249 Hollett St · Tracy, MN 56175

$55,000

3 bd · 1.0 ba · 1,133 sqft · SingleFamily · 353 Days on market

Built 1893 7,753 sqft lot $49/sqft · 57% below 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
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 3-bedroom, 1-bath home offers a spacious main floor with an open-concept living and dining area, perfect for gatherings. The kitchen provides ample space to add more storage or create your dream cooking space. Upstairs, you’ll find two generously sized bedrooms with incredible closet space, alongside a full bath. The third bedroom on the main floor offers flexibility for a home office or guest space. Needing another bedroom? The northeast side of the home is ideal for adding an extra room, and the front and back enclosed porches are waiting to be transformed into charming mudrooms or cozy retreats. The unfinished basement provides plenty of storage, while recent updates include a 3-year-old water heater, a 9-year-old roof, and an 11-year-old furnace—giving you peace of mind as you make this home your own. Outside, a 18x30 concrete pad offers convenient parking (with potential for a future garage), and the lot provides space for outdoor enjoyment. Priced to sell, this home is your chance to build equity while creating a space that’s uniquely yours. Schedule your private showing today!

Key facts

• Recent updates
• Plenty of storage
• Convenient parking

Tags

• INCREDIBLE CLOSET SPACE
• FLEXIBILITY FOR A HOME OFFICE
• PLENTY OF STORAGE
• RECENT UPDATES
• CONVENIENT PARKING
• SPACE FOR OUTDOOR ENJOYMENT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $390 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Recommended offer: $48k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 76/100 on livability (#170 in MN, #3,680 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Market conditions: 20 active listings in the ZIP; 91 units permitted in Lyon County in 2024 (72 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Lyon County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 353 days — a 12% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 19y ago; this cycle's ask has dropped $10k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price; built in 1893 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $48,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 353 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 1893 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.98% ✓
• Cap rate: 14.80%
• Cash-on-cash: 30.39%
• DSCR: 2.35
• GRM: 4.2

CMA / ARV

• ARV (median comp): $126,609
• List price: $55,000
• Delta: -56.56%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 25.1%
• Equity multiple: 2.04×
• Total profit: $16,003
• Equity at exit: $8,201

10-year hold

• IRR: 32.9%
• Equity multiple: 4.00×
• Total profit: $46,220
• Equity at exit: $4,755

Cash invested: $15,400 (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 56175

• Home prices YoY: -22.1%
• Active inventory: 20
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,091 medium
• Mortgage (P&I): −$288
• Tax from tax record: −$160 /mo · $1,924/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$229
• Net cashflow: $390

Break-even live

Break-even rent $597

Max offer price $55,000

Occupancy floor 59%

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2025-10-27
   status Active 1125-char remark

   Show marketing remark (1125 chars)

   This 3-bedroom, 1-bath home offers a spacious main floor with an open-concept living and dining area, perfect for gatherings. The kitchen provides ample space to add more storage or create your dream cooking space. Upstairs, you’ll find two generously sized bedrooms with incredible closet space, alongside a full bath. The third bedroom on the main floor offers flexibility for a home office or guest space. Needing another bedroom? The northeast side of the home is ideal for adding an extra room, and the front and back enclosed porches are waiting to be transformed into charming mudrooms or cozy retreats. The unfinished basement provides plenty of storage, while recent updates include a 3-year-old water heater, a 9-year-old roof, and an 11-year-old furnace—giving you peace of mind as you make this home your own. Outside, a 18x30 concrete pad offers convenient parking (with potential for a future garage), and the lot provides space for outdoor enjoyment. Priced to sell, this home is your chance to build equity while creating a space that’s uniquely yours. Schedule your private showing today!

