203 Pawnee St NW · Princeton, MN 55371

$69,900

3 bd · 1.0 ba · 972 sqft · SingleFamily · 159 Days on market

Built 1999 Good condition $72/sqft · 43% below area Est $123k · 43% under ↓ 7% since listing

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.1/10.0
• Condition / age +4.0/5.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Enjoy easy one-level living in this well-located 3-bedroom home in Sherburne Village. The exterior features maintenance-free vinyl siding, a nice front deck, and a walkway leading to the side entry/main entrance, offering both convenience and curb appeal. Inside, the kitchen is equipped with raised panel cabinets and a cozy eat-in dining area, perfect for everyday meals. The spacious living room provides plenty of room to relax or entertain. The primary bedroom offers double closets and a walk-through bathroom, giving you the functionality of a private bath without the extra upkeep. New interior paint! Lot rent is $650 per month and includes water, sewer, garbage, and recycling, making for a simple and affordable lifestyle in a convenient location. Seller is including a one year Warranty (major mechanicals, electrical, plumbing, kitchen appliances and laundry appliances) with your purchase.

Key facts

• Built 1999
• Listed 158 days

🏷️ Possibly a rental listed for sale. The $69,900 price doesn't fit this home's estimated sale value (~$122,874) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $70k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $866 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• Cap rate 21.2% vs local median 2.8% in Princeton — 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 68/100 on livability (#404 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: health & safety D+, employment D, amenities F.
• Princeton Public School District (town): math 41% / reading 53% proficiency, ranked #141 of 301 in MN (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 119 active listings in the ZIP; solid renter incomes; 334 units permitted in Sherburne County in 2024 (58 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $483 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 159 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $5k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $61,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 159 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 2.31% ✓
• Cap rate: 21.16%
• Cash-on-cash: 53.09%
• DSCR: 3.36
• GRM: 3.6

CMA / ARV

• ARV (median comp): $122,874
• List price: $69,900
• Delta: -43.11%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 51.1%
• Equity multiple: 3.24×
• Total profit: $43,802
• Equity at exit: $10,422

10-year hold

• IRR: 56.5%
• Equity multiple: 6.57×
• Total profit: $109,069
• Equity at exit: $6,044

Cash invested: $19,572 (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 55371

• Home prices YoY: -5.4%
• Active inventory: 119
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,612 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$12 /mo · $142/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$339
• Net cashflow: $866

Break-even live

Break-even rent $516

Max offer price $69,900

Occupancy floor 41%

Sensitivity live

Price	-10% $905	-5% $886	+0% $866	+5% $766	+10% $742
Rent	-10% $739	-5% $802	+0% $866	+5% $930	+10% $993
Rate	-1.0pp $901	-0.5pp $884	base $866	+0.5pp $848	+1.0pp $829

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-21
   days on market $69,900 Active 159 DOM
2. 2026-06-18
   days on market $69,900 Active 156 DOM
3. 2026-06-17
   days on market $69,900 Active 155 DOM
4. 2026-06-16
   days on market $69,900 Active 154 DOM
5. 2026-06-15
   days on market $69,900 Active 153 DOM
6. 2026-06-13
   days on market $69,900 Active 151 DOM
7. 2026-06-13
   days on market $69,900 Active 150 DOM
8. 2026-06-09
   days on market $69,900 Active 147 DOM
9. 2026-06-08
   days on market $69,900 Active 146 DOM
10. 2026-06-07
    days on market $69,900 Active 145 DOM
11. 2026-06-04
    days on market $69,900 Active 142 DOM
12. 2026-06-03
    days on market $69,900 Active 141 DOM
13. 2026-06-02
    days on market $69,900 Active 140 DOM
14. 2026-06-01
    days on market $69,900 Active 139 DOM
15. 2026-05-31
    days on market $69,900 Active 138 DOM
16. 2026-04-01
    status Active 903-char remark

    Show marketing remark (903 chars)

    Enjoy easy one-level living in this well-located 3-bedroom home in Sherburne Village. The exterior features maintenance-free vinyl siding, a nice front deck, and a walkway leading to the side entry/main entrance, offering both convenience and curb appeal. Inside, the kitchen is equipped with raised panel cabinets and a cozy eat-in dining area, perfect for everyday meals. The spacious living room provides plenty of room to relax or entertain. The primary bedroom offers double closets and a walk-through bathroom, giving you the functionality of a private bath without the extra upkeep. New interior paint! Lot rent is $650 per month and includes water, sewer, garbage, and recycling, making for a simple and affordable lifestyle in a convenient location. Seller is including a one year Warranty (major mechanicals, electrical, plumbing, kitchen appliances and laundry appliances) with your purchase.

