405 Edgar Pl · Faribault, MN 55021

$174,900

3 bd · 2.0 ba · 1,216 sqft · Manufactured public records · 46 Days on market

Built 1998 9,234 sqft lot $144/sqft · at area comps Est $182k · at est.

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Why this score? — see what drove the C- 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 +20.2/30.0
• ARV discount +9.3/15.0
• DSCR +6.4/10.0
• 1% rule +4.8/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming and affordable 3 bedroom, 2 bath single-wide home offering comfort, space, and great functionality! Step inside to find a spacious open-concept layout with a bright kitchen featuring ample cabinetry, a center island, and plenty of room for cooking and gathering. The adjoining living area provides a welcoming space for relaxing or entertaining. This home features brand new carpet, adding a fresh and updated feel throughout the living spaces. The primary bedroom includes a private bath, while two additional bedrooms offer flexibility for guests, an office, or hobbies. Outside, you’ll appreciate the convenience of a detached 2-car garage, perfect for parking, storage, or a workshop. The yard provides room to enjoy the outdoors with minimal maintenance. A great opportunity for affordable living with space and updates already in place—schedule your showing today!

Key facts

• Bright kitchen
• Ample cabinetry
• Center island

Tags

• OPEN-CONCEPT LAYOUT
• BRIGHT KITCHEN
• AMPLE CABINETRY
• CENTER ISLAND
• DETACHED GARAGE
• MINIMAL MAINTENANCE YARD

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $175k.

Deal economics

• At list price, monthly cash flow is $222 ($3k/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 $172k (1.7% below list).
• Recommended offer: $170k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 4.1% in Faribault — 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 76/100 on livability (#158 in MN, #3,440 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, employment C-, commute F.
• Faribault Public School District (town): math 17% / reading 34% proficiency, ranked #275 of 301 in MN (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 165 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 93 units permitted in Rice County in 2024 (0 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 $5k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $169,653 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 0.98% ✗
• Cap rate: 7.82%
• Cash-on-cash: 5.45%
• DSCR: 1.24
• GRM: 8.5

CMA / ARV

• ARV (median comp): $182,000
• List price: $174,900
• Delta: -3.90%
• Verdict: FAIR
• Comps: 3 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -7.9%
• Equity multiple: 0.71×
• Total profit: $-14,196
• Equity at exit: $26,078

10-year hold

• IRR: 1.7%
• Equity multiple: 1.12×
• Total profit: $5,801
• Equity at exit: $15,122

Cash invested: $48,972 (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 55021

• Home prices YoY: -26.9%
• Active inventory: 165
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,720 medium
• Mortgage (P&I): −$917
• Tax from tax record: −$146 /mo · $1,752/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$361
• Net cashflow: $222

Break-even live

Break-even rent $1,438

Max offer price $174,900

Occupancy floor 82%

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1125 Central Ave N Apt 3 Faribault, MN	2.0	1.0	1200	$1,350	$1.12	43d	1	1.41mi

Listing history 12 events

1. 2026-06-19
   days on market $174,900 Active 46 DOM
2. 2026-06-18
   days on market $174,900 Active 45 DOM
3. 2026-06-17
   days on market $174,900 Active 44 DOM
4. 2026-06-16
   days on market $174,900 Active 43 DOM
5. 2026-06-15
   days on market $174,900 Active 42 DOM
6. 2026-06-14
   days on market $174,900 Active 40 DOM
7. 2026-06-13
   status $174,900 Active 39 DOM
8. 2026-05-11
   status Active 894-char remark

   Show marketing remark (894 chars)

   Charming and affordable 3 bedroom, 2 bath single-wide home offering comfort, space, and great functionality! Step inside to find a spacious open-concept layout with a bright kitchen featuring ample cabinetry, a center island, and plenty of room for cooking and gathering. The adjoining living area provides a welcoming space for relaxing or entertaining. This home features brand new carpet, adding a fresh and updated feel throughout the living spaces. The primary bedroom includes a private bath, while two additional bedrooms offer flexibility for guests, an office, or hobbies. Outside, you’ll appreciate the convenience of a detached 2-car garage, perfect for parking, storage, or a workshop. The yard provides room to enjoy the outdoors with minimal maintenance. A great opportunity for affordable living with space and updates already in place—schedule your showing today!

9. 2026-05-01
   historical Contingent - Inspection 894-char remark

   Show marketing remark (894 chars)

   Charming and affordable 3 bedroom, 2 bath single-wide home offering comfort, space, and great functionality! Step inside to find a spacious open-concept layout with a bright kitchen featuring ample cabinetry, a center island, and plenty of room for cooking and gathering. The adjoining living area provides a welcoming space for relaxing or entertaining. This home features brand new carpet, adding a fresh and updated feel throughout the living spaces. The primary bedroom includes a private bath, while two additional bedrooms offer flexibility for guests, an office, or hobbies. Outside, you’ll appreciate the convenience of a detached 2-car garage, perfect for parking, storage, or a workshop. The yard provides room to enjoy the outdoors with minimal maintenance. A great opportunity for affordable living with space and updates already in place—schedule your showing today!