2. 2025-10-15
   status Pending 1125-char remark

   Show marketing remark (1125 chars)

   This 3-bedroom, 1-bath home offers a spacious main floor with an open-concept living and dining area, perfect for gatherings. The kitchen provides ample space to add more storage or create your dream cooking space. Upstairs, you’ll find two generously sized bedrooms with incredible closet space, alongside a full bath. The third bedroom on the main floor offers flexibility for a home office or guest space. Needing another bedroom? The northeast side of the home is ideal for adding an extra room, and the front and back enclosed porches are waiting to be transformed into charming mudrooms or cozy retreats. The unfinished basement provides plenty of storage, while recent updates include a 3-year-old water heater, a 9-year-old roof, and an 11-year-old furnace—giving you peace of mind as you make this home your own. Outside, a 18x30 concrete pad offers convenient parking (with potential for a future garage), and the lot provides space for outdoor enjoyment. Priced to sell, this home is your chance to build equity while creating a space that’s uniquely yours. Schedule your private showing today!

3. 2025-10-10
   historical Contingent - Other 1125-char remark

   Show marketing remark (1125 chars)

   This 3-bedroom, 1-bath home offers a spacious main floor with an open-concept living and dining area, perfect for gatherings. The kitchen provides ample space to add more storage or create your dream cooking space. Upstairs, you’ll find two generously sized bedrooms with incredible closet space, alongside a full bath. The third bedroom on the main floor offers flexibility for a home office or guest space. Needing another bedroom? The northeast side of the home is ideal for adding an extra room, and the front and back enclosed porches are waiting to be transformed into charming mudrooms or cozy retreats. The unfinished basement provides plenty of storage, while recent updates include a 3-year-old water heater, a 9-year-old roof, and an 11-year-old furnace—giving you peace of mind as you make this home your own. Outside, a 18x30 concrete pad offers convenient parking (with potential for a future garage), and the lot provides space for outdoor enjoyment. Priced to sell, this home is your chance to build equity while creating a space that’s uniquely yours. Schedule your private showing today!

4. 2025-08-20
   price $55,000 1125-char remark

   Show marketing remark (1125 chars)

   This 3-bedroom, 1-bath home offers a spacious main floor with an open-concept living and dining area, perfect for gatherings. The kitchen provides ample space to add more storage or create your dream cooking space. Upstairs, you’ll find two generously sized bedrooms with incredible closet space, alongside a full bath. The third bedroom on the main floor offers flexibility for a home office or guest space. Needing another bedroom? The northeast side of the home is ideal for adding an extra room, and the front and back enclosed porches are waiting to be transformed into charming mudrooms or cozy retreats. The unfinished basement provides plenty of storage, while recent updates include a 3-year-old water heater, a 9-year-old roof, and an 11-year-old furnace—giving you peace of mind as you make this home your own. Outside, a 18x30 concrete pad offers convenient parking (with potential for a future garage), and the lot provides space for outdoor enjoyment. Priced to sell, this home is your chance to build equity while creating a space that’s uniquely yours. Schedule your private showing today!

5. 2025-06-11
   price $60,000 1125-char remark

   Show marketing remark (1125 chars)

   This 3-bedroom, 1-bath home offers a spacious main floor with an open-concept living and dining area, perfect for gatherings. The kitchen provides ample space to add more storage or create your dream cooking space. Upstairs, you’ll find two generously sized bedrooms with incredible closet space, alongside a full bath. The third bedroom on the main floor offers flexibility for a home office or guest space. Needing another bedroom? The northeast side of the home is ideal for adding an extra room, and the front and back enclosed porches are waiting to be transformed into charming mudrooms or cozy retreats. The unfinished basement provides plenty of storage, while recent updates include a 3-year-old water heater, a 9-year-old roof, and an 11-year-old furnace—giving you peace of mind as you make this home your own. Outside, a 18x30 concrete pad offers convenient parking (with potential for a future garage), and the lot provides space for outdoor enjoyment. Priced to sell, this home is your chance to build equity while creating a space that’s uniquely yours. Schedule your private showing today!

