320 W 3rd St · Morton, MN 56270

$119,900

2 bd · 1.0 ba · 858 sqft · SingleFamily public records · 170 Days on market

Built 1963 6,969 sqft lot

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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 +8.7/30.0
• Appreciation +8.1/10.0
• ARV discount +7.5/15.0
• Schools +3.6/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0
• 1% rule +2.2/10.0

Listing remarks MLS

Welcome home to this cozy and well-kept 2-bedroom, 1 bath charmer set on a desirable corner lot in Morton. Inside, you'll love the warmth of the beautiful hard wood floors and bright, inviting feel from the updated windows, and main floor laundry. The updated kitchen offers style and functionality, making everyday living a breeze. The spacious basement provides plenty of opportunity to finish additional square footage and create the space you've been dreaming of-family room, home office, or hobby area. Outside you'll appreciate the attached garage and bonus garage, shed, patio space and maintenance free siding! Call today for your showing!

Key facts

• Hard wood floors
• Updated windows
• Main floor laundry

Tags

• CORNER LOT
• HARD WOOD FLOORS
• UPDATED WINDOWS
• MAIN FLOOR LAUNDRY
• UPDATED KITCHEN
• SPACIOUS BASEMENT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $-101 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $102k (14.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $86k (28.1% below list).
• Recommended offer: $86k (28.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 64/100 on livability (#613 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety D+, crime D, schools F.
• Redwood Area School District (town): math 39% / reading 46% proficiency, ranked #207 of 301 in MN (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 2 active listings in the ZIP; 17 units permitted in Renville County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($829 loan paydown + $7k appreciation (6.1% local appreciation)).
• Renville County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 5, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 170 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $59k; list at $120k implies a 103% gain — meaningful room to come down on a strong offer.

Recommended offer $86,233 (28.1% 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 170 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. Built in 1963 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.72% ✗
• Cap rate: 5.28%
• Cash-on-cash: -3.60%
• DSCR: 0.84
• GRM: 11.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.13% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.8%
• Equity multiple: 1.87×
• Total profit: $29,098
• Equity at exit: $76,350

10-year hold

• IRR: 13.4%
• Equity multiple: 3.69×
• Total profit: $90,348
• Equity at exit: $139,306

Cash invested: $33,572 (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 56270

• Home prices YoY: 4.8%
• Active inventory: 2
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $862 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$103 /mo · $1,240/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$181
• Net cashflow: $-101

Break-even live

Break-even rent $990

Max offer price $102,090

Occupancy floor —

Sensitivity live

Price	-10% $-33	-5% $-67	+0% $-101	+5% $-135	+10% $-169
Rent	-10% $-169	-5% $-135	+0% $-101	+5% $-67	+10% $-33
Rate	-1.0pp $-40	-0.5pp $-70	base $-101	+0.5pp $-132	+1.0pp $-163

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-12
   historical Contingent - Inspection 651-char remark

   Show marketing remark (651 chars)

   Welcome home to this cozy and well-kept 2-bedroom, 1 bath charmer set on a desirable corner lot in Morton. Inside, you'll love the warmth of the beautiful hard wood floors and bright, inviting feel from the updated windows, and main floor laundry. The updated kitchen offers style and functionality, making everyday living a breeze. The spacious basement provides plenty of opportunity to finish additional square footage and create the space you've been dreaming of-family room, home office, or hobby area. Outside you'll appreciate the attached garage and bonus garage, shed, patio space and maintenance free siding! Call today for your showing!

2. 2026-04-08
   price $119,900 651-char remark

   Show marketing remark (651 chars)

   Welcome home to this cozy and well-kept 2-bedroom, 1 bath charmer set on a desirable corner lot in Morton. Inside, you'll love the warmth of the beautiful hard wood floors and bright, inviting feel from the updated windows, and main floor laundry. The updated kitchen offers style and functionality, making everyday living a breeze. The spacious basement provides plenty of opportunity to finish additional square footage and create the space you've been dreaming of-family room, home office, or hobby area. Outside you'll appreciate the attached garage and bonus garage, shed, patio space and maintenance free siding! Call today for your showing!

3. 2025-12-01
   listed $124,900 Active 651-char remark

   Show marketing remark (651 chars)

   Welcome home to this cozy and well-kept 2-bedroom, 1 bath charmer set on a desirable corner lot in Morton. Inside, you'll love the warmth of the beautiful hard wood floors and bright, inviting feel from the updated windows, and main floor laundry. The updated kitchen offers style and functionality, making everyday living a breeze. The spacious basement provides plenty of opportunity to finish additional square footage and create the space you've been dreaming of-family room, home office, or hobby area. Outside you'll appreciate the attached garage and bonus garage, shed, patio space and maintenance free siding! Call today for your showing!

4. 2011-10-20
   soldstatus $59,200

ⓘ 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: $1,240 · $103/mo
• Projected year-2 tax: $1,291 · $108/mo
• Expected delta: +$51/yr (+$4/mo · 4.1%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,348
• − Mortgage interest: −$6,716
• − Property taxes: −$1,240
• − Insurance: −$600
• − Repairs & maintenance: −$828
• − Management: −$828
• − Depreciation: −$3,488
• Taxable loss: −$3,351
• Est. tax savings @ 24.0%: +$804
• After-tax cash flow: $-405/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: Redwood Area School District
• NCES district ID: 2700182
• Math proficiency: 39% ▼ -14.00%
• Reading proficiency: 46% ▼ -12.00%
• Median HH income: $45,326
• Composite: 36.1/100
• National rank: #4756
• State rank: #207 of 301 in MN

Livability — Morton

• Score: 64/100
• State rank: #613
• US rank: #14608

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Morton, MN
• Population (ZIP): 1,208

Population outlook (Renville County) Hauer SSP2

• Today (2025): 13,251 people
• By 2030: 12,443 · -6.1%
• By 2040: 10,946 · -17.4%
• By 2050: 9,598 · -27.6%
• By 2075: 7,411 · -44.1%
• By 2100: 5,768 · -56.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 54% Native American 38% Hispanic / Latino 10% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Portuguese 11% Iranian 2% Romanian 2%
• Foreign-born: 1%
• Languages at home: 92% English-only · Other Asian/Pacific 1% Spanish 1%

Political lean MEDSL · Renville

• 2024 margin: Solid R (+41.4) · D 28.4% · R 69.8% · Other 1.9%
• 2008→2024 swing: -40.8pp toward R · 2008: -0.6pp · 2024: -41.4pp
• All cycles: 2024: R+41.4 2020: R+36.5 2016: R+36.7 2012: R+9.8 2008: R+0.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.13%
• Current HPI: 134.6517
• 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

+102.5% since first listed

4 events — show timeline

• 2026-05-12 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-08 Price Changed $119,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-01 Listed $124,900 NORTHSTARMLS as Distributed by MLS Grid
• 2011-10-20 Sold (Public Records) $59,200 Public Records

Property tax history

+2.2%/yr

Latest (2026): $1,240 · +11.5% YoY. Source: county tax records.