506 Midway Ave · Proctor, MN 55810

$170,000

4 bd · 2.0 ba · 1,050 sqft · Other public records · 14 Days on market

Built 1916 8,712 sqft 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 +12.4/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.9/10.0
• Livability +3.8/5.0
• DSCR +3.7/10.0
• 1% rule +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

This home was just updated in 2026! Updates include new siding, new gutters, new flooring, new kitchen, new windows & doors, new water heater and more! The home has an appraised market value of $220,000 but is being sold $50,000 below market value to income qualified buyers. Home must be owner-occupied and buyer’s gross annual income cannot exceed the following (household size in parenthesis): $56,650 (1); $64,750 (2); $72,850 (3); $80,900 (4); $87,400 (5); $93,850 (6) $100,350 (7) $106,800 (8).

Key facts

• 8,712 sq ft lot
• Built 1916
• Listed 14 days

Property features AI

Finance

• Financial info: Monthly land lease of $38

Exterior

• Parking: No dedicated parking
• Utilities: Public water; Public sewer
• Home design: Single-family detached home; Single-story
• Construction: Above-grade finished living area listed as 1,051
• Exterior features: Asphalt shingle roof; Lot dimensions approximately 80 x 125

Interior

• Bedrooms: Master on main level
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Master bedroom located on the main level; Full, unfinished basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $170k.

Deal economics

• At list price, monthly cash flow is $-28 ($-342/yr) — negative.
• To cash-flow at today's rent, offer at most $165k (3.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $135k (20.7% below list).
• Recommended offer: $135k (20.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 75/100 on livability (#184 in MN, #3,966 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, cost of living A+; Watch: health & safety D, amenities F.
• Proctor Public School District (suburban): math 39% / reading 49% proficiency, ranked #177 of 301 in MN (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bay View Elementary (math 52% / reading 52%, grade C-, #368 of 857 statewide, top 47%, 588 students, 42% FRL); A.I. Jedlicka Middle School (math 21% / reading 39%, grade F, #199 of 258 statewide, top 78%, 448 students, 42% FRL); Proctor Senior High (math 42% / reading 67%, grade C-, #87 of 471 statewide, top 22%, 551 students, 36% FRL) — zoned schools average 40% FRL vs 22% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 51 active listings in the ZIP; 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).

Forward outlook

• In year one you build about $18k of equity ($1k loan paydown + $17k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $48k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $134,878 (20.7% 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. Built in 1916 — 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. 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?
5. 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?
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: 0.79% ✗
• Cap rate: 6.09%
• Cash-on-cash: -0.72%
• DSCR: 0.97
• GRM: 10.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.8%
• Equity multiple: 2.91×
• Total profit: $90,744
• Equity at exit: $153,149

10-year hold

• IRR: 21.1%
• Equity multiple: 6.64×
• Total profit: $268,595
• Equity at exit: $330,273

Cash invested: $47,600 (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 55810

• Home prices YoY: 11.6%
• Active inventory: 51
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $1,349 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$132 /mo · $1,580/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$283
• Net cashflow: $-28

Break-even live

Break-even rent $1,385

Max offer price $164,972

Occupancy floor 97%

Sensitivity live

Price	-10% $68	-5% $20	+0% $-28	+5% $-77	+10% $-125
Rent	-10% $-135	-5% $-82	+0% $-28	+5% $25	+10% $78
Rate	-1.0pp $57	-0.5pp $15	base $-28	+0.5pp $-73	+1.0pp $-117

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-05
   listed $170,000 Active 512-char remark
2. 2025-06-10
   soldstatus $144,000

ⓘ 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: $1,580 · $132/mo
• Projected year-2 tax: $1,742 · $145/mo
• Expected delta: +$162/yr (+$14/mo · 10.3%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥90°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,185
• − Mortgage interest: −$9,523
• − Property taxes: −$1,580
• − Insurance: −$850
• − Repairs & maintenance: −$1,295
• − Management: −$1,295
• − Depreciation: −$4,945
• Taxable loss: −$3,302
• Est. tax savings @ 24.0%: +$793
• After-tax cash flow: $451/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: Proctor Public School District
• NCES district ID: 2730090
• Math proficiency: 39% ▼ -20.00%
• Reading proficiency: 49% ▼ -11.00%
• Median HH income: $61,151
• Composite: 38.84/100
• National rank: #4106
• State rank: #177 of 301 in MN

Livability — Proctor

• Score: 75/100
• State rank: #184
• US rank: #3966

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 8,305

Population outlook (St. Louis County) Hauer SSP2

• Today (2025): 202,411 people
• By 2030: 203,234 · +0.4%
• By 2040: 202,520 · +0.1%
• By 2050: 200,853 · -0.8%
• By 2075: 200,943 · -0.7%
• By 2100: 192,058 · -5.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 4% Native American 2% Asian 1% Black 1%
• Common ancestry: Portuguese 13% Romanian 5% Lithuanian 3%
• Foreign-born: 1% · China, Vietnam
• Languages at home: 98% English-only · Other Indo-European 1%

Political lean MEDSL · St. Louis

• 2024 margin: D (+13.7) · D 55.9% · R 42.2% · Other 1.8%
• 2008→2024 swing: -18.8pp toward R · 2008: 32.5pp · 2024: 13.7pp
• All cycles: 2024: D+13.7 2020: D+15.6 2016: D+11.8 2012: D+29.6 2008: D+32.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 53.59%
• Current HPI: 515.02
• 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

+18.1% since first listed

4 events — show timeline

• 2026-06-17 Sold (MLS) $170,000 LSAR
• 2026-05-19 Pending — LSAR
• 2026-05-05 Listed $170,000 LSAR
• 2025-06-10 Sold (Public Records) $144,000 Public Records

Property tax history

+2.6%/yr

Latest (2026): $1,580 · +49.6% YoY. Source: county tax records.