109 S 4th St · Mankato, MN 56001

$209,900

3 bd · 1.0 ba · 1,638 sqft · SingleFamily public records · 163 Days on market

Built 1921 5,227 sqft lot $128/sqft · 6% below area Est $213k · at est.

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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 +24.4/30.0
• ARV discount +8.2/15.0
• DSCR +7.9/10.0
• 1% rule +6.4/10.0
• Rent growth +4.6/5.0
• Schools +4.4/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This versatile three-bedroom single-family home comes with a rental license and no occupancy limit, making it an excellent investment opportunity. The property features a spacious lot that extends to the alley, complete with a 29x22 parking pad. The main floor boasts beautiful original oak flooring and woodwork throughout the enclosed front entry, living room, dining room, and sunroom with charming French doors, as well as the kitchen. Upstairs, you'll find three bedrooms and an updated full bathroom. Additional space includes a walk-up attic and a full, unfinished basement. The home also benefits from several new windows, enhancing its overall appeal and comfort.

Key facts

• Woodwork
• Spacious lot
• 29x22 parking pad

Tags

• SPACIOUS LOT
• 29X22 PARKING PAD
• ORIGINAL OAK FLOORING
• WOODWORK
• ENCLOSED FRONT ENTRY
• UPDATED FULL BATHROOM

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $210k.

Deal economics

• At list price, monthly cash flow is $426 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $210k).
• Recommended offer: $185k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 3.4% in Mankato — 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 77/100 on livability (#133 in MN, #2,970 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: crime C-, amenities C-, commute F.
• Mankato Public School District (urban): math 48% / reading 56% proficiency, ranked #98 of 301 in MN (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+8.6%/yr); 352 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 269 units permitted in Blue Earth County in 2024 (154 in 5+ unit buildings).
• This rent runs 41% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Blue Earth County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $59k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 163 days — a 12% lower offer ($185k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y 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.
• Current owner paid $122k; list at $210k implies a 72% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $184,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 163 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 1921 — 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 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?
6. 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.
7. 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.
8. 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: 1.14% ✓
• Cap rate: 8.73%
• Cash-on-cash: 8.70%
• DSCR: 1.39
• GRM: 7.3

CMA / ARV

• ARV (median comp): $213,414
• List price: $209,900
• Delta: -1.65%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
133 Lincoln St	0.59mi	3/1.0	1,596 (-3%)	3mo	$189,000	$118	66
309 Locust St	0.35mi	3/2.5	1,716 (+5%)	7mo	$274,000	$160	64
212 Locke St	0.60mi	3/1.5	1,657 (+1%)	8mo	$203,000	$123	62
315 Byron St	0.66mi	4/2.0 (+1)	1,604 (-2%)	1mo	$179,500	$112	56
216 E Vine St	0.60mi	4/2.0 (+1)	1,600 (-2%)	4mo	$60,000	$38	56
120 Hannah St	0.31mi	3/1.5	1,425 (-13%)	10mo	$280,000	$196	54
913 N 4th St	0.68mi	3/2.0	1,499 (-8%)	5mo	$219,900	$147	46
132 Coy St	0.47mi	2/1.0 (-1)	1,852 (+13%)	8mo	$276,000	$149	44
817 N 4th St	0.61mi	3/1.5	1,422 (-13%)	6mo	$180,000	$127	42
223 State St	0.74mi	2/2.0 (-1)	1,724 (+5%)	8mo	$220,000	$128	41
313 Range St	0.59mi	4/2.0 (+1)	1,421 (-13%)	1mo	$70,000	$49	40
420 South	0.70mi	3/2.0	1,470 (-10%)	10mo	$220,000	$150	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 2.4%
• Equity multiple: 1.10×
• Total profit: $5,788
• Equity at exit: $31,297

10-year hold

• IRR: 16.4%
• Equity multiple: 2.66×
• Total profit: $97,581
• Equity at exit: $18,148

Cash invested: $58,772 (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 56001

