401 4th St NW · Wadena, MN 56482

$79,900

1 bd · 1.0 ba · 816 sqft · SingleFamily public records · 17 Days on market

Built 1930 7,492 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 +23.1/30.0
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• 1% rule +5.6/10.0
• Livability +3.4/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

BACK ON THE MARKET!! Smaller home in NW Wadena. Roof, siding, windows, flooring, bath, some electric done after tornado of 2010. Great starter or rental property.

Key facts

• 7,492 sq ft lot
• Built 1930
• Listed 17 days

Property features AI

Finance

• Other: Property type: Residential; Lot approx. 0.172 acres (dimensions 50 x 150); Publicly maintained city street with curbs, paved surface and street lights; No pool; Other detached structure on site
• Financial info: Conventional financing available

Exterior

• Parking: Driveway with non-standard surface
• Utilities: City water connected; City sewer connected; Natural gas fuel; Electric service
• Home design: Residential property; One story; Main-level living
• Construction: Frame construction; Asphalt roof; Block foundation; Built-on/block foundation dimensions approx. 24 x 34
• Exterior features: Vinyl exterior; Enclosed rear porch; Rear porch

Interior

• Kitchen: Range; Refrigerator; Electric water heater
• Bedrooms: 1 bedroom on the main level (approx. 9.3 x 13.3)
• Bathrooms: 1 three-quarter bathroom
• Heating & cooling: Forced air heating; Window air conditioning unit(s)
• Interior features: Informal dining area; Enclosed rear porch
• Laundry & utility: Washer; Dryer (laundry in basement)

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $143 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($844 rent vs $80k).
• Recommended offer: $79k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 3.3% in Wadena — 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 67/100 on livability (#433 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety C-, amenities F, commute F.
• Wadena-Deer Creek School District (town): math 33% / reading 45% proficiency, ranked #235 of 301 in MN (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Wadena-Deer Creek Elementary (math 42% / reading 32%, grade F, #636 of 857 statewide, top 76%, 449 students, 62% FRL); Wadena-Deer Creek 5Th And 6Th Grade (math 27% / reading 57%, grade D-, #131 of 258 statewide, top 53%, 170 students, 58% FRL); Wadena-Deer Creek Senior High (math 32% / reading 47%, grade F, #246 of 471 statewide, top 59%, 469 students, 50% FRL) — zoned schools average 57% FRL vs 40% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 50 active listings in the ZIP; 52 units permitted in Wadena County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Wadena County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $14k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $34k; list at $80k implies a 133% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $78,701 (1.5% below list)

Questions for the listing agent

1. Built in 1930 — 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. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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.
5. 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.
6. 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: 1.06% ✓
• Cap rate: 8.44%
• Cash-on-cash: 7.66%
• DSCR: 1.34
• GRM: 7.9

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: -4.6%
• Equity multiple: 0.83×
• Total profit: $-3,855
• Equity at exit: $11,913

10-year hold

• IRR: 5.1%
• Equity multiple: 1.37×
• Total profit: $8,339
• Equity at exit: $6,908

Cash invested: $22,372 (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 56482

• Home prices YoY: -7.6%
• Active inventory: 50
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $844 medium
• Mortgage (P&I): −$419
• Tax from tax record: −$72 /mo · $858/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$177
• Net cashflow: $143

Break-even live

Break-even rent $663

Max offer price $79,900

Occupancy floor 78%

Sensitivity live

Price	-10% $188	-5% $165	+0% $143	+5% $120	+10% $98
Rent	-10% $76	-5% $110	+0% $143	+5% $176	+10% $210
Rate	-1.0pp $183	-0.5pp $163	base $143	+0.5pp $122	+1.0pp $101

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-21
   days on market $79,900 Active 17 DOM
2. 2026-06-21
   days on market $79,900 Active 16 DOM
3. 2026-06-18
   days on market $79,900 Active 14 DOM
4. 2026-06-17
   days on market $79,900 Active 13 DOM
5. 2026-06-16
   days on market $79,900 Active 12 DOM
6. 2026-06-15
   days on market $79,900 Active 11 DOM
7. 2026-06-13
   days on market $79,900 Active 9 DOM
8. 2026-06-12
   days on market $79,900 Active 8 DOM
9. 2026-06-09
   days on market $79,900 Active 5 DOM
10. 2026-06-08
    days on market $79,900 Active 4 DOM
11. 2026-06-07
    days on market $79,900 Active 3 DOM
12. 2026-06-07
    days on marketlisting id $79,900 Active 2 DOM
13. 2026-06-04
    days on market $79,900 Active 148 DOM
14. 2026-06-02
    days on market $79,900 Active 147 DOM
15. 2026-06-01
    days on market $79,900 Active 146 DOM
16. 2026-05-31
    days on market $79,900 Active 145 DOM
17. 2026-05-31
    days on market $79,900 Active 144 DOM
18. 2026-05-27
    status Active
19. 2026-05-27
    historical Contingent - Subject to Financing
20. 2026-05-09
    historical
21. 2026-05-01
    historical Contingent - Subject to Financing
22. 2026-04-29
    historical
23. 2026-02-18
    historical Contingent - Subject to Financing
24. 2026-02-16
    price $79,900
25. 2025-12-17
    listed $93,600 Active
26. 2006-08-01
    soldstatus $34,265

ⓘ 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: $858 · $72/mo
• Projected year-2 tax: $876 · $73/mo
• Expected delta: +$18/yr (+$2/mo · 2.1%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥95°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,126
• − Mortgage interest: −$4,476
• − Property taxes: −$858
• − Insurance: −$400
• − Repairs & maintenance: −$810
• − Management: −$810
• − Depreciation: −$2,324
• Taxable income: $448
• Est. tax owed @ 24.0%: −$108
• After-tax cash flow: $1,606/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: Wadena-Deer Creek School District
• NCES district ID: 2700022
• Math proficiency: 33% ▼ -15.00%
• Reading proficiency: 45% ▼ -11.00%
• Median HH income: $38,917
• Composite: 32.56/100
• National rank: #5683
• State rank: #235 of 301 in MN

Livability — Wadena

• Score: 67/100
• State rank: #433
• US rank: #10325

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wadena, MN
• Population (ZIP): 7,494

Population outlook (Wadena County) Hauer SSP2

• Today (2025): 13,856 people
• By 2030: 13,689 · -1.2%
• By 2040: 13,382 · -3.4%
• By 2050: 13,062 · -5.7%
• By 2075: 12,185 · -12.1%
• By 2100: 10,297 · -25.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 7% Hispanic / Latino 3%
• Common ancestry: Portuguese 12% Romanian 2% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · German/W. Germanic 2% Spanish 1%

Political lean MEDSL · Wadena

• 2024 margin: Solid R (+51.5) · D 23.6% · R 75.1% · Other 1.2%
• 2008→2024 swing: -34.1pp toward R · 2008: -17.4pp · 2024: -51.5pp
• All cycles: 2024: R+51.5 2020: R+45.5 2016: R+45.7 2012: R+24.4 2008: R+17.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -18.45%
• Current HPI: 223.9404
• 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

+133.2% since first listed

9 events — show timeline

• 2026-05-27 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-27 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-09 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-01 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-29 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-18 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-16 Price Changed $79,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-17 Listed $93,600 NORTHSTARMLS as Distributed by MLS Grid
• 2006-08-01 Sold (Public Records) $34,265 Public Records

Property tax history

+6.4%/yr

Latest (2026): $858 · +6.5% YoY. Source: county tax records.