1000 9th Street South #117 · St. James, MN 56081

$77,500

2 bd · 1.0 ba · 1,066 sqft · Condo · 81 Days on market

Built 1996 $73/sqft · 34% below area Est $117k · 34% under $620/mo HOA · 75% of rent

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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).

• ARV discount +15.0/15.0
• Appreciation +9.5/10.0
• 1% rule +5.6/10.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +0.0/30.0
• DSCR +0.0/10.0

Listing remarks MLS

Two-bedroom unit with an excellent floor plan in the Homestead Cooperative of St. James. There is a very open layout with entry, dining area, living room, & kitchen, hallway leading to the bedrooms and bathroom. The primary has spacious walk-in closet. The bathroom has a step-in shower. There is a large pantry that can be used as additional storage or possible office. Each unit has an assigned storage closet and an optional garage space. This complex has many amenities including community room, kitchen, craft/recreation room with pool table, laundry facilities, beauty shop, exercise room, storage areas with closets designated to each unit, attached garage, men and women bathrooms, lobby, and front office. Schedule your showing today to see everything the Homestead has to offer!

Key facts

• Walk-in closet
• Open layout
• Large pantry

Tags

• OPEN LAYOUT
• WALK-IN CLOSET
• STEP-IN SHOWER
• LARGE PANTRY
• ASSIGNED STORAGE CLOSET
• COMMUNITY ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $78k.

Deal economics

• At list price, monthly cash flow is $-504 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $5k (94.1% below list).
• Meets the 1% rule at list price ($825 rent vs $78k).
• Recommended offer: $5k (94.1% below list) — sets the bar for cash-flow.
• Cap rate -1.5% vs local median 3.5% in St. James — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• St. James Public School District (town): math 36% / reading 43% proficiency, ranked #226 of 301 in MN (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: St. James Northside Elementary (math 45% / reading 42%, grade F, #569 of 857 statewide, top 67%, 480 students, 66% FRL); St. James Middle/High School (math 29% / reading 43%, grade F, #300 of 471 statewide, top 64%, 551 students, 60% FRL) — zoned schools average 63% FRL vs 43% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 32 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 4 units permitted in Watonwan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($536 loan paydown + $7k appreciation (9.0% local appreciation)).
• Watonwan County population projected to shrink 10% 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 81 days — a 6% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y 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: HOA is 75% of rent.

Recommended offer $4,594 (94.1% 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. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 94% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.06% ✓
• Cap rate: -1.51%
• Cash-on-cash: -27.86%
• DSCR: -0.24
• GRM: 7.8

CMA / ARV

• ARV (median comp): $117,242
• List price: $77,500
• Delta: -33.90%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

9.04% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 3.1%
• Equity multiple: 1.25×
• Total profit: $5,484
• Equity at exit: $64,468

10-year hold

• IRR: 6.6%
• Equity multiple: 2.90×
• Total profit: $41,124
• Equity at exit: $133,702

Cash invested: $21,700 (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 56081

• Home prices YoY: 3.2%
• Active inventory: 32
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $825 medium
• Mortgage (P&I): −$406
• Tax est. 1.5%: −$97 /mo · $1,162/yr
• Insurance: −$32
• HOA: −$620
• Vacancy / Maint / Mgmt: −$173
• Net cashflow: $-504

Break-even live

Break-even rent $1,463

Max offer price $4,594

Occupancy floor —

Sensitivity live

Price	-10% $-450	-5% $-477	+0% $-504	+5% $-531	+10% $-557
Rent	-10% $-569	-5% $-536	+0% $-504	+5% $-471	+10% $-439
Rate	-1.0pp $-465	-0.5pp $-484	base $-504	+0.5pp $-524	+1.0pp $-544

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: $19,375
• Closing costs: $2,325
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1212 Heckman Ct Unit 1 St James, MN	1.0	1.0	1100	$825	$0.75	45d	1	0.42mi

HOA detail condo

• Monthly dues: $620 · $7,440/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 26 events

1. 2026-06-22
   days on market $77,500 Active 81 DOM
2. 2026-06-21
   days on market $77,500 Active 80 DOM
3. 2026-06-21
   days on market $77,500 Active 79 DOM
4. 2026-06-18
   days on market $77,500 Active 77 DOM
5. 2026-06-17
   days on market $77,500 Active 76 DOM
6. 2026-06-16
   days on market $77,500 Active 75 DOM
7. 2026-06-15
   days on market $77,500 Active 74 DOM
8. 2026-06-13
   days on market $77,500 Active 72 DOM
9. 2026-06-12
   days on market $77,500 Active 71 DOM
10. 2026-06-09
    days on market $77,500 Active 68 DOM
11. 2026-06-08
    days on market $77,500 Active 67 DOM
12. 2026-06-07
    days on market $77,500 Active 66 DOM
13. 2026-06-05
    days on market $77,500 Active 64 DOM
14. 2026-06-04
    days on market $77,500 Active 62 DOM
15. 2026-06-02
    days on market $77,500 Active 61 DOM
16. 2026-06-01
    days on market $77,500 Active 60 DOM
17. 2026-05-31
    days on market $77,500 Active 59 DOM
18. 2026-05-31
    days on market $77,500 Active 58 DOM
19. 2026-04-02
    listed $77,500 Active 793-char remark

