357 5th Ave SW · Perham, MN 56573

$119,900

3 bd · 2.0 ba · 764 sqft · SingleFamily public records · 166 Days on market

Built 1900 10,018 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 +4.4/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 3 bed/2 bath home located on a large corner lot in Perham! 9' ceilings, original woodwork, large windows & original wood flooring. Relax in the 4-season sunroom located just off the kitchen. Full bathroom with tiled shower & jetted tub on the upper level next to all 3 bedrooms. Oversized garage with a lot of room for storage. Short walking distance to downtown, city parks and schools.

Key facts

• Large corner lot
• Jetted tub
• 4-season sunroom

Tags

• LARGE CORNER LOT
• 4-SEASON SUNROOM
• TILED SHOWER
• JETTED TUB
• OVERSIZED GARAGE
• SHORT WALKING DISTANCE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $505 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.4% vs local median 6.0% in Perham — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 70/100 on livability (#328 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Perham-Dent Public School District (town): math 45% / reading 57% proficiency, ranked #110 of 301 in MN (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 92 active listings in the ZIP; 140 units permitted in Otter Tail County in 2024 (48 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 166 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 14y ago; this cycle's ask has dropped $40k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 166 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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.
8. 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.
9. 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: 1.53% ✓
• Cap rate: 11.35%
• Cash-on-cash: 18.06%
• DSCR: 1.80
• GRM: 5.5

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: 9.7%
• Equity multiple: 1.38×
• Total profit: $12,857
• Equity at exit: $17,877

10-year hold

• IRR: 18.9%
• Equity multiple: 2.58×
• Total profit: $53,040
• Equity at exit: $10,367

Cash invested: $33,572 (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 56573

• Home prices YoY: -15.8%
• Active inventory: 92
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,833 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$264 /mo · $3,168/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$385
• Net cashflow: $505

Break-even live

Break-even rent $1,193

Max offer price $119,900

Occupancy floor 67%

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-18
   days on market $119,900 Active 166 DOM
2. 2026-06-17
   days on market $119,900 Active 165 DOM
3. 2026-06-16
   days on market $119,900 Active 164 DOM
4. 2026-06-15
   days on market $119,900 Active 163 DOM
5. 2026-06-13
   days on market $119,900 Active 161 DOM
6. 2026-06-12
   days on market $119,900 Active 160 DOM
7. 2026-06-09
   days on market $119,900 Active 157 DOM
8. 2026-06-08
   days on market $119,900 Active 156 DOM
9. 2026-06-07
   days on market $119,900 Active 155 DOM
10. 2026-06-07
    days on market $119,900 Active 154 DOM
11. 2026-06-04
    days on market $119,900 Active 151 DOM
12. 2026-06-02
    days on market $119,900 Active 150 DOM
13. 2026-06-01
    days on market $119,900 Active 149 DOM
14. 2026-05-31
    days on market $119,900 Active 148 DOM
15. 2026-05-31
    pricedays on market $119,900 Active 147 DOM
16. 2026-04-28
    price $129,900 404-char remark

    Show marketing remark (404 chars)

    Charming 3 bed/2 bath home located on a large corner lot in Perham! 9' ceilings, original woodwork, large windows & original wood flooring. Relax in the 4-season sunroom located just off the kitchen. Full bathroom with tiled shower & jetted tub on the upper level next to all 3 bedrooms. Oversized garage with a lot of room for storage. Short walking distance to downtown, city parks and schools.

17. 2026-04-13
    price $139,900 404-char remark

    Show marketing remark (404 chars)

    Charming 3 bed/2 bath home located on a large corner lot in Perham! 9' ceilings, original woodwork, large windows & original wood flooring. Relax in the 4-season sunroom located just off the kitchen. Full bathroom with tiled shower & jetted tub on the upper level next to all 3 bedrooms. Oversized garage with a lot of room for storage. Short walking distance to downtown, city parks and schools.

18. 2026-03-31
    price $144,900 404-char remark

    Show marketing remark (404 chars)

    Charming 3 bed/2 bath home located on a large corner lot in Perham! 9' ceilings, original woodwork, large windows & original wood flooring. Relax in the 4-season sunroom located just off the kitchen. Full bathroom with tiled shower & jetted tub on the upper level next to all 3 bedrooms. Oversized garage with a lot of room for storage. Short walking distance to downtown, city parks and schools.

