210 E Ciro St

Truman, MN 56088

$185,000C-

4 bd · 2.0 ba · 2,520 sqft · Built 1918 · SingleFamily · Active · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,435/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$284
• HOA: −$0
• Vac / Maint / Mgmt: −$301
• Net cashflow: $-120/mo
• Annual: $-1,441/yr
• Cap rate: 5.51%
• Cash-on-cash: -2.78%
• DSCR: 0.88
• 1% rule: 0.78%
• Cash to close: $51,800

Investor read

• This is a 4-bed/2.0-bath single-family listed at $185k.
• At list price, monthly cash flow is $-120 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $164k (11.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $144k (22.4% below list).
• It's been on market 36 days — a 3% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $144k (22.4% below list) — sets the bar for 1% rule.
• In year one you build about $20k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Location reads 76/100 on livability (#150 in MN, #3,331 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, amenities F, commute F.
• Truman Public School District (rural): math 30% / reading 55% proficiency, ranked #343 of 467 in MN (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 16 active listings in the ZIP; 19 units permitted in Martin County in 2024 (0 in 5+ unit buildings).
• Martin County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 36 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
• Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.