703 N 1st St · Montevideo, MN 56265

$119,900

4 bd · 2.0 ba · 1,887 sqft · SingleFamily · 16 Days on market

Built 1887 0.45 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +4.9/10.0
• DSCR +4.6/10.0
• Schools +4.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Buyer's Financing fell through, it can be yours! Don’t walk—RUN—to see this beautiful two-story home that blends timeless character with today’s conveniences. The main floor offers a huge family room, dining room, living room, and a bright sitting room that works perfectly as a home office or flex space, plus a convenient main-floor laundry with brand-new washer and dryer. Upstairs you’ll find four spacious bedrooms on one level. The kitchen is updated with all new stainless-steel appliances. New ceramic tile in the entry, kitchen, and family room; new tile-plank floors upstairs; updated bathrooms; brand-new water pipes throughout; new baseboard heat system, ne

Key facts

• Huge family room
• Bright sitting room
• Updated bathrooms

Tags

• HUGE FAMILY ROOM
• BRIGHT SITTING ROOM
• MAIN-FLOOR LAUNDRY
• NEW CERAMIC TILE
• NEW TILE PLANK FLOORS
• UPDATED BATHROOMS

Property features AI

Finance

• Other: Lot approximately 0.45 acres (dimensions: 208 x 149 x 120 x 120)

Exterior

• Parking: Detached/asphalt driveway; 2-car garage
• Utilities: City water (connected); City sewer (connected); Electric service with circuit breakers; Electric fuel
• Home design: Residential property; Two levels; Main entry level is the main floor
• Construction: Block construction; Block foundation; Asphalt roof; Built with approximately 1,887 above-grade square feet
• Exterior features: Vinyl exterior; Composite decking; Porch (including enclosed porch); Medium tree coverage on lot; Road frontage on a city street

Interior

• Kitchen: Range; Microwave; Dishwasher; Refrigerator
• Bedrooms: 4 bedrooms (3 on upper level, 1 on main level); Bedroom sizes include 13.9 x 13.5; 13.3 x 10.4; 11.5 x 11.6; 11.6 x 11.6
• Flooring: Hardwood floors; Tile floors
• Bathrooms: One full bathroom on the upper level; Half bathroom on the main floor
• Heating & cooling: Hot water boiler with baseboard heat; No central air
• Interior features: Hardwood and tile floors; Stainless steel appliances; Deck and porch; Enclosed porch
• Laundry & utility: Main level laundry; Washer and dryer included

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $38 ($460/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 $119k (0.9% below list).
• Recommended offer: $118k (1.5% below list) — sets the bar for market timing.
• Cap rate 6.7% vs local median 3.5% in Montevideo — 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 79/100 on livability (#101 in MN, #2,281 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Montevideo Public School District (town): math 44% / reading 50% proficiency, ranked #159 of 301 in MN (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ramsey Elementary (math 47% / reading 42%, grade F, #534 of 857 statewide, top 66%, 338 students, 60% FRL); Montevideo Middle (math 46% / reading 51%, grade C-, #87 of 258 statewide, top 34%, 432 students, 58% FRL); Montevideo Senior High (math 42% / reading 52%, grade D-, #166 of 471 statewide, top 39%, 386 students, 47% FRL) — zoned schools average 55% FRL vs 30% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 87 active listings in the ZIP; 13 units permitted in Chippewa County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Chippewa County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 14y 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.
• Current owner paid $102k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1887 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,101 (1.5% below list)

Questions for the listing agent

1. Built in 1887 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.99% ✗
• Cap rate: 6.68%
• Cash-on-cash: 1.37%
• DSCR: 1.06
• GRM: 8.4

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: -14.1%
• Equity multiple: 0.50×
• Total profit: $-16,925
• Equity at exit: $17,877

10-year hold

• IRR: -5.2%
• Equity multiple: 0.66×
• Total profit: $-11,341
• Equity at exit: $10,367

Cash invested: $33,572 (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 56265

• Home prices YoY: -27.2%
• Active inventory: 87
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,189 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$222 /mo · $2,664/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$250
• Net cashflow: $38

