118 4th Ave SE · Elbow Lake, MN 56531

$124,900

3 bd · 3.0 ba · 1,004 sqft · SingleFamily public records · 258 Days on market

Built 1900 0.34 ac lot ↓ 26% since listing

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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 +12.0/30.0
• Appreciation +7.6/10.0
• ARV discount +7.5/15.0
• Schools +4.6/10.0
• Livability +3.8/5.0
• 1% rule +3.7/10.0
• DSCR +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Amazingly remodeled 3 BR, 3 BA house! This spacious home has a main level living room, formal dining room, and a gorgeously remodeled kitchen with new stainless-steel appliances. You will love the open spaces here including a huge laundry/mud room and spacious bathroom! This is the perfect family home with three bedrooms and bathroom on the upper level. Looking to have separate spaces the lower level includes a family room and room to add a 4th bedroom with the addition of an egress window. This room could be your office or more storage! There is no shortage of storage here! The attached garage may fool some but it can hold two cars front to back with room for storage as well! Check it out soon!

Key facts

• 0.34 acre lot
• Garage
• Built 1900

Property features AI

Exterior

• Parking: Attached garage (1 car)
• Utilities: City water connected; City sewer connected; Propane fuel
• Home design: Residential property; One-and-one-half story; Entry level/main level living area present
• Construction: Block foundation; Foundation area approximately 1,004
• Exterior features: Vinyl and wood exterior; Publicly maintained road access; Lot approximately 0.34 acres (110 x 130)

Interior

• Kitchen: Kitchen with window
• Bedrooms: 3 bedrooms (all located on the upper level except main floor primary bedroom noted above)
• Bathrooms: 2 full bathrooms; 1 three-quarter bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Main floor primary bedroom; Kitchen window; Partially finished basement; Concrete basement
• Laundry & utility: Main level laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $-30 ($-362/yr) — negative.
• To cash-flow at today's rent, offer at most $120k (4.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $109k (12.8% below list).
• Recommended offer: $109k (12.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 75/100 on livability (#188 in MN, #4,060 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• West Central Area (rural): math 47% / reading 61% proficiency, ranked #80 of 301 in MN (top 27%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 22 active listings in the ZIP; 2 units permitted in Grant County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($864 loan paydown + $6k appreciation (5.1% local appreciation)).
• Grant County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.1% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 258 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $45k (26%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $108,881 (12.8% 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. It's been on market 258 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.87% ✗
• Cap rate: 6.00%
• Cash-on-cash: -1.04%
• DSCR: 0.95
• GRM: 9.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.12% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.3%
• Equity multiple: 1.79×
• Total profit: $27,774
• Equity at exit: $71,712

10-year hold

• IRR: 13.3%
• Equity multiple: 3.44×
• Total profit: $85,307
• Equity at exit: $124,544

Cash invested: $34,972 (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 56531

• Home prices YoY: 2.1%
• Active inventory: 22
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,089 medium
• Mortgage (P&I): −$655
• Tax from tax record: −$183 /mo · $2,200/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$229
• Net cashflow: $-30

Break-even live

Break-even rent $1,127

Max offer price $119,564

Occupancy floor 98%

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-07
   statusdays on market $124,900 Pending 258 DOM
2. 2026-06-04
   days on market $124,900 Active 256 DOM
3. 2026-06-02
   days on market $124,900 Active 255 DOM
4. 2026-06-01
   days on market $124,900 Active 254 DOM
5. 2026-05-31
   days on market $124,900 Active 253 DOM
6. 2026-05-31
   days on market $124,900 Active 252 DOM
7. 2026-05-21
   price $124,900
8. 2026-04-10
   price $129,900
9. 2026-03-23
   price $133,000
10. 2026-02-24
    price $139,900
11. 2026-01-23
    price $144,900
12. 2025-12-23
    price $152,000
13. 2025-11-20
    price $158,000
14. 2025-10-20
    price $164,900
15. 2025-09-20
    listed $169,900 Active
16. 2024-08-09
    historical
17. 2024-07-16
    price $179,500
18. 2024-06-24
    listed $184,500 Active
19. 2024-06-23
    historical
20. 2022-03-11
    soldstatus $172,000
21. 2022-03-10
    soldstatus $172,000 Sold 704-char remark

    Show marketing remark (704 chars)

    Amazingly remodeled 3 BR, 3 BA house! This spacious home has a main level living room, formal dining room, and a gorgeously remodeled kitchen with new stainless-steel appliances. You will love the open spaces here including a huge laundry/mud room and spacious bathroom! This is the perfect family home with three bedrooms and bathroom on the upper level. Looking to have separate spaces the lower level includes a family room and room to add a 4th bedroom with the addition of an egress window. This room could be your office or more storage! There is no shortage of storage here! The attached garage may fool some but it can hold two cars front to back with room for storage as well! Check it out soon!

