301 4th Ave NE · Waseca, MN 56093

$110,000

3 bd · 2.0 ba · 1,327 sqft · Other public records · 32 Days on market

Built 1878 5,401 sqft lot

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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 +12.8/30.0
• ARV discount +7.5/15.0
• 1% rule +6.0/10.0
• DSCR +3.8/10.0
• Livability +3.8/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Looking for an investment? This very affordable duplex offers a 2 bedroom, 1 bath unit, and a 1 bedroom, 1 bath unit. Great opportunity to become a landlord and increase your income.

Key facts

• 5,401 sq ft lot
• Built 1878
• Listed 32 days

Property features AI

Finance

• Other: Two total units
• Financial info: Rental license: Standard (active); Tenants pay electricity and gas; Owner pays water and trash collection; Gross income: $15,000; Net operating income: $13,500; Water/sewer expense: $1,000; Trash expense: $450; Insurance expense: $1,700; Maintenance expense: $1,000; Other expense: $1,000
• HOA & community: Association laundry amenity

Exterior

• Parking: Gravel parking
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential income property (duplex, side-by-side); One-and-one-half levels; Owner not occupying
• Construction: Asphalt roof; Stone foundation; Built area with 1,327 sq ft above grade and 486 sq ft below grade
• Exterior features: Covered front and rear porches; Partial wood fence; Gravel parking

Interior

• Kitchen: Each unit includes a range and refrigerator
• Bedrooms: 3 bedrooms total; Unit 1: 1 bedroom; Unit 2: 2 bedrooms
• Bathrooms: Unit 1: 1 bathroom (includes a three-quarter bath); Unit 2: 1 full bathroom
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Partial basement; Covered front and rear porches; Partial wood fencing
• Laundry & utility: Laundry available (association amenity); Laundry located in basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $110k.

Deal economics

• At list price, monthly cash flow is $-10 ($-122/yr) — negative.
• To cash-flow at today's rent, offer at most $108k (1.6% below list).
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $107k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.2% vs local median 3.0% in Waseca — 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 75/100 on livability (#196 in MN, #4,172 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• Waseca Public School District (town): math 32% / reading 45% proficiency, ranked #231 of 301 in MN (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 67 active listings in the ZIP; 24 units permitted in Waseca County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 20y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $64k; list at $110k implies a 72% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.7% of price; built in 1878 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $106,700 (3.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. Built in 1878 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.10% ✓
• Cap rate: 6.18%
• Cash-on-cash: -0.40%
• DSCR: 0.98
• GRM: 7.6

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: -16.8%
• Equity multiple: 0.40×
• Total profit: $-18,327
• Equity at exit: $16,401

10-year hold

• IRR: -8.4%
• Equity multiple: 0.47×
• Total profit: $-16,203
• Equity at exit: $9,511

Cash invested: $30,800 (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 56093

• Active inventory: 67
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,210 medium
• Mortgage (P&I): −$577
• Tax from tax record: −$344 /mo · $4,124/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$254
• Net cashflow: $-10

Break-even live

Break-even rent $1,223

Max offer price $108,205

Occupancy floor 96%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-12
   status $110,000 Pending 32 DOM
2. 2026-06-09
   days on market $110,000 Contingent - Inspection 32 DOM
3. 2026-06-08
   days on market $110,000 Contingent - Inspection 31 DOM
4. 2026-06-07
   days on market $110,000 Contingent - Inspection 30 DOM
5. 2026-06-05
   statusdays on market $110,000 Contingent - Inspection 27 DOM
6. 2026-06-03
   days on market $110,000 Active 26 DOM
7. 2026-06-02
   days on market $110,000 Active 25 DOM
8. 2026-06-01
   days on market $110,000 Active 24 DOM
9. 2026-05-31
   days on market $110,000 Active 23 DOM
10. 2026-05-30
    days on market $110,000 Active 22 DOM
11. 2026-05-07
    listed $119,900 Active 357-char remark
12. 2024-11-20
    soldstatus $64,000
13. 2024-10-16
    soldstatus $90,000
14. 2021-04-20
    soldstatus $64,000
15. 2021-03-31
    soldstatus $64,000 Sold 182-char remark

    Show marketing remark (182 chars)

    Looking for an investment? This very affordable duplex offers a 2 bedroom, 1 bath unit, and a 1 bedroom, 1 bath unit. Great opportunity to become a landlord and increase your income.

16. 2021-02-03
    status Pending 182-char remark

    Show marketing remark (182 chars)

    Looking for an investment? This very affordable duplex offers a 2 bedroom, 1 bath unit, and a 1 bedroom, 1 bath unit. Great opportunity to become a landlord and increase your income.

17. 2021-01-27
    historical Contingent - Inspection 182-char remark

    Show marketing remark (182 chars)

    Looking for an investment? This very affordable duplex offers a 2 bedroom, 1 bath unit, and a 1 bedroom, 1 bath unit. Great opportunity to become a landlord and increase your income.

18. 2021-01-26
    status Active 182-char remark

    Show marketing remark (182 chars)

    Looking for an investment? This very affordable duplex offers a 2 bedroom, 1 bath unit, and a 1 bedroom, 1 bath unit. Great opportunity to become a landlord and increase your income.

