131 E Schlieman Ave · Appleton, MN 56208

$62,500

2 bd · 1.0 ba · 1,002 sqft · SingleFamily · 68 Days on market

Built 1905 609 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.7/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable opportunity in the heart of Appleton! This 2-bedroom, 1-bath home offers convenient main floor living along with a 2-car garage for added storage and functionality. The home sits on a smaller lot in a quiet small-town setting, making it a great option for those looking for a manageable property with less upkeep. Inside, you'll find a functional layout with all essential space, or additional living area. This property does need some repairs, but presents a strong opportunity for investors or buyers looking to build equity. Whether you're searching for your first home at an affordable price point or your next investment property, this home offers solid potential.

Key facts

• 2 garage spots
• Built 1905
• Listed 68 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $62k.

Deal economics

• At list price, monthly cash flow is $278 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($935 rent vs $62k).
• Recommended offer: $59k (6.0% below list) — sets the bar for market timing.

Location & tenants

• 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: 17 active listings in the ZIP; 15 units permitted in Swift County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $432 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Swift County population projected at -20% 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 $18k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 23y ago 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.
• Current owner paid $24k; list at $62k implies a 160% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $58,750 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 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 1905 — 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. 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.
6. 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.
7. 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: 1.50% ✓
• Cap rate: 11.63%
• Cash-on-cash: 19.06%
• DSCR: 1.85
• GRM: 5.6

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: 11.0%
• Equity multiple: 1.43×
• Total profit: $7,604
• Equity at exit: $9,319

10-year hold

• IRR: 20.0%
• Equity multiple: 2.69×
• Total profit: $29,542
• Equity at exit: $5,404

Cash invested: $17,500 (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 56208

• Home prices YoY: -8.7%
• Active inventory: 17
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $935 medium
• Mortgage (P&I): −$328
• Tax from tax record: −$107 /mo · $1,288/yr
• Insurance: −$26
• HOA: −$0
• Vacancy / Maint / Mgmt: −$196
• Net cashflow: $278

Break-even live

Break-even rent $584

Max offer price $62,500

Occupancy floor 65%

Sensitivity live

Price	-10% $313	-5% $296	+0% $278	+5% $260	+10% $243
Rent	-10% $204	-5% $241	+0% $278	+5% $315	+10% $352
Rate	-1.0pp $309	-0.5pp $294	base $278	+0.5pp $262	+1.0pp $245

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: $15,625
• Closing costs: $1,875
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-21
   days on market $62,500 Active 68 DOM
2. 2026-06-18
   days on market $62,500 Active 66 DOM
3. 2026-06-17
   days on market $62,500 Active 65 DOM
4. 2026-06-16
   days on market $62,500 Active 64 DOM
5. 2026-06-15
   days on market $62,500 Active 63 DOM
6. 2026-06-13
   days on market $62,500 Active 61 DOM
7. 2026-06-12
   days on market $62,500 Active 60 DOM
8. 2026-06-09
   days on market $62,500 Active 57 DOM
9. 2026-06-08
   days on market $62,500 Active 56 DOM
10. 2026-06-07
    days on market $62,500 Active 55 DOM
11. 2026-06-07
    days on market $62,500 Active 54 DOM
12. 2026-06-04
    days on market $62,500 Active 51 DOM
13. 2026-06-02
    days on market $62,500 Active 50 DOM
14. 2026-06-01
    days on market $62,500 Active 49 DOM
15. 2026-05-31
    days on market $62,500 Active 48 DOM
16. 2026-05-31
    days on market $62,500 Active 47 DOM
17. 2026-05-01
    status Active 684-char remark

    Show marketing remark (684 chars)

    Affordable opportunity in the heart of Appleton! This 2-bedroom, 1-bath home offers convenient main floor living along with a 2-car garage for added storage and functionality. The home sits on a smaller lot in a quiet small-town setting, making it a great option for those looking for a manageable property with less upkeep. Inside, you'll find a functional layout with all essential space, or additional living area. This property does need some repairs, but presents a strong opportunity for investors or buyers looking to build equity. Whether you're searching for your first home at an affordable price point or your next investment property, this home offers solid potential.