6. 2025-05-29
   listed $65,000 Active 1125-char remark

   Show marketing remark (1125 chars)

   This 3-bedroom, 1-bath home offers a spacious main floor with an open-concept living and dining area, perfect for gatherings. The kitchen provides ample space to add more storage or create your dream cooking space. Upstairs, you’ll find two generously sized bedrooms with incredible closet space, alongside a full bath. The third bedroom on the main floor offers flexibility for a home office or guest space. Needing another bedroom? The northeast side of the home is ideal for adding an extra room, and the front and back enclosed porches are waiting to be transformed into charming mudrooms or cozy retreats. The unfinished basement provides plenty of storage, while recent updates include a 3-year-old water heater, a 9-year-old roof, and an 11-year-old furnace—giving you peace of mind as you make this home your own. Outside, a 18x30 concrete pad offers convenient parking (with potential for a future garage), and the lot provides space for outdoor enjoyment. Priced to sell, this home is your chance to build equity while creating a space that’s uniquely yours. Schedule your private showing today!

7. 2022-08-26
   soldstatus $40,000 Sold 977-char remark

   Show marketing remark (977 chars)

   Welcome to 249 Hollett St. in Tracy. Handyman special, ready for you to make it your own! The spacious main floor offers an open concept living room and dining room. The large kitchen would allow more upper cabinets for storage if desired or have a kitchen makeover. 2 bedrooms are located on the second level with incredible closet space and 1 bedroom located on the main floor. An additional room could easily be added on the northeast side of home. You'll find the full bath upstairs located in-between the bedrooms. Always wanted a claw foot tub? Here's your chance! TLC the front and back enclosed porch for a beautiful mudroom that you always dreamt of. The unfinished basement allows ample of space for all your storage needs. Furnace is rougly 8-9 years old, new shingles in 2016 and new water heater was recently installed 2 months ago. The property does not offer a garage but does have a 18x30 concrete pad available for parking. Schedule your private showing today!

8. 2022-08-09
   status Pending 977-char remark

   Show marketing remark (977 chars)

   Welcome to 249 Hollett St. in Tracy. Handyman special, ready for you to make it your own! The spacious main floor offers an open concept living room and dining room. The large kitchen would allow more upper cabinets for storage if desired or have a kitchen makeover. 2 bedrooms are located on the second level with incredible closet space and 1 bedroom located on the main floor. An additional room could easily be added on the northeast side of home. You'll find the full bath upstairs located in-between the bedrooms. Always wanted a claw foot tub? Here's your chance! TLC the front and back enclosed porch for a beautiful mudroom that you always dreamt of. The unfinished basement allows ample of space for all your storage needs. Furnace is rougly 8-9 years old, new shingles in 2016 and new water heater was recently installed 2 months ago. The property does not offer a garage but does have a 18x30 concrete pad available for parking. Schedule your private showing today!

9. 2022-07-09
   status Active 977-char remark

   Show marketing remark (977 chars)

   Welcome to 249 Hollett St. in Tracy. Handyman special, ready for you to make it your own! The spacious main floor offers an open concept living room and dining room. The large kitchen would allow more upper cabinets for storage if desired or have a kitchen makeover. 2 bedrooms are located on the second level with incredible closet space and 1 bedroom located on the main floor. An additional room could easily be added on the northeast side of home. You'll find the full bath upstairs located in-between the bedrooms. Always wanted a claw foot tub? Here's your chance! TLC the front and back enclosed porch for a beautiful mudroom that you always dreamt of. The unfinished basement allows ample of space for all your storage needs. Furnace is rougly 8-9 years old, new shingles in 2016 and new water heater was recently installed 2 months ago. The property does not offer a garage but does have a 18x30 concrete pad available for parking. Schedule your private showing today!

10. 2022-06-21
    status Pending 977-char remark

    Show marketing remark (977 chars)

    Welcome to 249 Hollett St. in Tracy. Handyman special, ready for you to make it your own! The spacious main floor offers an open concept living room and dining room. The large kitchen would allow more upper cabinets for storage if desired or have a kitchen makeover. 2 bedrooms are located on the second level with incredible closet space and 1 bedroom located on the main floor. An additional room could easily be added on the northeast side of home. You'll find the full bath upstairs located in-between the bedrooms. Always wanted a claw foot tub? Here's your chance! TLC the front and back enclosed porch for a beautiful mudroom that you always dreamt of. The unfinished basement allows ample of space for all your storage needs. Furnace is rougly 8-9 years old, new shingles in 2016 and new water heater was recently installed 2 months ago. The property does not offer a garage but does have a 18x30 concrete pad available for parking. Schedule your private showing today!