19. 2021-01-25
    historical Contingent - Inspection 182-char remark

    Show marketing remark (182 chars)

    Looking for an investment? This very affordable duplex offers a 2 bedroom, 1 bath unit, and a 1 bedroom, 1 bath unit. Great opportunity to become a landlord and increase your income.

20. 2020-11-10
    listed $78,900 Active 182-char remark

    Show marketing remark (182 chars)

    Looking for an investment? This very affordable duplex offers a 2 bedroom, 1 bath unit, and a 1 bedroom, 1 bath unit. Great opportunity to become a landlord and increase your income.

21. 2018-12-08
    historical

    Show marketing remark (98 chars)

    Bargain priced duplex. Needs some updating and repairs. 1 - 2 bedroom unit and 1 - 1 bedroom unit.

22. 2009-09-11
    soldstatus $29,000

    Show marketing remark (98 chars)

    Bargain priced duplex. Needs some updating and repairs. 1 - 2 bedroom unit and 1 - 1 bedroom unit.

23. 2009-09-11
    soldstatus $29,000

    Show marketing remark (98 chars)

    Bargain priced duplex. Needs some updating and repairs. 1 - 2 bedroom unit and 1 - 1 bedroom unit.

24. 2009-08-10
    listed $29,900

    Show marketing remark (98 chars)

    Bargain priced duplex. Needs some updating and repairs. 1 - 2 bedroom unit and 1 - 1 bedroom unit.

25. 2009-08-10
    listed $29,900

    Show marketing remark (98 chars)

    Bargain priced duplex. Needs some updating and repairs. 1 - 2 bedroom unit and 1 - 1 bedroom unit.

26. 2008-12-30
    historical
27. 2008-03-29
    listed $73,000
28. 2006-04-12
    soldstatus $82,000
29. 2006-03-20
    historical
30. 2006-01-31
    listed $89,900

ⓘ 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: $4,124 · $344/mo
• Projected year-2 tax: $4,124 · $344/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,524
• − Mortgage interest: −$6,162
• − Property taxes: −$4,124
• − Insurance: −$550
• − Repairs & maintenance: −$1,162
• − Management: −$1,162
• − Depreciation: −$3,200
• Taxable loss: −$1,835
• Est. tax savings @ 24.0%: +$440
• After-tax cash flow: $319/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: Waseca Public School District
• NCES district ID: 2741880
• Math proficiency: 32% ▼ -15.00%
• Reading proficiency: 45% ▼ -10.00%
• Median HH income: $50,203
• Composite: 33.22/100
• National rank: #5524
• State rank: #231 of 301 in MN

Livability — Waseca

• Score: 75/100
• State rank: #196
• US rank: #4172

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waseca, MN
• Population (ZIP): 12,742

Population outlook (Waseca County) Hauer SSP2

• Today (2025): 19,050 people
• By 2030: 19,056 · +0.0%
• By 2040: 19,138 · +0.5%
• By 2050: 19,359 · +1.6%
• By 2075: 20,894 · +9.7%
• By 2100: 22,201 · +16.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 10% Two or more races 4% Asian 1% Black 1%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Portuguese 10% Romanian 3% Scottish 1%
• Foreign-born: 4% · Canada, China, Dominican Republic
• Languages at home: 91% English-only · Spanish 8% Chinese 1%

Political lean MEDSL · Waseca

• 2024 margin: Solid R (+32.5) · D 32.8% · R 65.3% · Other 1.8%
• 2008→2024 swing: -24.3pp toward R · 2008: -8.2pp · 2024: -32.5pp
• All cycles: 2024: R+32.5 2020: R+30.1 2016: R+32.7 2012: R+7.7 2008: R+8.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -171.21%
• Current HPI: 216.7935
• 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

+22.4% since first listed

23 events — show timeline

• 2026-06-10 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-06-04 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-19 Price Changed $110,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-07 Listed $119,900 NORTHSTARMLS as Distributed by MLS Grid
• 2024-11-20 Sold (Public Records) $64,000 Public Records
• 2024-10-16 Sold (Public Records) $90,000 Public Records
• 2021-04-20 Sold (Public Records) $64,000 Public Records
• 2021-03-31 Sold (MLS) $64,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-02-03 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-01-27 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2021-01-26 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2021-01-25 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2020-11-10 Listed $78,900 NORTHSTARMLS as Distributed by MLS Grid
• 2018-12-08 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2009-09-11 Sold (MLS) $29,000 NORTHSTARMLS as Distributed by MLS Grid
• 2009-09-11 Sold (MLS) $29,000 NORTHSTARMLS as Distributed by MLS Grid
• 2009-08-10 Listed $29,900 NORTHSTARMLS as Distributed by MLS Grid
• 2009-08-10 Listed $29,900 NORTHSTARMLS as Distributed by MLS Grid
• 2008-12-30 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2008-03-29 Listed $73,000 NORTHSTARMLS as Distributed by MLS Grid
• 2006-04-12 Sold (MLS) $82,000 NORTHSTARMLS as Distributed by MLS Grid
• 2006-03-20 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2006-01-31 Listed $89,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+13.3%/yr

Latest (2025): $4,124 · +103.2% YoY. Source: county tax records.