805 4th St SW · Willmar, MN 56201

$144,900

4 bd · 4.0 ba · 589 sqft · SingleFamily public records · 62 Days on market

Built 1890 7,492 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 +18.0/30.0
• ARV discount +7.5/15.0
• DSCR +5.6/10.0
• 1% rule +3.8/10.0
• Livability +3.7/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This duplex offers solid bones with meaningful updates in place, making it a great option for investors or owner-occupants looking to continue building equity. Recent updates include renovated bathrooms in both units, an updated kitchen in Unit 2, and portions of the plumbing already replaced. Additional improvements have been made by the current owner, adding to the property’s overall appeal and functionality. Shared glass-enclosed front porch and entry foyer. Still room for cosmetic updates, but much of the heavy lifting has been started—great potential for upside.

Key facts

• Renovated bathrooms
• Entry foyer
• Updated kitchen

Tags

• RENOVATED BATHROOMS
• UPDATED KITCHEN
• REPLACED PLUMBING
• ENTRY FOYER

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $125 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $127k (12.3% below list).
• Recommended offer: $127k (12.3% below list) — sets the bar for 1% rule.
• Cap rate 7.3% vs local median 3.2% in Willmar — 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 73/100 on livability (#233 in MN, #4,984 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, schools D+, crime D+.
• Willmar Public School District (town): math 34% / reading 38% proficiency, ranked #246 of 301 in MN (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 161 active listings in the ZIP; 196 units permitted in Kandiyohi County in 2024 (118 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y 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 $93k; list at $145k implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $127,036 (12.3% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — 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. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
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: 0.88% ✗
• Cap rate: 7.33%
• Cash-on-cash: 3.69%
• DSCR: 1.16
• GRM: 9.5

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: -10.6%
• Equity multiple: 0.62×
• Total profit: $-15,595
• Equity at exit: $21,605

10-year hold

• IRR: -1.3%
• Equity multiple: 0.91×
• Total profit: $-3,583
• Equity at exit: $12,528

Cash invested: $40,572 (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 56201

• Active inventory: 161
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,270 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$59 /mo · $704/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$267
• Net cashflow: $125

Break-even live

Break-even rent $1,113

Max offer price $144,900

Occupancy floor 85%

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: $36,225
• Closing costs: $4,347
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-18
   days on market $144,900 Active 62 DOM
2. 2026-06-17
   days on market $144,900 Active 61 DOM
3. 2026-06-16
   days on market $144,900 Active 60 DOM
4. 2026-06-15
   days on market $144,900 Active 59 DOM
5. 2026-06-13
   days on market $144,900 Active 57 DOM
6. 2026-06-12
   days on market $144,900 Active 56 DOM
7. 2026-06-09
   days on market $144,900 Active 53 DOM
8. 2026-06-08
   days on market $144,900 Active 52 DOM
9. 2026-06-07
   days on market $144,900 Active 51 DOM
10. 2026-06-07
    days on market $144,900 Active 50 DOM
11. 2026-06-04
    days on market $144,900 Active 47 DOM
12. 2026-06-02
    days on market $144,900 Active 46 DOM
13. 2026-06-01
    days on market $144,900 Active 45 DOM
14. 2026-05-31
    days on market $144,900 Active 44 DOM
15. 2026-05-31
    days on market $144,900 Active 43 DOM
16. 2026-05-14
    price $144,900 587-char remark

    Show marketing remark (587 chars)

    This duplex offers solid bones with meaningful updates in place, making it a great option for investors or owner-occupants looking to continue building equity. Recent updates include renovated bathrooms in both units, an updated kitchen in Unit 2, and portions of the plumbing already replaced. Additional improvements have been made by the current owner, adding to the property’s overall appeal and functionality. Shared glass-enclosed front porch and entry foyer. Still room for cosmetic updates, but much of the heavy lifting has been started—great potential for upside.

17. 2026-04-17
    listed $149,900 Active 587-char remark

    Show marketing remark (587 chars)

    This duplex offers solid bones with meaningful updates in place, making it a great option for investors or owner-occupants looking to continue building equity. Recent updates include renovated bathrooms in both units, an updated kitchen in Unit 2, and portions of the plumbing already replaced. Additional improvements have been made by the current owner, adding to the property’s overall appeal and functionality. Shared glass-enclosed front porch and entry foyer. Still room for cosmetic updates, but much of the heavy lifting has been started—great potential for upside.

