501 3rd St W · Ada, MN 56510

$140,000

4 bd · 2.0 ba · 1,088 sqft · SingleFamily public records · 79 Days on market

Built 1900 10,497 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 +11.6/30.0
• Appreciation +8.1/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.9/5.0
• DSCR +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0

Listing remarks MLS

Nice 4 bedroom home in Ada! Great location only a few blocks from the school and downtown. Large corner lot, comes with old school building for nice storage building, which could be a great studio, or playhouse too. New shingles on the house. Lots of floor and paint updates. Features two bathrooms and main floor laundry and Central Air. Ready to move into!

Key facts

• New furnace
• New roof shingles
• Refreshed tub shower

Tags

• NEW UPPER CABINETS
• UPDATED DINING ROOM
• NEW FURNACE
• NEW ROOF SHINGLES
• REFRESHED TUB SHOWER
• NEW WINDOWS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $-44 ($-529/yr) — negative.
• To cash-flow at today's rent, offer at most $132k (5.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $104k (26.0% below list).
• Recommended offer: $104k (26.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 77/100 on livability (#137 in MN, #3,026 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Market conditions: 13 active listings in the ZIP; 8 units permitted in Norman County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($968 loan paydown + $9k appreciation (6.2% local appreciation)).
• At projected returns (6.2% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $101k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $103,536 (26.0% 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 79 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 0.74% ✗
• Cap rate: 5.92%
• Cash-on-cash: -1.35%
• DSCR: 0.94
• GRM: 11.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.22% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 14.8%
• Equity multiple: 2.00×
• Total profit: $39,371
• Equity at exit: $89,931

10-year hold

• IRR: 14.9%
• Equity multiple: 4.00×
• Total profit: $117,449
• Equity at exit: $164,769

Cash invested: $39,200 (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 56510

• Home prices YoY: 3.7%
• Active inventory: 13
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $1,035 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$70 /mo · $834/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$217
• Net cashflow: $-44

Break-even live

Break-even rent $1,091

Max offer price $132,216

Occupancy floor 99%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-04-04
   status Pending
2. 2026-03-24
   historical Contingent - Inspection
3. 2026-01-15
   listed $140,000 Active
4. 2023-10-12
   soldstatus $100,700 358-char remark

   Show marketing remark (358 chars)

   Nice 4 bedroom home in Ada! Great location only a few blocks from the school and downtown. Large corner lot, comes with old school building for nice storage building, which could be a great studio, or playhouse too. New shingles on the house. Lots of floor and paint updates. Features two bathrooms and main floor laundry and Central Air. Ready to move into!

5. 2023-10-05
   soldstatus $100,700
6. 2023-01-30
   listed $109,900 358-char remark

   Show marketing remark (358 chars)

   Nice 4 bedroom home in Ada! Great location only a few blocks from the school and downtown. Large corner lot, comes with old school building for nice storage building, which could be a great studio, or playhouse too. New shingles on the house. Lots of floor and paint updates. Features two bathrooms and main floor laundry and Central Air. Ready to move into!

7. 2022-11-30
   historical
8. 2022-07-25
   listed $114,900
9. 2020-07-01
   soldstatus $57,000

ⓘ 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: $834 · $70/mo
• Projected year-2 tax: $1,201 · $100/mo
• Expected delta: +$367/yr (+$31/mo · 44.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 12 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,424
• − Mortgage interest: −$7,842
• − Property taxes: −$834
• − Insurance: −$700
• − Repairs & maintenance: −$994
• − Management: −$994
• − Depreciation: −$4,073
• Taxable loss: −$3,012
• Est. tax savings @ 24.0%: +$723
• After-tax cash flow: $194/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)

No district data.

Livability — Ada

• Score: 77/100
• State rank: #137
• US rank: #3026

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ada, MN
• Population (ZIP): 2,300

Population outlook (Norman County) Hauer SSP2

• Today (2025): 6,540 people
• By 2030: 6,489 · -0.8%
• By 2040: 6,436 · -1.6%
• By 2050: 6,348 · -2.9%
• By 2075: 6,263 · -4.2%
• By 2100: 5,731 · -12.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Hispanic / Latino 4% Asian 1%
• Common ancestry: Portuguese 39% Lithuanian 3% Scottish 2%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 3%

Political lean MEDSL · Norman

• 2024 margin: Strong R (+22.2) · D 37.5% · R 59.8% · Other 2.7%
• 2008→2024 swing: -49.2pp toward R · 2008: 26.9pp · 2024: -22.2pp
• All cycles: 2024: R+22.2 2020: R+16.0 2016: R+13.5 2012: D+10.8 2008: D+26.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.22%
• Current HPI: 172.2595
• 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

+145.6% since first listed

9 events — show timeline

• 2026-04-04 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-24 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-15 Listed $140,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-10-12 Sold (MLS) $100,700 NORTHSTARMLS as Distributed by MLS Grid
• 2023-10-05 Sold (Public Records) $100,700 Public Records
• 2023-01-30 Listed $109,900 NORTHSTARMLS as Distributed by MLS Grid
• 2022-11-30 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2022-07-25 Listed $114,900 NORTHSTARMLS as Distributed by MLS Grid
• 2020-07-01 Sold (Public Records) $57,000 Public Records

Property tax history

+8.5%/yr

Latest (2025): $834 · +4.5% YoY. Source: county tax records.