2656 Norwood Ave · Slayton, MN 56172

$19,900

3 bd · 1.0 ba · 992 sqft · SingleFamily · 4 Days on market

Built 1910 0.32 ac lot

---

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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• Schools +5.5/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• Forced-air heating
• Generous lot
• Functional layout

Tags

• GENEROUS LOT
• FUNCTIONAL LAYOUT
• DETACHED GARAGE
• FORCED-AIR HEATING
• CONVENIENT LOCATION

Property features AI

Finance

• Other: Approximately 0.321-acre lot

Exterior

• Parking: Attached 1-car garage
• Utilities: City water connected; City sewer connected; Natural gas service
• Home design: Residential property; Two levels; No-stairs external accessibility feature
• Construction: Block and frame construction; Asphalt roof; Built on a foundation with approximate dimensions 30 x 20
• Exterior features: Medium tree coverage; Level topography; Publicly maintained paved city streets and city street frontage; Lot dimensions approximately 100 x 140 feet

Interior

• Kitchen: Kitchen on the main level
• Bedrooms: 3 bedrooms (includes upper/main level placement where specified)
• Bathrooms: One three-quarter bathroom (upper level)
• Heating & cooling: Forced air heating; No central air
• Interior features: Living/dining room combination; 3 bedrooms on one level; Crawl space basement
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $20k.

Deal economics

• At list price, monthly cash flow is $621 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($963 rent vs $20k).

Location & tenants

• Location reads 77/100 on livability (#141 in MN, #3,076 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Murray County Central School District (rural): math 68% / reading 60% proficiency, ranked #28 of 301 in MN (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 43 active listings in the ZIP; 21 units permitted in Murray County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $138 of loan paydown is wiped out by about $597 of value loss. Plan a longer hold.
• 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 $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 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.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $19,900

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 4.84% ✓
• Cap rate: 43.72%
• Cash-on-cash: 133.67%
• DSCR: 6.95
• GRM: 1.7

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: —
• Equity multiple: 7.52×
• Total profit: $36,323
• Equity at exit: $2,967

10-year hold

• IRR: —
• Equity multiple: 15.82×
• Total profit: $82,597
• Equity at exit: $1,721

Cash invested: $5,572 (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 56172

• Home prices YoY: -14.9%
• Active inventory: 43
• Price-to-rent: 1.7×

Monthly cashflow live

• Estimated rent: $963 medium
• Mortgage (P&I): −$104
• Tax from tax record: −$27 /mo · $328/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$202
• Net cashflow: $621

Break-even live

Break-even rent $177

Max offer price $19,900

Occupancy floor 31%

Sensitivity live

Price	-10% $632	-5% $626	+0% $621	+5% $615	+10% $609
Rent	-10% $545	-5% $583	+0% $621	+5% $659	+10% $697
Rate	-1.0pp $631	-0.5pp $626	base $621	+0.5pp $616	+1.0pp $610

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: $4,975
• Closing costs: $597
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-21
   days on market $19,900 Active 4 DOM
2. 2026-06-18
   days on market $19,900 Active 2 DOM
3. 2026-06-17
   pricestatusdays on marketlisting id $19,900 Active 1 DOM
4. 2026-05-07
   status Pending
5. 2026-05-07
   soldstatus $24,900 Sold
6. 2026-04-30
   listed $24,900 Active
7. 2026-04-18
   historical
8. 2026-04-09
   listed $24,900 Active
9. 2026-03-01
   historical
10. 2025-12-26
    status Active
11. 2025-12-24
    historical
12. 2025-12-23
    listed $24,900
13. 2023-02-16
    soldstatus $15,000

ⓘ 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: $328 · $27/mo
• Projected year-2 tax: $328 · $27/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $11,554
• − Mortgage interest: −$1,115
• − Property taxes: −$328
• − Insurance: −$100
• − Repairs & maintenance: −$924
• − Management: −$924
• − Depreciation: −$579
• Taxable income: $7,585
• Est. tax owed @ 24.0%: −$1,820
• After-tax cash flow: $5,628/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: Murray County Central School District
• NCES district ID: 2700090
• Math proficiency: 68% ▲ 8.00%
• Reading proficiency: 60% ▼ -6.00%
• Median HH income: $50,848
• Composite: 54.52/100
• National rank: #1344
• State rank: #28 of 301 in MN

Livability — Slayton

• Score: 77/100
• State rank: #141
• US rank: #3076

Category grades

Amenities F 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: Slayton, MN
• Population (ZIP): 2,954

Population outlook (Murray County) Hauer SSP2

• Today (2025): 7,978 people
• By 2030: 7,715 · -3.3%
• By 2040: 7,213 · -9.6%
• By 2050: 6,820 · -14.5%
• By 2075: 6,371 · -20.1%
• By 2100: 5,729 · -28.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 3% Two or more races 2%
• Common ancestry: Portuguese 18% Iranian 8% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · German/W. Germanic 2% Spanish 2%

Political lean MEDSL · Murray

• 2024 margin: Solid R (+42.4) · D 27.9% · R 70.4% · Other 1.7%
• 2008→2024 swing: -42.9pp toward R · 2008: 0.5pp · 2024: -42.4pp
• All cycles: 2024: R+42.4 2020: R+39.1 2016: R+36.2 2012: R+7.2 2008: D+0.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -35.54%
• Current HPI: 202.9418
• 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

+32.7% since first listed

11 events — show timeline

• 2026-06-15 Listed $19,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-07 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-07 Sold (MLS) $24,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-30 Listed $24,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-18 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-09 Listed $24,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-26 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-24 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-23 Listed $24,900 NORTHSTARMLS as Distributed by MLS Grid
• 2023-02-16 Sold (Public Records) $15,000 Public Records

Property tax history

+1.2%/yr

Latest (2026): $328 · -12.3% YoY. Source: county tax records.