565 Washburn Ave · Belgrade, MN 56312

$189,900

3 bd · 2.0 ba · 1,623 sqft · SingleFamily public records · 40 Days on market

Built 1901 0.31 ac lot ↓ 7% 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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +6.8/30.0
• Schools +5.2/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.4/10.0
• DSCR +1.0/10.0

Listing remarks MLS

Beautiful 3-bedroom, 2-bathroom home located in Belgrade. It's within walking distance from local businesses, churches, & 2 blocks from BBE Jr/Sr high school. This home has a spacious layout with tall ceilings & original hardwoods. Main floor features office that could become 4th bedroom, large kitchen, dining room, 3/4-bathroom, TV/Living room, Family Room & 3 seasons front porch. Upper level has 3 Bedrooms & Full Bath W/ laundry. It has a 2.5 stall heated garage w bonus 10x8 storage room. Several updates have been completed, which include newer windows, new flooring in kitchen/dining room, light fixtures, fresh paint, Boiler system in 2015 & new shingles & outside painted in 2020. Beautiful immaculate landscaped property. Welcome Home.

Key facts

• 0.31 acre lot
• 2 garage spots
• Built 1901

Property features AI

Exterior

• Parking: Attached heated and insulated garage; Concrete garage; 2-car garage (dimensions approximately 21 x 33)
• Utilities: City water (connected); City sewer (connected); Electric service with circuit breakers; Fuel: Electric and propane
• Home design: Residential property; One and one-half levels; Main entry with porch
• Construction: Frame construction; Asphalt roof (age 8 years or less); Stone foundation
• Exterior features: Stucco exterior; Porch; Storage shed; Medium tree coverage

Interior

• Kitchen: Range; Dishwasher; Refrigerator; Kitchen window
• Bedrooms: 3 bedrooms (two on upper level, primary/main-level layout noted as 3 BR on one level); Bedroom (upper): 13 x 13; Bedroom 2: 20 x 11; Bedroom 3 (upper): 12 x 13
• Flooring: Hardwood floors
• Bathrooms: Main floor three-quarter bath; Upper level full bath
• Heating & cooling: Boiler with baseboard heating; Window air conditioning units
• Interior features: Ceiling fans; Hardwood floors; Kitchen window; Porch; Water softener (owned); Three-season porch; Family room; Living room; Study; Kitchen/Dining combination
• Laundry & utility: Washer and dryer (hookup); Upper level laundry; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $-297 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $137k (27.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $122k (35.9% below list).
• Recommended offer: $122k (35.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 69/100 on livability (#359 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D+, amenities F, commute F.
• Belgrade-Brooten-Elrosa School District (rural): math 55% / reading 64% proficiency, ranked #156 of 467 in MN (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 6 active listings in the ZIP; 661 units permitted in Stearns County in 2024 (291 in 5+ unit buildings).

Forward outlook

• In year one you build about $20k of equity ($1k loan paydown + $19k appreciation (10.0% local appreciation)).
• Stearns County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $121,718 (35.9% 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 40 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
3. Built in 1901 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 0.64% ✗
• Cap rate: 4.42%
• Cash-on-cash: -6.70%
• DSCR: 0.70
• GRM: 13.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 19.5%
• Equity multiple: 2.59×
• Total profit: $84,510
• Equity at exit: $171,077

10-year hold

• IRR: 18.0%
• Equity multiple: 5.96×
• Total profit: $263,701
• Equity at exit: $368,934

Cash invested: $53,172 (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 56312

• Home prices YoY: 10.5%
• Active inventory: 6
• Price-to-rent: 13.0×

Monthly cashflow live

• Estimated rent: $1,217 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$183 /mo · $2,200/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $-297

Break-even live

Break-even rent $1,593

Max offer price $137,479

Occupancy floor —

Sensitivity live

Price	-10% $-189	-5% $-243	+0% $-297	+5% $-350	+10% $-404
Rent	-10% $-393	-5% $-345	+0% $-297	+5% $-249	+10% $-201
Rate	-1.0pp $-201	-0.5pp $-248	base $-297	+0.5pp $-346	+1.0pp $-396

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-05-20
   status Pending
2. 2026-05-12
   historical Contingent - Inspection
3. 2026-04-29
   price $189,900
4. 2026-04-11
   listed $199,900 Active
5. 2026-04-07
   historical $199,900
6. 2025-09-10
   status Pending
7. 2025-09-10
   historical
8. 2025-09-02
   price $197,500
9. 2025-08-04
   price $199,900
10. 2025-07-21
    price $204,900
11. 2025-06-23
    listed $209,900 Active
12. 2022-08-04
    soldstatus $180,000
13. 2022-07-29
    soldstatus $180,000 Sold 773-char remark

    Show marketing remark (773 chars)

    Beautiful 3-bedroom, 2-bathroom home located in Belgrade. It's within walking distance from local businesses, churches, & 2 blocks from BBE Jr/Sr high school. This home has a spacious layout with tall ceilings & original hardwoods. Main floor features office that could become 4th bedroom, large kitchen, dining room, 3/4-bathroom, TV/Living room, Family Room & 3 seasons front porch. Upper level has 3 Bedrooms & Full Bath W/ laundry. It has a 2.5 stall heated garage w bonus 10x8 storage room. Several updates have been completed, which include newer windows, new flooring in kitchen/dining room, light fixtures, fresh paint, Boiler system in 2015 & new shingles & outside painted in 2020. Beautiful immaculate landscaped property. Welcome Home.

