23201 Grouse St · Palisade, MN 55760

$135,500

3 bd · 2.0 ba · 1,152 sqft · Other public records · 104 Days on market

Built 1974 2.60 ac lot

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Why this score? — see what drove the C- 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 +14.7/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +4.5/10.0
• Livability +3.2/5.0
• Schools +3.1/10.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Great location close to everything McGregor has to offer. Open floor plan with 3 bedrooms on the main level. Over 2.5 acres with room for a garden and a finished garage for all your tools.

Key facts

• Open floor plan
• Room for a garden
• Finished garage

Tags

• OPEN FLOOR PLAN
• ROOM FOR A GARDEN
• FINISHED GARAGE

Property features AI

Finance

• Financial info: Annual taxes reported: $710 (2025)

Exterior

• Parking: Detached or attached 2-car garage (24 x 20, 7' door height)
• Utilities: Private water; Private sewer; Propane fuel
• Home design: Residential property; One level
• Construction: Block foundation; Foundation dimensions approximately 48 x 24; Building area total includes finished above- and below-grade space
• Exterior features: Lot about 2.6 acres; Lot dimensions approximately 360 x 315

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 1 full bathroom; 1 quarter bathroom
• Heating & cooling: Forced air heating; No central air
• Interior features: Full basement with block construction

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $136k.

Deal economics

• At list price, monthly cash flow is $34 ($414/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 $109k (19.5% below list).
• Recommended offer: $109k (19.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 64/100 on livability (#591 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+; Watch: schools D+, crime D, amenities F.
• Mcgregor Public School District (rural): math 31% / reading 44% proficiency, ranked #243 of 301 in MN (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 87 active listings in the ZIP; 134 units permitted in Aitkin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $14k of equity ($937 loan paydown + $14k appreciation (10.0% local appreciation)).
• Aitkin County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 104 days — a 9% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 16y ago; this cycle's ask has dropped $68k (34%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $109,053 (19.5% below list)

Questions for the listing agent

1. It's been on market 104 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. 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: 0.80% ✗
• Cap rate: 6.60%
• Cash-on-cash: 1.09%
• DSCR: 1.05
• GRM: 10.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 25.0%
• Equity multiple: 3.00×
• Total profit: $75,942
• Equity at exit: $122,069

10-year hold

• IRR: 22.1%
• Equity multiple: 6.85×
• Total profit: $221,810
• Equity at exit: $263,247

Cash invested: $37,940 (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 55760

• Home prices YoY: 7.3%
• Active inventory: 87
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,091 medium
• Mortgage (P&I): −$711
• Tax from tax record: −$60 /mo · $720/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$229
• Net cashflow: $34

Break-even live

Break-even rent $1,047

Max offer price $135,500

Occupancy floor 92%

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: $33,875
• Closing costs: $4,065
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-12
   statusdays on market $135,500 Pending 104 DOM
2. 2026-06-09
   days on market $135,500 Contingent - Inspection 101 DOM
3. 2026-06-08
   days on market $135,500 Contingent - Inspection 100 DOM
4. 2026-06-07
   days on market $135,500 Contingent - Inspection 99 DOM
5. 2026-06-05
   days on market $135,500 Contingent - Inspection 97 DOM
6. 2026-06-04
   days on market $135,500 Contingent - Inspection 95 DOM
7. 2026-06-02
   days on market $135,500 Contingent - Inspection 94 DOM
8. 2026-06-01
   days on market $135,500 Contingent - Inspection 93 DOM
9. 2026-05-31
   days on market $135,500 Contingent - Inspection 92 DOM
10. 2026-05-31
    days on market $135,500 Contingent - Inspection 91 DOM
11. 2026-04-30
    historical Contingent - Third Party Approval
12. 2026-04-24
    price $135,500
13. 2026-04-14
    price $163,200
14. 2026-02-27
    listed $204,000 Active
15. 2024-08-21
    historical
16. 2024-05-01
    listed $148,000 Active
17. 2020-03-22
    historical
18. 2020-02-04
    listed $164,900 Active
19. 2019-12-16
    historical
20. 2019-12-07
    listed $164,900 Active
21. 2017-03-24
    soldstatus $145,000
22. 2011-02-17
    soldstatus $50,000
23. 2011-02-07
    soldstatus $50,000
24. 2011-01-20
    historical
25. 2010-05-03
    listed $115,900

ⓘ 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: $720 · $60/mo
• Projected year-2 tax: $1,119 · $93/mo
• Expected delta: +$399/yr (+$33/mo · 55.4%)

ⓘ 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 ≥94°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,086
• − Mortgage interest: −$7,590
• − Property taxes: −$720
• − Insurance: −$678
• − Repairs & maintenance: −$1,047
• − Management: −$1,047
• − Depreciation: −$3,942
• Taxable loss: −$1,937
• Est. tax savings @ 24.0%: +$465
• After-tax cash flow: $879/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: Mcgregor Public School District
• NCES district ID: 2719170
• Math proficiency: 31% ▼ -2.00%
• Reading proficiency: 44% ▼ -5.00%
• Median HH income: $39,225
• Composite: 31.35/100
• National rank: #5996
• State rank: #243 of 301 in MN

Livability — Palisade

• Score: 64/100
• State rank: #591
• US rank: #14117

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 2,831

Population outlook (Aitkin County) Hauer SSP2

• Today (2025): 14,340 people
• By 2030: 13,514 · -5.8%
• By 2040: 11,928 · -16.8%
• By 2050: 10,804 · -24.7%
• By 2075: 9,555 · -33.4%
• By 2100: 8,380 · -41.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Native American 5% Two or more races 3% Hispanic / Latino 1% Black 1%
• Common ancestry: Portuguese 15% Lithuanian 6% Scottish 2%
• Foreign-born: 1%
• Languages at home: 96% English-only · French/Haitian/Cajun 1%

Political lean MEDSL · Aitkin

• 2024 margin: Solid R (+30.9) · D 33.8% · R 64.7% · Other 1.5%
• 2008→2024 swing: -30.9pp toward R · 2008: 0.1pp · 2024: -30.9pp
• All cycles: 2024: R+30.9 2020: R+26.4 2016: R+25.9 2012: R+1.3 2008: D+0.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 15.76%
• Current HPI: 231.677
• 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

+16.9% since first listed

15 events — show timeline

• 2026-04-30 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-24 Price Changed $135,500 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-14 Price Changed $163,200 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-27 Listed $204,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-08-21 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2024-05-01 Listed $148,000 NORTHSTARMLS as Distributed by MLS Grid
• 2020-03-22 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2020-02-04 Listed $164,900 NORTHSTARMLS as Distributed by MLS Grid
• 2019-12-16 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2019-12-07 Listed $164,900 NORTHSTARMLS as Distributed by MLS Grid
• 2017-03-24 Sold (Public Records) $145,000 Public Records
• 2011-02-17 Sold (Public Records) $50,000 Public Records
• 2011-02-07 Sold (MLS) $50,000 NORTHSTARMLS as Distributed by MLS Grid
• 2011-01-20 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2010-05-03 Listed $115,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

-2.3%/yr

Latest (2026): $720 · +1.4% YoY. Source: county tax records.