814 3rd St SE · Bemidji, MN 56601

$159,900

2 bd · 1.0 ba · 924 sqft · Other public records · 12 Days on market

Built 1920 7,840 sqft lot

---

Why this score? — see what drove the C- 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 +19.8/30.0
• ARV discount +7.5/15.0
• DSCR +6.3/10.0
• 1% rule +4.8/10.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Very comfortable and clean 2 bed home in nymore. Very efficient with 2 stall detached garage. Lots of updates. Newer furnace and windows. 2 large bedrooms.

Key facts

• Great yard
• Updated kitchen
• Convenient location

Tags

• DETACHED GARAGE
• UPDATED KITCHEN
• GREAT YARD
• CONVENIENT LOCATION

Property features AI

Exterior

• Parking: Gravel parking area; 2-car garage
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential property; Single-story home; Entry level main floor
• Construction: Foundation area about 924; Other foundation
• Exterior features: Lot approximately 0.18 acres (60 x 140)

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; No central air
• Interior features: Partial basement; One-level living

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $160k.

Deal economics

• At list price, monthly cash flow is $190 ($2k/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 $157k (2.0% below list).
• Recommended offer: $157k (2.0% below list) — sets the bar for 1% rule.
• Cap rate 7.7% vs local median 3.6% in Bemidji — 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 (#252 in MN) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, health & safety A+; Watch: crime F, commute F, employment F.
• Bemidji Public School District (rural): math 42% / reading 50% proficiency, ranked #173 of 301 in MN (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.0%/yr); 346 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 165 units permitted in Beltrami County in 2024 (81 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 $5k of value loss. Plan a longer hold.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 12y 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 $59k; list at $160k implies a 171% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $156,647 (2.0% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. Crime grade is F 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?
5. 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.
6. 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.
7. 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: 0.98% ✗
• Cap rate: 7.72%
• Cash-on-cash: 5.10%
• DSCR: 1.23
• GRM: 8.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.02% rent growth · sell at horizon

5-year hold

• IRR: -7.3%
• Equity multiple: 0.73×
• Total profit: $-12,186
• Equity at exit: $23,842

10-year hold

• IRR: 3.5%
• Equity multiple: 1.26×
• Total profit: $11,742
• Equity at exit: $13,825

Cash invested: $44,772 (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 56601

• Home prices YoY: -26.4%
• Rents YoY: 4.0%
• Active inventory: 346
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,566 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$142 /mo · $1,706/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$329
• Net cashflow: $190

Break-even live

Break-even rent $1,326

Max offer price $159,900

Occupancy floor 83%

Sensitivity live

Price	-10% $281	-5% $235	+0% $190	+5% $145	+10% $100
Rent	-10% $66	-5% $128	+0% $190	+5% $252	+10% $314
Rate	-1.0pp $271	-0.5pp $231	base $190	+0.5pp $149	+1.0pp $107

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
715 Lake Shore Dr NE #203 Bemidji, MN	1.0	1.0	900	$1,800	$2.00	45d	1	0.32mi
715 Lake Shore Dr NE #104 Bemidji, MN	1.0	1.0	830	$1,600	$1.93	45d	1	0.32mi
1011 Washington Ave S Unit C-02 Bemidji, MN	3.0	1.0	900	$1,200	$1.33	45d	1	0.70mi

Listing history 17 events

1. 2026-06-12
   statusdays on market $159,900 Pending 12 DOM
2. 2026-06-09
   days on market $159,900 Contingent - Inspection 11 DOM
3. 2026-06-08
   days on market $159,900 Contingent - Inspection 10 DOM
4. 2026-06-07
   days on market $159,900 Contingent - Inspection 9 DOM
5. 2026-06-05
   days on market $159,900 Contingent - Inspection 6 DOM
6. 2026-06-02
   days on market $159,900 Contingent - Inspection 4 DOM
7. 2026-06-01
   statusdays on market $159,900 Contingent - Inspection 3 DOM
8. 2026-05-31
   days on market $159,900 Active 2 DOM
9. 2026-05-26
   listed $159,900 Active
10. 2014-08-21
    soldstatus $59,000
11. 2014-08-20
    soldstatus $59,000 155-char remark

    Show marketing remark (155 chars)

    Very comfortable and clean 2 bed home in nymore. Very efficient with 2 stall detached garage. Lots of updates. Newer furnace and windows. 2 large bedrooms.