17. 2026-04-01
    price $69,900 903-char remark

    Show marketing remark (903 chars)

    Enjoy easy one-level living in this well-located 3-bedroom home in Sherburne Village. The exterior features maintenance-free vinyl siding, a nice front deck, and a walkway leading to the side entry/main entrance, offering both convenience and curb appeal. Inside, the kitchen is equipped with raised panel cabinets and a cozy eat-in dining area, perfect for everyday meals. The spacious living room provides plenty of room to relax or entertain. The primary bedroom offers double closets and a walk-through bathroom, giving you the functionality of a private bath without the extra upkeep. New interior paint! Lot rent is $650 per month and includes water, sewer, garbage, and recycling, making for a simple and affordable lifestyle in a convenient location. Seller is including a one year Warranty (major mechanicals, electrical, plumbing, kitchen appliances and laundry appliances) with your purchase.

18. 2026-03-23
    historical Contingent - Inspection 903-char remark

    Show marketing remark (903 chars)

    Enjoy easy one-level living in this well-located 3-bedroom home in Sherburne Village. The exterior features maintenance-free vinyl siding, a nice front deck, and a walkway leading to the side entry/main entrance, offering both convenience and curb appeal. Inside, the kitchen is equipped with raised panel cabinets and a cozy eat-in dining area, perfect for everyday meals. The spacious living room provides plenty of room to relax or entertain. The primary bedroom offers double closets and a walk-through bathroom, giving you the functionality of a private bath without the extra upkeep. New interior paint! Lot rent is $650 per month and includes water, sewer, garbage, and recycling, making for a simple and affordable lifestyle in a convenient location. Seller is including a one year Warranty (major mechanicals, electrical, plumbing, kitchen appliances and laundry appliances) with your purchase.

19. 2026-01-14
    listed $75,000 Active 903-char remark

    Show marketing remark (903 chars)

    Enjoy easy one-level living in this well-located 3-bedroom home in Sherburne Village. The exterior features maintenance-free vinyl siding, a nice front deck, and a walkway leading to the side entry/main entrance, offering both convenience and curb appeal. Inside, the kitchen is equipped with raised panel cabinets and a cozy eat-in dining area, perfect for everyday meals. The spacious living room provides plenty of room to relax or entertain. The primary bedroom offers double closets and a walk-through bathroom, giving you the functionality of a private bath without the extra upkeep. New interior paint! Lot rent is $650 per month and includes water, sewer, garbage, and recycling, making for a simple and affordable lifestyle in a convenient location. Seller is including a one year Warranty (major mechanicals, electrical, plumbing, kitchen appliances and laundry appliances) with your purchase.

20. 2025-12-26
    historical $75,000 903-char remark

    Show marketing remark (903 chars)

    Enjoy easy one-level living in this well-located 3-bedroom home in Sherburne Village. The exterior features maintenance-free vinyl siding, a nice front deck, and a walkway leading to the side entry/main entrance, offering both convenience and curb appeal. Inside, the kitchen is equipped with raised panel cabinets and a cozy eat-in dining area, perfect for everyday meals. The spacious living room provides plenty of room to relax or entertain. The primary bedroom offers double closets and a walk-through bathroom, giving you the functionality of a private bath without the extra upkeep. New interior paint! Lot rent is $650 per month and includes water, sewer, garbage, and recycling, making for a simple and affordable lifestyle in a convenient location. Seller is including a one year Warranty (major mechanicals, electrical, plumbing, kitchen appliances and laundry appliances) with your purchase.

