Where Can I Find a Lake Property in Minnesota Under $200K?

If you've been searching for a lake home in Aitkin, Minnesota, you may have noticed that finding lakefront property at an attainable price can be a challenge.

This property at 37882 309th Street in Aitkin, MN offers something different: a year-round home on Elm Island Lake priced at $185,000, with plenty of opportunity for a buyer who is willing to see the possibilities.

The home is currently listed for sale and is being offered AS-IS.

What makes this Elm Island Lake property interesting?

The biggest draw is obvious: lakefront living in the Aitkin area.

The property sits on approximately 0.47 acres, and the home is located directly on Elm Island Lake. Elm Island Lake is approximately 656 acres and is classified by the Minnesota DNR as a recreational development lake.
For someone looking for a Minnesota lake property where they can spend weekends on the water, create a getaway, or improve a property over time, that location is the starting point.

A year-round 2-bedroom lake home

The home offers approx 1,132 finished square feet on one level, with two bedrooms and two bathrooms.

The main floor includes:

• Two bedrooms
• One full bathroom
• One half bathroom
• Kitchen and dining area
• Living room
• Sunroom
• Main-level laundry
• Deck
• Porch

The one-level layout is worth noting for buyers who prefer having the living spaces, bedrooms and laundry all on the same floor.

Outdoor space for lake life

The property also includes several features that make sense for a lake property.

There is a 16-by-20-foot deck, a sunroom, a dock (needs repair), and three shed/storage buildings. The storage spaces could be useful for everything that tends to accumulate when you own lake property, from outdoor equipment and lake gear to tools and projects.

Is this a move-in-ready lake home?

This property is being sold AS-IS.

The opportunity is for a buyer who sees the potential and is comfortable taking on improvements over time.

The current owner made additions made over the years by expanding the sq footage, it has a compliant septic system. 

If you're looking for a perfectly finished lake house that requires nothing, this probably isn't the type of property you are searching for.

If you're looking for lakefront property in Minnesota where you can create something of your own, it may be a very different conversation.

Who might want to take a closer look?

This Elm Island Lake property could be worth considering for a buyer who is looking for:

A Minnesota lake getaway: A year-round property that can serve as a place to escape to the lake without paying the price of a fully renovated waterfront home.

A project property: Someone who enjoys improving a home and wants the opportunity to make changes over time.

An investment opportunity: A buyer who sees potential in the property and is comfortable doing their own research regarding possible uses and improvements.

A lake property with storage: Three storage buildings provide additional space for equipment, tools, projects and lake gear.

The important part is understanding what you are buying. The property is being sold AS-IS, and buyers should complete their own inspections and due diligence.

How much is the Elm Island Lake home?

The current list price is $185,000.

For buyers specifically searching for lakefront homes under $200,000 in Minnesota, this is the kind of property that may be worth putting on the radar, particularly if they are willing to consider a home that needs work.

Where is Elm Island Lake?

This property is located at 37882 309th Street, Aitkin, MN 56431, in Nordland Township in Aitkin County.

Frequently Asked Questions About This Aitkin Lake Home

Is 37882 309th Street in Aitkin, MN for sale?

Yes. The property is currently listed for sale at $185,000 and is being offered AS-IS.

How many bedrooms does the Elm Island Lake home have?

The home has two bedrooms and two bathrooms, including one full bathroom and one half bathroom.

Is this a year-round home?

Yes. The listing describes the property as a year-round property. It has 1,132 finished square feet, all on one level.

Does the property have lake access?

Yes. The property is listed as lakefront on Elm Island Lake, with no road between the home and the waterfront. A dock is included with the sale, although the dock needs repair.

Is the property move-in ready?

Buyers should not assume that it is. The property is being sold AS-IS and is intended for a buyer who understands that improvements may be needed. Buyers should complete their own inspections and due diligence.

Does the property have a septic system?

Yes. The MLS information indicates that the septic system is compliant.

Does the property have a garage?

No. The MLS lists zero garage stalls. There is, however, a gravel driveway and three storage buildings.

Interested in this Elm Island Lake property?

If you've been searching for an Aitkin, MN lake home, especially an affordable lakefront property where you can make improvements over time, this one deserves a closer look.

37882 309th Street is currently offered at $185,000 and is being sold AS-IS.

Before purchasing, buyers should verify all property information and complete their own inspections and due diligence.

If you have questions about the listing, contact Erica Carlson at 612-382-1304. 

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