909 Bradford Ave

Argyle, MN 56713

$169,900D

3 bd · 2.0 ba · 1,824 sqft · Built 1958 · SingleFamily · Pending · 201 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,278/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$219
• HOA: −$0
• Vac / Maint / Mgmt: −$268
• Net cashflow: $-100/mo
• Annual: $-1,202/yr
• Cap rate: 5.59%
• Cash-on-cash: -2.53%
• DSCR: 0.89
• 1% rule: 0.75%
• Cash to close: $47,572

Investor read

• This is a 3-bed/2.0-bath single-family listed at $170k.
• At list price, monthly cash flow is $-100 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $152k (10.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $128k (24.8% below list).
• It's been on market 201 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $128k (24.8% below list) — sets the bar for 1% rule.
• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (3.0% local appreciation)).
• Location reads 70/100 on livability (#349 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B+; Watch: crime C-, health & safety D+, amenities F.
• Stephen-Argyle Central Schools (rural): math 55% / reading 60% proficiency, ranked #170 of 467 in MN (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 5 active listings in the ZIP; 9 units permitted in Marshall County in 2024 (0 in 5+ unit buildings).
• Marshall County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• 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?
• It's been on market 201 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.