145 N Bordson St

Appleton, MN 56208

$154,000D-

4 bd · 2.0 ba · 2,463 sqft · Built 1997 · SingleFamily · Pending · 252 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,298/mo
• Mortgage (P&I): −$808
• Tax + insurance: −$245
• HOA: −$0
• Vac / Maint / Mgmt: −$273
• Net cashflow: $-27/mo
• Annual: $-329/yr
• Cap rate: 6.08%
• Cash-on-cash: -0.76%
• DSCR: 0.97
• 1% rule: 0.84%
• Cash to close: $43,120

Investor read

• This is a 4-bed/2.0-bath single-family listed at $154k.
• At list price, monthly cash flow is $-27 ($-329/yr) — negative.
• To cash-flow at today's rent, offer at most $149k (3.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $130k (15.7% below list).
• It's been on market 252 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $130k (15.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#310 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, amenities F, commute F.
• Lac Qui Parle Valley School District (rural): math 44% / reading 44% proficiency, ranked #193 of 301 in MN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 18 active listings in the ZIP; 15 units permitted in Swift County in 2024 (0 in 5+ unit buildings).
• Swift County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 7 sale attempts since 23y ago; this cycle's ask has dropped $11k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 252 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.
• 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.
• 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.