602 Jeremiah St SE · Preston, MN 55965

$160,000

3 bd · 2.0 ba · 1,122 sqft · SingleFamily public records

Built 1905 0.33 ac lot Est $156k · at est.

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Why this score? — see what drove the D- 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 +7.7/30.0
• Appreciation +7.0/10.0
• ARV discount +6.3/15.0
• Livability +4.1/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.8/10.0
• 1% rule +1.6/10.0

Listing remarks

LISTED + PENDING

Key facts

• 0.33 acre lot
• Built 1905

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $-184 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $128k (20.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $106k (33.8% below list).
• Recommended offer: $106k (33.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 82/100 on livability (#49 in MN, #1,292 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Fillmore Central (rural): math 33% / reading 47% proficiency, ranked #223 of 301 in MN (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 24 active listings in the ZIP; 65 units permitted in Fillmore County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($1k loan paydown + $7k appreciation (4.1% local appreciation)).
• Fillmore County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 5, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 14y 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 $80k; list at $160k implies a 100% 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 $105,890 (33.8% below list)

Questions for the listing agent

1. 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?
2. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.66% ✗
• Cap rate: 4.92%
• Cash-on-cash: -4.92%
• DSCR: 0.78
• GRM: 12.6

CMA / ARV

• ARV (on-the-fly): $155,958
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
108 Saint Paul Street Northwest St	0.37mi	3/1.5	1,262 (+12%)	5mo	$176,000	$139	56

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

4.1% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 6.2%
• Equity multiple: 1.38×
• Total profit: $17,007
• Equity at exit: $82,016

10-year hold

• IRR: 8.7%
• Equity multiple: 2.47×
• Total profit: $65,757
• Equity at exit: $134,862

Cash invested: $44,800 (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 55965

• Home prices YoY: 1.6%
• Active inventory: 24
• Price-to-rent: 12.6×

Monthly cashflow live

• Estimated rent: $1,059 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$114 /mo · $1,374/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$222
• Net cashflow: $-184

Break-even live

Break-even rent $1,291

Max offer price $127,550

Occupancy floor —

Sensitivity live

Price	-10% $-93	-5% $-138	+0% $-184	+5% $-229	+10% $-274
Rent	-10% $-267	-5% $-226	+0% $-184	+5% $-142	+10% $-100
Rate	-1.0pp $-103	-0.5pp $-143	base $-184	+0.5pp $-225	+1.0pp $-267

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-05-18
   listed $160,000
2. 2026-05-18
   historical
3. 2018-12-10
   historical
4. 2018-12-10
   historical
5. 2018-12-10
   historical
6. 2016-11-04
   soldstatus $79,900
7. 2016-09-30
   soldstatus $79,900
8. 2016-02-12
   listed $79,900
9. 2015-04-20
   price $88,800
10. 2015-03-27
    price $88,900
11. 2015-01-12
    price $89,900
12. 2014-09-16
    price $92,900
13. 2014-01-28
    listed $78,450
14. 2012-10-05
    listed $99,900
15. 2012-10-05
    listed $99,900

ⓘ 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: $1,374 · $114/mo
• Projected year-2 tax: $1,583 · $132/mo
• Expected delta: +$209/yr (+$17/mo · 15.2%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,707
• − Mortgage interest: −$8,962
• − Property taxes: −$1,374
• − Insurance: −$800
• − Repairs & maintenance: −$1,017
• − Management: −$1,017
• − Depreciation: −$4,655
• Taxable loss: −$5,117
• Est. tax savings @ 24.0%: +$1,228
• After-tax cash flow: $-976/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: Fillmore Central
• NCES district ID: 2700100
• Math proficiency: 33% ▼ -22.00%
• Reading proficiency: 47% ▼ -14.00%
• Median HH income: $47,519
• Composite: 34.2/100
• National rank: #5267
• State rank: #223 of 301 in MN

Livability — Preston

• Score: 82/100
• State rank: #49
• US rank: #1292

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Preston, MN
• Population (ZIP): 2,253

Population outlook (Fillmore County) Hauer SSP2

• Today (2025): 20,318 people
• By 2030: 19,765 · -2.7%
• By 2040: 18,559 · -8.7%
• By 2050: 17,194 · -15.4%
• By 2075: 14,253 · -29.9%
• By 2100: 10,645 · -47.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Portuguese 23% Iranian 7% Scottish 2%
• Foreign-born: 1% · Canada
• Languages at home: 94% English-only · German/W. Germanic 3% Spanish 2%

Political lean MEDSL · Fillmore

• 2024 margin: Strong R (+25.5) · D 36.4% · R 61.9% · Other 1.7%
• 2008→2024 swing: -33.8pp toward R · 2008: 8.3pp · 2024: -25.5pp
• All cycles: 2024: R+25.5 2020: R+22.7 2016: R+21.9 2012: D+7.4 2008: D+8.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.10%
• Current HPI: 255.8371
• 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

+60.2% since first listed

15 events — show timeline

• 2026-05-18 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-18 Listed $160,000 NORTHSTARMLS as Distributed by MLS Grid
• 2018-12-10 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2018-12-10 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2018-12-10 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2016-11-04 Sold (Public Records) $79,900 Public Records
• 2016-09-30 Sold (MLS) $79,900 NORTHSTARMLS as Distributed by MLS Grid
• 2016-02-12 Listed $79,900 NORTHSTARMLS as Distributed by MLS Grid
• 2015-04-20 Price Changed $88,800 NORTHSTARMLS as Distributed by MLS Grid
• 2015-03-27 Price Changed $88,900 NORTHSTARMLS as Distributed by MLS Grid
• 2015-01-12 Price Changed $89,900 NORTHSTARMLS as Distributed by MLS Grid
• 2014-09-16 Price Changed $92,900 NORTHSTARMLS as Distributed by MLS Grid
• 2014-01-28 Listed $78,450 NORTHSTARMLS as Distributed by MLS Grid
• 2012-10-05 Listed $99,900 NORTHSTARMLS as Distributed by MLS Grid
• 2012-10-05 Listed $99,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+0.6%/yr

Latest (2025): $1,374 · -3.5% YoY. Source: county tax records.