391 W Franklin St · Wells, MN 56097

$120,000

2 bd · 2.0 ba · 1,175 sqft · Other public records · 37 Days on market

Built 1880 7,405 sqft lot $102/sqft · 27% above area Est $121k · at est.

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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 +14.9/30.0
• Appreciation +10.0/10.0
• ARV discount +7.7/15.0
• DSCR +4.5/10.0
• Schools +4.2/10.0
• Livability +3.8/5.0
• 1% rule +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Welcome to this inviting 4-bedroom, 2-bathroom home, located just blocks away from Half Moon Park. Perfectly situated on a desirable corner lot with mature trees and a spacious yard, it’s ideal for outdoor enjoyment. The main floor offers a comfortable and functional layout, featuring a bright living room, a sun-filled sunroom, and an open-concept kitchen that’s perfect for both everyday living and entertaining. You’ll also find a convenient main-level bedroom, a full bathroom, and a dedicated laundry area. Upstairs, the second floor boasts three additional bedrooms, including a primary suite complete with an attached full bathroom. With ample living space inside and out, this home provides the perfect blend of comfort, flexibility, and charm.

Key facts

• 7,405 sq ft lot
• Built 1880
• Listed 37 days

Property features AI

Finance

• Other: Foundation area reported as 750 (unit detail); Building total area reported as 1,932 (unit detail)

Exterior

• Parking: On-street parking only
• Utilities: City water connected; City sewer connected; Natural gas; Electric with circuit breakers
• Home design: Residential property; One and one-half stories; Main entry on main level
• Construction: Frame construction; Metal roof; Stone foundation; Built with approximately 1,500 sq ft above grade and 432 sq ft below grade
• Exterior features: Corner lot; Wood exterior; City street frontage; Publicly maintained road

Interior

• Kitchen: Kitchen with window; Eat-in kitchen
• Bedrooms: 4 bedrooms total; Main level primary bedroom; Three additional bedrooms on the upper level; Sun room on main level (additional living space)
• Bathrooms: 2 full bathrooms; Main-floor full bath; Upper-level full bath; Primary bathroom is private and a full bath
• Heating & cooling: Forced air heating; Window air conditioning units
• Interior features: Sun room; Eat-in kitchen; Main-floor primary bedroom suite; 3 bedrooms on one level
• Laundry & utility: Main-level laundry; Washer and dryer hookups; Gas dryer hookup; Washer hookup located in hall

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath other listed at $120k.

Deal economics

• At list price, monthly cash flow is $34 ($410/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 $101k (16.2% below list).
• Recommended offer: $101k (16.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 76/100 on livability (#149 in MN, #3,328 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A; Watch: amenities D, employment D, commute F.
• United South Central School District (rural): math 46% / reading 53% proficiency, ranked #130 of 301 in MN (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 28 active listings in the ZIP; 4 units permitted in Faribault County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($830 loan paydown + $12k appreciation (10.0% local appreciation)).
• Faribault County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k 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 ($116k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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 $68k; list at $120k implies a 76% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $100,585 (16.2% 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 16% concession, seller financing, or rate buy-down credit?
2. Built in 1880 — 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: 0.84% ✗
• Cap rate: 6.63%
• Cash-on-cash: 1.22%
• DSCR: 1.05
• GRM: 9.9

CMA / ARV

• ARV (median comp): $120,618
• List price: $120,000
• Delta: -0.51%
• Verdict: FAIR
• Comps: 16 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 25.1%
• Equity multiple: 3.01×
• Total profit: $67,504
• Equity at exit: $108,106

10-year hold

• IRR: 22.2%
• Equity multiple: 6.86×
• Total profit: $197,023
• Equity at exit: $233,134

Cash invested: $33,600 (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 56097

• Home prices YoY: 4.6%
• Active inventory: 28
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,006 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$81 /mo · $974/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$211
• Net cashflow: $34

Break-even live

Break-even rent $963

Max offer price $120,000

Occupancy floor 92%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-04
   statusdays on market $120,000 Pending 37 DOM
2. 2026-06-02
   days on market $120,000 Active 36 DOM
3. 2026-06-01
   days on market $120,000 Active 35 DOM
4. 2026-05-31
   days on market $120,000 Active 34 DOM
5. 2026-05-31
   days on market $120,000 Active 33 DOM
6. 2026-04-23
   listed $120,000 Active 773-char remark