18. 2026-04-25
    historical 684-char remark

    Show marketing remark (684 chars)

    Affordable opportunity in the heart of Appleton! This 2-bedroom, 1-bath home offers convenient main floor living along with a 2-car garage for added storage and functionality. The home sits on a smaller lot in a quiet small-town setting, making it a great option for those looking for a manageable property with less upkeep. Inside, you'll find a functional layout with all essential space, or additional living area. This property does need some repairs, but presents a strong opportunity for investors or buyers looking to build equity. Whether you're searching for your first home at an affordable price point or your next investment property, this home offers solid potential.

19. 2026-04-08
    listed $62,500 Active 684-char remark

    Show marketing remark (684 chars)

    Affordable opportunity in the heart of Appleton! This 2-bedroom, 1-bath home offers convenient main floor living along with a 2-car garage for added storage and functionality. The home sits on a smaller lot in a quiet small-town setting, making it a great option for those looking for a manageable property with less upkeep. Inside, you'll find a functional layout with all essential space, or additional living area. This property does need some repairs, but presents a strong opportunity for investors or buyers looking to build equity. Whether you're searching for your first home at an affordable price point or your next investment property, this home offers solid potential.

20. 2007-11-07
    historical
21. 2007-05-07
    listed $24,900
22. 2007-05-07
    listed $24,900
23. 2003-12-19
    soldstatus $24,000
24. 2003-12-17
    historical
25. 2003-06-09
    listed $29,900

ⓘ 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: $1,288 · $107/mo
• Projected year-2 tax: $1,288 · $107/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,226
• − Mortgage interest: −$3,501
• − Property taxes: −$1,288
• − Insurance: −$312
• − Repairs & maintenance: −$898
• − Management: −$898
• − Depreciation: −$1,818
• Taxable income: $2,510
• Est. tax owed @ 24.0%: −$602
• After-tax cash flow: $2,732/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: Lac Qui Parle Valley School District
• NCES district ID: 2700125
• Math proficiency: 44% ▼ -14.00%
• Reading proficiency: 44% ▼ -9.00%
• Median HH income: $44,760
• Composite: 37.32/100
• National rank: #4444
• State rank: #193 of 301 in MN

Livability — Appleton

• Score: 71/100
• State rank: #310
• US rank: #6825

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Appleton, MN
• Population (ZIP): 2,097

Population outlook (Swift County) Hauer SSP2

• Today (2025): 8,635 people
• By 2030: 8,257 · -4.4%
• By 2040: 7,528 · -12.8%
• By 2050: 6,891 · -20.2%
• By 2075: 5,879 · -31.9%
• By 2100: 5,045 · -41.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 7% Hispanic / Latino 4% Pacific Islander 3%
• Common ancestry: Portuguese 39% Romanian 3% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Other Asian/Pacific 3% Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Swift

• 2024 margin: Solid R (+34.2) · D 32.1% · R 66.3% · Other 1.6%
• 2008→2024 swing: -47.9pp toward R · 2008: 13.8pp · 2024: -34.2pp
• All cycles: 2024: R+34.2 2020: R+29.5 2016: R+25.8 2012: D+9.9 2008: D+13.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -12.19%
• Current HPI: 128.68
• 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

+109.0% since first listed

9 events — show timeline

• 2026-05-01 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-25 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-08 Listed $62,500 NORTHSTARMLS as Distributed by MLS Grid
• 2007-11-07 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2007-05-07 Listed $24,900 NORTHSTARMLS as Distributed by MLS Grid
• 2007-05-07 Listed $24,900 NORTHSTARMLS as Distributed by MLS Grid
• 2003-12-19 Sold (MLS) $24,000 NORTHSTARMLS as Distributed by MLS Grid
• 2003-12-17 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2003-06-09 Listed $29,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+13.2%/yr

Latest (2025): $1,288 · +35.9% YoY. Source: county tax records.