203 Garden St · Walker, MN 56484

$180,000

2 bd · 1.0 ba · 820 sqft · SingleFamily public records · 7 Days on market

Built 1960 6,969 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 +23.6/30.0
• DSCR +7.6/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• Livability +3.7/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable two bedroom home in Walker with newly refinished hardwood floors, new shingles, two-car insulated garage, in great location close to city park. A great starter home.

Key facts

• New back deck
• Vinyl siding
• New entry doors

Tags

• UPDATED WALKER CITY HOME
• NEW ROOF
• VINYL SIDING
• NEW ENTRY DOORS
• NEW BACK DECK
• NATURAL GAS FORCED AIR FURNACE

Property features AI

Exterior

• Parking: Asphalt driveway; 2-car detached garage (24x24)
• Utilities: City water connected; City sewer connected; Natural gas; Electric service by Minnesota Power
• Home design: Residential property; One level; Accessible design with no internal stairs
• Construction: Frame construction; Block foundation; Shingle roof (age 8 years or less)
• Exterior features: Rear porch; Vinyl exterior; Light tree coverage on lot; City street frontage; Publicly maintained road

Interior

• Kitchen: Range; Refrigerator; Eat-in kitchen
• Bedrooms: 2 bedrooms
• Bathrooms: 1 full bathroom (main floor)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Eat-in kitchen; Unfinished basement; No internal stairs
• Laundry & utility: Washer; Dryer (laundry in basement)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $340 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Cap rate 8.6% vs local median 0.8% in Walker — 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 73/100 on livability (#234 in MN, #4,999 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: amenities F, commute F.
• Walker-Hackensack-Akeley School District (rural): math 31% / reading 47% proficiency, ranked #232 of 301 in MN (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 81 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 285 units permitted in Cass County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Cass County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 25y 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 $76k; list at $180k implies a 137% gain — meaningful room to come down on a strong offer.

Recommended offer $180,000

Questions for the listing agent

1. Built in 1960 — 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. 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.
4. 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.
5. 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: 1.00% ✓
• Cap rate: 8.56%
• Cash-on-cash: 8.09%
• DSCR: 1.36
• GRM: 8.3

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: -4.0%
• Equity multiple: 0.85×
• Total profit: $-7,603
• Equity at exit: $26,839

10-year hold

• IRR: 5.6%
• Equity multiple: 1.42×
• Total profit: $20,948
• Equity at exit: $15,563

Cash invested: $50,400 (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 56484

• Home prices YoY: -10.5%
• Active inventory: 81
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,800 medium
• Mortgage (P&I): −$944
• Tax from tax record: −$63 /mo · $760/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$378
• Net cashflow: $340

Break-even live

Break-even rent $1,370

Max offer price $180,000

Occupancy floor 76%

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
500 Cleveland Blvd W Walker, MN	2.0	1.0	920	$1,800	$1.96	44d	1	0.69mi

Listing history 7 events

1. 2026-06-18
   days on market $180,000 Active 7 DOM
2. 2026-06-17
   days on market $180,000 Active 6 DOM
3. 2026-06-16
   days on market $180,000 Active 5 DOM
4. 2026-06-15
   days on market $180,000 Active 4 DOM
5. 2026-06-13
   days on market $180,000 Active 2 DOM
6. 2026-06-12
   remarks 687-char remark
7. 2026-06-12
   listed $180,000 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: $760 · $63/mo
• Projected year-2 tax: $1,388 · $116/mo
• Expected delta: +$628/yr (+$52/mo · 82.6%)

ⓘ 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 1/10 Low 7 d/yr ≥93°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,600
• − Mortgage interest: −$10,083
• − Property taxes: −$760
• − Insurance: −$900
• − Repairs & maintenance: −$1,728
• − Management: −$1,728
• − Depreciation: −$5,236
• Taxable income: $1,165
• Est. tax owed @ 24.0%: −$280
• After-tax cash flow: $3,797/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: Walker-Hackensack-Akeley School District
• NCES district ID: 2702910
• Math proficiency: 31% ▼ -11.00%
• Reading proficiency: 47% ▼ -7.00%
• Median HH income: $45,355
• Composite: 33.16/100
• National rank: #5549
• State rank: #232 of 301 in MN

Livability — Walker

• Score: 73/100
• State rank: #234
• US rank: #4999

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Walker, MN
• Population (ZIP): 3,252

Population outlook (Cass County) Hauer SSP2

• Today (2025): 27,371 people
• By 2030: 26,311 · -3.9%
• By 2040: 23,945 · -12.5%
• By 2050: 21,889 · -20.0%
• By 2075: 18,435 · -32.6%
• By 2100: 14,478 · -47.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Native American 17% Two or more races 6% Hispanic / Latino 2%
• Common ancestry: Portuguese 17% Lithuanian 3% Romanian 3%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 1% French/Haitian/Cajun 1%

Political lean MEDSL · Cass

• 2024 margin: Solid R (+33.4) · D 32.6% · R 66.0% · Other 1.3%
• 2008→2024 swing: -24.9pp toward R · 2008: -8.5pp · 2024: -33.4pp
• All cycles: 2024: R+33.4 2020: R+28.9 2016: R+31.7 2012: R+13.1 2008: R+8.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -24.95%
• Current HPI: 213.633
• 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

+367.5% since first listed

21 events — show timeline

• 2026-06-12 Listed $180,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-06-10 Coming Soon $180,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-12-18 Sold (Public Records) $76,000 Public Records
• 2014-12-17 Sold (MLS) $76,000 RASM
• 2014-12-17 Sold (MLS) $76,000 LSAR
• 2014-12-17 Sold (MLS) $76,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-10-21 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2014-09-03 Price Changed $80,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-08-21 Price Changed $82,500 NORTHSTARMLS as Distributed by MLS Grid
• 2014-07-23 Listed $84,900 NORTHSTARMLS as Distributed by MLS Grid
• 2014-07-23 Listed $80,000 RASM
• 2014-07-23 Listed $80,000 LSAR
• 2014-06-19 Price Changed $84,900 NORTHSTARMLS as Distributed by MLS Grid
• 2014-06-19 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2014-02-26 Listed $89,900 NORTHSTARMLS as Distributed by MLS Grid
• 2003-10-14 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2003-10-14 Sold (MLS) $57,000 NORTHSTARMLS as Distributed by MLS Grid
• 2003-10-01 Sold (Public Records) $57,000 Public Records
• 2001-09-24 Listed $64,900 NORTHSTARMLS as Distributed by MLS Grid
• 1997-03-01 Sold (Public Records) $38,500 Public Records
• 1992-10-01 Sold (Public Records) $38,500 Public Records

Property tax history

+0.7%/yr

Latest (2026): $760 · +4.1% YoY. Source: county tax records.