400 Cottage Ave · Hendricks, MN 56136

$130,000

2 bd · 1.0 ba · 1,092 sqft · SingleFamily · 12 Days on market

Built 1966 9,757 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).

• Appreciation +8.4/10.0
• Cash flow +8.2/30.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• Livability +3.8/5.0
• 1% rule +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.2/10.0

Listing remarks MLS

2 bedroom ranch style home with attached garage on large corner lot 71 x 140. Great location with lots of potential with access from alley. Shingled in 2012.

Key facts

• Attached garage
• Wide open basement
• Garden space

Tags

• ATTACHED GARAGE
• WIDE OPEN BASEMENT
• GARDEN SPACE
• SHORT WALK TO LAKE HENDRICKS

Property features AI

Finance

• Other: Living area reported as 1,092 (above grade/main level); Garage area reported (364 square feet)
• Financial info: No investor or income/expense details provided
• HOA & community: No HOA details provided

Exterior

• Parking: Attached garage; 1-car garage
• Security: No security details provided
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential property; Single-story; Entry level information not provided; Facing direction not provided
• Construction: Shallow lot dimensions: 140 x 70; Lot size approximately 0.224 acres; Above-grade finished area information provided
• Exterior features: Wood exterior

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: 2 bedrooms
• Flooring: No flooring details provided
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Unfinished basement; Block foundation; One level
• Laundry & utility: No laundry details provided

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $-121 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $109k (16.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $97k (25.1% below list).
• Recommended offer: $97k (25.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 76/100 on livability (#151 in MN, #3,376 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D, employment D, commute F.
• Hendricks Public School District (rural): math 50% / reading 70% proficiency, ranked #153 of 467 in MN (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Hendricks Elementary (math 54% / reading 54%, grade C, #320 of 857 statewide, top 41%, 98 students, 50% FRL); Hendricks Senior High (math 75% / reading 75%, grade A-, #6 of 471 statewide, top 2%, 47 students, 51% FRL) — zoned schools average 51% FRL vs 34% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 10 active listings in the ZIP; 13 units permitted in Lincoln County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($899 loan paydown + $9k appreciation (6.8% local appreciation)).
• Lincoln County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 13y 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 $50k; list at $130k implies a 157% gain — meaningful room to come down on a strong offer.

Recommended offer $97,388 (25.1% 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. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. 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?
7. 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.
8. 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.
9. 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: 0.75% ✗
• Cap rate: 5.18%
• Cash-on-cash: -3.99%
• DSCR: 0.82
• GRM: 11.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.82% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 14.2%
• Equity multiple: 2.00×
• Total profit: $36,247
• Equity at exit: $88,544

10-year hold

• IRR: 14.3%
• Equity multiple: 4.06×
• Total profit: $111,307
• Equity at exit: $166,816

Cash invested: $36,400 (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 56136

• Home prices YoY: 3.3%
• Active inventory: 10
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $974 medium
• Mortgage (P&I): −$682
• Tax from tax record: −$154 /mo · $1,854/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$205
• Net cashflow: $-121

Break-even live

Break-even rent $1,127

Max offer price $108,619

Occupancy floor —

Sensitivity live

Price	-10% $-47	-5% $-84	+0% $-121	+5% $-158	+10% $-195
Rent	-10% $-198	-5% $-160	+0% $-121	+5% $-83	+10% $-44
Rate	-1.0pp $-56	-0.5pp $-88	base $-121	+0.5pp $-155	+1.0pp $-189

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-21
   days on market $130,000 Active 12 DOM
2. 2026-06-21
   days on market $130,000 Active 11 DOM
3. 2026-06-18
   days on market $130,000 Active 9 DOM
4. 2026-06-17
   days on market $130,000 Active 8 DOM
5. 2026-06-16
   days on market $130,000 Active 7 DOM
6. 2026-06-15
   days on market $130,000 Active 6 DOM
7. 2026-06-13
   days on market $130,000 Active 4 DOM
8. 2026-06-12
   days on market $130,000 Active 3 DOM
9. 2026-06-09
   remarks 293-char remark
10. 2026-06-09
    listed $130,000 Active 1 DOM

ⓘ 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: $1,854 · $154/mo
• Projected year-2 tax: $1,854 · $154/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 FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥96°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,687
• − Mortgage interest: −$7,282
• − Property taxes: −$1,854
• − Insurance: −$650
• − Repairs & maintenance: −$935
• − Management: −$935
• − Depreciation: −$3,782
• Taxable loss: −$3,751
• Est. tax savings @ 24.0%: +$900
• After-tax cash flow: $-552/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: Hendricks Public School District
• NCES district ID: 2713680
• Math proficiency: 50% ▬ 0.00%
• Reading proficiency: 70% ▲ 10.00%
• Median HH income: $45,562
• Composite: 52.23/100
• National rank: #3466
• State rank: #153 of 467 in MN

Livability — Hendricks

• Score: 76/100
• State rank: #151
• US rank: #3376

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hendricks, MN
• Population (ZIP): 1,231

Population outlook (Lincoln County) Hauer SSP2

• Today (2025): 5,433 people
• By 2030: 5,215 · -4.0%
• By 2040: 4,828 · -11.1%
• By 2050: 4,445 · -18.2%
• By 2075: 3,678 · -32.3%
• By 2100: 2,762 · -49.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Portuguese 25% Romanian 6% Iranian 5%
• Foreign-born: 2% · Canada, China
• Languages at home: 97% English-only · Spanish 2% Chinese 1%

Political lean MEDSL · Lincoln

• 2024 margin: Solid R (+37.8) · D 30.1% · R 67.9% · Other 2.0%
• 2008→2024 swing: -38.6pp toward R · 2008: 0.8pp · 2024: -37.8pp
• All cycles: 2024: R+37.8 2020: R+38.0 2016: R+35.6 2012: R+5.3 2008: D+0.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.82%
• Current HPI: 214.4647
• 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

+128.1% since first listed

7 events — show timeline

• 2026-06-09 Listed $130,000 NORTHSTARMLS as Distributed by MLS Grid
• 2019-02-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2015-05-14 Sold (Public Records) $50,500 Public Records
• 2015-05-08 Sold (MLS) $50,500 NORTHSTARMLS as Distributed by MLS Grid
• 2014-08-13 Price Changed $57,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-06-13 Price Changed $61,500 NORTHSTARMLS as Distributed by MLS Grid
• 2013-11-05 Listed $57,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+3.0%/yr

Latest (2026): $1,854 · +4.9% YoY. Source: county tax records.