220 Grace Ave · Iona, MN 56141

$139,000

5 bd · 2.0 ba · 1,738 sqft · SingleFamily · 156 Days on market

Built 1890 10,846 sqft lot ↓ 7% 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 +19.4/30.0
• ARV discount +7.5/15.0
• DSCR +6.1/10.0
• Schools +5.5/10.0
• Appreciation +5.0/10.0
• 1% rule +4.6/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Looking for a home that feels like "home"? This spacious 5-bedroom residence perfectly balances its original vintage soul with the clean, fresh updates you’ve been looking for. Why You’ll Love It: The main floor features gorgeous original wood floors that add a sense of history and warmth you just can't find in new builds. Enjoy fresh paint throughout and brand-new, plush carpeting in the bedrooms for ultimate comfort. Large, updated windows let the sunlight pour in while keeping the home quiet and energy-efficient. Space for Everyone: With five bedrooms, you have all the flexibility you need for guests, office, or a dedicated playroom. This home has a unique personality and a "lived-in" charm. It’s the perfect spot for anyone who appreciates a house with a story but wants the ease of modern updates.

Key facts

• 0.25 acre lot
• Built 1890
• Listed 155 days

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $139k.

Deal economics

• At list price, monthly cash flow is $156 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $133k (4.4% below list).
• Recommended offer: $122k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 61/100 on livability (#725 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety D+, crime D, schools F.
• Murray County Central School District (rural): math 68% / reading 60% proficiency, ranked #28 of 301 in MN (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 3 active listings in the ZIP; 21 units permitted in Murray County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($961 loan paydown + $4k appreciation (3.0% local appreciation)).
• Murray County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 156 days — a 12% lower offer ($122k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $122,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 156 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 1890 — 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. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is D 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?
7. 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.
8. 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.
9. 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: 0.96% ✗
• Cap rate: 7.64%
• Cash-on-cash: 4.80%
• DSCR: 1.21
• GRM: 8.7

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: 12.0%
• Equity multiple: 1.68×
• Total profit: $26,638
• Equity at exit: $62,500

10-year hold

• IRR: 14.0%
• Equity multiple: 3.08×
• Total profit: $80,929
• Equity at exit: $96,321

Cash invested: $38,920 (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 56141

• Active inventory: 3
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,329 medium
• Mortgage (P&I): −$729
• Tax from tax record: −$108 /mo · $1,292/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $156

Break-even live

Break-even rent $1,132

Max offer price $139,000

Occupancy floor 83%

Sensitivity live

Price	-10% $234	-5% $195	+0% $156	+5% $116	+10% $77
Rent	-10% $51	-5% $103	+0% $156	+5% $208	+10% $261
Rate	-1.0pp $226	-0.5pp $191	base $156	+0.5pp $120	+1.0pp $83

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $139,000 Active 156 DOM
2. 2026-06-18
   days on market $139,000 Active 154 DOM
3. 2026-06-17
   days on market $139,000 Active 153 DOM
4. 2026-06-16
   days on market $139,000 Active 152 DOM
5. 2026-06-15
   days on market $139,000 Active 151 DOM
6. 2026-06-13
   days on market $139,000 Active 149 DOM
7. 2026-06-12
   days on market $139,000 Active 148 DOM
8. 2026-06-09
   days on market $139,000 Active 145 DOM
9. 2026-06-08
   days on market $139,000 Active 144 DOM
10. 2026-06-07
    days on market $139,000 Active 143 DOM
11. 2026-06-07
    days on market $139,000 Active 142 DOM
12. 2026-06-04
    days on market $139,000 Active 139 DOM
13. 2026-06-02
    days on market $139,000 Active 138 DOM
14. 2026-06-01
    days on market $139,000 Active 137 DOM
15. 2026-05-31
    days on market $139,000 Active 136 DOM
16. 2026-05-31
    days on market $139,000 Active 135 DOM
17. 2026-04-06
    price $139,000 850-char remark

    Show marketing remark (850 chars)

    Looking for a home that feels like "home"? This spacious 5-bedroom residence perfectly balances its original vintage soul with the clean, fresh updates you’ve been looking for. Why You’ll Love It: The main floor features gorgeous original wood floors that add a sense of history and warmth you just can't find in new builds. Enjoy fresh paint throughout and brand-new, plush carpeting in the bedrooms for ultimate comfort. Large, updated windows let the sunlight pour in while keeping the home quiet and energy-efficient. Space for Everyone: With five bedrooms, you have all the flexibility you need for guests, office, or a dedicated playroom. This home has a unique personality and a "lived-in" charm. It’s the perfect spot for anyone who appreciates a house with a story but wants the ease of modern updates.

