452 4th St NW · Perham, MN 56573

$149,000

2 bd · 2.0 ba · 1,772 sqft · SingleFamily public records · 123 Days on market

Built 1976 0.35 ac lot

---

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 +4.4/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable In-Town Living in the Heart of Perham! This Year-Round Home sits on a Spacious Lot with a Tree-Lined Backyard offering great Shade & Privacy — all while remaining close to everything Perham has to offer. The Home features 2 Bedrooms, 2 Full Baths, and 2,336 Finished SqFt, along with a 22×26 Attached Garage. The Main Floor is set up for One-Level Living, with Two Bedrooms, a Full Bath, and a dedicated Laundry Room. The Finished Basement adds valuable living space with an additional Full Bath, Ample Storage, and Two Bonus Rooms, each just one Egress Window away from being Legal Bedrooms. With a Solid Layout, Generous Square Footage, and an Accessible Price Point, this property offers clear upside for a Buyer looking to Renovate & Build Equity, or to add an Affordable Home to their Investment Portfolio.

Key facts

• 0.35 acre lot
• Garage
• Built 1976

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $149k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $149k).
• Recommended offer: $131k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.1% vs local median 6.0% in Perham — 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 70/100 on livability (#328 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Perham-Dent Public School District (town): math 45% / reading 57% proficiency, ranked #110 of 301 in MN (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 92 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 140 units permitted in Otter Tail County in 2024 (48 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 123 days — a 12% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts 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 $45k; list at $149k implies a 231% gain — meaningful room to come down on a strong offer.

Recommended offer $131,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 123 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 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 2.10% ✓
• Cap rate: 18.13%
• Cash-on-cash: 42.27%
• DSCR: 2.88
• GRM: 4.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 39.0%
• Equity multiple: 2.67×
• Total profit: $69,475
• Equity at exit: $22,216

10-year hold

• IRR: 45.4%
• Equity multiple: 5.34×
• Total profit: $181,126
• Equity at exit: $12,883

Cash invested: $41,720 (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 56573

• Home prices YoY: -15.8%
• Active inventory: 92
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $3,125 medium
• Mortgage (P&I): −$781
• Tax from tax record: −$156 /mo · $1,870/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$656
• Net cashflow: $1,469

Break-even live

Break-even rent $1,265

Max offer price $149,000

Occupancy floor 48%

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
812 7th St SW Unit A Perham, MN	3.0	2.0	1602	$3,750	$2.34	43d	1	0.85mi
812 7th St SW Unit B Perham, MN	3.0	2.0	1602	$2,500	$1.56	43d	1	0.85mi

Listing history 9 events

1. 2026-05-11
   status Pending 843-char remark

   Show marketing remark (843 chars)

   Affordable In-Town Living in the Heart of Perham! This Year-Round Home sits on a Spacious Lot with a Tree-Lined Backyard offering great Shade & Privacy — all while remaining close to everything Perham has to offer. The Home features 2 Bedrooms, 2 Full Baths, and 2,336 Finished SqFt, along with a 22×26 Attached Garage. The Main Floor is set up for One-Level Living, with Two Bedrooms, a Full Bath, and a dedicated Laundry Room. The Finished Basement adds valuable living space with an additional Full Bath, Ample Storage, and Two Bonus Rooms, each just one Egress Window away from being Legal Bedrooms. With a Solid Layout, Generous Square Footage, and an Accessible Price Point, this property offers clear upside for a Buyer looking to Renovate & Build Equity, or to add an Affordable Home to their Investment Portfolio.

2. 2026-05-01
   status Active 843-char remark

   Show marketing remark (843 chars)

   Affordable In-Town Living in the Heart of Perham! This Year-Round Home sits on a Spacious Lot with a Tree-Lined Backyard offering great Shade & Privacy — all while remaining close to everything Perham has to offer. The Home features 2 Bedrooms, 2 Full Baths, and 2,336 Finished SqFt, along with a 22×26 Attached Garage. The Main Floor is set up for One-Level Living, with Two Bedrooms, a Full Bath, and a dedicated Laundry Room. The Finished Basement adds valuable living space with an additional Full Bath, Ample Storage, and Two Bonus Rooms, each just one Egress Window away from being Legal Bedrooms. With a Solid Layout, Generous Square Footage, and an Accessible Price Point, this property offers clear upside for a Buyer looking to Renovate & Build Equity, or to add an Affordable Home to their Investment Portfolio.