    Show marketing remark (793 chars)

    Two-bedroom unit with an excellent floor plan in the Homestead Cooperative of St. James. There is a very open layout with entry, dining area, living room, & kitchen, hallway leading to the bedrooms and bathroom. The primary has spacious walk-in closet. The bathroom has a step-in shower. There is a large pantry that can be used as additional storage or possible office. Each unit has an assigned storage closet and an optional garage space. This complex has many amenities including community room, kitchen, craft/recreation room with pool table, laundry facilities, beauty shop, exercise room, storage areas with closets designated to each unit, attached garage, men and women bathrooms, lobby, and front office. Schedule your showing today to see everything the Homestead has to offer!

20. 2024-07-31
    soldstatus $70,000 Closed 288-char remark

    Show marketing remark (288 chars)

    A great opportunity to purchase a two-bedroom one bathroom unit in Homestead Cooperative in Saint James, Minnesota. Updated carpet and appliances throughout. All snow removal and lawn care are taken care of throughout the year. Come be a part of this wonderful community within Homestead.

21. 2024-07-15
    status Pending 288-char remark

    Show marketing remark (288 chars)

    A great opportunity to purchase a two-bedroom one bathroom unit in Homestead Cooperative in Saint James, Minnesota. Updated carpet and appliances throughout. All snow removal and lawn care are taken care of throughout the year. Come be a part of this wonderful community within Homestead.

22. 2024-05-24
    price $75,000 288-char remark

    Show marketing remark (288 chars)

    A great opportunity to purchase a two-bedroom one bathroom unit in Homestead Cooperative in Saint James, Minnesota. Updated carpet and appliances throughout. All snow removal and lawn care are taken care of throughout the year. Come be a part of this wonderful community within Homestead.

23. 2024-03-19
    listed $79,500 Active 288-char remark

    Show marketing remark (288 chars)

    A great opportunity to purchase a two-bedroom one bathroom unit in Homestead Cooperative in Saint James, Minnesota. Updated carpet and appliances throughout. All snow removal and lawn care are taken care of throughout the year. Come be a part of this wonderful community within Homestead.

24. 2019-02-02
    historical
25. 2018-07-20
    soldstatus $58,000
26. 2017-11-15
    listed $67,000

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $9,900
• − Mortgage interest: −$4,341
• − Property taxes: −$1,162
• − Insurance: −$388
• − Repairs & maintenance: −$792
• − Management: −$792
• − HOA: −$7,440
• − Depreciation: −$2,255
• Taxable loss: −$7,270
• Est. tax savings @ 24.0%: +$1,745
• After-tax cash flow: $-4,301/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: St. James Public School District
• NCES district ID: 2733600
• Math proficiency: 36% ▼ -20.00%
• Reading proficiency: 43% ▼ -14.00%
• Median HH income: $48,256
• Composite: 33.89/100
• National rank: #5345
• State rank: #226 of 301 in MN

Livability — St. James

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: St. James, MN
• City population: 6,092
• Population (ZIP): 6,092

Population outlook (Watonwan County) Hauer SSP2

• Today (2025): 10,579 people
• By 2030: 10,354 · -2.1%
• By 2040: 9,923 · -6.2%
• By 2050: 9,558 · -9.7%
• By 2075: 9,236 · -12.7%
• By 2100: 8,812 · -16.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Hispanic / Latino 35% Two or more races 9%
• Hispanic origin (detail): Mexican 25%
• Common ancestry: Portuguese 15% Italian 1% Romanian 1%
• Foreign-born: 14% · Canada
• Languages at home: 71% English-only · Spanish 29%

Political lean MEDSL · Watonwan

• 2024 margin: Strong R (+27.8) · D 35.1% · R 62.9% · Other 2.0%
• 2008→2024 swing: -28.5pp toward R · 2008: 0.7pp · 2024: -27.8pp
• All cycles: 2024: R+27.8 2020: R+21.5 2016: R+19.2 2012: R+0.5 2008: D+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 9.04%
• Current HPI: 292.2265
• 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

+15.7% since first listed

8 events — show timeline

• 2026-04-02 Listed $77,500 RASM
• 2024-07-31 Sold (MLS) $70,000 RASM
• 2024-07-15 Pending — RASM
• 2024-05-24 Price Changed $75,000 RASM
• 2024-03-19 Listed $79,500 RASM
• 2019-02-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2018-07-20 Sold (MLS) $58,000 NORTHSTARMLS as Distributed by MLS Grid
• 2017-11-15 Listed $67,000 NORTHSTARMLS as Distributed by MLS Grid