312 2nd St N · Delano, MN 55328

$265,000

3 bd · 2.0 ba · 1,393 sqft · Other public records · 77 Days on market

Built 1900 7,448 sqft lot $190/sqft · 25% below area Est $383k · 31% 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 +7.1/30.0
• Schools +6.4/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.3/10.0
• 1% rule +0.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Delano! This 3 Bedroom, 1 Bath, oversized two car garage home is ready and waiting for you! Recent updates include a new roof, new furnace, paint and new carpet upstairs. Located across the street from the school and just steps away from historic downtown Delano! Come make this house your home, today!

Key facts

• New furnace
• New carpet
• New roof

Tags

• NEW ROOF
• NEW FURNACE
• NEW CARPET

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $265k.

Deal economics

• At list price, monthly cash flow is $-372 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $199k (24.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $158k (40.5% below list).
• Recommended offer: $158k (40.5% below list) — sets the bar for 1% rule.
• Cap rate 4.6% vs local median 1.7% in Delano — 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 76/100 on livability (#160 in MN, #3,448 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, employment A+, housing A+; Watch: amenities F, commute F.
• Delano Public School District (town): math 70% / reading 73% proficiency, ranked #8 of 301 in MN (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 8% free/reduced lunch — higher-income household profile.
• Market conditions: 155 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,260 units permitted in Wright County in 2024 (180 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 $8k of value loss. Plan a longer hold.
• Wright County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($249k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 21y 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $157,563 (40.5% 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. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 41% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-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?
7. 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?
8. 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.
9. 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.
10. 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: 0.59% ✗
• Cap rate: 4.61%
• Cash-on-cash: -6.02%
• DSCR: 0.73
• GRM: 14.0

CMA / ARV

• ARV (median comp): $383,222
• List price: $265,000
• Delta: -30.85%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -26.7%
• Equity multiple: 0.10×
• Total profit: $-66,765
• Equity at exit: $39,512

10-year hold

• IRR: -24.3%
• Equity multiple: -0.20×
• Total profit: $-89,114
• Equity at exit: $22,912

Cash invested: $74,200 (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 55328

• Home prices YoY: -14.1%
• Active inventory: 155
• Price-to-rent: 14.0×

Monthly cashflow live

• Estimated rent: $1,576 medium
• Mortgage (P&I): −$1,390
• Tax from tax record: −$117 /mo · $1,404/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$331
• Net cashflow: $-372

Break-even live

Break-even rent $2,047

Max offer price $199,221

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
763 Rockford Ave E Delano, MN	2.0	1.0	1034	$1,750	$1.69	2d	1	0.56mi
405 River St S Delano, MN	2.0	1.0	902	$1,349	$1.50	2d	2	0.64mi

Listing history 30 events

1. 2026-06-18
   days on market $265,000 Active 77 DOM
2. 2026-06-17
   days on market $265,000 Active 76 DOM
3. 2026-06-16
   days on market $265,000 Active 75 DOM
4. 2026-06-15
   days on market $265,000 Active 74 DOM
5. 2026-06-13
   days on market $265,000 Active 72 DOM
6. 2026-06-13
   days on market $265,000 Active 71 DOM
7. 2026-06-09
   days on market $265,000 Active 68 DOM
8. 2026-06-08
   days on market $265,000 Active 67 DOM
9. 2026-06-07
   days on market $265,000 Active 66 DOM
10. 2026-06-04
    days on market $265,000 Active 63 DOM
11. 2026-06-03
    days on market $265,000 Active 62 DOM
12. 2026-06-02
    days on market $265,000 Active 61 DOM
13. 2026-06-01
    days on market $265,000 Active 60 DOM
14. 2026-05-31
    days on market $265,000 Active 59 DOM
15. 2026-04-29
    price $265,000 313-char remark

    Show marketing remark (313 chars)

    Welcome to Delano! This 3 Bedroom, 1 Bath, oversized two car garage home is ready and waiting for you! Recent updates include a new roof, new furnace, paint and new carpet upstairs. Located across the street from the school and just steps away from historic downtown Delano! Come make this house your home, today!

16. 2026-04-01
    listed $275,000 Active 313-char remark

    Show marketing remark (313 chars)

    Welcome to Delano! This 3 Bedroom, 1 Bath, oversized two car garage home is ready and waiting for you! Recent updates include a new roof, new furnace, paint and new carpet upstairs. Located across the street from the school and just steps away from historic downtown Delano! Come make this house your home, today!

17. 2022-08-05
    soldstatus $250,000 Sold 648-char remark

    Show marketing remark (648 chars)

    Move-in condition home in the heart of Delano! You'll appreciate this lovingly maintained home featuring a gas fireplace in the living room, newer furnace and central A/C, updated bathroom and newer windows. Updated kitchen with stainless steel appliances. 2 large bedrooms on upper level. 1 bedroom on main level, along with main level laundry. 2-car garage with concrete driveway, newer white picket fencing and great yard. Close to parks, trails, library, ball fields, restaurants, post office, shops, downtown area. Award winning Delano School District. Pride in ownership shines through. Don't miss this affordable and charming 3 bedroom home!

18. 2022-06-21
    status Pending 648-char remark

    Show marketing remark (648 chars)

    Move-in condition home in the heart of Delano! You'll appreciate this lovingly maintained home featuring a gas fireplace in the living room, newer furnace and central A/C, updated bathroom and newer windows. Updated kitchen with stainless steel appliances. 2 large bedrooms on upper level. 1 bedroom on main level, along with main level laundry. 2-car garage with concrete driveway, newer white picket fencing and great yard. Close to parks, trails, library, ball fields, restaurants, post office, shops, downtown area. Award winning Delano School District. Pride in ownership shines through. Don't miss this affordable and charming 3 bedroom home!

