702 11th St NW · Perham, MN 56573

$374,500

3 bd · 2.0 ba · 1,689 sqft · Other · 3 Days on market

Built 2026 0.40 ac 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 +11.6/30.0
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• Livability +3.5/5.0
• DSCR +3.4/10.0
• 1% rule +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

WESTWIND 4TH ADDITION! This new 3-bedroom 2-bath one-story features an open floor and vaulted ceiling. Kitchen highlights include a center island and sleek stainless steel appliances. The private primary bedroom suite includes a spacious walk-in closet and it's own bath featuring a step-in tiled shower. Enjoy outdoor living on the backyard patio. You will love the attached two-stall insulated and lined garage with openers. Located close to the golf course, ball fields and walking path. Special assessments may be wavied if Buyer's income qualifies. Schedule a showing today!

Key facts

• Vaulted ceiling
• Walk-in closet
• Step-in tiled shower

Tags

• OPEN FLOOR
• VAULTED CEILING
• CENTER ISLAND
• STAINLESS STEEL APPLIANCES
• WALK-IN CLOSET
• STEP-IN TILED SHOWER

Property features AI

Finance

• Other: Property is part of a multi-unit development (4 units currently available; additional units sold); Lot dimensions approximately 71 x 143 x 149 x 197
• Financial info: Other annual assessment amount listed

Exterior

• Parking: Attached insulated garage with garage door opener; Two garage spaces (garage approx. 26 x 28, door width 9', door height 8')
• Utilities: City water (connected); City sewer (connected); Natural gas; Electric service with circuit breakers (Ottertail Power)
• Home design: Residential property; One-story (all living area on one level); New construction; Slab foundation; Asphalt roof
• Construction: Vinyl siding; Slab foundation; Asphalt roof; New construction
• Exterior features: Front porch; Patio; Light tree coverage; Vinyl exterior; City street frontage with curbs and paved streets (publicly maintained)

Interior

• Kitchen: Range; Microwave; Dishwasher; Refrigerator; Electric water heater
• Bedrooms: Three bedrooms, all on the main level
• Bathrooms: One full bath on the main floor; Three-quarter primary bath
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Air-to-air exchanger; Informal dining room; All living facilities on one level; Main floor bedroom; Primary bedroom suite
• Laundry & utility: Main-level laundry with washer and electric dryer hookups; Utility room on main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $374k.

Deal economics

• At list price, monthly cash flow is $-119 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $357k (4.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $312k (16.6% below list).
• Recommended offer: $312k (16.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 70/100 on livability (#328 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Perham-Dent Public School District (town): math 45% / reading 57% proficiency, ranked #110 of 301 in MN (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 92 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 140 units permitted in Otter Tail County in 2024 (48 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $312,500 (16.6% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.83% ✗
• Cap rate: 5.91%
• Cash-on-cash: -1.37%
• DSCR: 0.94
• GRM: 10.0

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: -18.5%
• Equity multiple: 0.35×
• Total profit: $-68,238
• Equity at exit: $55,839

10-year hold

• IRR: -10.9%
• Equity multiple: 0.34×
• Total profit: $-69,016
• Equity at exit: $32,380

Cash invested: $104,860 (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 56573

• Home prices YoY: -15.8%
• Active inventory: 92
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $3,125 medium
• Mortgage (P&I): −$1,964
• Tax est. 1.5%: −$468 /mo · $5,618/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$656
• Net cashflow: $-119

Break-even live

Break-even rent $3,276

Max offer price $357,232

Occupancy floor 99%

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: $93,625
• Closing costs: $11,235
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
812 7th St SW Unit A Perham, MN	3.0	2.0	1602	$3,750	$2.34	44d	1	1.11mi
812 7th St SW Unit B Perham, MN	3.0	2.0	1602	$2,500	$1.56	44d	1	1.11mi

Listing history 4 events

1. 2026-06-18
   days on market $374,500 Active 3 DOM
2. 2026-06-17
   days on market $374,500 Active 2 DOM
3. 2026-06-16
   remarks 579-char remark
4. 2026-06-16
   listed $374,500 Active 1 DOM

ⓘ 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 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥97°F today · 12 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,500
• − Mortgage interest: −$20,978
• − Property taxes: −$5,618
• − Insurance: −$1,872
• − Repairs & maintenance: −$3,000
• − Management: −$3,000
• − Depreciation: −$10,895
• Taxable loss: −$7,862
• Est. tax savings @ 24.0%: +$1,887
• After-tax cash flow: $455/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: Perham-Dent Public School District
• NCES district ID: 2728230
• Math proficiency: 45% ▼ -14.00%
• Reading proficiency: 57% ▼ -5.00%
• Median HH income: $50,712
• Composite: 43.64/100
• National rank: #2966
• State rank: #110 of 301 in MN

Livability — Perham

• Score: 70/100
• State rank: #328
• US rank: #7425

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Perham, MN
• Population (ZIP): 6,868

Population outlook (Otter Tail County) Hauer SSP2

• Today (2025): 58,183 people
• By 2030: 58,267 · +0.1%
• By 2040: 57,999 · -0.3%
• By 2050: 57,183 · -1.7%
• By 2075: 57,638 · -0.9%
• By 2100: 54,697 · -6.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 9% Two or more races 6% Black 1%
• Hispanic origin (detail): Mexican 2% Dominican 1%
• Common ancestry: Portuguese 18% Romanian 6% Lithuanian 3%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 7%

Political lean MEDSL · Otter Tail

• 2024 margin: Solid R (+34.2) · D 32.1% · R 66.3% · Other 1.6%
• 2008→2024 swing: -21.3pp toward R · 2008: -12.9pp · 2024: -34.2pp
• All cycles: 2024: R+34.2 2020: R+32.5 2016: R+35.9 2012: R+21.2 2008: R+12.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -42.48%
• Current HPI: 225.7071
• 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

1 event — show timeline

• 2026-06-15 Listed $374,500 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+32.5%/yr

Latest (2025): $144 · +41.2% YoY. Source: county tax records.