614 Ash Ave NE · Wadena, MN 56482

$114,900

4 bd · 2.0 ba · 924 sqft · SingleFamily public records · 23 Days on market

Built 1977 0.41 ac lot ↓ 8% since listing

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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 +10.3/30.0
• ARV discount +7.5/15.0
• 1% rule +3.7/10.0
• Livability +3.4/5.0
• Schools +3.3/10.0
• DSCR +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Priced below tax value!! Rental or business opportunity located directly on Highway 10 in Wadena. Property features a 2 bed 1 bath home that has stable rental income as well as a split-level commercial building that could easily be a duplex with multiple bedrooms on each level. Nearly 10k vehicles pass by this building every day! Bring your ideas to this great opportunity!

Key facts

• Highway location
• Multiple bedrooms
• 0.41 acre lot

Tags

• MULTIPLE BEDROOMS
• HIGHWAY LOCATION

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $-64 ($-763/yr) — negative.
• To cash-flow at today's rent, offer at most $104k (9.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $100k (13.0% below list).
• Recommended offer: $100k (13.0% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 3.3% in Wadena — 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 67/100 on livability (#433 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety C-, schools D+, amenities F.
• Wadena-Deer Creek School District (town): math 33% / reading 45% proficiency, ranked #235 of 301 in MN (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 47 active listings in the ZIP; 52 units permitted in Wadena County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $794 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Wadena County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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.

Recommended offer $99,981 (13.0% 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. Built in 1977 — 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. 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?
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: 0.87% ✗
• Cap rate: 5.63%
• Cash-on-cash: -2.37%
• DSCR: 0.89
• GRM: 9.6

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: -20.2%
• Equity multiple: 0.30×
• Total profit: $-22,616
• Equity at exit: $17,132

10-year hold

• IRR: -13.1%
• Equity multiple: 0.23×
• Total profit: $-24,698
• Equity at exit: $9,934

Cash invested: $32,172 (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 56482

• Home prices YoY: -7.6%
• Active inventory: 47
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,000 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$203 /mo · $2,436/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$210
• Net cashflow: $-64

Break-even live

Break-even rent $1,080

Max offer price $103,670

Occupancy floor —

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2025-10-29
   status Pending
2. 2025-10-06
   listed $114,900 Active
3. 2025-08-08
   historical
4. 2025-06-20
   price $114,900
5. 2025-02-07
   status Active
6. 2025-02-07
   price $119,900
7. 2025-02-07
   historical
8. 2024-08-06
   listed $124,900 Active

ⓘ 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: $2,436 · $203/mo
• Projected year-2 tax: $2,436 · $203/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $11,998
• − Mortgage interest: −$6,436
• − Property taxes: −$2,436
• − Insurance: −$574
• − Repairs & maintenance: −$960
• − Management: −$960
• − Depreciation: −$3,343
• Taxable loss: −$2,711
• Est. tax savings @ 24.0%: +$651
• After-tax cash flow: $-112/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: Wadena-Deer Creek School District
• NCES district ID: 2700022
• Math proficiency: 33% ▼ -15.00%
• Reading proficiency: 45% ▼ -11.00%
• Median HH income: $38,917
• Composite: 32.56/100
• National rank: #5683
• State rank: #235 of 301 in MN

Livability — Wadena

• Score: 67/100
• State rank: #433
• US rank: #10325

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wadena, MN
• Population (ZIP): 7,494

Population outlook (Wadena County) Hauer SSP2

• Today (2025): 13,856 people
• By 2030: 13,689 · -1.2%
• By 2040: 13,382 · -3.4%
• By 2050: 13,062 · -5.7%
• By 2075: 12,185 · -12.1%
• By 2100: 10,297 · -25.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 7% Hispanic / Latino 3%
• Common ancestry: Portuguese 12% Romanian 2% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · German/W. Germanic 2% Spanish 1%

Political lean MEDSL · Wadena

• 2024 margin: Solid R (+51.5) · D 23.6% · R 75.1% · Other 1.2%
• 2008→2024 swing: -34.1pp toward R · 2008: -17.4pp · 2024: -51.5pp
• All cycles: 2024: R+51.5 2020: R+45.5 2016: R+45.7 2012: R+24.4 2008: R+17.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -18.45%
• Current HPI: 223.9404
• 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

-8.0% since first listed

8 events — show timeline

• 2025-10-29 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-06 Listed $114,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-08-08 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-06-20 Price Changed $114,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-02-07 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2025-02-07 Price Changed $119,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-02-07 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2024-08-06 Listed $124,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+5.6%/yr

Latest (2026): $2,436 · +4.6% YoY. Source: county tax records.