3. 2026-04-30
   historical 843-char remark

   Show marketing remark (843 chars)

   Affordable In-Town Living in the Heart of Perham! This Year-Round Home sits on a Spacious Lot with a Tree-Lined Backyard offering great Shade & Privacy — all while remaining close to everything Perham has to offer. The Home features 2 Bedrooms, 2 Full Baths, and 2,336 Finished SqFt, along with a 22×26 Attached Garage. The Main Floor is set up for One-Level Living, with Two Bedrooms, a Full Bath, and a dedicated Laundry Room. The Finished Basement adds valuable living space with an additional Full Bath, Ample Storage, and Two Bonus Rooms, each just one Egress Window away from being Legal Bedrooms. With a Solid Layout, Generous Square Footage, and an Accessible Price Point, this property offers clear upside for a Buyer looking to Renovate & Build Equity, or to add an Affordable Home to their Investment Portfolio.

4. 2026-04-01
   status Active 843-char remark

   Show marketing remark (843 chars)

   Affordable In-Town Living in the Heart of Perham! This Year-Round Home sits on a Spacious Lot with a Tree-Lined Backyard offering great Shade & Privacy — all while remaining close to everything Perham has to offer. The Home features 2 Bedrooms, 2 Full Baths, and 2,336 Finished SqFt, along with a 22×26 Attached Garage. The Main Floor is set up for One-Level Living, with Two Bedrooms, a Full Bath, and a dedicated Laundry Room. The Finished Basement adds valuable living space with an additional Full Bath, Ample Storage, and Two Bonus Rooms, each just one Egress Window away from being Legal Bedrooms. With a Solid Layout, Generous Square Footage, and an Accessible Price Point, this property offers clear upside for a Buyer looking to Renovate & Build Equity, or to add an Affordable Home to their Investment Portfolio.

5. 2026-02-18
   historical Contingent - Other 843-char remark

   Show marketing remark (843 chars)

   Affordable In-Town Living in the Heart of Perham! This Year-Round Home sits on a Spacious Lot with a Tree-Lined Backyard offering great Shade & Privacy — all while remaining close to everything Perham has to offer. The Home features 2 Bedrooms, 2 Full Baths, and 2,336 Finished SqFt, along with a 22×26 Attached Garage. The Main Floor is set up for One-Level Living, with Two Bedrooms, a Full Bath, and a dedicated Laundry Room. The Finished Basement adds valuable living space with an additional Full Bath, Ample Storage, and Two Bonus Rooms, each just one Egress Window away from being Legal Bedrooms. With a Solid Layout, Generous Square Footage, and an Accessible Price Point, this property offers clear upside for a Buyer looking to Renovate & Build Equity, or to add an Affordable Home to their Investment Portfolio.

6. 2026-01-07
   status Active 843-char remark

   Show marketing remark (843 chars)

   Affordable In-Town Living in the Heart of Perham! This Year-Round Home sits on a Spacious Lot with a Tree-Lined Backyard offering great Shade & Privacy — all while remaining close to everything Perham has to offer. The Home features 2 Bedrooms, 2 Full Baths, and 2,336 Finished SqFt, along with a 22×26 Attached Garage. The Main Floor is set up for One-Level Living, with Two Bedrooms, a Full Bath, and a dedicated Laundry Room. The Finished Basement adds valuable living space with an additional Full Bath, Ample Storage, and Two Bonus Rooms, each just one Egress Window away from being Legal Bedrooms. With a Solid Layout, Generous Square Footage, and an Accessible Price Point, this property offers clear upside for a Buyer looking to Renovate & Build Equity, or to add an Affordable Home to their Investment Portfolio.