   Show marketing remark (771 chars)

   Welcome to this inviting 4-bedroom, 2-bathroom home, located just blocks away from Half Moon Park. Perfectly situated on a desirable corner lot with mature trees and a spacious yard, it’s ideal for outdoor enjoyment. The main floor offers a comfortable and functional layout, featuring a bright living room, a sun-filled sunroom, and an open-concept kitchen that’s perfect for both everyday living and entertaining. You’ll also find a convenient main-level bedroom, a full bathroom, and a dedicated laundry area. Upstairs, the second floor boasts three additional bedrooms, including a primary suite complete with an attached full bathroom. With ample living space inside and out, this home provides the perfect blend of comfort, flexibility, and charm.

7. 2026-04-23
   listed $120,000 Active 771-char remark

   Show marketing remark (771 chars)

   Welcome to this inviting 4-bedroom, 2-bathroom home, located just blocks away from Half Moon Park. Perfectly situated on a desirable corner lot with mature trees and a spacious yard, it’s ideal for outdoor enjoyment. The main floor offers a comfortable and functional layout, featuring a bright living room, a sun-filled sunroom, and an open-concept kitchen that’s perfect for both everyday living and entertaining. You’ll also find a convenient main-level bedroom, a full bathroom, and a dedicated laundry area. Upstairs, the second floor boasts three additional bedrooms, including a primary suite complete with an attached full bathroom. With ample living space inside and out, this home provides the perfect blend of comfort, flexibility, and charm.

8. 2022-12-05
   soldstatus $68,000

   Show marketing remark (150 chars)

   Adorable 2 bedroom, 2 bathroom home located in Wells, MN. New paint and flooring throughout and recently updated. See this charming home for yourself!

9. 2022-05-17
   listed $74,000

   Show marketing remark (150 chars)

   Adorable 2 bedroom, 2 bathroom home located in Wells, MN. New paint and flooring throughout and recently updated. See this charming home for yourself!

ⓘ 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: $974 · $81/mo
• Projected year-2 tax: $1,159 · $97/mo
• Expected delta: +$185/yr (+$15/mo · 19.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 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: $12,070
• − Mortgage interest: −$6,722
• − Property taxes: −$974
• − Insurance: −$600
• − Repairs & maintenance: −$966
• − Management: −$966
• − Depreciation: −$3,491
• Taxable loss: −$1,648
• Est. tax savings @ 24.0%: +$395
• After-tax cash flow: $805/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: United South Central School District
• NCES district ID: 2700005
• Math proficiency: 46% ▼ -10.00%
• Reading proficiency: 53% ▼ -8.00%
• Median HH income: $46,722
• Composite: 42.03/100
• National rank: #3330
• State rank: #130 of 301 in MN

Livability — Wells

• Score: 76/100
• State rank: #149
• US rank: #3328

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wells, MN
• Population (ZIP): 3,593

Population outlook (Faribault County) Hauer SSP2

• Today (2025): 13,474 people
• By 2030: 13,112 · -2.7%
• By 2040: 12,454 · -7.6%
• By 2050: 11,973 · -11.1%
• By 2075: 11,565 · -14.2%
• By 2100: 10,844 · -19.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 4%
• Common ancestry: Portuguese 13% Romanian 7% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Faribault

• 2024 margin: Solid R (+37.4) · D 30.4% · R 67.8% · Other 1.8%
• 2008→2024 swing: -31.8pp toward R · 2008: -5.6pp · 2024: -37.4pp
• All cycles: 2024: R+37.4 2020: R+33.6 2016: R+34.1 2012: R+9.1 2008: R+5.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 11.75%
• Current HPI: 267.13
• 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

+62.2% since first listed

6 events — show timeline

• 2026-06-03 Pending — RASM
• 2026-06-03 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-23 Listed $120,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-23 Listed $120,000 RASM
• 2022-12-05 Sold (MLS) $68,000 RASM
• 2022-05-17 Listed $74,000 RASM

Property tax history

+3.3%/yr

Latest (2025): $974 · +1.7% YoY. Source: county tax records.