823 NW 5th St · Grand Rapids, MN 55744

$90,000

3 bd · None ba · 676 sqft · SingleFamily public records · 24 Days on market

Built 1930 ↓ 28% 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
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Older home in need of rehab, set on large lot on 5th Street, offering residential use or limited business exposure. Has 4 bedrooms, all on the upper level, with living area on main and 3/4 bath. Poured foundation, older NG furnace. Lots of potential here.

Key facts

• Built 1930
• Listed 23 days

What this means for you Summary

Snapshot

• This is a 3-bed/?-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $405 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $89k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.7% vs local median 3.0% in Grand Rapids — 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 80/100 on livability (#81 in MN, #1,911 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, commute F.
• Grand Rapids Public School District (town): math 46% / reading 55% proficiency, ranked #119 of 301 in MN (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 107 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 121 units permitted in Itasca County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Itasca County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $88,650 (1.5% below list)

Questions for the listing agent

1. Built in 1930 — 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 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?
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: 1.39% ✓
• Cap rate: 11.70%
• Cash-on-cash: 19.30%
• DSCR: 1.86
• GRM: 6.0

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: 11.2%
• Equity multiple: 1.45×
• Total profit: $11,218
• Equity at exit: $13,419

10-year hold

• IRR: 20.3%
• Equity multiple: 2.71×
• Total profit: $42,977
• Equity at exit: $7,782

Cash invested: $25,200 (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 55744

• Active inventory: 107
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,250 medium
• Mortgage (P&I): −$472
• Tax from tax record: −$73 /mo · $874/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $405

Break-even live

Break-even rent $737

Max offer price $90,000

Occupancy floor 63%

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1240 Golf Course Rd Grand Rapids, MN	1.0–2.0	1.0	710	$1,250	$1.76	43d	1	1.12mi

Listing history 28 events

1. 2026-06-19
   days on market $90,000 Active 24 DOM
2. 2026-06-18
   days on market $90,000 Active 23 DOM
3. 2026-06-17
   days on market $90,000 Active 22 DOM
4. 2026-06-16
   days on market $90,000 Active 21 DOM
5. 2026-06-15
   days on market $90,000 Active 20 DOM
6. 2026-06-14
   days on market $90,000 Active 18 DOM
7. 2026-06-13
   days on market $90,000 Active 17 DOM
8. 2026-06-10
   days on market $90,000 Active 15 DOM
9. 2026-06-09
   days on market $90,000 Active 14 DOM
10. 2026-06-08
    days on market $90,000 Active 13 DOM
11. 2026-06-07
    days on market $90,000 Active 12 DOM
12. 2026-06-03
    days on market $90,000 Active 8 DOM
13. 2026-06-02
    days on market $90,000 Active 7 DOM
14. 2026-06-01
    days on market $90,000 Active 6 DOM
15. 2026-05-31
    days on market $90,000 Active 5 DOM
16. 2026-05-30
    days on market $90,000 Active 4 DOM
17. 2026-05-26
    listed $90,000 Active
18. 2026-02-26
    soldstatus $102,500
19. 2026-02-25
    status Pending 255-char remark

    Show marketing remark (255 chars)

    Older home in need of rehab, set on large lot on 5th Street, offering residential use or limited business exposure. Has 4 bedrooms, all on the upper level, with living area on main and 3/4 bath. Poured foundation, older NG furnace. Lots of potential here.

20. 2026-02-24
    soldstatus $102,500 Sold 255-char remark

    Show marketing remark (255 chars)

    Older home in need of rehab, set on large lot on 5th Street, offering residential use or limited business exposure. Has 4 bedrooms, all on the upper level, with living area on main and 3/4 bath. Poured foundation, older NG furnace. Lots of potential here.

21. 2026-02-09
    status Active 255-char remark

    Show marketing remark (255 chars)

    Older home in need of rehab, set on large lot on 5th Street, offering residential use or limited business exposure. Has 4 bedrooms, all on the upper level, with living area on main and 3/4 bath. Poured foundation, older NG furnace. Lots of potential here.

22. 2025-12-13
    historical Contingent - Subject to Financing 255-char remark

    Show marketing remark (255 chars)

    Older home in need of rehab, set on large lot on 5th Street, offering residential use or limited business exposure. Has 4 bedrooms, all on the upper level, with living area on main and 3/4 bath. Poured foundation, older NG furnace. Lots of potential here.

