402 N Main St · Lake Crystal, MN 56055

$98,000

2 bd · 1.0 ba · 739 sqft · SingleFamily public records · 243 Days on market

Built 1900 8,276 sqft lot Est $183k · 46% under

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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 +29.9/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.5/10.0
• Schools +4.9/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable small town living! This well kept 3 BR, 1 BA home is located on a big corner lot on Lake Crystal's main street. Chain-link fence and single detached garage, central air. Large kitchen, and stove & refrigerator stay. Main level laundry.

Key facts

• Laundry area
• Roof was done
• Eat in kitchen

Tags

• EAT IN KITCHEN
• LAUNDRY AREA
• PORCH OFF LIVING ROOM
• CARPORT
• ROOF WAS DONE

Property features AI

Exterior

• Parking: Attached garage with garage door opener; Gravel driveway; 1 garage space
• Utilities: Public water; Public sewer
• Home design: Single family residence; Residential property
• Construction: Vinyl siding construction; Asphalt roof
• Exterior features: Asphalt roof; Vinyl siding; Lot approximately 0.19 acre

Interior

• Kitchen: Cooktop; Range; Refrigerator; Eat-in kitchen
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas forced air heating; Window air conditioning units; Ceiling fans
• Interior features: Eat-in kitchen; Crawl space basement
• Laundry & utility: Washer; Dryer; Water softener

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $98k.

Deal economics

• At list price, monthly cash flow is $363 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $98k).
• Recommended offer: $86k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 74/100 on livability (#227 in MN, #4,821 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Lake Crystal-Wellcome Memorial (rural): math 57% / reading 55% proficiency, ranked #60 of 301 in MN (top 20%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 19 active listings in the ZIP; 269 units permitted in Blue Earth County in 2024 (154 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $678 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Blue Earth County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 243 days — a 12% lower offer ($86k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 20y 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 $65k; list at $98k implies a 51% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $86,240 (12.0% below list)

Questions for the listing agent

1. It's been on market 243 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 1900 — 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 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?
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: 1.25% ✓
• Cap rate: 10.73%
• Cash-on-cash: 15.86%
• DSCR: 1.71
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $182,533
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
731 E Prince St	0.60mi	2/1.0	748 (+1%)	12mo	$185,000	$247	60
311 E Blue Earth St	0.52mi	3/1.0 (+1)	848 (+15%)	4mo	$114,900	$135	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 6.7%
• Equity multiple: 1.26×
• Total profit: $7,193
• Equity at exit: $14,612

10-year hold

• IRR: 16.0%
• Equity multiple: 2.31×
• Total profit: $35,897
• Equity at exit: $8,473

Cash invested: $27,440 (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 56055

• Home prices YoY: -24.0%
• Active inventory: 19
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,222 medium
• Mortgage (P&I): −$514
• Tax from tax record: −$48 /mo · $572/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$257
• Net cashflow: $363

Break-even live

Break-even rent $763

Max offer price $98,000

Occupancy floor 65%

Sensitivity live

Price	-10% $418	-5% $390	+0% $363	+5% $335	+10% $307
Rent	-10% $266	-5% $314	+0% $363	+5% $411	+10% $459
Rate	-1.0pp $412	-0.5pp $388	base $363	+0.5pp $337	+1.0pp $311

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: $24,500
• Closing costs: $2,940
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-15
   status $98,000 Pending 243 DOM
2. 2026-06-15
   days on market $98,000 Active 243 DOM
3. 2026-06-14
   days on market $98,000 Active 241 DOM
4. 2026-06-13
   days on market $98,000 Active 240 DOM
5. 2026-06-10
   days on market $98,000 Active 238 DOM
6. 2026-06-09
   days on market $98,000 Active 237 DOM
7. 2026-06-08
   days on market $98,000 Active 236 DOM
8. 2026-06-07
   days on market $98,000 Active 235 DOM
9. 2026-06-05
   days on market $98,000 Active 232 DOM
10. 2026-06-02
    days on market $98,000 Active 230 DOM
11. 2026-06-01
    days on market $98,000 Active 229 DOM
12. 2026-05-31
    days on market $98,000 Active 228 DOM
13. 2026-05-30
    days on market $98,000 Active 227 DOM
14. 2025-10-15
    listed $98,000 Active
15. 2025-10-02
    soldstatus $65,000
16. 2014-12-12
    soldstatus $30,500
17. 2006-12-21
    soldstatus $93,700 254-char remark

    Show marketing remark (254 chars)

    Affordable small town living! This well kept 3 BR, 1 BA home is located on a big corner lot on Lake Crystal's main street. Chain-link fence and single detached garage, central air. Large kitchen, and stove & refrigerator stay. Main level laundry.

18. 2006-11-27
    historical 254-char remark

    Show marketing remark (254 chars)

    Affordable small town living! This well kept 3 BR, 1 BA home is located on a big corner lot on Lake Crystal's main street. Chain-link fence and single detached garage, central air. Large kitchen, and stove & refrigerator stay. Main level laundry.

19. 2006-07-15
    listed $84,900 254-char remark

    Show marketing remark (254 chars)

    Affordable small town living! This well kept 3 BR, 1 BA home is located on a big corner lot on Lake Crystal's main street. Chain-link fence and single detached garage, central air. Large kitchen, and stove & refrigerator stay. Main level laundry.

ⓘ 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: $572 · $48/mo
• Projected year-2 tax: $835 · $70/mo
• Expected delta: +$263/yr (+$22/mo · 45.9%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,660
• − Mortgage interest: −$5,490
• − Property taxes: −$572
• − Insurance: −$490
• − Repairs & maintenance: −$1,173
• − Management: −$1,173
• − Depreciation: −$2,851
• Taxable income: $2,912
• Est. tax owed @ 24.0%: −$699
• After-tax cash flow: $3,653/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: Lake Crystal-Wellcome Memorial
• NCES district ID: 2791445
• Math proficiency: 57% ▲ 3.00%
• Reading proficiency: 55% ▼ -8.00%
• Median HH income: $62,593
• Composite: 48.98/100
• National rank: #2071
• State rank: #60 of 301 in MN

Livability — Lake Crystal

• Score: 74/100
• State rank: #227
• US rank: #4821

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lake Crystal, MN
• Population (ZIP): 3,868

Population outlook (Blue Earth County) Hauer SSP2

• Today (2025): 70,208 people
• By 2030: 72,708 · +3.6%
• By 2040: 77,481 · +10.4%
• By 2050: 82,842 · +18.0%
• By 2075: 99,990 · +42.4%
• By 2100: 116,795 · +66.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 3% Two or more races 2%
• Common ancestry: Portuguese 16% Italian 4% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Blue Earth

• 2024 margin: Toss-up / Even · D 48.3% · R 49.5% · Other 2.1%
• 2008→2024 swing: -14.2pp toward R · 2008: 12.9pp · 2024: -1.2pp
• All cycles: 2024: R+1.2 2020: D+4.4 2016: R+3.7 2012: D+9.5 2008: D+12.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -66.73%
• Current HPI: 210.8357
• 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

+15.4% since first listed

6 events — show timeline

• 2025-10-15 Listed $98,000 RASM
• 2025-10-02 Sold (Public Records) $65,000 Public Records
• 2014-12-12 Sold (Public Records) $30,500 Public Records
• 2006-12-21 Sold (MLS) $93,700 NORTHSTARMLS as Distributed by MLS Grid
• 2006-11-27 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2006-07-15 Listed $84,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

-3.0%/yr

Latest (2025): $572 · +2.5% YoY. Source: county tax records.