24 & 28 Main St W · Dodge Center, MN 55927

$375,000

5 bd · 4.0 ba · 4,357 sqft · MultiFamily · 323 Days on market

Built 1918 5,227 sqft lot ↓ 6% since listing

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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 +24.0/30.0
• DSCR +7.7/10.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• Livability +3.9/5.0
• Schools +3.1/10.0
• 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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Two brick buildings in a great downtown location. Properties features include 2 large main level retail spaces and 4 apartments upstairs. Great investment opportunity!

Key facts

• Downtown location
• 5,227 sq ft lot
• Built 1918

Tags

• DOWNTOWN LOCATION
• LARGE MAIN LEVEL RETAIL SPACES
• 4 APARTMENTS UPSTAIRS

What this means for you Summary

Snapshot

• This is a 5-bed/4.0-bath multifamily listed at $375k.

Deal economics

• At list price, monthly cash flow is $731 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $375k).
• Recommended offer: $330k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 77/100 on livability (#123 in MN, #2,825 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, amenities F, commute F.
• Triton School District (town): math 32% / reading 37% proficiency, ranked #247 of 301 in MN (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 27 active listings in the ZIP; 108 units permitted in Dodge County in 2024 (58 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 323 days — a 12% lower offer ($330k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $330,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 323 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 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.12% ✓
• Cap rate: 8.63%
• Cash-on-cash: 8.36%
• DSCR: 1.37
• GRM: 7.4

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: -3.6%
• Equity multiple: 0.87×
• Total profit: $-14,132
• Equity at exit: $55,914

10-year hold

• IRR: 6.1%
• Equity multiple: 1.46×
• Total profit: $47,919
• Equity at exit: $32,423

Cash invested: $105,000 (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 55927

• Home prices YoY: -15.7%
• Active inventory: 27
• Price-to-rent: 29.7×

Monthly cashflow live

• Estimated rent: $4,206 medium
• Mortgage (P&I): −$1,967
• Tax est. 1.5%: −$469 /mo · $5,625/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$883
• Net cashflow: $731

Break-even live

Break-even rent $3,280

Max offer price $375,000

Occupancy floor 78%

Sensitivity live

Price	-10% $990	-5% $861	+0% $731	+5% $602	+10% $472
Rent	-10% $399	-5% $565	+0% $731	+5% $897	+10% $1,063
Rate	-1.0pp $920	-0.5pp $827	base $731	+0.5pp $634	+1.0pp $535

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,204
Total (4 units)			$4,206

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: $93,750
• Closing costs: $11,250
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $375,000 Active 323 DOM
2. 2026-06-18
   days on market $375,000 Active 322 DOM
3. 2026-06-17
   days on market $375,000 Active 321 DOM
4. 2026-06-16
   days on market $375,000 Active 320 DOM
5. 2026-06-15
   days on market $375,000 Active 319 DOM
6. 2026-06-14
   days on market $375,000 Active 317 DOM
7. 2026-06-12
   days on market $375,000 Active 316 DOM
8. 2026-06-09
   days on market $375,000 Active 313 DOM
9. 2026-06-08
   days on market $375,000 Active 312 DOM
10. 2026-06-07
    days on market $375,000 Active 311 DOM
11. 2026-06-03
    days on market $375,000 Active 307 DOM
12. 2026-06-02
    days on market $375,000 Active 306 DOM
13. 2026-06-01
    days on market $375,000 Active 305 DOM
14. 2026-05-31
    days on market $375,000 Active 304 DOM
15. 2026-05-30
    days on market $375,000 Active 303 DOM
16. 2025-07-31
    listed $375,000 Active 167-char remark

    Show marketing remark (167 chars)

    Two brick buildings in a great downtown location. Properties features include 2 large main level retail spaces and 4 apartments upstairs. Great investment opportunity!

17. 2024-01-01
    historical
18. 2022-11-16
    listed $375,000 Active
19. 2022-07-20
    historical
20. 2022-05-18
    price $399,000
21. 2022-01-20
    listed $400,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $50,472
• − Mortgage interest: −$21,006
• − Property taxes: −$5,625
• − Insurance: −$1,875
• − Repairs & maintenance: −$4,038
• − Management: −$4,038
• − Depreciation: −$10,909
• Taxable income: $2,982
• Est. tax owed @ 24.0%: −$716
• After-tax cash flow: $8,059/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: Triton School District
• NCES district ID: 2740665
• Math proficiency: 32% ▼ -18.00%
• Reading proficiency: 37% ▼ -13.00%
• Median HH income: $59,143
• Composite: 30.79/100
• National rank: #6149
• State rank: #247 of 301 in MN

Livability — Dodge Center

• Score: 77/100
• State rank: #123
• US rank: #2825

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: Dodge Center, MN
• City population: 4,272
• Population (ZIP): 4,272

Population outlook (Dodge County) Hauer SSP2

• Today (2025): 21,008 people
• By 2030: 21,168 · +0.8%
• By 2040: 21,152 · +0.7%
• By 2050: 20,490 · -2.5%
• By 2075: 17,874 · -14.9%
• By 2100: 13,747 · -34.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 8% Two or more races 4% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Portuguese 18% Italian 2% Romanian 2%
• Foreign-born: 5% · Canada
• Languages at home: 88% English-only · Spanish 9% Tagalog/Filipino 1% German/W. Germanic 1%

Political lean MEDSL · Dodge

• 2024 margin: Solid R (+32.0) · D 33.0% · R 65.0% · Other 2.0%
• 2008→2024 swing: -22.2pp toward R · 2008: -9.8pp · 2024: -32.0pp
• All cycles: 2024: R+32.0 2020: R+30.4 2016: R+32.4 2012: R+10.1 2008: R+9.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -49.22%
• Current HPI: 264.0445
• 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

-6.2% since first listed

6 events — show timeline

• 2025-07-31 Listed $375,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-01-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2022-11-16 Listed $375,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-07-20 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2022-05-18 Price Changed $399,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-01-20 Listed $400,000 NORTHSTARMLS as Distributed by MLS Grid