18. 2026-01-16
    listed $149,000 Active 850-char remark

    Show marketing remark (850 chars)

    Looking for a home that feels like "home"? This spacious 5-bedroom residence perfectly balances its original vintage soul with the clean, fresh updates you’ve been looking for. Why You’ll Love It: The main floor features gorgeous original wood floors that add a sense of history and warmth you just can't find in new builds. Enjoy fresh paint throughout and brand-new, plush carpeting in the bedrooms for ultimate comfort. Large, updated windows let the sunlight pour in while keeping the home quiet and energy-efficient. Space for Everyone: With five bedrooms, you have all the flexibility you need for guests, office, or a dedicated playroom. This home has a unique personality and a "lived-in" charm. It’s the perfect spot for anyone who appreciates a house with a story but wants the ease of modern updates.

19. 2026-01-10
    historical $149,000 850-char remark

    Show marketing remark (850 chars)

    Looking for a home that feels like "home"? This spacious 5-bedroom residence perfectly balances its original vintage soul with the clean, fresh updates you’ve been looking for. Why You’ll Love It: The main floor features gorgeous original wood floors that add a sense of history and warmth you just can't find in new builds. Enjoy fresh paint throughout and brand-new, plush carpeting in the bedrooms for ultimate comfort. Large, updated windows let the sunlight pour in while keeping the home quiet and energy-efficient. Space for Everyone: With five bedrooms, you have all the flexibility you need for guests, office, or a dedicated playroom. This home has a unique personality and a "lived-in" charm. It’s the perfect spot for anyone who appreciates a house with a story but wants the ease of modern updates.

ⓘ 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: $1,292 · $108/mo
• Projected year-2 tax: $1,424 · $119/mo
• Expected delta: +$132/yr (+$11/mo · 10.2%)

ⓘ 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 ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,952
• − Mortgage interest: −$7,786
• − Property taxes: −$1,292
• − Insurance: −$695
• − Repairs & maintenance: −$1,276
• − Management: −$1,276
• − Depreciation: −$4,044
• Taxable loss: −$417
• Est. tax savings @ 24.0%: +$100
• After-tax cash flow: $1,968/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: Murray County Central School District
• NCES district ID: 2700090
• Math proficiency: 68% ▲ 8.00%
• Reading proficiency: 60% ▼ -6.00%
• Median HH income: $50,848
• Composite: 54.52/100
• National rank: #1344
• State rank: #28 of 301 in MN

Livability — Iona

• Score: 61/100
• State rank: #725
• US rank: #17488

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Iona, MN
• Population (ZIP): 338

Population outlook (Murray County) Hauer SSP2

• Today (2025): 7,978 people
• By 2030: 7,715 · -3.3%
• By 2040: 7,213 · -9.6%
• By 2050: 6,820 · -14.5%
• By 2075: 6,371 · -20.1%
• By 2100: 5,729 · -28.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 8%
• Common ancestry: Portuguese 10% Iranian 8% Romanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 93% English-only · Other Asian/Pacific 6% Spanish 1%

Political lean MEDSL · Murray

• 2024 margin: Solid R (+42.4) · D 27.9% · R 70.4% · Other 1.7%
• 2008→2024 swing: -42.9pp toward R · 2008: 0.5pp · 2024: -42.4pp
• All cycles: 2024: R+42.4 2020: R+39.1 2016: R+36.2 2012: R+7.2 2008: D+0.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

-6.7% since first listed

3 events — show timeline

• 2026-04-06 Price Changed $139,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-16 Listed $149,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-10 Coming Soon $149,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+12.9%/yr

Latest (2026): $1,292 · +90.6% YoY. Source: county tax records.