842 S Prairie Ave · Fairmont, MN 56031

$134,000

3 bd · 2.0 ba · 1,759 sqft · SingleFamily public records · 49 Days on market

Built 1890 0.31 ac lot $76/sqft · 14% below area Est $169k · 21% under

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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).

• ARV discount +15.0/15.0
• Cash flow +14.2/30.0
• DSCR +4.3/10.0
• Schools +4.1/10.0
• 1% rule +3.8/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great location with a private feel to this gem. This home has 1 bedroom on the main floor along with a jacuzzi tub in the main floor bathroom. The front porch has been converted into a main floor laundry area. Formal dining room off the spacious living room. The built ins give this home that Old house charm . Open staircase to the upper level. The upper level features the main bedroom plus two more bedrooms. The upper bathroom is a 3/4 with alot of space.. There are some newer windows to this property. Plenty of outdoor space with a very private feel.

Key facts

• 0.31 acre lot
• 2 garage spots
• Built 1890

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $134k.

Deal economics

• At list price, monthly cash flow is $22 ($262/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 $118k (11.6% below list).
• Recommended offer: $118k (11.6% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 3.4% in Fairmont — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 68/100 on livability (#407 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D+, amenities 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: 94 active listings in the ZIP; 19 units permitted in Martin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $926 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Martin County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($130k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 18y 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 $90k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,406 (11.6% below list)

Questions for the listing agent

1. It's been on market 49 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 1890 — 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. 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?
5. 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.
6. 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.
7. 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: 0.88% ✗
• Cap rate: 6.49%
• Cash-on-cash: 0.70%
• DSCR: 1.03
• GRM: 9.4

CMA / ARV

• ARV (median comp): $168,952
• List price: $134,000
• Delta: -20.69%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -15.2%
• Equity multiple: 0.46×
• Total profit: $-20,311
• Equity at exit: $19,980

10-year hold

• IRR: -6.6%
• Equity multiple: 0.58×
• Total profit: $-15,852
• Equity at exit: $11,586

Cash invested: $37,520 (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 56031

• Active inventory: 94
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,184 medium
• Mortgage (P&I): −$703
• Tax from tax record: −$155 /mo · $1,860/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$249
• Net cashflow: $22

Break-even live

Break-even rent $1,156

Max offer price $134,000

Occupancy floor 93%

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: $33,500
• Closing costs: $4,020
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-04-30
   price $134,000 561-char remark

   Show marketing remark (561 chars)

   Great location with a private feel to this gem. This home has 1 bedroom on the main floor along with a jacuzzi tub in the main floor bathroom. The front porch has been converted into a main floor laundry area. Formal dining room off the spacious living room. The built ins give this home that Old house charm . Open staircase to the upper level. The upper level features the main bedroom plus two more bedrooms. The upper bathroom is a 3/4 with alot of space.. There are some newer windows to this property. Plenty of outdoor space with a very private feel.

2. 2026-04-07
   listed $139,900 Active 561-char remark

   Show marketing remark (561 chars)

   Great location with a private feel to this gem. This home has 1 bedroom on the main floor along with a jacuzzi tub in the main floor bathroom. The front porch has been converted into a main floor laundry area. Formal dining room off the spacious living room. The built ins give this home that Old house charm . Open staircase to the upper level. The upper level features the main bedroom plus two more bedrooms. The upper bathroom is a 3/4 with alot of space.. There are some newer windows to this property. Plenty of outdoor space with a very private feel.

3. 2019-02-02
   historical 597-char remark

   Show marketing remark (597 chars)

   This spacious 2 story home features beautiful wood work, open staircase and built-in hutch. This house has been freshly painted inside and the bath upstairs was just remodeled. The garage measures 26x32 and is finished and heated. Most of the windows are Anderson replacement windows. The roof was completely redone in 2004 with new plywood, new pitch of roof over the front porch and new shingles. Some other updates include the furnace, water heater and electrical service. The lot measures 208 feet deep and the 9x9 storage shed stays. Laundry hook-ups are on the main floor in the front porch.