21. 2025-12-23
    historical 903-char remark

    Show marketing remark (903 chars)

    Enjoy easy one-level living in this well-located 3-bedroom home in Sherburne Village. The exterior features maintenance-free vinyl siding, a nice front deck, and a walkway leading to the side entry/main entrance, offering both convenience and curb appeal. Inside, the kitchen is equipped with raised panel cabinets and a cozy eat-in dining area, perfect for everyday meals. The spacious living room provides plenty of room to relax or entertain. The primary bedroom offers double closets and a walk-through bathroom, giving you the functionality of a private bath without the extra upkeep. New interior paint! Lot rent is $650 per month and includes water, sewer, garbage, and recycling, making for a simple and affordable lifestyle in a convenient location. Seller is including a one year Warranty (major mechanicals, electrical, plumbing, kitchen appliances and laundry appliances) with your purchase.

22. 2025-12-22
    listed $75,000 903-char remark

    Show marketing remark (903 chars)

    Enjoy easy one-level living in this well-located 3-bedroom home in Sherburne Village. The exterior features maintenance-free vinyl siding, a nice front deck, and a walkway leading to the side entry/main entrance, offering both convenience and curb appeal. Inside, the kitchen is equipped with raised panel cabinets and a cozy eat-in dining area, perfect for everyday meals. The spacious living room provides plenty of room to relax or entertain. The primary bedroom offers double closets and a walk-through bathroom, giving you the functionality of a private bath without the extra upkeep. New interior paint! Lot rent is $650 per month and includes water, sewer, garbage, and recycling, making for a simple and affordable lifestyle in a convenient location. Seller is including a one year Warranty (major mechanicals, electrical, plumbing, kitchen appliances and laundry appliances) with your purchase.

ⓘ 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: $142 · $12/mo
• Projected year-2 tax: $462 · $39/mo
• Expected delta: +$320/yr (+$27/mo · 225.7%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥97°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,344
• − Mortgage interest: −$3,915
• − Property taxes: −$142
• − Insurance: −$350
• − Repairs & maintenance: −$1,547
• − Management: −$1,547
• − Depreciation: −$2,033
• Taxable income: $9,808
• Est. tax owed @ 24.0%: −$2,354
• After-tax cash flow: $8,037/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This single-family home is in good condition with a good condition score of 80. It has a good roof, exterior, and interior. The home is move-in ready with minor cosmetic updates needed to enhance its curb appeal and value.

Value-add opportunities

• Both Paint the exterior siding — Enhances curb appeal and value
• Both Replace the front door — Improves security and enhances curb appeal
• Both Clean and organize the interior — Creates a more inviting and professional appearance

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior siding — Enhances curb appeal and value ↑
• Both Replace the front door — Improves security and enhances curb appeal ↑
• Both Clean and organize the interior — Creates a more inviting and professional appearance ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Princeton Public School District
• NCES district ID: 2730030
• Math proficiency: 41% ▼ -19.00%
• Reading proficiency: 53% ▼ -11.00%
• Median HH income: $61,277
• Composite: 41.33/100
• National rank: #3504
• State rank: #141 of 301 in MN

Livability — Princeton

• Score: 68/100
• State rank: #404
• US rank: #9444

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Princeton, MN
• County: Sherburne County · 120,363 people
• City population: 18,103
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• Population (ZIP): 18,103
• Household income: $93,824
• Rent vs Own: 15.1% rent · 84.9% own
• Severe rent burden: 273.0

Population outlook (Sherburne County) Hauer SSP2

• Today (2025): 97,402 people
• By 2030: 99,341 · +2.0%
• By 2040: 101,188 · +3.9%
• By 2050: 99,214 · +1.9%
• By 2075: 88,700 · -8.9%
• By 2100: 72,241 · -25.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Portuguese 12% Romanian 3% Lithuanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 3%

Political lean MEDSL · Sherburne

• 2024 margin: Solid R (+34.9) · D 31.7% · R 66.6% · Other 1.7%
• 2008→2024 swing: -16.7pp toward R · 2008: -18.2pp · 2024: -34.9pp
• All cycles: 2024: R+34.9 2020: R+32.6 2016: R+37.0 2012: R+22.1 2008: R+18.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -19.20%
• Current HPI: 336.1604
• Rent YoY: —
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• 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

-6.8% since first listed

7 events — show timeline

• 2026-04-01 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-01 Price Changed $69,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-23 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-14 Listed $75,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-26 Coming Soon $75,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-23 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-22 Listed $75,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

-2.0%/yr

Latest (2025): $142 · +1.4% YoY. Source: county tax records.