3357 Locust Rd · Mabel, MN 52101

$230,000

3 bd · 1.0 ba · 1,290 sqft · SingleFamily public records · 28 Days on market

Built 1920 0.46 ac lot $178/sqft · 38% below area Est $372k · 38% under

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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).

• ARV discount +15.0/15.0
• Cash flow +9.4/30.0
• Schools +7.0/10.0
• Livability +3.7/5.0
• DSCR +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks

Whether you’re looking for a charming starter home or a solid country investment, this property delivers. Perfectly situated on a paved road just minutes from Decorah and Highlandville. You’re surrounded by local favorites: head west for Winneshiek Wildberry Winery, north for strawberry picking at Wold's, east for trout fishing in Highlandville, or south for Decorah’s shopping and bike trails. The long-time owner has taken immense pride in this home, which features three bedrooms and beautiful, well-preserved original woodwork and hardwood floors. After a long day, you can unwind in the cozy sunroom or gather around the firepit in the spacious backyard. Call today to sched

Key facts

• Paved road
• Firepit
• Spacious backyard

Tags

• PAVED ROAD
• ORIGINAL WOODWORK
• HARDWOOD FLOORS
• COZY SUNROOM
• FIREPIT
• SPACIOUS BACKYARD

Property features AI

Exterior

• Parking: Detached carport; One carport space
• Utilities: Private well water; Septic tank
• Home design: Single family residence; Residential property; Corner lot
• Construction: Vinyl siding; Asphalt roof; Basement: concrete, unfinished
• Exterior features: Deck (enclosed)

Interior

• Kitchen: Microwave; Free-standing range; Refrigerator; Vented exhaust fan
• Flooring: Hardwood floors
• Bathrooms: One full bathroom
• Heating & cooling: Central air; Ceiling fan(s); Forced air heating; Oil heating; Exhaust fan
• Interior features: Ceiling fan(s)
• Laundry & utility: Washer; Dryer; Laundry on lower level; Electric water heater; Water softener (owned)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $230k.

Deal economics

• At list price, monthly cash flow is $-163 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $201k (12.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $159k (30.8% below list).
• Recommended offer: $159k (30.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 73/100 on livability (#258 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, amenities F, commute F.
• Decorah Community School District (town): math 80% / reading 84% proficiency, ranked #21 of 289 in IA (top 7%) — strong family-tenant draw, lease renewals of 3-5y typical; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: John Cline Elementary School (354 students, 28% FRL); Decorah Middle School (math 77% / reading 83%, grade A+, #32 of 246 statewide, top 13%, 461 students, 26% FRL); Decorah High School (math 85% / reading 92%, grade A, #3 of 336 statewide, top 1%, 576 students, 22% FRL).
• Market conditions: 49 units permitted in Winneshiek County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Winneshiek County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($227k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $73k; list at $230k implies a 215% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $159,153 (30.8% 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 1920 — 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 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. 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: 0.69% ✗
• Cap rate: 5.44%
• Cash-on-cash: -3.03%
• DSCR: 0.87
• GRM: 12.0

CMA / ARV

• ARV (median comp): $371,715
• List price: $230,000
• Delta: -38.12%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -21.4%
• Equity multiple: 0.26×
• Total profit: $-47,711
• Equity at exit: $34,294

10-year hold

• IRR: -15.1%
• Equity multiple: 0.14×
• Total profit: $-55,212
• Equity at exit: $19,886

Cash invested: $64,400 (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 52101

• Home prices YoY: -26.7%
• Price-to-rent: 12.0×

Monthly cashflow live

• Estimated rent: $1,592 medium
• Mortgage (P&I): −$1,206
• Tax from tax record: −$118 /mo · $1,416/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$334
• Net cashflow: $-163

Break-even live

Break-even rent $1,797

Max offer price $201,264

Occupancy floor —

Sensitivity live

Price	-10% $-32	-5% $-98	+0% $-163	+5% $-228	+10% $-293
Rent	-10% $-288	-5% $-226	+0% $-163	+5% $-100	+10% $-37
Rate	-1.0pp $-47	-0.5pp $-104	base $-163	+0.5pp $-222	+1.0pp $-283

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-09
   status $230,000 Pending 28 DOM
2. 2026-06-08
   days on market $230,000 Active 28 DOM
3. 2026-06-07
   days on market $230,000 Active 27 DOM
4. 2026-06-03
   days on market $230,000 Active 23 DOM
5. 2026-06-02
   days on market $230,000 Active 22 DOM
6. 2026-06-01
   days on market $230,000 Active 21 DOM
7. 2026-05-31
   days on market $230,000 Active 20 DOM
8. 2026-05-31
   days on market $230,000 Active 19 DOM
9. 2026-05-11
   listed $230,000 Active 724-char remark
10. 2015-06-29
    soldstatus $73,000
11. 2015-06-29
    soldstatus $36,500

ⓘ 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: $1,416 · $118/mo
• Projected year-2 tax: $1,996 · $166/mo
• Expected delta: +$580/yr (+$48/mo · 41.0%)

ⓘ 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 1/10 Low 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,098
• − Mortgage interest: −$12,884
• − Property taxes: −$1,416
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,528
• − Management: −$1,528
• − Depreciation: −$6,691
• Taxable loss: −$6,098
• Est. tax savings @ 24.0%: +$1,463
• After-tax cash flow: $-489/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: Decorah Community School District
• NCES district ID: 1908730
• Math proficiency: 80% ▼ -4.00%
• Reading proficiency: 84% ▬ 0.00%
• Median HH income: $54,304
• Composite: 69.72/100
• National rank: #294
• State rank: #21 of 289 in IA

Livability — Mabel

• Score: 73/100
• State rank: #258
• US rank: #5614

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Winneshiek County
• Metro: nan
• Population (ZIP): 12,706
• Household income: $73,484
• Rent vs Own: 29.5% rent · 70.5% own
• Severe rent burden: 207.0

Population outlook (Winneshiek County) Hauer SSP2

• Today (2025): 20,379 people
• By 2030: 19,937 · -2.2%
• By 2040: 18,697 · -8.3%
• By 2050: 17,392 · -14.7%
• By 2075: 14,921 · -26.8%
• By 2100: 12,836 · -37.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Portuguese 25% Iranian 1% Lithuanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Winneshiek

• 2024 margin: Lean R (+9.3) · D 44.6% · R 53.9% · Other 1.5%
• 2008→2024 swing: -31.9pp toward R · 2008: 22.7pp · 2024: -9.3pp
• All cycles: 2024: R+9.3 2020: R+5.1 2016: R+0.8 2012: D+14.8 2008: D+22.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -69.20%
• Current HPI: 189.63
• Rent YoY: —
• Metro: nan
• 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

+215.1% since first listed

4 events — show timeline

• 2026-06-08 Pending — NEIRBR as distributed by MLS GRID
• 2026-05-11 Listed $230,000 NEIRBR as distributed by MLS GRID
• 2015-06-29 Sold (Public Records) $36,500 Public Records
• 2015-06-29 Sold (Public Records) $73,000 Public Records

Property tax history

+5.2%/yr

Latest (2025): $1,416 · +5.8% YoY. Source: county tax records.