108 N West St · Ceylon, MN 56121

$65,000

3 bd · 1.0 ba · 1,297 sqft · SingleFamily public records · 149 Days on market

Built 1920 0.31 ac lot $50/sqft · 61% above area

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Why this score? — see what drove the B+ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +8.0/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Looking for a quiet place to live check out this charming 3 bedroom property waiting for you to add your personal touch. You must see to appreciate.

Key facts

• 0.31 acre lot
• 2 garage spots
• Built 1920

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $481 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 55/100 on livability (#863 in MN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D, schools F.
• Fairmont Area School District (town): math 45% / reading 51% proficiency, ranked #148 of 301 in MN (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 8 active listings in the ZIP; 19 units permitted in Martin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($449 loan paydown + $4k appreciation (6.0% local appreciation)).
• Martin County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 149 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y ago; this cycle's ask has dropped $10k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $20k; list at $65k implies a 225% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $57,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 149 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. 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: 1.80% ✓
• Cap rate: 15.17%
• Cash-on-cash: 31.70%
• DSCR: 2.41
• GRM: 4.6

CMA / ARV

• ARV (median comp): $42,000
• List price: $65,000
• Delta: 54.76%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

6.01% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 42.4%
• Equity multiple: 3.72×
• Total profit: $49,441
• Equity at exit: $40,901

10-year hold

• IRR: 39.5%
• Equity multiple: 7.67×
• Total profit: $121,463
• Equity at exit: $74,206

Cash invested: $18,200 (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 56121

• Home prices YoY: 2.4%
• Active inventory: 8
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,168 medium
• Mortgage (P&I): −$341
• Tax from tax record: −$74 /mo · $884/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$245
• Net cashflow: $481

Break-even live

Break-even rent $559

Max offer price $65,000

Occupancy floor 54%

Sensitivity live

Price	-10% $518	-5% $499	+0% $481	+5% $462	+10% $444
Rent	-10% $389	-5% $435	+0% $481	+5% $527	+10% $573
Rate	-1.0pp $514	-0.5pp $497	base $481	+0.5pp $464	+1.0pp $447

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-18
   days on market $65,000 Active 149 DOM
2. 2026-06-17
   days on market $65,000 Active 148 DOM
3. 2026-06-16
   days on market $65,000 Active 147 DOM
4. 2026-06-15
   days on market $65,000 Active 146 DOM
5. 2026-06-13
   days on market $65,000 Active 144 DOM
6. 2026-06-12
   days on market $65,000 Active 143 DOM
7. 2026-06-09
   days on market $65,000 Active 140 DOM
8. 2026-06-08
   days on market $65,000 Active 139 DOM
9. 2026-06-07
   days on market $65,000 Active 138 DOM
10. 2026-06-05
    days on market $65,000 Active 136 DOM
11. 2026-06-04
    days on market $65,000 Active 134 DOM
12. 2026-06-02
    days on market $65,000 Active 133 DOM
13. 2026-06-01
    days on market $65,000 Active 132 DOM
14. 2026-05-31
    days on market $65,000 Active 131 DOM
15. 2026-05-31
    days on market $65,000 Active 130 DOM
16. 2026-03-12
    price $65,000 149-char remark

    Show marketing remark (149 chars)

    Looking for a quiet place to live check out this charming 3 bedroom property waiting for you to add your personal touch. You must see to appreciate.

17. 2026-02-25
    price $70,000 149-char remark

    Show marketing remark (149 chars)

    Looking for a quiet place to live check out this charming 3 bedroom property waiting for you to add your personal touch. You must see to appreciate.

18. 2026-01-19
    listed $75,000 Active 149-char remark

    Show marketing remark (149 chars)

    Looking for a quiet place to live check out this charming 3 bedroom property waiting for you to add your personal touch. You must see to appreciate.

19. 2022-08-22
    historical
20. 2022-04-13
    price $70,000
21. 2022-03-04
    price $75,000
22. 2022-02-22
    price $79,000
23. 2022-02-07
    listed $85,000 Active
24. 2018-07-01
    soldstatus $20,000 Sold
25. 2018-05-25
    historical
26. 2018-03-29
    price $17,995
27. 2018-03-13
    price $19,900
28. 2018-01-25
    price $29,900
29. 2017-12-05
    listed $39,900 Active
30. 1997-08-26
    soldstatus $19,000

ⓘ 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: $884 · $74/mo
• Projected year-2 tax: $884 · $74/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 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 16 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: $14,012
• − Mortgage interest: −$3,641
• − Property taxes: −$884
• − Insurance: −$325
• − Repairs & maintenance: −$1,121
• − Management: −$1,121
• − Depreciation: −$1,891
• Taxable income: $5,029
• Est. tax owed @ 24.0%: −$1,207
• After-tax cash flow: $4,563/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: Fairmont Area School District
• NCES district ID: 2700124
• Math proficiency: 45% ▼ -13.00%
• Reading proficiency: 51% ▼ -7.00%
• Median HH income: $46,280
• Composite: 40.76/100
• National rank: #3648
• State rank: #148 of 301 in MN

Livability — Ceylon

• Score: 55/100
• State rank: #863
• US rank: #23698

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ceylon, MN
• Population (ZIP): 579

Population outlook (Martin County) Hauer SSP2

• Today (2025): 18,583 people
• By 2030: 17,814 · -4.1%
• By 2040: 16,312 · -12.2%
• By 2050: 15,021 · -19.2%
• By 2075: 13,025 · -29.9%
• By 2100: 11,311 · -39.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 4% Native American 4%
• Common ancestry: Portuguese 12% Italian 3% Scottish 2%
• Foreign-born: 1%

Political lean MEDSL · Martin

• 2024 margin: Solid R (+39.7) · D 29.5% · R 69.1% · Other 1.4%
• 2008→2024 swing: -24.4pp toward R · 2008: -15.2pp · 2024: -39.7pp
• All cycles: 2024: R+39.7 2020: R+37.9 2016: R+41.4 2012: R+23.8 2008: R+15.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.01%
• Current HPI: 255.4116
• 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

+242.1% since first listed

15 events — show timeline

• 2026-03-12 Price Changed $65,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-25 Price Changed $70,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-19 Listed $75,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-08-22 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2022-04-13 Price Changed $70,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-03-04 Price Changed $75,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-02-22 Price Changed $79,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-02-07 Listed $85,000 NORTHSTARMLS as Distributed by MLS Grid
• 2018-07-01 Sold (MLS) $20,000 NORTHSTARMLS as Distributed by MLS Grid
• 2018-05-25 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2018-03-29 Price Changed $17,995 NORTHSTARMLS as Distributed by MLS Grid
• 2018-03-13 Price Changed $19,900 NORTHSTARMLS as Distributed by MLS Grid
• 2018-01-25 Price Changed $29,900 NORTHSTARMLS as Distributed by MLS Grid
• 2017-12-05 Listed $39,900 NORTHSTARMLS as Distributed by MLS Grid
• 1997-08-26 Sold (Public Records) $19,000 Public Records

Property tax history

+8.5%/yr

Latest (2025): $884 · +17.2% YoY. Source: county tax records.