12. 2014-08-20
    soldstatus $59,000 155-char remark

    Show marketing remark (155 chars)

    Very comfortable and clean 2 bed home in nymore. Very efficient with 2 stall detached garage. Lots of updates. Newer furnace and windows. 2 large bedrooms.

13. 2014-08-20
    soldstatus $59,000

    Show marketing remark (155 chars)

    Very comfortable and clean 2 bed home in nymore. Very efficient with 2 stall detached garage. Lots of updates. Newer furnace and windows. 2 large bedrooms.

14. 2014-05-05
    listed $64,900 155-char remark

    Show marketing remark (155 chars)

    Very comfortable and clean 2 bed home in nymore. Very efficient with 2 stall detached garage. Lots of updates. Newer furnace and windows. 2 large bedrooms.

15. 2014-05-05
    listed $64,900 155-char remark

    Show marketing remark (155 chars)

    Very comfortable and clean 2 bed home in nymore. Very efficient with 2 stall detached garage. Lots of updates. Newer furnace and windows. 2 large bedrooms.

16. 2014-05-05
    listed $64,900

    Show marketing remark (155 chars)

    Very comfortable and clean 2 bed home in nymore. Very efficient with 2 stall detached garage. Lots of updates. Newer furnace and windows. 2 large bedrooms.

17. 2014-05-03
    listed $64,900

ⓘ 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: $1,706 · $142/mo
• Projected year-2 tax: $1,748 · $146/mo
• Expected delta: +$42/yr (+$4/mo · 2.5%)

ⓘ 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 6/10 Major
• 🌡 Heat 1/10 Low 7 d/yr ≥93°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,798
• − Mortgage interest: −$8,957
• − Property taxes: −$1,706
• − Insurance: −$800
• − Repairs & maintenance: −$1,504
• − Management: −$1,504
• − Depreciation: −$4,652
• Taxable loss: −$324
• Est. tax savings @ 24.0%: +$78
• After-tax cash flow: $2,360/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: Bemidji Public School District
• NCES district ID: 2704440
• Math proficiency: 42% ▼ -9.00%
• Reading proficiency: 50% ▼ -5.00%
• Median HH income: $47,735
• Composite: 39.22/100
• National rank: #4013
• State rank: #173 of 301 in MN

Livability — Bemidji

• Score: 73/100
• State rank: #252
• US rank: #5416

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bemidji, MN
• County: Beltrami County · 34,784 people
• City population: 34,784
• Metro: Bemidji, MN
• Population (ZIP): 34,784
• Household income: $72,262
• Rent vs Own: 32.8% rent · 67.2% own
• Severe rent burden: 940.0

Population outlook (Beltrami County) Hauer SSP2

• Today (2025): 46,437 people
• By 2030: 46,736 · +0.6%
• By 2040: 46,804 · +0.8%
• By 2050: 46,299 · -0.3%
• By 2075: 44,037 · -5.2%
• By 2100: 38,567 · -16.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Native American 8% Two or more races 7% Hispanic / Latino 3% Black 1%
• Common ancestry: Portuguese 19% Lithuanian 3% Romanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1%

Political lean MEDSL · Beltrami

• 2024 margin: Lean R (+5.7) · D 46.3% · R 52.0% · Other 1.7%
• 2008→2024 swing: -15.8pp toward R · 2008: 10.2pp · 2024: -5.7pp
• All cycles: 2024: R+5.7 2020: R+3.1 2016: R+9.8 2012: D+9.9 2008: D+10.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -93.95%
• Current HPI: 261.5734
• Rent YoY: ▲ 4.02%
• Metro: Bemidji, MN
• 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

+146.4% since first listed

9 events — show timeline

• 2026-05-26 Listed $159,900 NORTHSTARMLS as Distributed by MLS Grid
• 2014-08-21 Sold (Public Records) $59,000 Public Records
• 2014-08-20 Sold (MLS) $59,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-08-20 Sold (MLS) $59,000 LSAR
• 2014-08-20 Sold (MLS) $59,000 RASM
• 2014-05-05 Listed $64,900 NORTHSTARMLS as Distributed by MLS Grid
• 2014-05-05 Listed $64,900 LSAR
• 2014-05-05 Listed $64,900 RASM
• 2014-05-03 Listed $64,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+8.9%/yr

Latest (2025): $1,706 · +37.1% YoY. Source: county tax records.