1000 9th Street South St #121 · St. James, MN 56081

$77,500

2 bd · 1.0 ba · 1,066 sqft · SingleFamily · 38 Days on market

Built 1980 Fair condition $73/sqft · 34% below area Est $117k · 34% under $795/mo HOA · 96% of rent ↓ 3% since listing

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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).

• ARV discount +15.0/15.0
• Appreciation +9.5/10.0
• 1% rule +5.6/10.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.2/5.0
• Cash flow +0.0/30.0
• DSCR +0.0/10.0

Listing remarks MLS

Two-bedroom unit with an excellent floor plan in the Homestead Cooperative of St. James. This is an open layout with entry, dining area, living room, kitchen, hallway leading to the bedrooms and bathroom. The primary has walk-in closet with storage organizer shelving system. The bathroom has step-in shower with grab bars. There is a small room which can be used as office or pantry, and double closet by main entry. This complex has many amenities including: community room, kitchen, craft / recreation room with pool table, laundry facilities, beauty shop, exercise room, storage areas with closets designated to each unit, attached garage, men and women bathrooms lobby, and front office. Schedule your showing today to see everything the Homestead has to offer!

Key facts

• Laundry facilities
• Attached garage
• Walk-in closet

Tags

• EXCELLENT FLOOR PLAN
• OPEN LAYOUT
• WALK-IN CLOSET
• STEP-IN SHOWER
• ATTACHED GARAGE
• LAUNDRY FACILITIES

Property features AI

Finance

• Other: Annual tax amount listed
• HOA & community: Homeowners association with monthly fee of $795

Exterior

• Parking: Attached garage (1 car)
• Utilities: Public water; Public sewer
• Home design: Single-family residential condo; Residential property
• Construction: Brick construction; Above-grade finished area 1,066
• Exterior features: Asphalt roof; Public maintained road

Interior

• Bathrooms: One full bathroom
• Heating & cooling: Electric baseboard heating
• Interior features: Electric water heater; Water softener; Has heating

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $78k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-679 ($-8k/yr) — negative.
• Rent doesn't cover operating costs at any purchase price — skip.
• Meets the 1% rule at list price ($825 rent vs $78k).
• Recommended offer: $75k (3.0% below list) — sets the bar for market timing.
• Cap rate -4.2% vs local median 3.5% in St. James — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• St. James Public School District (town): math 36% / reading 43% proficiency, ranked #226 of 301 in MN (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 32 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 4 units permitted in Watonwan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($536 loan paydown + $7k appreciation (9.0% local appreciation)).
• Watonwan County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: HOA is 96% of rent.

Recommended offer $75,175 (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 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.06% ✓
• Cap rate: -4.22%
• Cash-on-cash: -37.54%
• DSCR: -0.67
• GRM: 7.8

CMA / ARV

• ARV (median comp): $117,213
• List price: $77,500
• Delta: -33.88%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1000 S 9th St #109	0.02mi	2/2.0	1,040 (-2%)	17mo	$89,000	$86	76
920 S Armstrong Blvd	0.24mi	1/1.0 (-1)	984 (-8%)	1mo	$97,850	$99	70
503 S 9th Avenue Ave	0.32mi	2/2.0	1,120 (+5%)	7mo	$110,000	$98	67
925 7th Street South St	0.14mi	2/1.0	952 (-11%)	21mo	$85,000	$89	59
1003 5th Avenue South Ave	0.42mi	2/—	1,012 (-5%)	22mo	$120,000	$119	53
605 S Eighth St	0.31mi	2/1.0	1,200 (+13%)	22mo	$159,900	$133	46
217 S 4th Street St	0.49mi	2/1.0	940 (-12%)	14mo	$95,200	$101	46

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

Projected returns pro-forma

9.04% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -3.1%
• Equity multiple: 0.74×
• Total profit: $-5,555
• Equity at exit: $64,468

10-year hold

• IRR: 2.7%
• Equity multiple: 1.81×
• Total profit: $17,596
• Equity at exit: $133,702

