309 5th Ave NW · New Prague, MN 56071

$649,900

8 bd · 4.0 ba · 3,876 sqft · MultiFamily · 14 Days on market

Built 1976 0.39 ac 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
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• ARV discount +7.5/15.0
• Schools +5.3/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Wonderful 4-Plex in New Prague! All 2 bed 1 bath units, all units are currently occupied on month to month leases so the new owner can make adjustments. Well maintained, separate utilities, strong rental history, decks and patios, laundry room in each unit, large parking lot, newer roof, siding, windows and Kinetico water softener. Great property, come see!!

Key facts

• Deck or patio
• Newer roof
• Own laundry room

Tags

• WELL MAINTAINED 4 PLEX
• STRONG RENTAL HISTORY
• OWN LAUNDRY ROOM
• DECK OR PATIO
• SEPARATELY METERED UTILITIES
• NEWER ROOF

Property features AI

Finance

• Other: Property listed as residential income with 4 total units
• Financial info: Owner pays insurance, grounds care, repairs, sewer, snow removal, taxes and water; Gross income reported as $53,400; Insurance expense listed as $4,116; Water/sewer expense listed as $250; Trash expense listed as $250; Tenants pay cable TV and electricity
• HOA & community: Association amenities include a deck and a patio

Exterior

• Parking: Gravel parking area and shared parking lot
• Security: No security features provided
• Utilities: City water (connected); City sewer (connected); Electric fuel
• Home design: Residential income property; Split entry (bi-level) style; Not owner-occupied
• Construction: Block foundation; Foundation area listed as 1,938
• Exterior features: Vinyl exterior; Side porch; Corner lot with light tree coverage; Lot dimensions approximately 113 x 150

Interior

• Kitchen: No specific kitchen appliance details provided
• Bedrooms: 8 total bedrooms across the building; Unit breakdown: three unit types — two 2-bedroom units (950 sf each), one 2-bedroom unit (950 sf), and two 2-bedroom units (850 sf) totaling four units
• Flooring: No flooring details provided
• Bathrooms: Each listed unit has 1 full bathroom
• Heating & cooling: Baseboard heating; Window air conditioning in individual units
• Interior features: Split entry (bi-level) layout; Basement present (none specified for finished features)
• Laundry & utility: In-unit laundry rooms

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $650k.

Deal economics

• At list price, monthly cash flow is $3k ($37k/yr) — positive. Per door: $781/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $650k).
• Cap rate 12.1% vs local median 3.8% in New Prague — 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 80/100 on livability (#86 in MN, #1,971 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F.
• New Prague Area Schools (town): math 57% / reading 60% proficiency, ranked #36 of 301 in MN (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Market conditions: 92 active listings in the ZIP; 699 units permitted in Scott County in 2024 (84 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $19k of value loss. Plan a longer hold.
• Scott County population projected at +31% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $182k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 29y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $525k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $649,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1976 — 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 A-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. 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.
7. 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.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.42% ✓
• Cap rate: 12.06%
• Cash-on-cash: 20.60%
• DSCR: 1.92
• GRM: 5.9

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: 12.9%
• Equity multiple: 1.51×
• Total profit: $93,587
• Equity at exit: $96,902

10-year hold

• IRR: 21.8%
• Equity multiple: 2.85×
• Total profit: $337,400
• Equity at exit: $56,191

Cash invested: $181,972 (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 56071

• Home prices YoY: -26.3%
• Active inventory: 92
• Price-to-rent: 23.5×

Monthly cashflow live

• Estimated rent: $9,200 medium
• Mortgage (P&I): −$3,408
• Tax from tax record: −$465 /mo · $5,580/yr
• Insurance: −$271
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,932
• Net cashflow: $3,124