23. 2025-12-10
    status Active 255-char remark

    Show marketing remark (255 chars)

    Older home in need of rehab, set on large lot on 5th Street, offering residential use or limited business exposure. Has 4 bedrooms, all on the upper level, with living area on main and 3/4 bath. Poured foundation, older NG furnace. Lots of potential here.

24. 2025-12-10
    price $102,500 255-char remark

    Show marketing remark (255 chars)

    Older home in need of rehab, set on large lot on 5th Street, offering residential use or limited business exposure. Has 4 bedrooms, all on the upper level, with living area on main and 3/4 bath. Poured foundation, older NG furnace. Lots of potential here.

25. 2025-12-02
    status Contingent - Inspection 255-char remark

    Show marketing remark (255 chars)

    Older home in need of rehab, set on large lot on 5th Street, offering residential use or limited business exposure. Has 4 bedrooms, all on the upper level, with living area on main and 3/4 bath. Poured foundation, older NG furnace. Lots of potential here.

26. 2025-11-13
    price $104,900 255-char remark

    Show marketing remark (255 chars)

    Older home in need of rehab, set on large lot on 5th Street, offering residential use or limited business exposure. Has 4 bedrooms, all on the upper level, with living area on main and 3/4 bath. Poured foundation, older NG furnace. Lots of potential here.

27. 2025-10-21
    price $109,900 255-char remark

    Show marketing remark (255 chars)

    Older home in need of rehab, set on large lot on 5th Street, offering residential use or limited business exposure. Has 4 bedrooms, all on the upper level, with living area on main and 3/4 bath. Poured foundation, older NG furnace. Lots of potential here.

28. 2025-07-03
    listed $125,000 Active 255-char remark

    Show marketing remark (255 chars)

    Older home in need of rehab, set on large lot on 5th Street, offering residential use or limited business exposure. Has 4 bedrooms, all on the upper level, with living area on main and 3/4 bath. Poured foundation, older NG furnace. Lots of potential here.

ⓘ 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: $874 · $73/mo
• Projected year-2 tax: $941 · $78/mo
• Expected delta: +$67/yr (+$6/mo · 7.7%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥94°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,000
• − Mortgage interest: −$5,041
• − Property taxes: −$874
• − Insurance: −$450
• − Repairs & maintenance: −$1,200
• − Management: −$1,200
• − Depreciation: −$2,618
• Taxable income: $3,616
• Est. tax owed @ 24.0%: −$868
• After-tax cash flow: $3,994/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: Grand Rapids Public School District
• NCES district ID: 2713170
• Math proficiency: 46% ▼ -7.00%
• Reading proficiency: 55% ▼ -6.00%
• Median HH income: $49,762
• Composite: 43.14/100
• National rank: #3077
• State rank: #119 of 301 in MN

Livability — Grand Rapids

• Score: 80/100
• State rank: #81
• US rank: #1911

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Grand Rapids, MN
• City population: 20,469
• Population (ZIP): 20,469

Population outlook (Itasca County) Hauer SSP2

• Today (2025): 45,885 people
• By 2030: 45,890 · +0.0%
• By 2040: 45,171 · -1.6%
• By 2050: 43,946 · -4.2%
• By 2075: 40,950 · -10.8%
• By 2100: 34,909 · -23.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 6% Native American 2% Hispanic / Latino 1%
• Common ancestry: Portuguese 14% Romanian 4% Lithuanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Itasca

• 2024 margin: Strong R (+20.2) · D 39.1% · R 59.3% · Other 1.6%
• 2008→2024 swing: -33.1pp toward R · 2008: 12.9pp · 2024: -20.2pp
• All cycles: 2024: R+20.2 2020: R+16.8 2016: R+16.5 2012: D+9.9 2008: D+12.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -196.16%
• Current HPI: 166.6788
• 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

-28.0% since first listed

12 events — show timeline

• 2026-05-26 Listed $90,000 FSBO.com
• 2026-02-26 Sold (Public Records) $102,500 Public Records
• 2026-02-25 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-24 Sold (MLS) $102,500 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-09 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-13 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-10 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-10 Price Changed $102,500 NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-02 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-13 Price Changed $104,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-21 Price Changed $109,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-07-03 Listed $125,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+8.2%/yr

Latest (2026): $874 · +72.0% YoY. Source: county tax records.