22. 2022-02-03
    status Pending 704-char remark

    Show marketing remark (704 chars)

    Amazingly remodeled 3 BR, 3 BA house! This spacious home has a main level living room, formal dining room, and a gorgeously remodeled kitchen with new stainless-steel appliances. You will love the open spaces here including a huge laundry/mud room and spacious bathroom! This is the perfect family home with three bedrooms and bathroom on the upper level. Looking to have separate spaces the lower level includes a family room and room to add a 4th bedroom with the addition of an egress window. This room could be your office or more storage! There is no shortage of storage here! The attached garage may fool some but it can hold two cars front to back with room for storage as well! Check it out soon!

23. 2022-01-24
    historical Contingent - Inspection 704-char remark

    Show marketing remark (704 chars)

    Amazingly remodeled 3 BR, 3 BA house! This spacious home has a main level living room, formal dining room, and a gorgeously remodeled kitchen with new stainless-steel appliances. You will love the open spaces here including a huge laundry/mud room and spacious bathroom! This is the perfect family home with three bedrooms and bathroom on the upper level. Looking to have separate spaces the lower level includes a family room and room to add a 4th bedroom with the addition of an egress window. This room could be your office or more storage! There is no shortage of storage here! The attached garage may fool some but it can hold two cars front to back with room for storage as well! Check it out soon!

24. 2022-01-12
    listed $169,000 Active 704-char remark

    Show marketing remark (704 chars)

    Amazingly remodeled 3 BR, 3 BA house! This spacious home has a main level living room, formal dining room, and a gorgeously remodeled kitchen with new stainless-steel appliances. You will love the open spaces here including a huge laundry/mud room and spacious bathroom! This is the perfect family home with three bedrooms and bathroom on the upper level. Looking to have separate spaces the lower level includes a family room and room to add a 4th bedroom with the addition of an egress window. This room could be your office or more storage! There is no shortage of storage here! The attached garage may fool some but it can hold two cars front to back with room for storage as well! Check it out soon!

ⓘ 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: $2,200 · $183/mo
• Projected year-2 tax: $2,200 · $183/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 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥97°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,066
• − Mortgage interest: −$6,996
• − Property taxes: −$2,200
• − Insurance: −$624
• − Repairs & maintenance: −$1,045
• − Management: −$1,045
• − Depreciation: −$3,633
• Taxable loss: −$2,479
• Est. tax savings @ 24.0%: +$595
• After-tax cash flow: $233/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: West Central Area
• NCES district ID: 2700104
• Math proficiency: 47% ▼ -16.00%
• Reading proficiency: 61% ▼ -8.00%
• Median HH income: $48,888
• Composite: 45.94/100
• National rank: #2541
• State rank: #80 of 301 in MN

Livability — Elbow Lake

• Score: 75/100
• State rank: #188
• US rank: #4060

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elbow Lake, MN
• City population: 1,948
• Population (ZIP): 1,948

Population outlook (Grant County) Hauer SSP2

• Today (2025): 5,527 people
• By 2030: 5,287 · -4.3%
• By 2040: 4,829 · -12.6%
• By 2050: 4,415 · -20.1%
• By 2075: 3,504 · -36.6%
• By 2100: 2,555 · -53.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Portuguese 36% Scottish 3% Romanian 3%
• Foreign-born: 0%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Grant

• 2024 margin: Solid R (+30.6) · D 33.6% · R 64.2% · Other 2.2%
• 2008→2024 swing: -36.2pp toward R · 2008: 5.7pp · 2024: -30.6pp
• All cycles: 2024: R+30.6 2020: R+26.5 2016: R+27.8 2012: R+2.9 2008: D+5.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.12%
• Current HPI: 253.9553
• 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

-26.1% since first listed

18 events — show timeline

• 2026-05-21 Price Changed $124,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-10 Price Changed $129,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-23 Price Changed $133,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-24 Price Changed $139,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-23 Price Changed $144,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-23 Price Changed $152,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-20 Price Changed $158,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-20 Price Changed $164,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-20 Listed $169,900 NORTHSTARMLS as Distributed by MLS Grid
• 2024-08-09 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2024-07-16 Price Changed $179,500 NORTHSTARMLS as Distributed by MLS Grid
• 2024-06-24 Listed $184,500 NORTHSTARMLS as Distributed by MLS Grid
• 2024-06-23 Coming Soon — NORTHSTARMLS as Distributed by MLS Grid
• 2022-03-11 Sold (Public Records) $172,000 Public Records
• 2022-03-10 Sold (MLS) $172,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-02-03 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2022-01-24 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2022-01-12 Listed $169,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+2.6%/yr

Latest (2026): $2,200 · +10.6% YoY. Source: county tax records.