428 6th Ct SE · Dover, MN 55929

$184,000

3 bd · 1.0 ba · 1,200 sqft · SingleFamily public records · 2 Days on market

Built 2006 10,454 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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +6.7/30.0
• Schools +4.6/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.7/10.0
• DSCR +1.0/10.0

Listing remarks MLS

Move-in ranch home has 3 bedrooms and 3 car garage. Open floor plan with all you need on one level. Master bedroom walk-in closet. Nice deck for entertaining leads to a spacious backyard. Short drive to Rochester or Winona to commute. Property in First Homes Community Land Trust.

Key facts

• 0.24 acre lot
• 3 garage spots
• Built 2006

Property features AI

Finance

• Other: Lot size about 0.24 acres (dimensions approximately 79 x 130)
• Financial info: Land is leased with a lease payment of $25

Exterior

• Parking: Attached 3-car garage
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential property; Entry level: main level living; Facing direction not specified
• Construction: Shallow foundation area approximately 1,200; Above-grade finished area approximately 1,200; Below-grade area approximately 1,200; Total building area approximately 2,400
• Exterior features: Vinyl exterior

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Unfinished basement; Block foundation; One level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $184k.

Deal economics

• At list price, monthly cash flow is $-294 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $132k (28.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $123k (33.3% below list).
• Recommended offer: $123k (33.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 68/100 on livability (#408 in MN) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: schools C-, amenities F, commute F.
• Dover-Eyota Public School District (rural): math 51% / reading 53% proficiency, ranked #76 of 301 in MN (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Market conditions: 2 active listings in the ZIP; 1,267 units permitted in Olmsted County in 2024 (915 in 5+ unit buildings).

Forward outlook

• In year one you build about $20k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Olmsted County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 16y 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.

Recommended offer $122,716 (33.3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 0.67% ✗
• Cap rate: 4.37%
• Cash-on-cash: -6.85%
• DSCR: 0.70
• GRM: 12.5

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: 19.4%
• Equity multiple: 2.58×
• Total profit: $81,492
• Equity at exit: $165,762

10-year hold

• IRR: 17.9%
• Equity multiple: 5.94×
• Total profit: $254,739
• Equity at exit: $357,472

Cash invested: $51,520 (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 55929

• Home prices YoY: 10.2%
• Active inventory: 2
• Price-to-rent: 12.5×

Monthly cashflow live

• Estimated rent: $1,227 medium
• Mortgage (P&I): −$965
• Tax from tax record: −$222 /mo · $2,664/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$258
• Net cashflow: $-294

Break-even live

Break-even rent $1,599

Max offer price $132,041

Occupancy floor —

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: $46,000
• Closing costs: $5,520
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-05
   statusdays on market $184,000 Pending 2 DOM
2. 2026-06-03
   remarks 141-char remark
3. 2026-06-03
   listed $184,000 Active 1 DOM

ⓘ 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: $2,664 · $222/mo
• Projected year-2 tax: $2,664 · $222/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 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,726
• − Mortgage interest: −$10,307
• − Property taxes: −$2,664
• − Insurance: −$920
• − Repairs & maintenance: −$1,178
• − Management: −$1,178
• − Depreciation: −$5,353
• Taxable loss: −$6,874
• Est. tax savings @ 24.0%: +$1,650
• After-tax cash flow: $-1,880/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: Dover-Eyota Public School District
• NCES district ID: 2711010
• Math proficiency: 51% ▼ -14.00%
• Reading proficiency: 53% ▼ -10.00%
• Median HH income: $69,529
• Composite: 46.31/100
• National rank: #2473
• State rank: #76 of 301 in MN

Livability — Dover

• Score: 68/100
• State rank: #408
• US rank: #9527

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dover, MN
• Population (ZIP): 1,348

Population outlook (Olmsted County) Hauer SSP2

• Today (2025): 165,999 people
• By 2030: 172,425 · +3.9%
• By 2040: 183,785 · +10.7%
• By 2050: 192,981 · +16.3%
• By 2075: 215,284 · +29.7%
• By 2100: 224,887 · +35.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 8% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Portuguese 14% Romanian 3% Italian 2%
• Foreign-born: 2% · Canada
• Languages at home: 93% English-only · Spanish 7% Other Asian/Pacific 1%

Political lean MEDSL · Olmsted

• 2024 margin: D (+10.7) · D 54.3% · R 43.6% · Other 2.1%
• 2008→2024 swing: +7.4pp toward D · 2008: 3.3pp · 2024: 10.7pp
• All cycles: 2024: D+10.7 2020: D+10.7 2016: D+0.8 2012: D+3.2 2008: D+3.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 24.49%
• Current HPI: 265.758
• 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

+360.0% since first listed

12 events — show timeline

• 2026-06-02 Listed $184,000 NORTHSTARMLS as Distributed by MLS Grid
• 2020-06-15 Sold (MLS) $213,000 NORTHSTARMLS as Distributed by MLS Grid
• 2020-05-13 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2020-05-10 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2020-05-07 Listed $144,900 NORTHSTARMLS as Distributed by MLS Grid
• 2018-12-11 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2010-09-10 Sold (MLS) $165,000 NORTHSTARMLS as Distributed by MLS Grid
• 2010-09-10 Sold (MLS) $165,000 NORTHSTARMLS as Distributed by MLS Grid
• 2010-06-15 Listed $129,000 NORTHSTARMLS as Distributed by MLS Grid
• 2010-06-15 Listed $129,000 NORTHSTARMLS as Distributed by MLS Grid
• 2007-01-03 Sold (Public Records) $108,461 Public Records
• 2007-01-03 Sold (Public Records) $40,000 Public Records

Property tax history

+1.6%/yr

Latest (2025): $2,664 · -21.5% YoY. Source: county tax records.