10. 2026-04-26
    historical 894-char remark

    Show marketing remark (894 chars)

    Charming and affordable 3 bedroom, 2 bath single-wide home offering comfort, space, and great functionality! Step inside to find a spacious open-concept layout with a bright kitchen featuring ample cabinetry, a center island, and plenty of room for cooking and gathering. The adjoining living area provides a welcoming space for relaxing or entertaining. This home features brand new carpet, adding a fresh and updated feel throughout the living spaces. The primary bedroom includes a private bath, while two additional bedrooms offer flexibility for guests, an office, or hobbies. Outside, you’ll appreciate the convenience of a detached 2-car garage, perfect for parking, storage, or a workshop. The yard provides room to enjoy the outdoors with minimal maintenance. A great opportunity for affordable living with space and updates already in place—schedule your showing today!

11. 2026-04-20
    historical Contingent - Inspection 894-char remark

    Show marketing remark (894 chars)

    Charming and affordable 3 bedroom, 2 bath single-wide home offering comfort, space, and great functionality! Step inside to find a spacious open-concept layout with a bright kitchen featuring ample cabinetry, a center island, and plenty of room for cooking and gathering. The adjoining living area provides a welcoming space for relaxing or entertaining. This home features brand new carpet, adding a fresh and updated feel throughout the living spaces. The primary bedroom includes a private bath, while two additional bedrooms offer flexibility for guests, an office, or hobbies. Outside, you’ll appreciate the convenience of a detached 2-car garage, perfect for parking, storage, or a workshop. The yard provides room to enjoy the outdoors with minimal maintenance. A great opportunity for affordable living with space and updates already in place—schedule your showing today!

12. 2026-04-14
    listed $174,900 Active 894-char remark

    Show marketing remark (894 chars)

    Charming and affordable 3 bedroom, 2 bath single-wide home offering comfort, space, and great functionality! Step inside to find a spacious open-concept layout with a bright kitchen featuring ample cabinetry, a center island, and plenty of room for cooking and gathering. The adjoining living area provides a welcoming space for relaxing or entertaining. This home features brand new carpet, adding a fresh and updated feel throughout the living spaces. The primary bedroom includes a private bath, while two additional bedrooms offer flexibility for guests, an office, or hobbies. Outside, you’ll appreciate the convenience of a detached 2-car garage, perfect for parking, storage, or a workshop. The yard provides room to enjoy the outdoors with minimal maintenance. A great opportunity for affordable living with space and updates already in place—schedule your showing today!

ⓘ 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: $1,752 · $146/mo
• Projected year-2 tax: $1,855 · $155/mo
• Expected delta: +$103/yr (+$9/mo · 5.9%)

ⓘ 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 ≥99°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: $20,635
• − Mortgage interest: −$9,797
• − Property taxes: −$1,752
• − Insurance: −$874
• − Repairs & maintenance: −$1,651
• − Management: −$1,651
• − Depreciation: −$5,088
• Taxable loss: −$178
• Est. tax savings @ 24.0%: +$43
• After-tax cash flow: $2,711/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: Faribault Public School District
• NCES district ID: 2711760
• Math proficiency: 17% ▼ -18.00%
• Reading proficiency: 34% ▼ -8.00%
• Median HH income: $54,584
• Composite: 22.85/100
• National rank: #8011
• State rank: #275 of 301 in MN

Livability — Faribault

• Score: 76/100
• State rank: #158
• US rank: #3440

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Faribault, MN
• County: Rice County · 56,558 people
• City population: 30,908
• Metro: Faribault-Northfield, MN
• Population (ZIP): 30,908
• Household income: $68,820
• Rent vs Own: 28.2% rent · 71.8% own
• Severe rent burden: 755.0

Population outlook (Rice County) Hauer SSP2

• Today (2025): 66,716 people
• By 2030: 67,352 · +1.0%
• By 2040: 67,595 · +1.3%
• By 2050: 67,074 · +0.5%
• By 2075: 66,641 · -0.1%
• By 2100: 66,205 · -0.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Black 13% Hispanic / Latino 12% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Portuguese 9% Lithuanian 3% Romanian 2%
• Foreign-born: 11% · Canada
• Languages at home: 82% English-only · Spanish 9% Other Asian/Pacific 1%

Political lean MEDSL · Rice

• 2024 margin: Toss-up / Even · D 47.8% · R 50.3% · Other 1.8%
• 2008→2024 swing: -14.0pp toward R · 2008: 11.5pp · 2024: -2.5pp
• All cycles: 2024: R+2.5 2020: R+0.2 2016: R+3.1 2012: D+8.3 2008: D+11.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -93.12%
• Current HPI: 253.3996
• Rent YoY: —
• Metro: Faribault-Northfield, MN
• 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

5 events — show timeline

• 2026-05-11 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-01 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-26 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-20 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-14 Listed $174,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+10.0%/yr

Latest (2025): $1,752 · -3.2% YoY. Source: county tax records.