4. 2019-02-02
   historical

   Show marketing remark (597 chars)

   This spacious 2 story home features beautiful wood work, open staircase and built-in hutch. This house has been freshly painted inside and the bath upstairs was just remodeled. The garage measures 26x32 and is finished and heated. Most of the windows are Anderson replacement windows. The roof was completely redone in 2004 with new plywood, new pitch of roof over the front porch and new shingles. Some other updates include the furnace, water heater and electrical service. The lot measures 208 feet deep and the 9x9 storage shed stays. Laundry hook-ups are on the main floor in the front porch.

5. 2014-07-02
   soldstatus $90,000 597-char remark

   Show marketing remark (597 chars)

   This spacious 2 story home features beautiful wood work, open staircase and built-in hutch. This house has been freshly painted inside and the bath upstairs was just remodeled. The garage measures 26x32 and is finished and heated. Most of the windows are Anderson replacement windows. The roof was completely redone in 2004 with new plywood, new pitch of roof over the front porch and new shingles. Some other updates include the furnace, water heater and electrical service. The lot measures 208 feet deep and the 9x9 storage shed stays. Laundry hook-ups are on the main floor in the front porch.

6. 2014-07-02
   soldstatus $90,000

   Show marketing remark (597 chars)

   This spacious 2 story home features beautiful wood work, open staircase and built-in hutch. This house has been freshly painted inside and the bath upstairs was just remodeled. The garage measures 26x32 and is finished and heated. Most of the windows are Anderson replacement windows. The roof was completely redone in 2004 with new plywood, new pitch of roof over the front porch and new shingles. Some other updates include the furnace, water heater and electrical service. The lot measures 208 feet deep and the 9x9 storage shed stays. Laundry hook-ups are on the main floor in the front porch.

7. 2014-07-02
   soldstatus $90,000

   Show marketing remark (597 chars)

   This spacious 2 story home features beautiful wood work, open staircase and built-in hutch. This house has been freshly painted inside and the bath upstairs was just remodeled. The garage measures 26x32 and is finished and heated. Most of the windows are Anderson replacement windows. The roof was completely redone in 2004 with new plywood, new pitch of roof over the front porch and new shingles. Some other updates include the furnace, water heater and electrical service. The lot measures 208 feet deep and the 9x9 storage shed stays. Laundry hook-ups are on the main floor in the front porch.

8. 2014-07-02
   soldstatus $90,000

   Show marketing remark (597 chars)

   This spacious 2 story home features beautiful wood work, open staircase and built-in hutch. This house has been freshly painted inside and the bath upstairs was just remodeled. The garage measures 26x32 and is finished and heated. Most of the windows are Anderson replacement windows. The roof was completely redone in 2004 with new plywood, new pitch of roof over the front porch and new shingles. Some other updates include the furnace, water heater and electrical service. The lot measures 208 feet deep and the 9x9 storage shed stays. Laundry hook-ups are on the main floor in the front porch.

9. 2014-07-02
   soldstatus $90,000 Sold

   Show marketing remark (597 chars)

   This spacious 2 story home features beautiful wood work, open staircase and built-in hutch. This house has been freshly painted inside and the bath upstairs was just remodeled. The garage measures 26x32 and is finished and heated. Most of the windows are Anderson replacement windows. The roof was completely redone in 2004 with new plywood, new pitch of roof over the front porch and new shingles. Some other updates include the furnace, water heater and electrical service. The lot measures 208 feet deep and the 9x9 storage shed stays. Laundry hook-ups are on the main floor in the front porch.

10. 2014-05-02
    price $91,900
11. 2014-04-08
    listed $96,900 Active
12. 2014-04-07
    listed $91,900 597-char remark

    Show marketing remark (597 chars)

    This spacious 2 story home features beautiful wood work, open staircase and built-in hutch. This house has been freshly painted inside and the bath upstairs was just remodeled. The garage measures 26x32 and is finished and heated. Most of the windows are Anderson replacement windows. The roof was completely redone in 2004 with new plywood, new pitch of roof over the front porch and new shingles. Some other updates include the furnace, water heater and electrical service. The lot measures 208 feet deep and the 9x9 storage shed stays. Laundry hook-ups are on the main floor in the front porch.