Break-even live

Break-even rent $1,140

Max offer price $119,900

Occupancy floor 92%

Sensitivity live

Price	-10% $106	-5% $72	+0% $38	+5% $4	+10% $-30
Rent	-10% $-56	-5% $-9	+0% $38	+5% $85	+10% $132
Rate	-1.0pp $99	-0.5pp $69	base $38	+0.5pp $7	+1.0pp $-24

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-21
   days on market $119,900 Active 16 DOM
2. 2026-06-21
   days on market $119,900 Active 15 DOM
3. 2026-06-18
   days on market $119,900 Active 13 DOM
4. 2026-06-17
   days on market $119,900 Active 12 DOM
5. 2026-06-16
   days on market $119,900 Active 11 DOM
6. 2026-06-15
   days on market $119,900 Active 10 DOM
7. 2026-06-13
   days on market $119,900 Active 8 DOM
8. 2026-06-12
   days on market $119,900 Active 7 DOM
9. 2026-06-09
   days on market $119,900 Active 4 DOM
10. 2026-06-08
    days on market $119,900 Active 3 DOM
11. 2026-06-07
    remarks 669-char remark
12. 2026-06-07
    listed $119,900 Active 2 DOM

ⓘ 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: $2,664 · $222/mo
• Projected year-2 tax: $2,664 · $222/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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,264
• − Mortgage interest: −$6,716
• − Property taxes: −$2,664
• − Insurance: −$600
• − Repairs & maintenance: −$1,141
• − Management: −$1,141
• − Depreciation: −$3,488
• Taxable loss: −$1,486
• Est. tax savings @ 24.0%: +$357
• After-tax cash flow: $817/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: Montevideo Public School District
• NCES district ID: 2721320
• Math proficiency: 44% ▼ -10.00%
• Reading proficiency: 50% ▼ -9.00%
• Median HH income: $49,188
• Composite: 40.2/100
• National rank: #3783
• State rank: #159 of 301 in MN

Livability — Montevideo

• Score: 79/100
• State rank: #101
• US rank: #2281

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Montevideo, MN
• Population (ZIP): 7,433

Population outlook (Chippewa County) Hauer SSP2

• Today (2025): 11,593 people
• By 2030: 11,294 · -2.6%
• By 2040: 10,715 · -7.6%
• By 2050: 10,229 · -11.8%
• By 2075: 9,600 · -17.2%
• By 2100: 8,500 · -26.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 10% Two or more races 4% Asian 2% Black 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Portuguese 35% Iranian 3% Romanian 2%
• Foreign-born: 6% · Canada
• Languages at home: 92% English-only · Spanish 6% Other Asian/Pacific 2%

Political lean MEDSL · Chippewa

• 2024 margin: Solid R (+34.1) · D 32.2% · R 66.3% · Other 1.6%
• 2008→2024 swing: -40.0pp toward R · 2008: 5.9pp · 2024: -34.1pp
• All cycles: 2024: R+34.1 2020: R+30.6 2016: R+28.9 2012: D+1.9 2008: D+5.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -83.18%
• Current HPI: 222.6691
• 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

+26.3% since first listed

25 events — show timeline

• 2026-06-05 Listed $119,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-13 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-04 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-11 Price Changed $119,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-11 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-02 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-20 Listed $129,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-31 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-17 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-10 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-24 Price Changed $139,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-01 Price Changed $149,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-21 Price Changed $159,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-26 Listed $169,900 NORTHSTARMLS as Distributed by MLS Grid
• 2019-02-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2019-02-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2019-02-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2018-08-27 Sold (Public Records) $102,000 Public Records
• 2018-08-27 Sold (MLS) $102,000 NORTHSTARMLS as Distributed by MLS Grid
• 2017-08-01 Listed $109,700 NORTHSTARMLS as Distributed by MLS Grid
• 2015-09-30 Sold (Public Records) $83,000 Public Records
• 2015-09-29 Sold (MLS) $83,000 NORTHSTARMLS as Distributed by MLS Grid
• 2015-01-19 Listed $87,300 NORTHSTARMLS as Distributed by MLS Grid
• 2012-09-11 Listed $94,900 NORTHSTARMLS as Distributed by MLS Grid
• 2012-09-11 Listed $94,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+6.0%/yr

Latest (2026): $2,664 · -20.2% YoY. Source: county tax records.