3928 State Highway 200 · Strand, MN 56545

$149,900

4 bd · 1.0 ba · 1,344 sqft · Other · 37 Days on market

Built 1930 6.00 ac lot

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Why this score? — see what drove the C- 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 +16.9/30.0
• ARV discount +7.5/15.0
• DSCR +5.2/10.0
• Appreciation +5.0/10.0
• Schools +4.6/10.0
• 1% rule +3.6/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

6 acre farmstead on State Hwy 200 West of Mahnomen about 12 miles. Great location and house sits up on the hill with lots of great mature trees and the Mashaug Creek runs through the property. Great Opportunity to build, renovate, add on etc. Perfect getaway for hunting or a short term rental property! Many options and possibilities!

Key facts

• 6 acres
• Great location
• Woods

Tags

• 6 ACRES
• WOODS
• CREEK
• SOLID BUILT FARMHOUSE
• GREAT LOCATION

Property features AI

Finance

• Other: Lot is approximately 6 acres; Wooded area approximately 4 acres; Property type: Residential

Exterior

• Parking: Attached 1-car garage (approximately 16 x 20)
• Utilities: Drilled 4-inch submersible well; Septic system (compliant); Natural gas
• Home design: Residential property; Two levels; Main entry on main level
• Construction: Built with wood exterior; Poured concrete foundation; Foundation dimensions about 24 x 28
• Exterior features: Wood exterior

Interior

• Kitchen: Kitchen on main level
• Bedrooms: 4 bedrooms (all on main level unless noted otherwise)
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating; No central air
• Interior features: Unfinished basement; Poured concrete foundation
• Laundry & utility: Main-level laundry; Utility room

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath other listed at $150k.

Deal economics

• At list price, monthly cash flow is $97 ($1k/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 $129k (13.8% below list).
• Recommended offer: $129k (13.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Norman County East School District (rural): math 55% / reading 50% proficiency, ranked #265 of 467 in MN (top 57%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 6 active listings in the ZIP; 8 units permitted in Norman County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($1k loan paydown + $4k appreciation (3.0% local appreciation)).
• At projected returns (3.0% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $100k; 50% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $129,173 (13.8% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — 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. 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.
5. 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.
6. 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: 0.86% ✗
• Cap rate: 7.07%
• Cash-on-cash: 2.79%
• DSCR: 1.12
• GRM: 9.7

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: 10.1%
• Equity multiple: 1.58×
• Total profit: $24,212
• Equity at exit: $67,402

10-year hold

• IRR: 12.4%
• Equity multiple: 2.85×
• Total profit: $77,453
• Equity at exit: $103,874

Cash invested: $41,972 (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 56545

• Active inventory: 6
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,292 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$74 /mo · $894/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $97

Break-even live

Break-even rent $1,168

Max offer price $149,900

Occupancy floor 87%

Sensitivity live

Price	-10% $182	-5% $140	+0% $97	+5% $55	+10% $13
Rent	-10% $-5	-5% $46	+0% $97	+5% $148	+10% $199
Rate	-1.0pp $173	-0.5pp $136	base $97	+0.5pp $59	+1.0pp $19

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $149,900 Active 37 DOM
2. 2026-06-18
   days on market $149,900 Active 35 DOM
3. 2026-06-17
   days on market $149,900 Active 34 DOM
4. 2026-06-16
   days on market $149,900 Active 33 DOM
5. 2026-06-15
   days on market $149,900 Active 32 DOM
6. 2026-06-13
   days on market $149,900 Active 30 DOM
7. 2026-06-12
   days on market $149,900 Active 29 DOM
8. 2026-06-09
   days on market $149,900 Active 26 DOM
9. 2026-06-08
   days on market $149,900 Active 25 DOM
10. 2026-06-07
    days on market $149,900 Active 24 DOM
11. 2026-06-05
    days on market $149,900 Active 22 DOM
12. 2026-06-04
    days on market $149,900 Active 20 DOM
13. 2026-06-02
    days on market $149,900 Active 19 DOM
14. 2026-06-01
    price $149,900 Active 18 DOM
15. 2026-06-01
    days on market $160,000 Active 18 DOM
16. 2026-05-31
    days on market $160,000 Active 17 DOM
17. 2026-05-31
    days on market $160,000 Active 16 DOM
18. 2026-05-14
    listed $160,000 Active 429-char remark
19. 2026-04-30
    soldstatus $100,000 Sold 335-char remark

    Show marketing remark (335 chars)

    6 acre farmstead on State Hwy 200 West of Mahnomen about 12 miles. Great location and house sits up on the hill with lots of great mature trees and the Mashaug Creek runs through the property. Great Opportunity to build, renovate, add on etc. Perfect getaway for hunting or a short term rental property! Many options and possibilities!

20. 2025-12-18
    status Pending 335-char remark

    Show marketing remark (335 chars)

    6 acre farmstead on State Hwy 200 West of Mahnomen about 12 miles. Great location and house sits up on the hill with lots of great mature trees and the Mashaug Creek runs through the property. Great Opportunity to build, renovate, add on etc. Perfect getaway for hunting or a short term rental property! Many options and possibilities!

21. 2025-08-29
    listed $125,000 Active 335-char remark

    Show marketing remark (335 chars)

    6 acre farmstead on State Hwy 200 West of Mahnomen about 12 miles. Great location and house sits up on the hill with lots of great mature trees and the Mashaug Creek runs through the property. Great Opportunity to build, renovate, add on etc. Perfect getaway for hunting or a short term rental property! Many options and possibilities!

ⓘ 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: $894 · $74/mo
• Projected year-2 tax: $1,286 · $107/mo
• Expected delta: +$392/yr (+$33/mo · 43.9%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥97°F today · 12 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,501
• − Mortgage interest: −$8,397
• − Property taxes: −$894
• − Insurance: −$750
• − Repairs & maintenance: −$1,240
• − Management: −$1,240
• − Depreciation: −$4,361
• Taxable loss: −$1,380
• Est. tax savings @ 24.0%: +$331
• After-tax cash flow: $1,500/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: Norman County East School District
• NCES district ID: 2700101
• Math proficiency: 55% ▬ 0.00%
• Reading proficiency: 50% ▼ -5.00%
• Median HH income: $45,821
• Composite: 46.39/100
• National rank: #5356
• State rank: #265 of 467 in MN

Livability — Strand

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 705

Population outlook (Norman County) Hauer SSP2

• Today (2025): 6,540 people
• By 2030: 6,489 · -0.8%
• By 2040: 6,436 · -1.6%
• By 2050: 6,348 · -2.9%
• By 2075: 6,263 · -4.2%
• By 2100: 5,731 · -12.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 7% Two or more races 5% Native American 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Portuguese 50% Lithuanian 3% Iranian 1%
• Foreign-born: 3% · Vietnam
• Languages at home: 92% English-only · Spanish 5% Tagalog/Filipino 2%

Political lean MEDSL · Norman

• 2024 margin: Strong R (+22.2) · D 37.5% · R 59.8% · Other 2.7%
• 2008→2024 swing: -49.2pp toward R · 2008: 26.9pp · 2024: -22.2pp
• All cycles: 2024: R+22.2 2020: R+16.0 2016: R+13.5 2012: D+10.8 2008: D+26.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

+19.9% since first listed

5 events — show timeline

• 2026-06-01 Price Changed $149,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-14 Listed $160,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-30 Sold (MLS) $100,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-18 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2025-08-29 Listed $125,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+4.3%/yr

Latest (2026): $894 · +4.2% YoY. Source: county tax records.