13. 2014-04-07
    listed $91,900

    Show marketing remark (597 chars)

    This spacious 2 story home features beautiful wood work, open staircase and built-in hutch. This house has been freshly painted inside and the bath upstairs was just remodeled. The garage measures 26x32 and is finished and heated. Most of the windows are Anderson replacement windows. The roof was completely redone in 2004 with new plywood, new pitch of roof over the front porch and new shingles. Some other updates include the furnace, water heater and electrical service. The lot measures 208 feet deep and the 9x9 storage shed stays. Laundry hook-ups are on the main floor in the front porch.

14. 2014-04-07
    listed $91,900

    Show marketing remark (597 chars)

    This spacious 2 story home features beautiful wood work, open staircase and built-in hutch. This house has been freshly painted inside and the bath upstairs was just remodeled. The garage measures 26x32 and is finished and heated. Most of the windows are Anderson replacement windows. The roof was completely redone in 2004 with new plywood, new pitch of roof over the front porch and new shingles. Some other updates include the furnace, water heater and electrical service. The lot measures 208 feet deep and the 9x9 storage shed stays. Laundry hook-ups are on the main floor in the front porch.

15. 2013-03-26
    listed $96,900
16. 2013-03-26
    listed $96,900
17. 2008-06-05
    soldstatus $88,500
18. 2008-03-01
    listed $89,900
19. 2004-04-09
    soldstatus $94,750
20. 1999-12-15
    soldstatus $63,900
21. 1995-04-02
    soldstatus $55,000

ⓘ 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: $1,860 · $155/mo
• Projected year-2 tax: $1,860 · $155/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 · 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 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,209
• − Mortgage interest: −$7,506
• − Property taxes: −$1,860
• − Insurance: −$670
• − Repairs & maintenance: −$1,137
• − Management: −$1,137
• − Depreciation: −$3,898
• Taxable loss: −$1,999
• Est. tax savings @ 24.0%: +$480
• After-tax cash flow: $742/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 — Fairmont

• Score: 68/100
• State rank: #407
• US rank: #9480

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fairmont, MN
• City population: 11,800
• Population (ZIP): 11,800

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 (87%)
• Race & ethnicity: White 87% Hispanic / Latino 8% Two or more races 3%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Portuguese 11% Romanian 6% Italian 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 93% English-only · Spanish 5%

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: ▼ -143.34%
• Current HPI: 191.514
• 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

+143.6% since first listed

21 events — show timeline

• 2026-04-30 Price Changed $134,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-07 Listed $139,900 NORTHSTARMLS as Distributed by MLS Grid
• 2019-02-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2019-02-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2014-07-02 Sold (Public Records) $90,000 Public Records
• 2014-07-02 Sold (MLS) $90,000 RASM
• 2014-07-02 Sold (MLS) $90,000 LSAR
• 2014-07-02 Sold (MLS) $90,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-07-02 Sold (MLS) $90,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-05-02 Price Changed $91,900 NORTHSTARMLS as Distributed by MLS Grid
• 2014-04-08 Listed $96,900 NORTHSTARMLS as Distributed by MLS Grid
• 2014-04-07 Listed $91,900 RASM
• 2014-04-07 Listed $91,900 LSAR
• 2014-04-07 Listed $91,900 NORTHSTARMLS as Distributed by MLS Grid
• 2013-03-26 Listed $96,900 NORTHSTARMLS as Distributed by MLS Grid
• 2013-03-26 Listed $96,900 NORTHSTARMLS as Distributed by MLS Grid
• 2008-06-05 Sold (Public Records) $88,500 Public Records
• 2008-03-01 Listed $89,900 NORTHSTARMLS as Distributed by MLS Grid
• 2004-04-09 Sold (Public Records) $94,750 Public Records
• 1999-12-15 Sold (Public Records) $63,900 Public Records
• 1995-04-02 Sold (Public Records) $55,000 Public Records

Property tax history

+8.2%/yr

Latest (2025): $1,860 · +20.3% YoY. Source: county tax records.