimates only; confirm before you offer.

Park Rapids, MN Active

Located in Mckinleys Add, Park Rapids, MN.

About This Home

This 4BR 2 Bath home on a beautiful corner lot is just waiting for your family to enjoy. Close to downtown and all that Park Rapids has to offer. Partially fenced in for your children to play in or your pets to exercise in. Detached Pole Building serves as an oversized garage that easily accommodates two vehicles and extra storage or woodworking room. Single oversized door with garage door opener. The lower level of the home is just waiting to be totally finished into additional living space. You will love the storage room with all of its built- in shelving. The bonus room enjoys Commercial Preferred zoning perfect for an at home business or use it for a family room or play room. Even has a chicken coup and a firepit for those smores needs! Don't miss out on this home!

BuyPulse™ — Live Market Read

Homes like this one — single-family homes between $169K and $281K in Park Rapids:

The field: 16 similar Park Rapids homes for sale — you have options.
Negotiation: 47% of the last 15 sales here closed at or over list — about half hold full price.

Key Features

Built: 1977
Garage: 2-Car Detached
Style: One
HOA: None
Annual Taxes: $2,784 (2026)
Specials/yr: $276

Property Details

Property Type: Single Family
Above Grade Sq Ft: 1,536
Below Grade Sq Ft: 300
Lot Size: 0.42 acres
Basement: Yes
Roof: Age Over 8 Years, Asphalt
Construction: Block
County: Hubbard
List Date: 2026-06-12
Days on Market: 123 days
Parcel ID: 324702100

Financial

Total Tax incl. Assessments: $3,060
Specials Pending: No

Home Systems & Utilities

Heating: Forced Air
Cooling: Central Air
Electric: Circuit Breakers
Water: City Water/Connected
Sewer: City Sewer/Connected
Appliances: Dishwasher, Electric Water Heater, Exhaust Fan, Microwave, Range, Refrigerator

Interior Features

Laundry: Gas Dryer Hookup, Laundry Room, Main Level, Washer Hookup

Construction & Exterior

Construction & Structure

Foundation Type: Block
Foundation Area: 1,200 sqft
Total Building Area: 2,736 sqft

Exterior Features

Exterior Features: Vinyl
Fenced Area: Yes
Other Structures: Hen House, Pole Building
Accessibility Features: None

Parking & Garage

Parking Features: Detached Garage, Asphalt, Electric, Garage Door Opener

Lot & Land

Lot Features: Corner Lot, Irregular Lot, Tree Coverage - Medium, Underground Utilities
Road Surface: City Street
Zoning Description: Business/Commercial,Residential-Single Family

Agent & Office

List Office: Edina Realty, Inc.

Price History

Reduced $5,000 (2.2%)

Price reduced to $229,900 — Jun 26, 2026
Price reduced to $224,900 — Aug 17, 2026

407 Lake Avenue is listed in Park Rapids, MN, part of Hubbard County. Browse all Minnesota homes for sale on Modern Market REALTORS®.

Showing — 407 Lake Avenue

Shannon Barnum

Associate Broker · Modern Market REALTORS®

Your Park Rapids real estate expert since 2012 — I represent you, not the seller. Quick to respond, easy to text.

See all Park Rapids homes ›

Listed by Edina Realty, Inc. · Shown by Modern Market REALTORS®

Schedule a Home Tour

First-Time Home Buyer Guide for Fargo-Moorhead — ND/MN buyer programs, budgeting, and the 7-step process.

View Full Listing & Photos

MLS# 7091979 · Data refreshed August 17, 2026

Similar Homes for Sale Near 407 Lake Avenue, Park Rapids, MN

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Frequently Asked Questions About 407 Lake Avenue

Is $224,900 a good price for a home in Park Rapids?: According to BuyPulse, 407 Lake Avenue rates Excellent Value — at $122/sqft it's priced 42% below the typical Park Rapids single-family home of $210/sqft. Its negotiating-position score is 84/100 (Strong buyer leverage), weighed on days on market, comparable inventory, and how Park Rapids homes are closing versus list. Powered by the Realgorithm™. Browse Park Rapids homes for sale to compare.
What are the special assessments at 407 Lake Avenue — and what do they mean?: This property has $276/yr in annual special assessments, with no specials pending. Special assessments are separate from property taxes — they are charges levied by the city for infrastructure improvements like streets, water, sewer, and sidewalks. Annual property taxes are $2,784/yr. Always factor both into your total monthly housing cost before making an offer.
What special assessments cost in Fargo-Moorhead — live figures on every home for sale.
Does 407 Lake Avenue have a basement?: Yes, 407 Lake Avenue has a basement with 300 sq ft of below-grade space.
What type of heating and cooling does 407 Lake Avenue have?: 407 Lake Avenue has Forced Air heating and Central Air cooling.
Where is 407 Lake Avenue located?: 407 Lake Avenue is in the Mckinleys neighborhood of Park Rapids, MN 56470, in Hubbard County.
Is 407 Lake Avenue still available?: Yes — 407 Lake Avenue is currently listed as Active on the MLS and accepting showings. Contact us to schedule a tour or make an offer.
When was 407 Lake Avenue built?: 407 Lake Avenue was built in 1977. It features block construction and a block foundation.
Does 407 Lake Avenue have main-floor laundry?: Yes — the laundry at 407 Lake Avenue is on the main level.
How walkable is 407 Lake Avenue?: 407 Lake Avenue has a Walk Score of 56/100 (Somewhat Walkable) and a Bike Score of 58/100 (Somewhat Bikeable). Scores provided by Walk Score® →
How many homes like 407 Lake Avenue are for sale in Park Rapids?: 16 similar homes (single-family homes between $169K and $281K in Park Rapids) are for sale right now — you have options.
Do homes in Park Rapids sell for asking price?: 47% of the last 15 comparable Park Rapids sales closed at or over list price — about half hold full price. Based on real NorthstarMLS closings, not estimates.
What does "M Markdowns" mean?: M Markdowns™ is Modern Market REALTORS®’ real estate tracker of homes for sale with verified MLS price reductions across the Fargo-Moorhead metro and Minnesota lake country. Every reduction is sourced directly from NorthstarMLS — minimum $2,000 drop to filter noise.
What does "BuyPulse" mean?: BuyPulse™ is Modern Market REALTORS®’ live market-data brand for Fargo-Moorhead: cohort statistics — homes for sale, median days to pending, and share of sales closing at or over list price — computed from real NorthstarMLS closings, not estimates.
What does "Realgorithm™" mean?: The Realgorithm™ is Modern Market REALTORS®’ proprietary market-data engine — it computes every BuyPulse verdict from real NorthstarMLS closings (comparable active inventory, median days to pending, and sale-to-list price ratio) rather than an automated online estimate.

Local Companies to Help You Settle In

From inspection to closing to moving day, here are well-known local companies serving the Park Rapids area.

Listings courtesy of NorthstarMLS as distributed by MLS GRID

Based on information submitted to the MLS GRID as of 10/13/2026, 9:31 AM CDT. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.