610 Lyon Ave N · Canby, MN 56220

$109,000

3 bd · 1.0 ba · 475 sqft · SingleFamily public records · 28 Days on market

Built 1950 6,490 sqft lot $229/sqft · 598% above area

---

Why this score? — see what drove the F 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 +8.2/30.0
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• Livability +4.0/5.0
• 1% rule +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.2/10.0
• Appreciation +0.7/10.0

Listing remarks

Why rent when you can own? Cozy home in a convenient location in Canby. The three bed one bath home is well maintained with many updates. There are two bedrooms on the main level and a bedroom with a TV/ office room on the second level. Outside a single car garage with a cement patio with shade trees, which is a great place to relax or grill a summer meal. Come and take a look!

Key facts

• Many updates
• Single car garage
• Shade trees

Tags

• CONVENIENT LOCATION
• WELL MAINTAINED
• MANY UPDATES
• SINGLE CAR GARAGE
• CEMENT PATIO
• SHADE TREES

Property features AI

Finance

• Other: Above-grade finished area and main level finished area available; Below-grade finished area available
• Financial info: Other mortgage type

Exterior

• Parking: Detached garage (1 car), approximately 12 x 20 with 9' wide by 7' high door
• Utilities: City water (connected); City sewer (connected); Natural gas; Power by Ottertail Power
• Home design: Residential property; One and one-half story; Main floor primary bedroom
• Construction: Block and frame construction; Foundation: block (approx. 30 x 24); Roof age 8 years or less
• Exterior features: Rear porch; Vinyl exterior; Light tree coverage; Zero lot line

Interior

• Kitchen: Range; Refrigerator; Microwave; Freezer; Eat-in kitchen
• Bedrooms: 3 bedrooms total; Main level bedrooms (two on main); Upper level bedroom(s) and flex room
• Bathrooms: One full bathroom on the main floor
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Ceiling fan(s); Main floor primary bedroom; Patio; Washer/dryer hookup; Block basement
• Laundry & utility: Washer and dryer included; Laundry located in basement; Water softener (owned); Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $109k.

Deal economics

• At list price, monthly cash flow is $-103 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $91k (16.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $83k (23.4% below list).
• Recommended offer: $83k (23.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 79/100 on livability (#96 in MN, #2,152 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Canby Public School District (rural): math 52% / reading 52% proficiency, ranked #99 of 301 in MN (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 10 active listings in the ZIP; 7 units permitted in Yellow Medicine County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $754 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Yellow Medicine County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $60k; list at $109k implies a 82% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $83,480 (23.4% 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. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.77% ✗
• Cap rate: 5.16%
• Cash-on-cash: -4.06%
• DSCR: 0.82
• GRM: 10.9

CMA / ARV

• ARV (median comp): $40,437
• List price: $109,000
• Delta: 169.55%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -23.1%
• Equity multiple: 0.21×
• Total profit: $-24,217
• Equity at exit: $16,252

10-year hold

• IRR: -17.6%
• Equity multiple: 0.03×
• Total profit: $-29,477
• Equity at exit: $9,424

Cash invested: $30,520 (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 56220

• Home prices YoY: -3.8%
• Active inventory: 10
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $835 medium
• Mortgage (P&I): −$572
• Tax from tax record: −$146 /mo · $1,748/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$175
• Net cashflow: $-103

Break-even live

Break-even rent $965

Max offer price $90,769

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-12
   statusdays on market $109,000 Pending 28 DOM
2. 2026-06-09
   days on market $109,000 Contingent - Inspection 25 DOM
3. 2026-06-08
   days on market $109,000 Contingent - Inspection 24 DOM
4. 2026-06-07
   days on market $109,000 Contingent - Inspection 23 DOM
5. 2026-06-05
   statusdays on market $109,000 Contingent - Inspection 21 DOM
6. 2026-06-04
   days on market $109,000 Active 19 DOM
7. 2026-06-02
   days on market $109,000 Active 18 DOM
8. 2026-06-01
   days on market $109,000 Active 17 DOM
9. 2026-05-31
   days on market $109,000 Active 16 DOM
10. 2026-05-31
    days on market $109,000 Active 15 DOM
11. 2026-05-15
    listed $109,000 Active 380-char remark
12. 2025-01-28
    soldstatus $60,000

ⓘ 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: $1,748 · $146/mo
• Projected year-2 tax: $1,748 · $146/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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,018
• − Mortgage interest: −$6,106
• − Property taxes: −$1,748
• − Insurance: −$545
• − Repairs & maintenance: −$801
• − Management: −$801
• − Depreciation: −$3,171
• Taxable loss: −$3,155
• Est. tax savings @ 24.0%: +$757
• After-tax cash flow: $-481/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: Canby Public School District
• NCES district ID: 2707470
• Math proficiency: 52% ▼ -11.00%
• Reading proficiency: 52% ▼ -16.00%
• Median HH income: $48,782
• Composite: 44.34/100
• National rank: #2823
• State rank: #99 of 301 in MN

Livability — Canby

• Score: 79/100
• State rank: #96
• US rank: #2152

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Canby, MN
• Population (ZIP): 2,705

Population outlook (Yellow Medicine County) Hauer SSP2

• Today (2025): 8,959 people
• By 2030: 8,451 · -5.7%
• By 2040: 7,514 · -16.1%
• By 2050: 6,650 · -25.8%
• By 2075: 5,306 · -40.8%
• By 2100: 4,453 · -50.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Portuguese 25% Romanian 8% English 3%
• Foreign-born: 1% · Canada, China
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Yellow Medicine

• 2024 margin: Solid R (+40.6) · D 28.7% · R 69.3% · Other 1.9%
• 2008→2024 swing: -44.9pp toward R · 2008: 4.3pp · 2024: -40.6pp
• All cycles: 2024: R+40.6 2020: R+37.0 2016: R+35.4 2012: R+6.3 2008: D+4.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -8.64%
• Current HPI: 218.6092
• 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

+81.7% since first listed

4 events — show timeline

• 2026-06-12 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-06-04 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-15 Listed $109,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-01-28 Sold (Public Records) $60,000 Public Records

Property tax history

+6.5%/yr

Latest (2026): $1,748 · +4.8% YoY. Source: county tax records.