18. 2025-11-26
    soldstatus $93,000
19. 2025-11-24
    soldstatus $93,000 Sold 298-char remark

    Show marketing remark (298 chars)

    Good bones, she just needs a facelift! Bring your tool belt to gain equity in this duplex. Some updates have been made in the last year. New bathrooms in units 1 and 2. New kitchen in unit 2. Some plumbing has been replaced. Glass-enclosed front porch and entry foyer is shared by both units.

20. 2025-11-12
    status Pending 298-char remark

    Show marketing remark (298 chars)

    Good bones, she just needs a facelift! Bring your tool belt to gain equity in this duplex. Some updates have been made in the last year. New bathrooms in units 1 and 2. New kitchen in unit 2. Some plumbing has been replaced. Glass-enclosed front porch and entry foyer is shared by both units.

21. 2025-11-07
    listed $99,900 Active 298-char remark

    Show marketing remark (298 chars)

    Good bones, she just needs a facelift! Bring your tool belt to gain equity in this duplex. Some updates have been made in the last year. New bathrooms in units 1 and 2. New kitchen in unit 2. Some plumbing has been replaced. Glass-enclosed front porch and entry foyer is shared by both units.

22. 2025-11-05
    historical $99,900 298-char remark

    Show marketing remark (298 chars)

    Good bones, she just needs a facelift! Bring your tool belt to gain equity in this duplex. Some updates have been made in the last year. New bathrooms in units 1 and 2. New kitchen in unit 2. Some plumbing has been replaced. Glass-enclosed front porch and entry foyer is shared by both units.

23. 2023-12-27
    soldstatus $78,500
24. 2019-02-02
    historical
25. 2018-02-06
    listed $65,000

ⓘ 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: $704 · $59/mo
• Projected year-2 tax: $1,163 · $97/mo
• Expected delta: +$459/yr (+$38/mo · 65.3%)

ⓘ 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 2/10 Low 7 d/yr ≥98°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,244
• − Mortgage interest: −$8,117
• − Property taxes: −$704
• − Insurance: −$724
• − Repairs & maintenance: −$1,220
• − Management: −$1,220
• − Depreciation: −$4,215
• Taxable loss: −$955
• Est. tax savings @ 24.0%: +$229
• After-tax cash flow: $1,725/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: Willmar Public School District
• NCES district ID: 2742720
• Math proficiency: 34% ▼ -14.00%
• Reading proficiency: 38% ▼ -8.00%
• Median HH income: $46,727
• Composite: 30.85/100
• National rank: #6128
• State rank: #246 of 301 in MN

Livability — Willmar

• Score: 73/100
• State rank: #233
• US rank: #4984

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Willmar, MN
• City population: 24,860
• Population (ZIP): 24,860

Population outlook (Kandiyohi County) Hauer SSP2

• Today (2025): 42,956 people
• By 2030: 42,825 · -0.3%
• By 2040: 42,343 · -1.4%
• By 2050: 42,124 · -1.9%
• By 2075: 43,726 · +1.8%
• By 2100: 45,974 · +7.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Hispanic / Latino 22% Black 10% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Portuguese 15% Iranian 3% Scottish 2%
• Foreign-born: 15% · Canada, Philippines
• Languages at home: 78% English-only · Spanish 14% Other Asian/Pacific 2%

Political lean MEDSL · Kandiyohi

• 2024 margin: Solid R (+31.0) · D 33.7% · R 64.7% · Other 1.7%
• 2008→2024 swing: -25.6pp toward R · 2008: -5.5pp · 2024: -31.0pp
• All cycles: 2024: R+31.0 2020: R+25.7 2016: R+25.5 2012: R+6.7 2008: R+5.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -151.48%
• Current HPI: 161.1663
• 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

+122.9% since first listed

10 events — show timeline

• 2026-05-14 Price Changed $144,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-17 Listed $149,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-26 Sold (Public Records) $93,000 Public Records
• 2025-11-24 Sold (MLS) $93,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-12 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-07 Listed $99,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-05 Coming Soon $99,900 NORTHSTARMLS as Distributed by MLS Grid
• 2023-12-27 Sold (Public Records) $78,500 Public Records
• 2019-02-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2018-02-06 Listed $65,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+0.2%/yr

Latest (2025): $704 · +7.3% YoY. Source: county tax records.