Cash invested: $21,700 (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 56081

• Home prices YoY: 3.2%
• Active inventory: 32
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $825 medium
• Mortgage (P&I): −$406
• Tax est. 1.5%: −$97 /mo · $1,162/yr
• Insurance: −$32
• HOA: −$795
• Vacancy / Maint / Mgmt: −$173
• Net cashflow: $-679

Break-even live

Break-even rent $1,684

Max offer price —

Occupancy floor —

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: $19,375
• Closing costs: $2,325
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1212 Heckman Ct Unit 1 St James, MN	1.0	1.0	1100	$825	$0.75	44d	1	0.42mi

HOA detail

• Monthly dues: $795 · $9,540/yr
• Likely covers: pool

Listing history 20 events

1. 2026-06-18
   days on market $77,500 Active 38 DOM
2. 2026-06-17
   days on market $77,500 Active 37 DOM
3. 2026-06-16
   days on market $77,500 Active 36 DOM
4. 2026-06-15
   days on market $77,500 Active 35 DOM
5. 2026-06-13
   days on market $77,500 Active 33 DOM
6. 2026-06-12
   days on market $77,500 Active 32 DOM
7. 2026-06-09
   days on market $77,500 Active 29 DOM
8. 2026-06-08
   days on market $77,500 Active 28 DOM
9. 2026-06-07
   days on market $77,500 Active 27 DOM
10. 2026-06-05
    days on market $77,500 Active 25 DOM
11. 2026-06-04
    days on market $77,500 Active 23 DOM
12. 2026-06-02
    days on market $77,500 Active 22 DOM
13. 2026-06-01
    days on market $77,500 Active 21 DOM
14. 2026-05-31
    days on market $77,500 Active 20 DOM
15. 2026-05-31
    days on market $77,500 Active 19 DOM
16. 2026-05-11
    listed $77,500 Active 773-char remark
17. 2024-08-20
    soldstatus $72,500 Closed 766-char remark

    Show marketing remark (766 chars)

    Two-bedroom unit with an excellent floor plan in the Homestead Cooperative of St. James. This is an open layout with entry, dining area, living room, kitchen, hallway leading to the bedrooms and bathroom. The primary has walk-in closet with storage organizer shelving system. The bathroom has step-in shower with grab bars. There is a small room which can be used as office or pantry, and double closet by main entry. This complex has many amenities including: community room, kitchen, craft / recreation room with pool table, laundry facilities, beauty shop, exercise room, storage areas with closets designated to each unit, attached garage, men and women bathrooms lobby, and front office. Schedule your showing today to see everything the Homestead has to offer!

18. 2024-07-10
    status Pending 766-char remark

    Show marketing remark (766 chars)

    Two-bedroom unit with an excellent floor plan in the Homestead Cooperative of St. James. This is an open layout with entry, dining area, living room, kitchen, hallway leading to the bedrooms and bathroom. The primary has walk-in closet with storage organizer shelving system. The bathroom has step-in shower with grab bars. There is a small room which can be used as office or pantry, and double closet by main entry. This complex has many amenities including: community room, kitchen, craft / recreation room with pool table, laundry facilities, beauty shop, exercise room, storage areas with closets designated to each unit, attached garage, men and women bathrooms lobby, and front office. Schedule your showing today to see everything the Homestead has to offer!

19. 2024-06-05
    price $75,000 766-char remark

    Show marketing remark (766 chars)

    Two-bedroom unit with an excellent floor plan in the Homestead Cooperative of St. James. This is an open layout with entry, dining area, living room, kitchen, hallway leading to the bedrooms and bathroom. The primary has walk-in closet with storage organizer shelving system. The bathroom has step-in shower with grab bars. There is a small room which can be used as office or pantry, and double closet by main entry. This complex has many amenities including: community room, kitchen, craft / recreation room with pool table, laundry facilities, beauty shop, exercise room, storage areas with closets designated to each unit, attached garage, men and women bathrooms lobby, and front office. Schedule your showing today to see everything the Homestead has to offer!