• Rents YoY: 8.6%
• Active inventory: 352
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,387 high
• Mortgage (P&I): −$1,101
• Tax from tax record: −$272 /mo · $3,258/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$501
• Net cashflow: $426

Break-even live

Break-even rent $1,848

Max offer price $209,900

Occupancy floor 77%

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: $52,475
• Closing costs: $6,297
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
201 N Riverfront Dr Apt 501 Mankato, MN	2.0	2.0	2045	$3,725	$1.82	43d	1	0.25mi
101 Glenwood Ave Mankato, MN	2.0–3.0	1.0	1075	$1,330	$1.24	43d	8	0.41mi
320 E Lafayette St Mankato, MN	2.0	1.0	1122	$1,545	$1.38	43d	1	0.76mi
1050 Marsh St Unit 326 Van Tol Mankato, MN	3.0	2.0	1461	$2,360	$1.62	43d	1	0.78mi
200 Briargate Rd Mankato, MN	1.0–3.0	1.0–3.0	912	$1,799	$1.97	43d	32	1.07mi

Listing history 27 events

1. 2026-06-19
   days on market $209,900 Active 163 DOM
2. 2026-06-18
   days on market $209,900 Active 162 DOM
3. 2026-06-17
   days on market $209,900 Active 161 DOM
4. 2026-06-16
   days on market $209,900 Active 160 DOM
5. 2026-06-15
   days on market $209,900 Active 159 DOM
6. 2026-06-14
   days on market $209,900 Active 157 DOM
7. 2026-06-13
   days on market $209,900 Active 156 DOM
8. 2026-06-10
   days on market $209,900 Active 154 DOM
9. 2026-06-09
   days on market $209,900 Active 153 DOM
10. 2026-06-08
    days on market $209,900 Active 152 DOM
11. 2026-06-07
    days on market $209,900 Active 151 DOM
12. 2026-06-05
    days on market $209,900 Active 148 DOM
13. 2026-06-03
    days on market $209,900 Active 147 DOM
14. 2026-06-02
    days on market $209,900 Active 146 DOM
15. 2026-06-01
    days on market $209,900 Active 145 DOM
16. 2026-05-31
    days on market $209,900 Active 144 DOM
17. 2026-05-30
    days on market $209,900 Active 143 DOM
18. 2026-05-05
    status Active 672-char remark

    Show marketing remark (672 chars)

    This versatile three-bedroom single-family home comes with a rental license and no occupancy limit, making it an excellent investment opportunity. The property features a spacious lot that extends to the alley, complete with a 29x22 parking pad. The main floor boasts beautiful original oak flooring and woodwork throughout the enclosed front entry, living room, dining room, and sunroom with charming French doors, as well as the kitchen. Upstairs, you'll find three bedrooms and an updated full bathroom. Additional space includes a walk-up attic and a full, unfinished basement. The home also benefits from several new windows, enhancing its overall appeal and comfort.

19. 2026-05-04
    historical 672-char remark

    Show marketing remark (672 chars)

    This versatile three-bedroom single-family home comes with a rental license and no occupancy limit, making it an excellent investment opportunity. The property features a spacious lot that extends to the alley, complete with a 29x22 parking pad. The main floor boasts beautiful original oak flooring and woodwork throughout the enclosed front entry, living room, dining room, and sunroom with charming French doors, as well as the kitchen. Upstairs, you'll find three bedrooms and an updated full bathroom. Additional space includes a walk-up attic and a full, unfinished basement. The home also benefits from several new windows, enhancing its overall appeal and comfort.

20. 2026-02-26
    price $209,900 672-char remark

    Show marketing remark (672 chars)

    This versatile three-bedroom single-family home comes with a rental license and no occupancy limit, making it an excellent investment opportunity. The property features a spacious lot that extends to the alley, complete with a 29x22 parking pad. The main floor boasts beautiful original oak flooring and woodwork throughout the enclosed front entry, living room, dining room, and sunroom with charming French doors, as well as the kitchen. Upstairs, you'll find three bedrooms and an updated full bathroom. Additional space includes a walk-up attic and a full, unfinished basement. The home also benefits from several new windows, enhancing its overall appeal and comfort.