7. 2025-12-29
   listed $149,000 843-char remark

   Show marketing remark (843 chars)

   Affordable In-Town Living in the Heart of Perham! This Year-Round Home sits on a Spacious Lot with a Tree-Lined Backyard offering great Shade & Privacy — all while remaining close to everything Perham has to offer. The Home features 2 Bedrooms, 2 Full Baths, and 2,336 Finished SqFt, along with a 22×26 Attached Garage. The Main Floor is set up for One-Level Living, with Two Bedrooms, a Full Bath, and a dedicated Laundry Room. The Finished Basement adds valuable living space with an additional Full Bath, Ample Storage, and Two Bonus Rooms, each just one Egress Window away from being Legal Bedrooms. With a Solid Layout, Generous Square Footage, and an Accessible Price Point, this property offers clear upside for a Buyer looking to Renovate & Build Equity, or to add an Affordable Home to their Investment Portfolio.

8. 2025-12-20
   historical 843-char remark

   Show marketing remark (843 chars)

   Affordable In-Town Living in the Heart of Perham! This Year-Round Home sits on a Spacious Lot with a Tree-Lined Backyard offering great Shade & Privacy — all while remaining close to everything Perham has to offer. The Home features 2 Bedrooms, 2 Full Baths, and 2,336 Finished SqFt, along with a 22×26 Attached Garage. The Main Floor is set up for One-Level Living, with Two Bedrooms, a Full Bath, and a dedicated Laundry Room. The Finished Basement adds valuable living space with an additional Full Bath, Ample Storage, and Two Bonus Rooms, each just one Egress Window away from being Legal Bedrooms. With a Solid Layout, Generous Square Footage, and an Accessible Price Point, this property offers clear upside for a Buyer looking to Renovate & Build Equity, or to add an Affordable Home to their Investment Portfolio.

9. 2002-12-03
   soldstatus $45,000

ⓘ 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: $1,870 · $156/mo
• Projected year-2 tax: $1,870 · $156/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 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥97°F today · 12 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,500
• − Mortgage interest: −$8,346
• − Property taxes: −$1,870
• − Insurance: −$745
• − Repairs & maintenance: −$3,000
• − Management: −$3,000
• − Depreciation: −$4,335
• Taxable income: $16,204
• Est. tax owed @ 24.0%: −$3,889
• After-tax cash flow: $13,745/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: Perham-Dent Public School District
• NCES district ID: 2728230
• Math proficiency: 45% ▼ -14.00%
• Reading proficiency: 57% ▼ -5.00%
• Median HH income: $50,712
• Composite: 43.64/100
• National rank: #2966
• State rank: #110 of 301 in MN

Livability — Perham

• Score: 70/100
• State rank: #328
• US rank: #7425

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Perham, MN
• Population (ZIP): 6,868

Population outlook (Otter Tail County) Hauer SSP2

• Today (2025): 58,183 people
• By 2030: 58,267 · +0.1%
• By 2040: 57,999 · -0.3%
• By 2050: 57,183 · -1.7%
• By 2075: 57,638 · -0.9%
• By 2100: 54,697 · -6.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 9% Two or more races 6% Black 1%
• Hispanic origin (detail): Mexican 2% Dominican 1%
• Common ancestry: Portuguese 18% Romanian 6% Lithuanian 3%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 7%

Political lean MEDSL · Otter Tail

• 2024 margin: Solid R (+34.2) · D 32.1% · R 66.3% · Other 1.6%
• 2008→2024 swing: -21.3pp toward R · 2008: -12.9pp · 2024: -34.2pp
• All cycles: 2024: R+34.2 2020: R+32.5 2016: R+35.9 2012: R+21.2 2008: R+12.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -42.48%
• Current HPI: 225.7071
• 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

+231.1% since first listed

9 events — show timeline

• 2026-05-11 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-01 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-30 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-01 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-18 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-07 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-29 Listed $149,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-20 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2002-12-03 Sold (Public Records) $45,000 Public Records

Property tax history

+6.7%/yr

Latest (2025): $1,870 · +103.7% YoY. Source: county tax records.