508 E Iowa St · Elmore, MN 56027

$79,000

4 bd · 1.5 ba · 1,569 sqft · Other public records · 27 Days on market

Built 1890 0.27 ac lot

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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
• Appreciation +6.3/10.0
• Schools +3.1/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This four bedroom has has newer vinyl siding and windows. Great opportunity for someone willing to put in a little TLC.

Key facts

• 0.27 acre lot
• Garage
• Built 1890

Property features AI

Exterior

• Parking: Attached garage (1 car) with concrete floor, approximately 14x21; 1 carport space
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential property; One and one-half story; Main level and upper level layout
• Construction: Shingle roof (age 8 years or less); Foundation listed as Other; Foundation area about 923
• Exterior features: Vinyl exterior; Light tree coverage on lot

Interior

• Kitchen: Range; Refrigerator; Dishwasher not listed
• Bedrooms: 5 bedrooms
• Bathrooms: 1 full bath (upper level); 1 half bath (main level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Unfinished basement; Dryer, Washer, Range, Refrigerator; Central air
• Laundry & utility: Laundry in basement; Washer; Dryer; Forced air heating

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath other listed at $79k.

Deal economics

• At list price, monthly cash flow is $414 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $79k).
• Recommended offer: $78k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 61/100 on livability (#749 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, health & safety C-, schools F.
• Blue Earth Area Public School (town): math 29% / reading 44% proficiency, ranked #245 of 301 in MN (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 2 active listings in the ZIP; 4 units permitted in Faribault County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($546 loan paydown + $2k appreciation (2.7% local appreciation)).
• Faribault County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.7% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 14y 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.
• Current owner paid $18k; list at $79k implies a 327% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $77,815 (1.5% below list)

Questions for the listing agent

1. Built in 1890 — 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. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.59% ✓
• Cap rate: 12.59%
• Cash-on-cash: 22.49%
• DSCR: 2.00
• GRM: 5.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.67% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 28.0%
• Equity multiple: 2.56×
• Total profit: $34,573
• Equity at exit: $34,050

10-year hold

• IRR: 28.9%
• Equity multiple: 4.97×
• Total profit: $87,887
• Equity at exit: $51,359

Cash invested: $22,120 (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 56027

• Home prices YoY: 2.4%
• Active inventory: 2
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $1,258 medium
• Mortgage (P&I): −$414
• Tax from tax record: −$132 /mo · $1,586/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$264
• Net cashflow: $414

Break-even live

Break-even rent $733

Max offer price $79,000

Occupancy floor 62%

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: $19,750
• Closing costs: $2,370
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-16
   status $79,000 Pending 27 DOM
2. 2026-06-15
   days on market $79,000 Contingent - Inspection 27 DOM
3. 2026-06-13
   days on market $79,000 Contingent - Inspection 25 DOM
4. 2026-06-12
   days on market $79,000 Contingent - Inspection 24 DOM
5. 2026-06-09
   statusdays on market $79,000 Contingent - Inspection 21 DOM
6. 2026-06-08
   days on market $79,000 Active 20 DOM
7. 2026-06-07
   days on market $79,000 Active 19 DOM
8. 2026-06-05
   days on market $79,000 Active 17 DOM
9. 2026-06-04
   days on market $79,000 Active 15 DOM
10. 2026-06-02
    days on market $79,000 Active 14 DOM
11. 2026-06-01
    days on market $79,000 Active 13 DOM
12. 2026-05-31
    days on market $79,000 Active 12 DOM
13. 2026-05-31
    days on market $79,000 Active 11 DOM
14. 2026-05-19
    listed $79,000 Active
15. 2013-04-05
    soldstatus $18,500 119-char remark

    Show marketing remark (119 chars)

    This four bedroom has has newer vinyl siding and windows. Great opportunity for someone willing to put in a little TLC.

16. 2012-11-15
    listed $22,500 119-char remark

    Show marketing remark (119 chars)

    This four bedroom has has newer vinyl siding and windows. Great opportunity for someone willing to put in a little TLC.

ⓘ 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: $1,586 · $132/mo
• Projected year-2 tax: $1,586 · $132/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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 16 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: $15,097
• − Mortgage interest: −$4,425
• − Property taxes: −$1,586
• − Insurance: −$395
• − Repairs & maintenance: −$1,208
• − Management: −$1,208
• − Depreciation: −$2,298
• Taxable income: $3,977
• Est. tax owed @ 24.0%: −$954
• After-tax cash flow: $4,020/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: Blue Earth Area Public School
• NCES district ID: 2700130
• Math proficiency: 29% ▼ -19.00%
• Reading proficiency: 44% ▼ -10.00%
• Median HH income: $44,434
• Composite: 31.0/100
• National rank: #6095
• State rank: #245 of 301 in MN

Livability — Elmore

• Score: 61/100
• State rank: #749
• US rank: #18411

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elmore, MN
• Population (ZIP): 667

Population outlook (Faribault County) Hauer SSP2

• Today (2025): 13,474 people
• By 2030: 13,112 · -2.7%
• By 2040: 12,454 · -7.6%
• By 2050: 11,973 · -11.1%
• By 2075: 11,565 · -14.2%
• By 2100: 10,844 · -19.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 12% Two or more races 2%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Portuguese 17% Slovak 5% Romanian 4%
• Foreign-born: 1% · Canada, Jamaica
• Languages at home: 94% English-only · Spanish 5%

Political lean MEDSL · Faribault

• 2024 margin: Solid R (+37.4) · D 30.4% · R 67.8% · Other 1.8%
• 2008→2024 swing: -31.8pp toward R · 2008: -5.6pp · 2024: -37.4pp
• All cycles: 2024: R+37.4 2020: R+33.6 2016: R+34.1 2012: R+9.1 2008: R+5.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.67%
• Current HPI: 115.5031
• 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

+251.1% since first listed

3 events — show timeline

• 2026-05-19 Listed $79,000 NORTHSTARMLS as Distributed by MLS Grid
• 2013-04-05 Sold (MLS) $18,500 NORTHSTARMLS as Distributed by MLS Grid
• 2012-11-15 Listed $22,500 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+9.9%/yr

Latest (2025): $1,586 · -19.2% YoY. Source: county tax records.