4787 Whitetail Rd NE

Bemidji, MN 56601

$219,900F

2 bd · 1.0 ba · 900 sqft · Built 1982 · SingleFamily · Pending · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,342/mo
• Mortgage (P&I): −$1,153
• Tax + insurance: −$199
• HOA: −$0
• Vac / Maint / Mgmt: −$282
• Net cashflow: $-293/mo
• Annual: $-3,511/yr
• Cap rate: 4.70%
• Cash-on-cash: -5.70%
• DSCR: 0.75
• 1% rule: 0.61%
• Cash to close: $61,572

Investor read

• This is a 2-bed/1.0-bath single-family listed at $220k.
• At list price, monthly cash flow is $-293 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $168k (23.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $134k (39.0% below list).
• It's been on market 35 days — a 3% lower offer ($213k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $134k (39.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#252 in MN) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, health & safety A+; Watch: crime F, commute F, employment F.
• Bemidji Public School District (rural): math 42% / reading 50% proficiency, ranked #173 of 301 in MN (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.0%/yr); 345 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 165 units permitted in Beltrami County in 2024 (81 in 5+ unit buildings).
• Current owner paid $24k; list at $220k implies a 816% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.7% vs local median 3.6% in Bemidji — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Questions for listing agent

• 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?
• It's been on market 35 days. Have you received any prior offers? Is the seller open to a 39% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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?
• 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.
• 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.