11. 2022-06-12
    historical Contingent - Inspection 977-char remark

    Show marketing remark (977 chars)

    Welcome to 249 Hollett St. in Tracy. Handyman special, ready for you to make it your own! The spacious main floor offers an open concept living room and dining room. The large kitchen would allow more upper cabinets for storage if desired or have a kitchen makeover. 2 bedrooms are located on the second level with incredible closet space and 1 bedroom located on the main floor. An additional room could easily be added on the northeast side of home. You'll find the full bath upstairs located in-between the bedrooms. Always wanted a claw foot tub? Here's your chance! TLC the front and back enclosed porch for a beautiful mudroom that you always dreamt of. The unfinished basement allows ample of space for all your storage needs. Furnace is rougly 8-9 years old, new shingles in 2016 and new water heater was recently installed 2 months ago. The property does not offer a garage but does have a 18x30 concrete pad available for parking. Schedule your private showing today!

12. 2022-05-12
    listed $45,000 Active 977-char remark

    Show marketing remark (977 chars)

    Welcome to 249 Hollett St. in Tracy. Handyman special, ready for you to make it your own! The spacious main floor offers an open concept living room and dining room. The large kitchen would allow more upper cabinets for storage if desired or have a kitchen makeover. 2 bedrooms are located on the second level with incredible closet space and 1 bedroom located on the main floor. An additional room could easily be added on the northeast side of home. You'll find the full bath upstairs located in-between the bedrooms. Always wanted a claw foot tub? Here's your chance! TLC the front and back enclosed porch for a beautiful mudroom that you always dreamt of. The unfinished basement allows ample of space for all your storage needs. Furnace is rougly 8-9 years old, new shingles in 2016 and new water heater was recently installed 2 months ago. The property does not offer a garage but does have a 18x30 concrete pad available for parking. Schedule your private showing today!

13. 2007-06-27
    listed $21,900

ⓘ 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: $1,924 · $160/mo
• Projected year-2 tax: $1,924 · $160/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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 15 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: $13,090
• − Mortgage interest: −$3,081
• − Property taxes: −$1,924
• − Insurance: −$275
• − Repairs & maintenance: −$1,047
• − Management: −$1,047
• − Depreciation: −$1,600
• Taxable income: $4,115
• Est. tax owed @ 24.0%: −$988
• After-tax cash flow: $3,693/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)

No district data.

Livability — Tracy

• Score: 76/100
• State rank: #170
• US rank: #3680

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tracy, MN
• Population (ZIP): 2,791

Population outlook (Lyon County) Hauer SSP2

• Today (2025): 25,369 people
• By 2030: 24,890 · -1.9%
• By 2040: 23,599 · -7.0%
• By 2050: 22,383 · -11.8%
• By 2075: 20,076 · -20.9%
• By 2100: 18,901 · -25.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 7% Asian 7% Two or more races 5%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Portuguese 16% Romanian 4% English 4%
• Foreign-born: 4% · Canada
• Languages at home: 89% English-only · Spanish 5% Other Asian/Pacific 5%

Political lean MEDSL · Lyon

• 2024 margin: Solid R (+31.8) · D 33.1% · R 64.9% · Other 2.0%
• 2008→2024 swing: -30.2pp toward R · 2008: -1.6pp · 2024: -31.8pp
• All cycles: 2024: R+31.8 2020: R+25.9 2016: R+28.3 2012: R+9.2 2008: R+1.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -47.45%
• Current HPI: 167.4911
• 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

+151.1% since first listed

13 events — show timeline

• 2025-10-27 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-15 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-10 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2025-08-20 Price Changed $55,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-06-11 Price Changed $60,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-05-29 Listed $65,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-08-26 Sold (MLS) $40,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-08-09 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2022-07-09 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2022-06-21 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2022-06-12 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2022-05-12 Listed $45,000 NORTHSTARMLS as Distributed by MLS Grid
• 2007-06-27 Listed $21,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+13.2%/yr

Latest (2026): $1,924 · +5.1% YoY. Source: county tax records.