210 Front St E

Fulda, MN 56131

$119,000C-

3 bd · 2.0 ba · 1,436 sqft · Built 1895 · SingleFamily · Active · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,118/mo
• Mortgage (P&I): −$624
• Tax + insurance: −$216
• HOA: −$0
• Vac / Maint / Mgmt: −$235
• Net cashflow: $43/mo
• Annual: $517/yr
• Cap rate: 6.73%
• Cash-on-cash: 1.55%
• DSCR: 1.07
• 1% rule: 0.94%
• Cash to close: $33,320

Investor read

• This is a 3-bed/2.0-bath single-family listed at $119k.
• At list price, monthly cash flow is $43 ($517/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 $112k (6.1% below list).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $112k (6.1% below list) — sets the bar for 1% rule.
• In year one you build about $4k of equity ($823 loan paydown + $4k appreciation (3.0% local appreciation)).
• Location reads 78/100 on livability (#121 in MN, #2,728 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Fulda Public School District (rural): math 55% / reading 55% proficiency, ranked #225 of 467 in MN (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 21 active listings in the ZIP; 21 units permitted in Murray County in 2024 (0 in 5+ unit buildings).
• Murray County population projected at -14% 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 $33k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.