20. 2024-04-02
    listed $79,500 Active 766-char remark

    Show marketing remark (766 chars)

    Two-bedroom unit with an excellent floor plan in the Homestead Cooperative of St. James. This is an open layout with entry, dining area, living room, kitchen, hallway leading to the bedrooms and bathroom. The primary has walk-in closet with storage organizer shelving system. The bathroom has step-in shower with grab bars. There is a small room which can be used as office or pantry, and double closet by main entry. This complex has many amenities including: community room, kitchen, craft / recreation room with pool table, laundry facilities, beauty shop, exercise room, storage areas with closets designated to each unit, attached garage, men and women bathrooms lobby, and front office. Schedule your showing today to see everything the Homestead has to offer!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥101°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: $9,900
• − Mortgage interest: −$4,341
• − Property taxes: −$1,162
• − Insurance: −$388
• − Repairs & maintenance: −$792
• − Management: −$792
• − HOA: −$9,540
• − Depreciation: −$2,255
• Taxable loss: −$9,370
• Est. tax savings @ 24.0%: +$2,249
• After-tax cash flow: $-5,897/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

The property is in fair condition with moderate rehabilitation needed. It has a good roof and foundation, but requires updates to the interior and exterior to increase its value.

Repairs flagged

• Minor kitchen cabinets — slight wear
• Minor bathroom shower door — frosted glass
• Minor landscaping — needs trimming

Value-add opportunities

• Both paint interior walls — fresh paint enhances curb appeal and interior aesthetics
• Both replace carpet with hardwood flooring — hardwood flooring increases resale value and rental appeal
• Both update kitchen cabinets and countertops — new cabinets and countertops improve functionality and aesthetics
• Both repair and paint exterior brick pillars — enhances curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · slight wear	Minor	$500–3,000
bathroom shower door · frosted glass	Minor	$500–3,000
landscaping · needs trimming	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both paint interior walls — fresh paint enhances curb appeal and interior aesthetics ↑
• Both replace carpet with hardwood flooring — hardwood flooring increases resale value and rental appeal ↑
• Both update kitchen cabinets and countertops — new cabinets and countertops improve functionality and aesthetics ↑
• Both repair and paint exterior brick pillars — enhances curb appeal and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: St. James Public School District
• NCES district ID: 2733600
• Math proficiency: 36% ▼ -20.00%
• Reading proficiency: 43% ▼ -14.00%
• Median HH income: $48,256
• Composite: 33.89/100
• National rank: #5345
• State rank: #226 of 301 in MN

Livability — St. James

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: St. James, MN
• City population: 6,092
• Population (ZIP): 6,092

Population outlook (Watonwan County) Hauer SSP2

• Today (2025): 10,579 people
• By 2030: 10,354 · -2.1%
• By 2040: 9,923 · -6.2%
• By 2050: 9,558 · -9.7%
• By 2075: 9,236 · -12.7%
• By 2100: 8,812 · -16.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Hispanic / Latino 35% Two or more races 9%
• Hispanic origin (detail): Mexican 25%
• Common ancestry: Portuguese 15% Italian 1% Romanian 1%
• Foreign-born: 14% · Canada
• Languages at home: 71% English-only · Spanish 29%

Political lean MEDSL · Watonwan

• 2024 margin: Strong R (+27.8) · D 35.1% · R 62.9% · Other 2.0%
• 2008→2024 swing: -28.5pp toward R · 2008: 0.7pp · 2024: -27.8pp
• All cycles: 2024: R+27.8 2020: R+21.5 2016: R+19.2 2012: R+0.5 2008: D+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 9.04%
• Current HPI: 292.2265
• 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

-2.5% since first listed

5 events — show timeline

• 2026-05-11 Listed $77,500 RASM
• 2024-08-20 Sold (MLS) $72,500 RASM
• 2024-07-10 Pending — RASM
• 2024-06-05 Price Changed $75,000 RASM
• 2024-04-02 Listed $79,500 RASM