301 Duluth Ave N · Thief River Falls, MN 56701

$64,900

4 bd · 2.0 ba · 1,071 sqft · SingleFamily · 58 Days on market

Built 1910 7,013 sqft lot $61/sqft · 64% below area ↓ 57% since listing

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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 +3.7/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well-located 4-bedroom, 2-bath home situated on a corner lot along Main Street in Thief River Falls. The property features a one-and-a-half story layout with approximately 1,071 finished square feet, an enclosed front porch, and a detached 2-car garage with concrete driveway. Interior layout includes main level living areas with additional bedrooms on the upper level. The home is connected to city water and city sewer and includes natural gas forced air heat and central air conditioning. Convenient location near downtown amenities, shopping, and services. Property is being sold as-is.

Key facts

• Convenient location
• Corner lot
• Enclosed front porch

Tags

• CORNER LOT
• ENCLOSED FRONT PORCH
• DETACHED GARAGE
• MAIN LEVEL LIVING AREAS
• CONVENIENT LOCATION

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $540 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.3% vs local median 5.5% in Thief River Falls — 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 74/100 on livability (#219 in MN, #4,606 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety D+, amenities F, commute F.
• Thief River Falls School District (town): math 39% / reading 47% proficiency, ranked #201 of 301 in MN (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 102 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 11 units permitted in Pennington County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Pennington County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $10k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.3% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $62,953 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 2.12% ✓
• Cap rate: 16.28%
• Cash-on-cash: 35.67%
• DSCR: 2.59
• GRM: 3.9

CMA / ARV

• ARV (median comp): $178,703
• List price: $64,900
• Delta: -63.68%
• 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: 31.4%
• Equity multiple: 2.32×
• Total profit: $23,970
• Equity at exit: $9,677

10-year hold

• IRR: 38.6%
• Equity multiple: 4.60×
• Total profit: $65,503
• Equity at exit: $5,611

Cash invested: $18,172 (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 56701

• Active inventory: 102
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,375 medium
• Mortgage (P&I): −$340
• Tax from tax record: −$179 /mo · $2,144/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$289
• Net cashflow: $540

Break-even live

Break-even rent $691

Max offer price $64,900

Occupancy floor 56%

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
231 Tindolph Ave N Thief River Falls, MN	3.0	2.0	1000	$1,375	$1.38	43d	1	0.71mi

Listing history 11 events

1. 2026-05-19
   status Pending 591-char remark

   Show marketing remark (591 chars)

   Well-located 4-bedroom, 2-bath home situated on a corner lot along Main Street in Thief River Falls. The property features a one-and-a-half story layout with approximately 1,071 finished square feet, an enclosed front porch, and a detached 2-car garage with concrete driveway. Interior layout includes main level living areas with additional bedrooms on the upper level. The home is connected to city water and city sewer and includes natural gas forced air heat and central air conditioning. Convenient location near downtown amenities, shopping, and services. Property is being sold as-is.

2. 2026-05-08
   status Active 591-char remark

   Show marketing remark (591 chars)

   Well-located 4-bedroom, 2-bath home situated on a corner lot along Main Street in Thief River Falls. The property features a one-and-a-half story layout with approximately 1,071 finished square feet, an enclosed front porch, and a detached 2-car garage with concrete driveway. Interior layout includes main level living areas with additional bedrooms on the upper level. The home is connected to city water and city sewer and includes natural gas forced air heat and central air conditioning. Convenient location near downtown amenities, shopping, and services. Property is being sold as-is.

3. 2026-05-04
   historical 591-char remark

   Show marketing remark (591 chars)

   Well-located 4-bedroom, 2-bath home situated on a corner lot along Main Street in Thief River Falls. The property features a one-and-a-half story layout with approximately 1,071 finished square feet, an enclosed front porch, and a detached 2-car garage with concrete driveway. Interior layout includes main level living areas with additional bedrooms on the upper level. The home is connected to city water and city sewer and includes natural gas forced air heat and central air conditioning. Convenient location near downtown amenities, shopping, and services. Property is being sold as-is.

4. 2026-04-13
   price $64,900 591-char remark

   Show marketing remark (591 chars)

   Well-located 4-bedroom, 2-bath home situated on a corner lot along Main Street in Thief River Falls. The property features a one-and-a-half story layout with approximately 1,071 finished square feet, an enclosed front porch, and a detached 2-car garage with concrete driveway. Interior layout includes main level living areas with additional bedrooms on the upper level. The home is connected to city water and city sewer and includes natural gas forced air heat and central air conditioning. Convenient location near downtown amenities, shopping, and services. Property is being sold as-is.

5. 2026-03-17
   listed $74,900 Active 591-char remark

   Show marketing remark (591 chars)

   Well-located 4-bedroom, 2-bath home situated on a corner lot along Main Street in Thief River Falls. The property features a one-and-a-half story layout with approximately 1,071 finished square feet, an enclosed front porch, and a detached 2-car garage with concrete driveway. Interior layout includes main level living areas with additional bedrooms on the upper level. The home is connected to city water and city sewer and includes natural gas forced air heat and central air conditioning. Convenient location near downtown amenities, shopping, and services. Property is being sold as-is.

6. 2022-03-16
   soldstatus $140,900 Sold 525-char remark

   Show marketing remark (525 chars)

   LOCATION, LOCATION, LOCATION!!! This 4 bedroom, 1.5 bath home sits right next to the heart of downtown. Enjoy all of the amenities like easy access to every direction as well as being in close proximity of Shopping, Bars/Restaurants, Retail, Hair and Beauty salons, Schools, Churches, Employment opportunities and more. Some of the other amenities include a 2 1/2 car, partially finished garage, central air, 2 enclosed porches and more.... If this all sounds appealing to you, schedule your private viewing before it's gone.

