107 3rd Ave · Bellingham, MN 56212

$124,900

4 bd · 2.0 ba · 2,320 sqft · SingleFamily · 62 Days on market

Built 1953 0.59 ac lot ↓ 20% 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 +24.8/30.0
• DSCR +8.1/10.0
• ARV discount +7.5/15.0
• 1% rule +5.5/10.0
• Appreciation +5.0/10.0
• Schools +5.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Welcome to this spacious 4 bedroom, 2 bath home in Bellingham! As you enter you'll see the large updated kitchen with main floor bath, a formal dining room, high ceilings and large living room for entertaining all on the main level. This home offers a main floor bedroom, 3 additional bedrooms on the upper level and a finished basement for relaxing or get togethers! There is also a canning kitchen in the basement and a canning closet to store all your goodies! This property is located on 4 city lots and is over 1/2 acre of land with lots of space for outdoor activities, get togethers or expanding the existing garden off the east side of the home. Take a peak inside the double stall garage next to the house and as an added bonus there's a triple stall, heated garage off the back alley! Enjoy the rhubarb patch in the front and the 2 apple trees on the south side of your lot -I've heard the honeycrisp are pretty tasty! Garage by house is 24x24; back heated garage is 24x38

Key facts

• Canning closet
• Canning kitchen
• Finished basement

Tags

• UPDATED KITCHEN
• FINISHED BASEMENT
• CANNING KITCHEN
• CANNING CLOSET
• 4 CITY LOTS
• 1/2 ACRE LAND

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $266 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• Recommended offer: $117k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#651 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime D, schools F.
• Market conditions: 4 active listings in the ZIP; 9 units permitted in Lac qui Parle County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($864 loan paydown + $4k appreciation (3.0% local appreciation)).
• Lac qui Parle County population projected at -19% 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 $35k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($117k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $15k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $117,406 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1953 — 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 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?
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: 1.05% ✓
• Cap rate: 8.85%
• Cash-on-cash: 9.12%
• DSCR: 1.41
• GRM: 7.9

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: 16.0%
• Equity multiple: 1.91×
• Total profit: $31,935
• Equity at exit: $56,160

10-year hold

• IRR: 17.6%
• Equity multiple: 3.57×
• Total profit: $89,931
• Equity at exit: $86,550

Cash invested: $34,972 (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 56212

• Active inventory: 4
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,311 medium
• Mortgage (P&I): −$655
• Tax from tax record: −$63 /mo · $752/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$275
• Net cashflow: $266

Break-even live

Break-even rent $974

Max offer price $124,900

Occupancy floor 75%

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $124,900 Active 62 DOM
2. 2026-06-17
   days on market $124,900 Active 61 DOM
3. 2026-06-16
   days on market $124,900 Active 60 DOM
4. 2026-06-15
   days on market $124,900 Active 59 DOM
5. 2026-06-13
   days on market $124,900 Active 57 DOM
6. 2026-06-12
   days on market $124,900 Active 56 DOM
7. 2026-06-09
   days on market $124,900 Active 53 DOM
8. 2026-06-08
   days on market $124,900 Active 52 DOM
9. 2026-06-07
   days on market $124,900 Active 51 DOM
10. 2026-06-05
    days on market $124,900 Active 49 DOM
11. 2026-06-04
    days on market $124,900 Active 47 DOM
12. 2026-06-02
    days on market $124,900 Active 46 DOM
13. 2026-06-01
    days on market $124,900 Active 45 DOM
14. 2026-05-31
    days on market $124,900 Active 44 DOM
15. 2026-05-31
    days on market $124,900 Active 43 DOM
16. 2026-04-16
    listed $139,900 Active 987-char remark

    Show marketing remark (987 chars)

    Welcome to this spacious 4 bedroom, 2 bath home in Bellingham! As you enter you'll see the large updated kitchen with main floor bath, a formal dining room, high ceilings and large living room for entertaining all on the main level. This home offers a main floor bedroom, 3 additional bedrooms on the upper level and a finished basement for relaxing or get togethers! There is also a canning kitchen in the basement and a canning closet to store all your goodies! This property is located on 4 city lots and is over 1/2 acre of land with lots of space for outdoor activities, get togethers or expanding the existing garden off the east side of the home. Take a peak inside the double stall garage next to the house and as an added bonus there's a triple stall, heated garage off the back alley! Enjoy the rhubarb patch in the front and the 2 apple trees on the south side of your lot -I've heard the honeycrisp are pretty tasty! Garage by house is 24x24; back heated garage is 24x38

17. 2025-11-29
    historical
18. 2025-08-22
    price $154,900
19. 2025-05-28
    listed $174,900 Active

ⓘ 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: $752 · $63/mo
• Projected year-2 tax: $1,075 · $90/mo
• Expected delta: +$323/yr (+$27/mo · 43.0%)

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

Taxation est. · year 1

• Rental income: $15,729
• − Mortgage interest: −$6,996
• − Property taxes: −$752
• − Insurance: −$624
• − Repairs & maintenance: −$1,258
• − Management: −$1,258
• − Depreciation: −$3,633
• Taxable income: $1,206
• Est. tax owed @ 24.0%: −$289
• After-tax cash flow: $2,900/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)

No district data.

Livability — Bellingham

• Score: 63/100
• State rank: #651
• US rank: #15630

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bellingham, MN
• Population (ZIP): 486

Population outlook (Lac qui Parle County) Hauer SSP2

• Today (2025): 6,291 people
• By 2030: 6,021 · -4.3%
• By 2040: 5,517 · -12.3%
• By 2050: 5,094 · -19.0%
• By 2075: 4,640 · -26.2%
• By 2100: 4,173 · -33.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Hispanic / Latino 4% Two or more races 1%
• Common ancestry: Portuguese 18% Lithuanian 1% Danish 1%
• Foreign-born: 4% · Canada
• Languages at home: 96% English-only · Spanish 4%

Political lean MEDSL · Lac qui Parle

• 2024 margin: Solid R (+32.2) · D 32.9% · R 65.2% · Other 1.9%
• 2008→2024 swing: -38.2pp toward R · 2008: 5.9pp · 2024: -32.2pp
• All cycles: 2024: R+32.2 2020: R+26.8 2016: R+25.9 2012: D+0.9 2008: D+5.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

-20.0% since first listed

4 events — show timeline

• 2026-04-16 Listed $139,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-29 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-08-22 Price Changed $154,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-05-28 Listed $174,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+6.3%/yr

Latest (2026): $752 · +2.5% YoY. Source: county tax records.