14. 2022-07-25
    status Pending 773-char remark

    Show marketing remark (773 chars)

    Beautiful 3-bedroom, 2-bathroom home located in Belgrade. It's within walking distance from local businesses, churches, & 2 blocks from BBE Jr/Sr high school. This home has a spacious layout with tall ceilings & original hardwoods. Main floor features office that could become 4th bedroom, large kitchen, dining room, 3/4-bathroom, TV/Living room, Family Room & 3 seasons front porch. Upper level has 3 Bedrooms & Full Bath W/ laundry. It has a 2.5 stall heated garage w bonus 10x8 storage room. Several updates have been completed, which include newer windows, new flooring in kitchen/dining room, light fixtures, fresh paint, Boiler system in 2015 & new shingles & outside painted in 2020. Beautiful immaculate landscaped property. Welcome Home.

15. 2022-06-24
    historical Contingent - Inspection 773-char remark

    Show marketing remark (773 chars)

    Beautiful 3-bedroom, 2-bathroom home located in Belgrade. It's within walking distance from local businesses, churches, & 2 blocks from BBE Jr/Sr high school. This home has a spacious layout with tall ceilings & original hardwoods. Main floor features office that could become 4th bedroom, large kitchen, dining room, 3/4-bathroom, TV/Living room, Family Room & 3 seasons front porch. Upper level has 3 Bedrooms & Full Bath W/ laundry. It has a 2.5 stall heated garage w bonus 10x8 storage room. Several updates have been completed, which include newer windows, new flooring in kitchen/dining room, light fixtures, fresh paint, Boiler system in 2015 & new shingles & outside painted in 2020. Beautiful immaculate landscaped property. Welcome Home.

16. 2022-06-10
    price $197,500 773-char remark

    Show marketing remark (773 chars)

    Beautiful 3-bedroom, 2-bathroom home located in Belgrade. It's within walking distance from local businesses, churches, & 2 blocks from BBE Jr/Sr high school. This home has a spacious layout with tall ceilings & original hardwoods. Main floor features office that could become 4th bedroom, large kitchen, dining room, 3/4-bathroom, TV/Living room, Family Room & 3 seasons front porch. Upper level has 3 Bedrooms & Full Bath W/ laundry. It has a 2.5 stall heated garage w bonus 10x8 storage room. Several updates have been completed, which include newer windows, new flooring in kitchen/dining room, light fixtures, fresh paint, Boiler system in 2015 & new shingles & outside painted in 2020. Beautiful immaculate landscaped property. Welcome Home.

17. 2022-05-31
    listed $204,500 Active 773-char remark

    Show marketing remark (773 chars)

    Beautiful 3-bedroom, 2-bathroom home located in Belgrade. It's within walking distance from local businesses, churches, & 2 blocks from BBE Jr/Sr high school. This home has a spacious layout with tall ceilings & original hardwoods. Main floor features office that could become 4th bedroom, large kitchen, dining room, 3/4-bathroom, TV/Living room, Family Room & 3 seasons front porch. Upper level has 3 Bedrooms & Full Bath W/ laundry. It has a 2.5 stall heated garage w bonus 10x8 storage room. Several updates have been completed, which include newer windows, new flooring in kitchen/dining room, light fixtures, fresh paint, Boiler system in 2015 & new shingles & outside painted in 2020. Beautiful immaculate landscaped property. Welcome Home.

ⓘ 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 FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,606
• − Mortgage interest: −$10,637
• − Property taxes: −$2,200
• − Insurance: −$950
• − Repairs & maintenance: −$1,168
• − Management: −$1,168
• − Depreciation: −$5,524
• Taxable loss: −$7,042
• Est. tax savings @ 24.0%: +$1,690
• After-tax cash flow: $-1,871/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: Belgrade-Brooten-Elrosa School District
• NCES district ID: 2700105
• Math proficiency: 55% ▼ -9.00%
• Reading proficiency: 64% ▼ -5.00%
• Median HH income: $48,799
• Composite: 52.16/100
• National rank: #3486
• State rank: #156 of 467 in MN

Livability — Belgrade

• Score: 69/100
• State rank: #359
• US rank: #8409

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Belgrade, MN
• Population (ZIP): 2,224

Population outlook (Stearns County) Hauer SSP2

• Today (2025): 162,629 people
• By 2030: 166,495 · +2.4%
• By 2040: 172,661 · +6.2%
• By 2050: 177,480 · +9.1%
• By 2075: 192,907 · +18.6%
• By 2100: 206,274 · +26.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Hispanic / Latino 2% Two or more races 2%
• Common ancestry: Portuguese 22% Iranian 3% Lithuanian 1%
• Foreign-born: 0%
• Languages at home: 98% English-only · German/W. Germanic 1%

Political lean MEDSL · Stearns

• 2024 margin: Strong R (+26.8) · D 35.7% · R 62.5% · Other 1.9%
• 2008→2024 swing: -19.8pp toward R · 2008: -7.0pp · 2024: -26.8pp
• All cycles: 2024: R+26.8 2020: R+22.5 2016: R+27.9 2012: R+12.1 2008: R+7.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 24.81%
• Current HPI: 261.66
• 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

-7.1% since first listed

17 events — show timeline

• 2026-05-20 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-12 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-29 Price Changed $189,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-11 Listed $199,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-07 Coming Soon $199,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-10 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-10 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-02 Price Changed $197,500 NORTHSTARMLS as Distributed by MLS Grid
• 2025-08-04 Price Changed $199,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-07-21 Price Changed $204,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-06-23 Listed $209,900 NORTHSTARMLS as Distributed by MLS Grid
• 2022-08-04 Sold (Public Records) $180,000 Public Records
• 2022-07-29 Sold (MLS) $180,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-07-25 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2022-06-24 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2022-06-10 Price Changed $197,500 NORTHSTARMLS as Distributed by MLS Grid
• 2022-05-31 Listed $204,500 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+4.5%/yr

Latest (2025): $2,200 · +18.9% YoY. Source: county tax records.