509 Charlotte St SE · Willmar, MN 56201

$150,000

4 bd · 1.0 ba · 896 sqft · SingleFamily public records · 35 Days on market

Built 1950 0.26 ac lot $167/sqft · 44% above area Est $146k · at est.

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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).

• Cash flow +15.3/30.0
• ARV discount +6.4/15.0
• DSCR +4.7/10.0
• 1% rule +4.4/10.0
• Livability +3.7/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great property for the price. This home has newer windows, roof and steel siding. 3 bedrooms, 2 bath home. This home has great potential.

Key facts

• Steel siding
• Newer roof
• Large yard

Tags

• ORIGINAL HARDWOOD FLOORS
• CONVENIENT LAUNDRY SETUP
• NEWER WINDOWS
• NEWER ROOF
• STEEL SIDING
• LARGE YARD

Property features AI

Finance

• Other: Above-grade finished area approximately 1,256; Below-grade area approximately 860; Main level finished area approximately 896; Foundation area listed as 780

Exterior

• Parking: Attached garage with 1 stall (approx. 14x22)
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential property; One and one-half levels; Main entry facing city street
• Construction: Block foundation (approx. 26x30 foundation dimensions); Block basement with daylight/lookout windows, full height and sump pump; Asphalt roof; Building total area approximately 2,146 sq ft
• Exterior features: Rear porch; Lot approximately 75x150 with city street frontage

Interior

• Kitchen: Kitchen with window; Range; Microwave; Refrigerator
• Bedrooms: 4 bedrooms (two on main level; two on upper level); Bedroom sizes include 12x12, 10x11, 13x16, 12x16
• Flooring: Hardwood floors
• Bathrooms: One full bathroom on the main floor (approx. 5x6)
• Heating & cooling: Forced air heating; Window unit(s) for cooling
• Interior features: Hardwood floors; Main floor primary bedroom; All living facilities on one level; Main floor bedroom; Main floor laundry; Informal dining / living-dining room
• Laundry & utility: Washer and dryer hookups in kitchen / main level laundry; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $55 ($655/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 $140k (6.5% below list).
• Recommended offer: $140k (6.5% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 3.2% in Willmar — 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 73/100 on livability (#233 in MN, #4,984 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, schools D+, crime D+.
• Willmar Public School District (town): math 34% / reading 38% proficiency, ranked #246 of 301 in MN (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 161 active listings in the ZIP; 196 units permitted in Kandiyohi County in 2024 (118 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• 2 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 $103k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $140,299 (6.5% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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?
6. 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?
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: 0.94% ✗
• Cap rate: 6.73%
• Cash-on-cash: 1.56%
• DSCR: 1.07
• GRM: 8.9

CMA / ARV

• ARV (median comp): $146,425
• List price: $150,000
• Delta: 2.44%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -13.8%
• Equity multiple: 0.50×
• Total profit: $-20,799
• Equity at exit: $22,365

10-year hold

• IRR: -4.9%
• Equity multiple: 0.68×
• Total profit: $-13,506
• Equity at exit: $12,969

Cash invested: $42,000 (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 56201

• Active inventory: 161
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,403 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$205 /mo · $2,456/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$295
• Net cashflow: $55

Break-even live

Break-even rent $1,334

Max offer price $150,000

Occupancy floor 91%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $150,000 Active 35 DOM
2. 2026-06-17
   days on market $150,000 Active 34 DOM
3. 2026-06-16
   days on market $150,000 Active 33 DOM
4. 2026-06-15
   days on market $150,000 Active 32 DOM
5. 2026-06-13
   days on market $150,000 Active 30 DOM
6. 2026-06-12
   days on market $150,000 Active 29 DOM
7. 2026-06-09
   days on market $150,000 Active 26 DOM
8. 2026-06-08
   days on market $150,000 Active 25 DOM
9. 2026-06-07
   days on market $150,000 Active 24 DOM
10. 2026-06-07
    days on market $150,000 Active 23 DOM
11. 2026-06-04
    days on market $150,000 Active 20 DOM
12. 2026-06-02
    days on market $150,000 Active 19 DOM
13. 2026-06-01
    days on market $150,000 Active 18 DOM
14. 2026-05-31
    days on market $150,000 Active 17 DOM
15. 2026-05-31
    days on market $150,000 Active 16 DOM
16. 2026-05-14
    listed $150,000 Active 850-char remark
17. 2021-07-22
    soldstatus $103,100
18. 2021-07-16
    soldstatus $103,100 Sold 137-char remark

