409 S Park St · Fairmont, MN 56031

$89,999

3 bd · 3.0 ba · 2,826 sqft · SingleFamily public records · 65 Days on market

Built 1915 0.26 ac lot $32/sqft · 40% below area Est $151k · 40% under

---

Why this score? — see what drove the B 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 +27.7/30.0
• ARV discount +15.0/15.0
• DSCR +9.7/10.0
• 1% rule +8.5/10.0
• Schools +4.1/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity awaits at 409 S Park in Fairmont! This 3-bedroom home offers a chance to restore and build equity with some needed updates and repairs. Upstairs features three bedrooms, along with two additional den spaces that could serve as offices, flex rooms, or future bedrooms. Original woodwork throughout provides a glimpse of the home’s character and potential, ready to be brought back to life. Ideal for investors, renovators, or buyers looking to create something special.

Key facts

• 0.26 acre lot
• Garage
• Built 1915

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $270 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $85k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.9% vs local median 3.4% in Fairmont — 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 68/100 on livability (#407 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D+, amenities F.
• Fairmont Area School District (town): math 45% / reading 51% proficiency, ranked #148 of 301 in MN (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Fairmont Elementary School (math 50% / reading 51%, grade D+, #412 of 857 statewide, top 48%, 956 students, 62% FRL); Fairmont Jr./Sr. High School (math 40% / reading 50%, grade D-, #187 of 471 statewide, top 40%, 859 students, 49% FRL) — zoned schools average 56% FRL vs 35% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 94 active listings in the ZIP; 19 units permitted in Martin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Martin County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $62k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $84,599 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.35% ✓
• Cap rate: 9.90%
• Cash-on-cash: 12.87%
• DSCR: 1.57
• GRM: 6.2

CMA / ARV

• ARV (median comp): $150,905
• List price: $89,999
• Delta: -40.36%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
408 S Park St	0.04mi	4/2.0 (+1)	3,130 (+11%)	18mo	$100,000	$32	57

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 2.8%
• Equity multiple: 1.11×
• Total profit: $2,690
• Equity at exit: $13,419

10-year hold

• IRR: 12.4%
• Equity multiple: 1.98×
• Total profit: $24,753
• Equity at exit: $7,781

Cash invested: $25,200 (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 56031

• Active inventory: 94
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $1,217 medium
• Mortgage (P&I): −$472
• Tax from tax record: −$181 /mo · $2,176/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$255
• Net cashflow: $270

Break-even live

Break-even rent $874

Max offer price $89,999

Occupancy floor 73%

Sensitivity live

Price	-10% $321	-5% $296	+0% $270	+5% $245	+10% $219
Rent	-10% $174	-5% $222	+0% $270	+5% $318	+10% $366
Rate	-1.0pp $316	-0.5pp $293	base $270	+0.5pp $247	+1.0pp $223

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $89,999 Active 65 DOM
2. 2026-06-21
   days on market $89,999 Active 64 DOM
3. 2026-06-18
   days on market $89,999 Active 62 DOM
4. 2026-06-17
   days on market $89,999 Active 61 DOM
5. 2026-06-16
   days on market $89,999 Active 60 DOM
6. 2026-06-15
   days on market $89,999 Active 59 DOM
7. 2026-06-13
   days on market $89,999 Active 57 DOM
8. 2026-06-12
   pricedays on market $89,999 Active 56 DOM
9. 2026-06-09
   days on market $99,000 Active 53 DOM
10. 2026-06-08
    days on market $99,000 Active 52 DOM
11. 2026-06-07
    days on market $99,000 Active 51 DOM
12. 2026-06-05
    days on market $99,000 Active 49 DOM
13. 2026-06-04
    days on market $99,000 Active 47 DOM
14. 2026-06-02
    days on market $99,000 Active 46 DOM
15. 2026-06-01
    days on market $99,000 Active 45 DOM
16. 2026-05-31
    days on market $99,000 Active 44 DOM
17. 2026-05-31
    days on market $99,000 Active 43 DOM
18. 2026-05-06
    price $102,500 486-char remark

    Show marketing remark (486 chars)

    Opportunity awaits at 409 S Park in Fairmont! This 3-bedroom home offers a chance to restore and build equity with some needed updates and repairs. Upstairs features three bedrooms, along with two additional den spaces that could serve as offices, flex rooms, or future bedrooms. Original woodwork throughout provides a glimpse of the home’s character and potential, ready to be brought back to life. Ideal for investors, renovators, or buyers looking to create something special.

19. 2026-04-17
    listed $105,000 Active 486-char remark

    Show marketing remark (486 chars)

    Opportunity awaits at 409 S Park in Fairmont! This 3-bedroom home offers a chance to restore and build equity with some needed updates and repairs. Upstairs features three bedrooms, along with two additional den spaces that could serve as offices, flex rooms, or future bedrooms. Original woodwork throughout provides a glimpse of the home’s character and potential, ready to be brought back to life. Ideal for investors, renovators, or buyers looking to create something special.

20. 1997-09-29
    soldstatus $62,000

ⓘ 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: $2,176 · $181/mo
• Projected year-2 tax: $2,176 · $181/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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°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: $14,598
• − Mortgage interest: −$5,041
• − Property taxes: −$2,176
• − Insurance: −$450
• − Repairs & maintenance: −$1,168
• − Management: −$1,168
• − Depreciation: −$2,618
• Taxable income: $1,977
• Est. tax owed @ 24.0%: −$475
• After-tax cash flow: $2,769/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: Fairmont Area School District
• NCES district ID: 2700124
• Math proficiency: 45% ▼ -13.00%
• Reading proficiency: 51% ▼ -7.00%
• Median HH income: $46,280
• Composite: 40.76/100
• National rank: #3648
• State rank: #148 of 301 in MN

Livability — Fairmont

• Score: 68/100
• State rank: #407
• US rank: #9480

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fairmont, MN
• City population: 11,800
• Population (ZIP): 11,800

Population outlook (Martin County) Hauer SSP2

• Today (2025): 18,583 people
• By 2030: 17,814 · -4.1%
• By 2040: 16,312 · -12.2%
• By 2050: 15,021 · -19.2%
• By 2075: 13,025 · -29.9%
• By 2100: 11,311 · -39.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 8% Two or more races 3%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Portuguese 11% Romanian 6% Italian 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 93% English-only · Spanish 5%

Political lean MEDSL · Martin

• 2024 margin: Solid R (+39.7) · D 29.5% · R 69.1% · Other 1.4%
• 2008→2024 swing: -24.4pp toward R · 2008: -15.2pp · 2024: -39.7pp
• All cycles: 2024: R+39.7 2020: R+37.9 2016: R+41.4 2012: R+23.8 2008: R+15.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -143.34%
• Current HPI: 191.514
• 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

+65.3% since first listed

3 events — show timeline

• 2026-05-06 Price Changed $102,500 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-17 Listed $105,000 NORTHSTARMLS as Distributed by MLS Grid
• 1997-09-29 Sold (Public Records) $62,000 Public Records

Property tax history

+4.4%/yr

Latest (2025): $2,176 · +64.1% YoY. Source: county tax records.