21. 2026-01-06
    listed $219,000 Active 672-char remark

    Show marketing remark (672 chars)

    This versatile three-bedroom single-family home comes with a rental license and no occupancy limit, making it an excellent investment opportunity. The property features a spacious lot that extends to the alley, complete with a 29x22 parking pad. The main floor boasts beautiful original oak flooring and woodwork throughout the enclosed front entry, living room, dining room, and sunroom with charming French doors, as well as the kitchen. Upstairs, you'll find three bedrooms and an updated full bathroom. Additional space includes a walk-up attic and a full, unfinished basement. The home also benefits from several new windows, enhancing its overall appeal and comfort.

22. 2025-04-29
    historical
23. 2025-01-28
    listed $249,000 Active
24. 2022-01-25
    soldstatus $122,261
25. 2022-01-21
    soldstatus $122,260
26. 2021-12-30
    listed $120,000
27. 1999-12-01
    soldstatus $52,000

ⓘ 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: $3,258 · $272/mo
• Projected year-2 tax: $3,258 · $272/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 FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥99°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: $28,646
• − Mortgage interest: −$11,758
• − Property taxes: −$3,258
• − Insurance: −$1,050
• − Repairs & maintenance: −$2,292
• − Management: −$2,292
• − Depreciation: −$6,106
• Taxable income: $1,892
• Est. tax owed @ 24.0%: −$454
• After-tax cash flow: $4,660/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: Mankato Public School District
• NCES district ID: 2718780
• Math proficiency: 48% ▼ -11.00%
• Reading proficiency: 56% ▼ -8.00%
• Median HH income: $49,469
• Composite: 44.36/100
• National rank: #2819
• State rank: #98 of 301 in MN

Livability — Mankato

• Score: 77/100
• State rank: #133
• US rank: #2970

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mankato, MN
• County: Blue Earth County · 51,585 people
• City population: 51,585
• Metro: Mankato, MN
• Population (ZIP): 51,585
• Household income: $69,531
• Rent vs Own: 45.9% rent · 54.1% own
• Severe rent burden: 2394.0

Population outlook (Blue Earth County) Hauer SSP2

• Today (2025): 70,208 people
• By 2030: 72,708 · +3.6%
• By 2040: 77,481 · +10.4%
• By 2050: 82,842 · +18.0%
• By 2075: 99,990 · +42.4%
• By 2100: 116,795 · +66.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Black 6% Hispanic / Latino 5% Two or more races 4% Asian 3%
• Common ancestry: Portuguese 11% Lithuanian 3% Romanian 3%
• Foreign-born: 8% · Canada, Vietnam, South Korea
• Languages at home: 90% English-only · Spanish 3% Other Indo-European 1% Vietnamese 1%

Political lean MEDSL · Blue Earth

• 2024 margin: Toss-up / Even · D 48.3% · R 49.5% · Other 2.1%
• 2008→2024 swing: -14.2pp toward R · 2008: 12.9pp · 2024: -1.2pp
• All cycles: 2024: R+1.2 2020: D+4.4 2016: R+3.7 2012: D+9.5 2008: D+12.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -192.46%
• Current HPI: 189.8485
• Rent YoY: ▲ 8.55%
• Metro: Mankato, MN
• 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

+303.7% since first listed

10 events — show timeline

• 2026-05-05 Relisted — RASM
• 2026-05-04 Delisted — RASM
• 2026-02-26 Price Changed $209,900 RASM
• 2026-01-06 Listed $219,000 RASM
• 2025-04-29 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-01-28 Listed $249,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-01-25 Sold (Public Records) $122,261 Public Records
• 2022-01-21 Sold (MLS) $122,260 RASM
• 2021-12-30 Listed $120,000 RASM
• 1999-12-01 Sold (Public Records) $52,000 Public Records

Property tax history

+3.3%/yr

Latest (2025): $3,258 · +80.8% YoY. Source: county tax records.