204 E 4th St · Donnelly, MN 56235

$145,000

3 bd · 2.0 ba · 1,560 sqft · SingleFamily · 77 Days on market

Built 2000 10,497 sqft lot

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Why this score? — see what drove the C- 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 +18.9/30.0
• ARV discount +7.5/15.0
• DSCR +5.9/10.0
• Appreciation +5.0/10.0
• Schools +5.0/10.0
• 1% rule +4.0/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Enjoy comfortable living with a functional layout designed for both everyday life and hosting guests. The open kitchen and dining area provide a welcoming atmosphere, while the large living room offers plenty of space to gather and unwind. With fresh finishes throughout and functional upgrades already completed, this home offers comfort, style, and peace of mind. The spacious living areas and outdoor deck make it perfect for both relaxing and entertaining. Step outside to the deck — perfect for summer barbecues, morning coffee, or relaxing evenings. With two garages, you'll have exceptional storage and parking flexibility. Located in the quiet and friendly community of Donnelly, this home offers small-town charm while still providing convenient access to nearby amenities.

Key facts

• Two garages
• Dining area
• Outdoor deck

Tags

• OPEN KITCHEN
• DINING AREA
• LARGE LIVING ROOM
• OUTDOOR DECK
• TWO GARAGES
• QUIET COMMUNITY

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $147 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $131k (9.6% below list).
• Recommended offer: $131k (9.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 68/100 on livability (#386 in MN) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: crime C-, health & safety C-, schools D-.
• Market conditions: 6 active listings in the ZIP; 5 units permitted in Stevens County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($1k loan paydown + $4k appreciation (3.0% local appreciation)).
• Stevens County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $36k; list at $145k implies a 303% gain — meaningful room to come down on a strong offer.

Recommended offer $131,151 (9.6% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 0.90% ✗
• Cap rate: 7.51%
• Cash-on-cash: 4.36%
• DSCR: 1.19
• GRM: 9.2

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: 11.5%
• Equity multiple: 1.66×
• Total profit: $26,808
• Equity at exit: $65,198

10-year hold

• IRR: 13.7%
• Equity multiple: 3.03×
• Total profit: $82,228
• Equity at exit: $100,478

Cash invested: $40,600 (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 56235

• Active inventory: 6
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,312 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$68 /mo · $814/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$275
• Net cashflow: $147

Break-even live

Break-even rent $1,125

Max offer price $145,000

Occupancy floor 84%

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-11
   status Pending 789-char remark

   Show marketing remark (789 chars)

   Enjoy comfortable living with a functional layout designed for both everyday life and hosting guests. The open kitchen and dining area provide a welcoming atmosphere, while the large living room offers plenty of space to gather and unwind. With fresh finishes throughout and functional upgrades already completed, this home offers comfort, style, and peace of mind. The spacious living areas and outdoor deck make it perfect for both relaxing and entertaining. Step outside to the deck — perfect for summer barbecues, morning coffee, or relaxing evenings. With two garages, you'll have exceptional storage and parking flexibility. Located in the quiet and friendly community of Donnelly, this home offers small-town charm while still providing convenient access to nearby amenities.

2. 2026-03-25
   price $145,000 789-char remark

   Show marketing remark (789 chars)

   Enjoy comfortable living with a functional layout designed for both everyday life and hosting guests. The open kitchen and dining area provide a welcoming atmosphere, while the large living room offers plenty of space to gather and unwind. With fresh finishes throughout and functional upgrades already completed, this home offers comfort, style, and peace of mind. The spacious living areas and outdoor deck make it perfect for both relaxing and entertaining. Step outside to the deck — perfect for summer barbecues, morning coffee, or relaxing evenings. With two garages, you'll have exceptional storage and parking flexibility. Located in the quiet and friendly community of Donnelly, this home offers small-town charm while still providing convenient access to nearby amenities.

3. 2026-03-10
   price $154,900 789-char remark

   Show marketing remark (789 chars)

   Enjoy comfortable living with a functional layout designed for both everyday life and hosting guests. The open kitchen and dining area provide a welcoming atmosphere, while the large living room offers plenty of space to gather and unwind. With fresh finishes throughout and functional upgrades already completed, this home offers comfort, style, and peace of mind. The spacious living areas and outdoor deck make it perfect for both relaxing and entertaining. Step outside to the deck — perfect for summer barbecues, morning coffee, or relaxing evenings. With two garages, you'll have exceptional storage and parking flexibility. Located in the quiet and friendly community of Donnelly, this home offers small-town charm while still providing convenient access to nearby amenities.

4. 2026-02-22
   listed $159,900 Active 789-char remark

   Show marketing remark (789 chars)

   Enjoy comfortable living with a functional layout designed for both everyday life and hosting guests. The open kitchen and dining area provide a welcoming atmosphere, while the large living room offers plenty of space to gather and unwind. With fresh finishes throughout and functional upgrades already completed, this home offers comfort, style, and peace of mind. The spacious living areas and outdoor deck make it perfect for both relaxing and entertaining. Step outside to the deck — perfect for summer barbecues, morning coffee, or relaxing evenings. With two garages, you'll have exceptional storage and parking flexibility. Located in the quiet and friendly community of Donnelly, this home offers small-town charm while still providing convenient access to nearby amenities.

5. 2016-06-03
   soldstatus $36,000

ⓘ 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: $814 · $68/mo
• Projected year-2 tax: $1,219 · $102/mo
• Expected delta: +$405/yr (+$34/mo · 49.8%)

ⓘ 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 ≥99°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,738
• − Mortgage interest: −$8,122
• − Property taxes: −$814
• − Insurance: −$725
• − Repairs & maintenance: −$1,259
• − Management: −$1,259
• − Depreciation: −$4,218
• Taxable loss: −$659
• Est. tax savings @ 24.0%: +$158
• After-tax cash flow: $1,928/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)

No district data.

Livability — Donnelly

• Score: 68/100
• State rank: #386
• US rank: #9168

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Donnelly, MN
• Population (ZIP): 486

Population outlook (Stevens County) Hauer SSP2

• Today (2025): 9,907 people
• By 2030: 9,987 · +0.8%
• By 2040: 10,214 · +3.1%
• By 2050: 10,642 · +7.4%
• By 2075: 12,546 · +26.6%
• By 2100: 14,065 · +42.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (99%)
• Race & ethnicity: White 99% Two or more races 1%
• Common ancestry: Portuguese 26% Romanian 6% Scottish 4%
• Foreign-born: 0%
• Languages at home: 97% English-only · Spanish 3%

Political lean MEDSL · Stevens

• 2024 margin: Strong R (+27.1) · D 35.7% · R 62.7% · Other 1.6%
• 2008→2024 swing: -28.3pp toward R · 2008: 1.3pp · 2024: -27.1pp
• All cycles: 2024: R+27.1 2020: R+22.1 2016: R+12.8 2012: R+0.4 2008: D+1.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

+302.8% since first listed

5 events — show timeline

• 2026-05-11 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-25 Price Changed $145,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-10 Price Changed $154,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-22 Listed $159,900 NORTHSTARMLS as Distributed by MLS Grid
• 2016-06-03 Sold (Public Records) $36,000 Public Records

Property tax history

-1.7%/yr

Latest (2026): $814 · +11.8% YoY. Source: county tax records.