1637 Miller St · Worthington, MN 56187

$70,000

2 bd · 1.0 ba · 624 sqft · SingleFamily public records · 343 Days on market

Built 1938 6,316 sqft lot ↓ 10% since listing

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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 +27.4/30.0
• DSCR +9.6/10.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Looking for a house that you can fix up and make your own? Or perhaps an investment property? Either is a good fit for this 2 bedroom one bath home.

Key facts

• 6,316 sq ft lot
• Built 1938
• Listed 342 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $205 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($869 rent vs $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 2.1% in Worthington — 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 75/100 on livability (#179 in MN, #3,855 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, amenities D-, commute F.
• Worthington Public School District (town): math 21% / reading 33% proficiency, ranked #271 of 301 in MN (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 78 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 19 units permitted in Nobles County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $484 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Nobles County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 343 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $61,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 343 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 1938 — 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. 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: 1.24% ✓
• Cap rate: 9.80%
• Cash-on-cash: 12.52%
• DSCR: 1.56
• GRM: 6.7

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: 2.3%
• Equity multiple: 1.09×
• Total profit: $1,698
• Equity at exit: $10,437

10-year hold

• IRR: 11.9%
• Equity multiple: 1.93×
• Total profit: $18,306
• Equity at exit: $6,052

Cash invested: $19,600 (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 56187

• Home prices YoY: -34.9%
• Active inventory: 78
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $869 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$86 /mo · $1,032/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$183
• Net cashflow: $205

Break-even live

Break-even rent $610

Max offer price $70,000

Occupancy floor 71%

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1456 Burlington Ave Worthington, MN	1.0–2.0	1.0	717	$900	$1.26	43d	3	0.49mi
1585 Grand Ave Worthington, MN	1.0–3.0	1.0–2.0	955	$978	$1.02	43d	3	0.56mi
2107 Nobles St Worthington, MN	1.0	1.0	550	$700	$1.27	43d	1	0.76mi
2175 Nobles St Worthington, MN	1.0–3.0	1.0	791	$885	$1.12	43d	5	0.82mi

Listing history 17 events

1. 2026-06-18
   days on market $70,000 Active 343 DOM
2. 2026-06-17
   days on market $70,000 Active 342 DOM
3. 2026-06-16
   days on market $70,000 Active 341 DOM
4. 2026-06-15
   days on market $70,000 Active 340 DOM
5. 2026-06-13
   days on market $70,000 Active 338 DOM
6. 2026-06-12
   days on market $70,000 Active 337 DOM
7. 2026-06-09
   days on market $70,000 Active 334 DOM
8. 2026-06-08
   days on market $70,000 Active 333 DOM
9. 2026-06-07
   days on market $70,000 Active 332 DOM
10. 2026-06-07
    days on market $70,000 Active 331 DOM
11. 2026-06-04
    days on market $70,000 Active 328 DOM
12. 2026-06-02
    pricedays on market $70,000 Active 327 DOM
13. 2026-06-01
    days on market $80,000 Active 326 DOM
14. 2026-05-31
    days on market $80,000 Active 325 DOM
15. 2026-05-31
    days on market $80,000 Active 324 DOM
16. 2025-09-11
    price $80,000 149-char remark

    Show marketing remark (149 chars)

    Looking for a house that you can fix up and make your own? Or perhaps an investment property? Either is a good fit for this 2 bedroom one bath home.

17. 2025-07-09
    listed $89,000 Active 149-char remark

    Show marketing remark (149 chars)

    Looking for a house that you can fix up and make your own? Or perhaps an investment property? Either is a good fit for this 2 bedroom one bath home.

ⓘ 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: $1,032 · $86/mo
• Projected year-2 tax: $1,032 · $86/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: $10,433
• − Mortgage interest: −$3,921
• − Property taxes: −$1,032
• − Insurance: −$350
• − Repairs & maintenance: −$835
• − Management: −$835
• − Depreciation: −$2,036
• Taxable income: $1,424
• Est. tax owed @ 24.0%: −$342
• After-tax cash flow: $2,113/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: Worthington Public School District
• NCES district ID: 2744160
• Math proficiency: 21% ▼ -15.00%
• Reading proficiency: 33% ▼ -12.00%
• Median HH income: $47,522
• Composite: 23.43/100
• National rank: #7888
• State rank: #271 of 301 in MN

Livability — Worthington

• Score: 75/100
• State rank: #179
• US rank: #3855

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Worthington, MN
• City population: 15,225
• Population (ZIP): 15,225

Population outlook (Nobles County) Hauer SSP2

• Today (2025): 22,693 people
• By 2030: 23,304 · +2.7%
• By 2040: 25,000 · +10.2%
• By 2050: 27,213 · +19.9%
• By 2075: 34,196 · +50.7%
• By 2100: 40,638 · +79.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 41% Hispanic / Latino 40% Two or more races 13% Black 7% Asian 6% Native American 4%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Portuguese 7% Iranian 3% Slovak 1%
• Foreign-born: 28% · Canada, Philippines
• Languages at home: 56% English-only · Spanish 32% Other Asian/Pacific 6% Arabic 1%

Political lean MEDSL · Nobles

• 2024 margin: Solid R (+35.6) · D 31.5% · R 67.1% · Other 1.4%
• 2008→2024 swing: -34.2pp toward R · 2008: -1.4pp · 2024: -35.6pp
• All cycles: 2024: R+35.6 2020: R+30.6 2016: R+29.9 2012: R+9.3 2008: R+1.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -115.24%
• Current HPI: 215.3836
• 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

-10.1% since first listed

2 events — show timeline

• 2025-09-11 Price Changed $80,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-07-09 Listed $89,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+7.4%/yr

Latest (2026): $1,032 · +6.4% YoY. Source: county tax records.