7. 2022-02-04
   status Pending 525-char remark

   Show marketing remark (525 chars)

   LOCATION, LOCATION, LOCATION!!! This 4 bedroom, 1.5 bath home sits right next to the heart of downtown. Enjoy all of the amenities like easy access to every direction as well as being in close proximity of Shopping, Bars/Restaurants, Retail, Hair and Beauty salons, Schools, Churches, Employment opportunities and more. Some of the other amenities include a 2 1/2 car, partially finished garage, central air, 2 enclosed porches and more.... If this all sounds appealing to you, schedule your private viewing before it's gone.

8. 2022-01-03
   price $134,900 525-char remark

   Show marketing remark (525 chars)

   LOCATION, LOCATION, LOCATION!!! This 4 bedroom, 1.5 bath home sits right next to the heart of downtown. Enjoy all of the amenities like easy access to every direction as well as being in close proximity of Shopping, Bars/Restaurants, Retail, Hair and Beauty salons, Schools, Churches, Employment opportunities and more. Some of the other amenities include a 2 1/2 car, partially finished garage, central air, 2 enclosed porches and more.... If this all sounds appealing to you, schedule your private viewing before it's gone.

9. 2021-11-09
   price $139,900 525-char remark

   Show marketing remark (525 chars)

   LOCATION, LOCATION, LOCATION!!! This 4 bedroom, 1.5 bath home sits right next to the heart of downtown. Enjoy all of the amenities like easy access to every direction as well as being in close proximity of Shopping, Bars/Restaurants, Retail, Hair and Beauty salons, Schools, Churches, Employment opportunities and more. Some of the other amenities include a 2 1/2 car, partially finished garage, central air, 2 enclosed porches and more.... If this all sounds appealing to you, schedule your private viewing before it's gone.

10. 2021-10-27
    price $144,900 525-char remark

    Show marketing remark (525 chars)

    LOCATION, LOCATION, LOCATION!!! This 4 bedroom, 1.5 bath home sits right next to the heart of downtown. Enjoy all of the amenities like easy access to every direction as well as being in close proximity of Shopping, Bars/Restaurants, Retail, Hair and Beauty salons, Schools, Churches, Employment opportunities and more. Some of the other amenities include a 2 1/2 car, partially finished garage, central air, 2 enclosed porches and more.... If this all sounds appealing to you, schedule your private viewing before it's gone.

11. 2021-09-29
    listed $150,000 Active 525-char remark

    Show marketing remark (525 chars)

    LOCATION, LOCATION, LOCATION!!! This 4 bedroom, 1.5 bath home sits right next to the heart of downtown. Enjoy all of the amenities like easy access to every direction as well as being in close proximity of Shopping, Bars/Restaurants, Retail, Hair and Beauty salons, Schools, Churches, Employment opportunities and more. Some of the other amenities include a 2 1/2 car, partially finished garage, central air, 2 enclosed porches and more.... If this all sounds appealing to you, schedule your private viewing before it's gone.

ⓘ 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: $2,144 · $179/mo
• Projected year-2 tax: $2,144 · $179/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 5/10 Major FEMA zone X (unshaded) · 51% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥94°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,500
• − Mortgage interest: −$3,635
• − Property taxes: −$2,144
• − Insurance: −$324
• − Repairs & maintenance: −$1,320
• − Management: −$1,320
• − Depreciation: −$1,888
• Taxable income: $5,868
• Est. tax owed @ 24.0%: −$1,408
• After-tax cash flow: $5,074/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: Thief River Falls School District
• NCES district ID: 2738850
• Math proficiency: 39% ▼ -19.00%
• Reading proficiency: 47% ▼ -13.00%
• Median HH income: $49,239
• Composite: 36.88/100
• National rank: #4547
• State rank: #201 of 301 in MN

Livability — Thief River Falls

• Score: 74/100
• State rank: #219
• US rank: #4606

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Thief River Falls, MN
• City population: 12,814
• Population (ZIP): 12,814

Population outlook (Pennington County) Hauer SSP2

• Today (2025): 14,800 people
• By 2030: 15,030 · +1.6%
• By 2040: 15,402 · +4.1%
• By 2050: 15,601 · +5.4%
• By 2075: 15,659 · +5.8%
• By 2100: 14,231 · -3.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 5% Two or more races 4% Black 1% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 34% Romanian 4% Lithuanian 4%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 3% French/Haitian/Cajun 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Pennington

• 2024 margin: Solid R (+31.5) · D 33.1% · R 64.6% · Other 2.3%
• 2008→2024 swing: -33.6pp toward R · 2008: 2.1pp · 2024: -31.5pp
• All cycles: 2024: R+31.5 2020: R+27.0 2016: R+27.8 2012: R+4.3 2008: D+2.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -123.53%
• Current HPI: 136.4729
• 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

-56.7% since first listed

11 events — show timeline

• 2026-05-19 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-08 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-04 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-13 Price Changed $64,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-17 Listed $74,900 NORTHSTARMLS as Distributed by MLS Grid
• 2022-03-16 Sold (MLS) $140,900 NORTHSTARMLS as Distributed by MLS Grid
• 2022-02-04 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2022-01-03 Price Changed $134,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-11-09 Price Changed $139,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-10-27 Price Changed $144,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-09-29 Listed $150,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+9.4%/yr

Latest (2025): $2,144 · +8.5% YoY. Source: county tax records.