Break-even live

Break-even rent $5,245

Max offer price $649,900

Occupancy floor 61%

Sensitivity live

Price	-10% $3,492	-5% $3,308	+0% $3,124	+5% $2,940	+10% $2,756
Rent	-10% $2,397	-5% $2,761	+0% $3,124	+5% $3,487	+10% $3,851
Rate	-1.0pp $3,451	-0.5pp $3,289	base $3,124	+0.5pp $2,956	+1.0pp $2,784

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$9,200
Total (4 units)			$9,200

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: $162,475
• Closing costs: $19,497
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-18
   days on market $649,900 Active 14 DOM
2. 2026-06-17
   days on market $649,900 Active 13 DOM
3. 2026-06-16
   days on market $649,900 Active 12 DOM
4. 2026-06-15
   days on market $649,900 Active 11 DOM
5. 2026-06-13
   days on market $649,900 Active 9 DOM
6. 2026-06-13
   days on market $649,900 Active 8 DOM
7. 2026-06-09
   days on market $649,900 Active 5 DOM
8. 2026-06-08
   days on market $649,900 Active 4 DOM
9. 2026-06-07
   remarks 699-char remark
10. 2026-06-07
    listed $649,900 Active 3 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: $5,580 · $465/mo
• Projected year-2 tax: $6,429 · $536/mo
• Expected delta: +$849/yr (+$71/mo · 15.2%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $110,400
• − Mortgage interest: −$36,405
• − Property taxes: −$5,580
• − Insurance: −$3,250
• − Repairs & maintenance: −$8,832
• − Management: −$8,832
• − Depreciation: −$18,906
• Taxable income: $28,596
• Est. tax owed @ 24.0%: −$6,863
• After-tax cash flow: $30,626/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 Prague Area Schools
• NCES district ID: 2723430
• Math proficiency: 57% ▼ -14.00%
• Reading proficiency: 60% ▼ -10.00%
• Median HH income: $80,742
• Composite: 52.77/100
• National rank: #1543
• State rank: #36 of 301 in MN

Livability — New Prague

• Score: 80/100
• State rank: #86
• US rank: #1971

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Prague, MN
• City population: 13,015
• Population (ZIP): 13,015

Population outlook (Scott County) Hauer SSP2

• Today (2025): 165,899 people
• By 2030: 177,290 · +6.9%
• By 2040: 199,019 · +20.0%
• By 2050: 216,883 · +30.7%
• By 2075: 256,099 · +54.4%
• By 2100: 276,434 · +66.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 1% Asian 1%
• Common ancestry: Portuguese 10% Romanian 3% Scottish 2%
• Foreign-born: 2%
• Languages at home: 96% English-only · Russian/Polish/Slavic 1% German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Scott

• 2024 margin: Lean R (+8.5) · D 44.8% · R 53.3% · Other 1.9%
• 2008→2024 swing: +2.7pp toward D · 2008: -11.2pp · 2024: -8.5pp
• All cycles: 2024: R+8.5 2020: R+6.6 2016: R+15.4 2012: R+14.8 2008: R+11.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -98.45%
• Current HPI: 275.353
• 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

+270.3% since first listed

13 events — show timeline

• 2026-06-04 Listed $649,900 NORTHSTARMLS as Distributed by MLS Grid
• 2024-04-08 Sold (Public Records) $525,000 Public Records
• 2024-04-01 Sold (MLS) $525,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-02-23 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2024-02-19 Listed $499,900 NORTHSTARMLS as Distributed by MLS Grid
• 1998-08-17 Sold (Public Records) $158,500 Public Records
• 1998-07-31 Sold (MLS) $158,500 NORTHSTARMLS as Distributed by MLS Grid
• 1998-06-11 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 1998-02-26 Listed $175,500 NORTHSTARMLS as Distributed by MLS Grid
• 1998-02-20 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 1997-08-20 Listed $175,500 NORTHSTARMLS as Distributed by MLS Grid
• 1997-08-08 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 1997-02-28 Listed $175,500 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+0.5%/yr

Latest (2026): $5,580 · +3.2% YoY. Source: county tax records.