19. 2022-06-09
    historical Contingent - Inspection 648-char remark

    Show marketing remark (648 chars)

    Move-in condition home in the heart of Delano! You'll appreciate this lovingly maintained home featuring a gas fireplace in the living room, newer furnace and central A/C, updated bathroom and newer windows. Updated kitchen with stainless steel appliances. 2 large bedrooms on upper level. 1 bedroom on main level, along with main level laundry. 2-car garage with concrete driveway, newer white picket fencing and great yard. Close to parks, trails, library, ball fields, restaurants, post office, shops, downtown area. Award winning Delano School District. Pride in ownership shines through. Don't miss this affordable and charming 3 bedroom home!

20. 2022-06-06
    price $239,900 648-char remark

    Show marketing remark (648 chars)

    Move-in condition home in the heart of Delano! You'll appreciate this lovingly maintained home featuring a gas fireplace in the living room, newer furnace and central A/C, updated bathroom and newer windows. Updated kitchen with stainless steel appliances. 2 large bedrooms on upper level. 1 bedroom on main level, along with main level laundry. 2-car garage with concrete driveway, newer white picket fencing and great yard. Close to parks, trails, library, ball fields, restaurants, post office, shops, downtown area. Award winning Delano School District. Pride in ownership shines through. Don't miss this affordable and charming 3 bedroom home!

21. 2022-05-28
    listed $250,000 Active 648-char remark

    Show marketing remark (648 chars)

    Move-in condition home in the heart of Delano! You'll appreciate this lovingly maintained home featuring a gas fireplace in the living room, newer furnace and central A/C, updated bathroom and newer windows. Updated kitchen with stainless steel appliances. 2 large bedrooms on upper level. 1 bedroom on main level, along with main level laundry. 2-car garage with concrete driveway, newer white picket fencing and great yard. Close to parks, trails, library, ball fields, restaurants, post office, shops, downtown area. Award winning Delano School District. Pride in ownership shines through. Don't miss this affordable and charming 3 bedroom home!

22. 2010-10-30
    historical
23. 2010-03-26
    listed $144,900
24. 2010-03-26
    historical
25. 2009-10-30
    listed $159,900
26. 2009-10-30
    historical
27. 2009-04-08
    listed $159,900
28. 2005-04-27
    historical
29. 2005-01-21
    listed $167,900
30. 1978-07-31
    soldstatus $31,900

ⓘ 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: $1,404 · $117/mo
• Projected year-2 tax: $2,186 · $182/mo
• Expected delta: +$782/yr (+$65/mo · 55.7%)

ⓘ 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 1/10 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 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,908
• − Mortgage interest: −$14,844
• − Property taxes: −$1,404
• − Insurance: −$1,325
• − Repairs & maintenance: −$1,513
• − Management: −$1,513
• − Depreciation: −$7,709
• Taxable loss: −$9,400
• Est. tax savings @ 24.0%: +$2,256
• After-tax cash flow: $-2,212/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: Delano Public School District
• NCES district ID: 2710170
• Math proficiency: 70% ▼ -8.00%
• Reading proficiency: 73% ▼ -6.00%
• Median HH income: $81,591
• Composite: 63.62/100
• National rank: #605
• State rank: #8 of 301 in MN

Livability — Delano

• Score: 76/100
• State rank: #160
• US rank: #3448

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Delano, MN
• City population: 9,933
• Population (ZIP): 9,933

Population outlook (Wright County) Hauer SSP2

• Today (2025): 142,526 people
• By 2030: 146,915 · +3.1%
• By 2040: 153,625 · +7.8%
• By 2050: 155,416 · +9.0%
• By 2075: 150,352 · +5.5%
• By 2100: 130,631 · -8.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Portuguese 12% Romanian 5% Lithuanian 3%
• Foreign-born: 1%
• Languages at home: 97% English-only · Spanish 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Wright

• 2024 margin: Strong R (+29.4) · D 34.4% · R 63.8% · Other 1.8%
• 2008→2024 swing: -11.9pp toward R · 2008: -17.4pp · 2024: -29.4pp
• All cycles: 2024: R+29.4 2020: R+28.6 2016: R+33.2 2012: R+21.4 2008: R+17.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -43.12%
• Current HPI: 263.4597
• 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

+730.7% since first listed

16 events — show timeline

• 2026-04-29 Price Changed $265,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-01 Listed $275,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-08-05 Sold (MLS) $250,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-06-21 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2022-06-09 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2022-06-06 Price Changed $239,900 NORTHSTARMLS as Distributed by MLS Grid
• 2022-05-28 Listed $250,000 NORTHSTARMLS as Distributed by MLS Grid
• 2010-10-30 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2010-03-26 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2010-03-26 Listed $144,900 NORTHSTARMLS as Distributed by MLS Grid
• 2009-10-30 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2009-10-30 Listed $159,900 NORTHSTARMLS as Distributed by MLS Grid
• 2009-04-08 Listed $159,900 NORTHSTARMLS as Distributed by MLS Grid
• 2005-04-27 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2005-01-21 Listed $167,900 NORTHSTARMLS as Distributed by MLS Grid
• 1978-07-31 Sold (Public Records) $31,900 Public Records

Property tax history

+37.7%/yr

Latest (2025): $1,404 · -51.4% YoY. Source: county tax records.