    Show marketing remark (137 chars)

    Great property for the price. This home has newer windows, roof and steel siding. 3 bedrooms, 2 bath home. This home has great potential.

19. 2021-06-02
    status Pending 137-char remark

    Show marketing remark (137 chars)

    Great property for the price. This home has newer windows, roof and steel siding. 3 bedrooms, 2 bath home. This home has great potential.

20. 2021-05-26
    historical Contingent - Inspection 137-char remark

    Show marketing remark (137 chars)

    Great property for the price. This home has newer windows, roof and steel siding. 3 bedrooms, 2 bath home. This home has great potential.

21. 2021-05-18
    status Pending 137-char remark

    Show marketing remark (137 chars)

    Great property for the price. This home has newer windows, roof and steel siding. 3 bedrooms, 2 bath home. This home has great potential.

22. 2021-05-14
    listed $100,000 Active 137-char remark

    Show marketing remark (137 chars)

    Great property for the price. This home has newer windows, roof and steel siding. 3 bedrooms, 2 bath home. This home has great potential.

ⓘ 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: $2,456 · $205/mo
• Projected year-2 tax: $2,456 · $205/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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,836
• − Mortgage interest: −$8,402
• − Property taxes: −$2,456
• − Insurance: −$750
• − Repairs & maintenance: −$1,347
• − Management: −$1,347
• − Depreciation: −$4,364
• Taxable loss: −$1,830
• Est. tax savings @ 24.0%: +$439
• After-tax cash flow: $1,094/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: Willmar Public School District
• NCES district ID: 2742720
• Math proficiency: 34% ▼ -14.00%
• Reading proficiency: 38% ▼ -8.00%
• Median HH income: $46,727
• Composite: 30.85/100
• National rank: #6128
• State rank: #246 of 301 in MN

Livability — Willmar

• Score: 73/100
• State rank: #233
• US rank: #4984

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Willmar, MN
• City population: 24,860
• Population (ZIP): 24,860

Population outlook (Kandiyohi County) Hauer SSP2

• Today (2025): 42,956 people
• By 2030: 42,825 · -0.3%
• By 2040: 42,343 · -1.4%
• By 2050: 42,124 · -1.9%
• By 2075: 43,726 · +1.8%
• By 2100: 45,974 · +7.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Hispanic / Latino 22% Black 10% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Portuguese 15% Iranian 3% Scottish 2%
• Foreign-born: 15% · Canada, Philippines
• Languages at home: 78% English-only · Spanish 14% Other Asian/Pacific 2%

Political lean MEDSL · Kandiyohi

• 2024 margin: Solid R (+31.0) · D 33.7% · R 64.7% · Other 1.7%
• 2008→2024 swing: -25.6pp toward R · 2008: -5.5pp · 2024: -31.0pp
• All cycles: 2024: R+31.0 2020: R+25.7 2016: R+25.5 2012: R+6.7 2008: R+5.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -151.48%
• Current HPI: 161.1663
• 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

+50.0% since first listed

7 events — show timeline

• 2026-05-14 Listed $150,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-07-22 Sold (Public Records) $103,100 Public Records
• 2021-07-16 Sold (MLS) $103,100 NORTHSTARMLS as Distributed by MLS Grid
• 2021-06-02 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-05-26 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2021-05-18 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-05-14 Listed $100,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+11.3%/yr

Latest (2025): $2,456 · +5.9% YoY. Source: county tax records.