509 12th St N · Wheaton, MN 56296

$119,900

4 bd · 2.0 ba · 1,583 sqft · SingleFamily · 8 Days on market

Built 1967 0.34 ac 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 +13.3/30.0
• Appreciation +8.7/10.0
• ARV discount +7.5/15.0
• 1% rule +5.9/10.0
• Schools +5.2/10.0
• DSCR +4.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Sold as-is, where-is, sight unseen. 4 bedroom attached double garage, large deck, 1.5 updated baths. being sold on auction June 29-July 1. for information www. servicelinkaction.com. This property is now under auction terms. All Bids must be submitted during the auction via the property’s listing page at www. servicelinkauction.com. This sale is subject to the auction Terms & Conditions. All bids will be subject to seller approval (minimums may apply).

Key facts

• 0.34 acre lot
• 2 garage spots
• Built 1967

Property features AI

Exterior

• Parking: Attached garage with 2 spaces; Garage door 7 ft wide by 8 ft high
• Utilities: City water connected; City sewer connected; Natural gas; Electric with circuit breakers (service by Ottertail Power)
• Home design: Residential property; Split entry (bi-level) design; Entry level on main level; Facing direction not specified
• Construction: Frame construction; Brick/mortar foundation; Foundation dimensions approximately 24 x 24
• Exterior features: Vinyl exterior; Deck; Storage shed; Irregular lot

Interior

• Kitchen: Stainless steel appliances
• Bedrooms: 4 bedrooms
• Bathrooms: 1 full bathroom on the upper level; 1 three-quarter bathroom
• Heating & cooling: Baseboard heating; Window air conditioning units
• Interior features: Stainless steel appliances; Finished basement
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $1 ($12/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).

Location & tenants

• Location reads 75/100 on livability (#178 in MN, #3,833 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Wheaton Area Public School District (rural): math 60% / reading 60% proficiency, ranked #149 of 467 in MN (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 6 active listings in the ZIP; 4 units permitted in Traverse County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($829 loan paydown + $9k appreciation (7.5% local appreciation)).
• Traverse County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (7.5% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price.

Recommended offer $119,900

Questions for the listing agent

1. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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 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: 1.09% ✓
• Cap rate: 6.30%
• Cash-on-cash: 0.04%
• DSCR: 1.00
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

7.5% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 18.9%
• Equity multiple: 2.36×
• Total profit: $45,783
• Equity at exit: $87,030

10-year hold

• IRR: 17.9%
• Equity multiple: 4.96×
• Total profit: $133,064
• Equity at exit: $169,017

Cash invested: $33,572 (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 56296

• Home prices YoY: 4.4%
• Active inventory: 6
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,307 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$352 /mo · $4,230/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$274
• Net cashflow: $1

Break-even live

Break-even rent $1,305

Max offer price $119,900

Occupancy floor 95%

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-18
   days on market $119,900 Active 8 DOM
2. 2026-06-17
   days on market $119,900 Active 7 DOM
3. 2026-06-16
   days on market $119,900 Active 6 DOM
4. 2026-06-15
   days on market $119,900 Active 5 DOM
5. 2026-06-13
   days on market $119,900 Active 3 DOM
6. 2026-06-12
   remarks 459-char remark
7. 2026-06-12
   listed $119,900 Active 2 DOM

ⓘ 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: $4,230 · $352/mo
• Projected year-2 tax: $4,230 · $352/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 12 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,680
• − Mortgage interest: −$6,716
• − Property taxes: −$4,230
• − Insurance: −$600
• − Repairs & maintenance: −$1,254
• − Management: −$1,254
• − Depreciation: −$3,488
• Taxable loss: −$1,863
• Est. tax savings @ 24.0%: +$447
• After-tax cash flow: $459/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: Wheaton Area Public School District
• NCES district ID: 2742330
• Math proficiency: 60% ▲ 5.00%
• Reading proficiency: 60% ▼ -3.00%
• Median HH income: $46,753
• Composite: 52.38/100
• National rank: #3421
• State rank: #149 of 467 in MN

Livability — Wheaton

• Score: 75/100
• State rank: #178
• US rank: #3833

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wheaton, MN
• Population (ZIP): 1,861

Population outlook (Traverse County) Hauer SSP2

• Today (2025): 3,258 people
• By 2030: 3,194 · -2.0%
• By 2040: 3,066 · -5.9%
• By 2050: 2,946 · -9.6%
• By 2075: 2,901 · -11.0%
• By 2100: 2,885 · -11.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 9% Two or more races 4% Native American 3%
• Hispanic origin (detail): Mexican 8% Puerto Rican 1%
• Common ancestry: Portuguese 13% Lithuanian 3% Scottish 3%
• Foreign-born: 3% · Canada
• Languages at home: 91% English-only · Spanish 7% German/W. Germanic 2% Tagalog/Filipino 1%

Political lean MEDSL · Traverse

• 2024 margin: Solid R (+31.5) · D 33.1% · R 64.7% · Other 2.2%
• 2008→2024 swing: -36.9pp toward R · 2008: 5.4pp · 2024: -31.5pp
• All cycles: 2024: R+31.5 2020: R+27.4 2016: R+23.4 2012: D+4.5 2008: D+5.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.50%
• Current HPI: 178.411
• 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

1 event — show timeline

• 2026-05-08 Listed $119,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+9.0%/yr

Latest (2026): $4,230 · +70.7% YoY. Source: county tax records.