516 3rd St S · Hallock, MN 56728

$134,900

2 bd · 2.0 ba · 1,304 sqft · SingleFamily public records · 21 Days on market

Built 1950 9,147 sqft lot

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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).

• Cash flow +7.8/30.0
• Appreciation +7.6/10.0
• ARV discount +7.5/15.0
• Schools +5.9/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.9/10.0
• 1% rule +1.7/10.0

Listing remarks

Welcome to this spacious and well-maintained home in Hallock! Offering over 2,300 sq ft, this 2 bedroom (plus non-egress basement bedroom) and 2 bath home has room to spread out and enjoy. You'll love the large kitchen and dining areas--perfect for everyday living or entertaining. The finished basement features a cozy gas stove, creating a great second living space. Updated bathrooms add a modern touch, while the fenced yard and single-stall garage provide convenience and functionality. Located close to the local hospital and schools, this home offers both comfort and convenience. All of this at an affordable price -- don't miss your chance to take a look!

Key facts

• Close to schools
• Fenced yard
• Large kitchen

Tags

• LARGE KITCHEN
• FINISHED BASEMENT
• FENCED YARD
• SINGLE-STALL GARAGE
• CLOSE TO LOCAL HOSPITAL
• CLOSE TO SCHOOLS

Property features AI

Exterior

• Parking: Attached garage (1 car)
• Utilities: Public water; Natural gas available
• Home design: Single family residence; One level
• Construction: Wood siding; Above-grade finished area 1,304; Total area 2,384
• Exterior features: Deck

Interior

• Bathrooms: One full bathroom; One three-quarter bathroom
• Heating & cooling: Has cooling
• Interior features: Gas fireplace (1); Full basement

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $-150 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $108k (19.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $90k (33.4% below list).
• Recommended offer: $90k (33.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 78/100 on livability (#104 in MN, #2,386 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Kittson Central School District (rural): math 65% / reading 70% proficiency, ranked #60 of 467 in MN (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 17% free/reduced lunch — higher-income household profile.
• Market conditions: 7 active listings in the ZIP; 4 units permitted in Kittson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($933 loan paydown + $7k appreciation (5.2% local appreciation)).
• Kittson County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($133k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $89,833 (33.4% 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. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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 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: 0.67% ✗
• Cap rate: 4.96%
• Cash-on-cash: -4.75%
• DSCR: 0.79
• GRM: 12.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.22% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 9.5%
• Equity multiple: 1.61×
• Total profit: $23,209
• Equity at exit: $78,230

10-year hold

• IRR: 11.0%
• Equity multiple: 3.05×
• Total profit: $77,600
• Equity at exit: $136,513

Cash invested: $37,772 (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 56728

• Home prices YoY: 4.2%
• Active inventory: 7
• Price-to-rent: 12.5×

Monthly cashflow live

• Estimated rent: $898 medium
• Mortgage (P&I): −$707
• Tax from tax record: −$96 /mo · $1,148/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$189
• Net cashflow: $-150

Break-even live

Break-even rent $1,088

Max offer price $108,468

Occupancy floor —

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-06
   status Pending
2. 2026-04-29
   historical Active Under Contract
3. 2026-04-15
   listed $134,900 Active

ⓘ 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: $1,148 · $96/mo
• Projected year-2 tax: $1,329 · $111/mo
• Expected delta: +$181/yr (+$15/mo · 15.8%)

ⓘ 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 6/10 Major
• 🌡 Heat 2/10 Low 7 d/yr ≥95°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,780
• − Mortgage interest: −$7,556
• − Property taxes: −$1,148
• − Insurance: −$674
• − Repairs & maintenance: −$862
• − Management: −$862
• − Depreciation: −$3,924
• Taxable loss: −$4,248
• Est. tax savings @ 24.0%: +$1,020
• After-tax cash flow: $-776/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: Kittson Central School District
• NCES district ID: 2791447
• Math proficiency: 65% ▼ -5.00%
• Reading proficiency: 70% ▬ 0.00%
• Median HH income: $56,425
• Composite: 59.2/100
• National rank: #1936
• State rank: #60 of 467 in MN

Livability — Hallock

• Score: 78/100
• State rank: #104
• US rank: #2386

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hallock, MN
• Population (ZIP): 1,149

Population outlook (Kittson County) Hauer SSP2

• Today (2025): 4,195 people
• By 2030: 4,100 · -2.3%
• By 2040: 3,952 · -5.8%
• By 2050: 3,869 · -7.8%
• By 2075: 3,832 · -8.7%
• By 2100: 3,529 · -15.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Portuguese 21% Romanian 9% Scottish 5%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 4% German/W. Germanic 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Kittson

• 2024 margin: Strong R (+25.0) · D 36.5% · R 61.5% · Other 2.0%
• 2008→2024 swing: -43.5pp toward R · 2008: 18.5pp · 2024: -25.0pp
• All cycles: 2024: R+25.0 2020: R+20.5 2016: R+22.3 2012: D+6.1 2008: D+18.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.22%
• Current HPI: 128.2236
• 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

3 events — show timeline

• 2026-05-06 Pending — GFAAR
• 2026-04-29 Contingent — GFAAR
• 2026-04-15 Listed $134,900 GFAAR

Property tax history

+0.6%/yr

Latest (2025): $1,148 · +5.7% YoY. Source: county tax records.