19. 2026-02-04
    price $149,900 404-char remark

    Show marketing remark (404 chars)

    Charming 3 bed/2 bath home located on a large corner lot in Perham! 9' ceilings, original woodwork, large windows & original wood flooring. Relax in the 4-season sunroom located just off the kitchen. Full bathroom with tiled shower & jetted tub on the upper level next to all 3 bedrooms. Oversized garage with a lot of room for storage. Short walking distance to downtown, city parks and schools.

20. 2026-01-03
    listed $159,900 Active 404-char remark

    Show marketing remark (404 chars)

    Charming 3 bed/2 bath home located on a large corner lot in Perham! 9' ceilings, original woodwork, large windows & original wood flooring. Relax in the 4-season sunroom located just off the kitchen. Full bathroom with tiled shower & jetted tub on the upper level next to all 3 bedrooms. Oversized garage with a lot of room for storage. Short walking distance to downtown, city parks and schools.

21. 2026-01-02
    historical
22. 2025-12-02
    listed $164,900 Active
23. 2020-04-24
    soldstatus $119,000
24. 2020-03-09
    listed $119,000
25. 2017-08-11
    historical
26. 2017-06-26
    listed $124,500
27. 2013-06-28
    soldstatus $95,000
28. 2013-06-21
    soldstatus $95,000
29. 2013-06-21
    soldstatus $95,000
30. 2012-08-06
    listed $103,000
31. 2012-08-06
    listed $103,000
32. 1998-05-21
    soldstatus $54,500

ⓘ 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: $3,168 · $264/mo
• Projected year-2 tax: $3,168 · $264/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 1/10 Low 7 d/yr ≥97°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: $21,997
• − Mortgage interest: −$6,716
• − Property taxes: −$3,168
• − Insurance: −$600
• − Repairs & maintenance: −$1,760
• − Management: −$1,760
• − Depreciation: −$3,488
• Taxable income: $4,505
• Est. tax owed @ 24.0%: −$1,081
• After-tax cash flow: $4,983/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: Perham-Dent Public School District
• NCES district ID: 2728230
• Math proficiency: 45% ▼ -14.00%
• Reading proficiency: 57% ▼ -5.00%
• Median HH income: $50,712
• Composite: 43.64/100
• National rank: #2966
• State rank: #110 of 301 in MN

Livability — Perham

• Score: 70/100
• State rank: #328
• US rank: #7425

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Perham, MN
• Population (ZIP): 6,868

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 (86%)
• Race & ethnicity: White 86% Hispanic / Latino 9% Two or more races 6% Black 1%
• Hispanic origin (detail): Mexican 2% Dominican 1%
• Common ancestry: Portuguese 18% Romanian 6% Lithuanian 3%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 7%

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: ▼ -42.48%
• Current HPI: 225.7071
• 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

+138.3% since first listed

17 events — show timeline

• 2026-04-28 Price Changed $129,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-13 Price Changed $139,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-31 Price Changed $144,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-04 Price Changed $149,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-03 Listed $159,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-02 Listed $164,900 NORTHSTARMLS as Distributed by MLS Grid
• 2020-04-24 Sold (MLS) $119,000 NORTHSTARMLS as Distributed by MLS Grid
• 2020-03-09 Listed $119,000 NORTHSTARMLS as Distributed by MLS Grid
• 2017-08-11 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2017-06-26 Listed $124,500 NORTHSTARMLS as Distributed by MLS Grid
• 2013-06-28 Sold (Public Records) $95,000 Public Records
• 2013-06-21 Sold (MLS) $95,000 NORTHSTARMLS as Distributed by MLS Grid
• 2013-06-21 Sold (MLS) $95,000 NORTHSTARMLS as Distributed by MLS Grid
• 2012-08-06 Listed $103,000 NORTHSTARMLS as Distributed by MLS Grid
• 2012-08-06 Listed $103,000 NORTHSTARMLS as Distributed by MLS Grid
• 1998-05-21 Sold (Public Records) $54,500 Public Records

Property tax history

+11.7%/yr

Latest (2025): $3,168 · -1.6% YoY. Source: county tax records.