404 E Gilman St · New York Mills, MN 56567

$114,000

3 bd · 1.0 ba · 720 sqft · SingleFamily public records · 10 Days on market

Built 1934 0.30 ac 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 +20.3/30.0
• Appreciation +9.1/10.0
• ARV discount +7.5/15.0
• DSCR +6.4/10.0
• 1% rule +4.5/10.0
• Livability +3.9/5.0
• Schools +3.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Enjoy the benefits of home ownership without breaking the bank. Adorable 3 bedroom 1 bath home on a nicely wooded and shaded lot and a 2 stall garage. Home has a main floor bedroom, bath, laundry and a bonus room for an office. The upper level has 2 bedrooms. With a little vision and updating this home will shine!

Key facts

• 0.3 acre lot
• 2 garage spots
• Built 1934

Property features AI

Finance

• Other: Living area reported as 1,160 square feet; Main level finished area 860

Exterior

• Parking: Detached 2-car garage
• Utilities: City water; City sewer; Natural gas
• Home design: Residential property; One-and-a-half story; No external stairs (accessible)
• Construction: Block foundation; Built area: above grade finished area 1,160; below grade 160; total building area 1,320
• Exterior features: Vinyl exterior; Approximately 0.297-acre lot; 16-foot driveway access from E Gilman St

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Baseboard heating; Fireplace heating; No central air
• Interior features: Crawl space basement; One fireplace

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $114k.

Deal economics

• At list price, monthly cash flow is $146 ($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 $108k (5.0% below list).
• Recommended offer: $108k (5.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 78/100 on livability (#112 in MN, #2,554 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• New York Mills Public School District (rural): math 41% / reading 47% proficiency, ranked #189 of 301 in MN (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 31 active listings in the ZIP; 140 units permitted in Otter Tail County in 2024 (48 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($788 loan paydown + $9k appreciation (8.2% local appreciation)).
• At projected returns (8.2% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1934 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $108,280 (5.0% below list)

Questions for the listing agent

1. Built in 1934 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.95% ✗
• Cap rate: 7.83%
• Cash-on-cash: 5.50%
• DSCR: 1.24
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

8.2% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.6%
• Equity multiple: 2.81×
• Total profit: $57,737
• Equity at exit: $88,197

10-year hold

• IRR: 22.2%
• Equity multiple: 6.03×
• Total profit: $160,606
• Equity at exit: $176,606

Cash invested: $31,920 (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 56567

• Home prices YoY: 3.5%
• Active inventory: 31
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,083 medium
• Mortgage (P&I): −$598
• Tax from tax record: −$64 /mo · $766/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$227
• Net cashflow: $146

Break-even live

Break-even rent $898

Max offer price $114,000

Occupancy floor 81%

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: $28,500
• Closing costs: $3,420
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-18
   days on market $114,000 Active 10 DOM
2. 2026-06-17
   days on market $114,000 Active 9 DOM
3. 2026-06-16
   days on market $114,000 Active 8 DOM
4. 2026-06-15
   days on market $114,000 Active 7 DOM
5. 2026-06-13
   days on market $114,000 Active 5 DOM
6. 2026-06-12
   days on market $114,000 Active 4 DOM
7. 2026-06-09
   remarks 315-char remark
8. 2026-06-09
   listed $114,000 Active 1 DOM

ⓘ 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: $766 · $64/mo
• Projected year-2 tax: $1,021 · $85/mo
• Expected delta: +$255/yr (+$21/mo · 33.3%)

ⓘ 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 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥95°F today · 12 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,994
• − Mortgage interest: −$6,386
• − Property taxes: −$766
• − Insurance: −$570
• − Repairs & maintenance: −$1,039
• − Management: −$1,039
• − Depreciation: −$3,316
• Taxable loss: −$124
• Est. tax savings @ 24.0%: +$30
• After-tax cash flow: $1,785/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: New York Mills Public School District
• NCES district ID: 2723520
• Math proficiency: 41% ▼ -15.00%
• Reading proficiency: 47% ▼ -13.00%
• Median HH income: $47,845
• Composite: 37.59/100
• National rank: #4382
• State rank: #189 of 301 in MN

Livability — New York Mills

• Score: 78/100
• State rank: #112
• US rank: #2554

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: New York Mills, MN
• Population (ZIP): 3,247

Population outlook (Otter Tail County) Hauer SSP2

• Today (2025): 58,183 people
• By 2030: 58,267 · +0.1%
• By 2040: 57,999 · -0.3%
• By 2050: 57,183 · -1.7%
• By 2075: 57,638 · -0.9%
• By 2100: 54,697 · -6.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Portuguese 10% Romanian 6% Iranian 3%
• Foreign-born: 1% · Canada
• Languages at home: 94% English-only · Spanish 2% German/W. Germanic 2%

Political lean MEDSL · Otter Tail

• 2024 margin: Solid R (+34.2) · D 32.1% · R 66.3% · Other 1.6%
• 2008→2024 swing: -21.3pp toward R · 2008: -12.9pp · 2024: -34.2pp
• All cycles: 2024: R+34.2 2020: R+32.5 2016: R+35.9 2012: R+21.2 2008: R+12.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.20%
• Current HPI: 244.2142
• 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

1 event — show timeline

• 2026-06-01 Listed $114,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+3.8%/yr

Latest (2025): $766 · +3.8% YoY. Source: county tax records.