440 E Main St · Madelia, MN 56062

$96,000

3 bd · 2.0 ba · 1,239 sqft · SingleFamily public records · 23 Days on market

Built 1940 0.51 ac lot $77/sqft · 39% below area Est $138k · 30% under ↓ 4% since listing

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Why this score? — see what drove the A- 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 +28.6/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• Appreciation +7.2/10.0
• Livability +4.0/5.0
• Schools +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Check out this cute, quaint, clean home located right on Main Street in Madelia! Talk about convenient access to the highway, gas stations, down town establishments, healthcare, and more. The owner of this home has lived in and maintained the home for the last 50+ years. This home is also situated on an approximately 150 x 150 lot, which is a rare find, in town. As you pull up to this home you will find great curb appeal, even in winter! There is a long, double driveway leading up to the attached 24 x 14 garage. The garage and home are connected by a 19 x 8 breezeway allowing for extra storage or a nice place to transition from season to season in comfort. You will then find the mud room featuring the main floor washer and dryer, basement entrance, and plenty more storage. The main floor consists of the eat in kitchen, large living room, 3 bedrooms, and a main floor bathroom. In the basement you will find a blank slate of extra, dry, space to customize to your needs. Finally out back you will find a sturdy storage shed that would make for the perfect play house, she shed, or man cave. You will not want to wait to see this home in person! Contact me today for a private showing!

Key facts

• Large lot
• Main level laundry
• Spacious garden shed

Tags

• LARGE LOT
• FLOWER BEDS
• SPACIOUS GARDEN SHED
• MAIN LEVEL LAUNDRY
• BACKYARD GAZEBO
• MATURE TREES

Property features AI

Exterior

• Parking: Attached garage (1 car), 14 x 24
• Utilities: City water connected; City sewer connected; Electric service with fuses; Natural gas
• Home design: Residential property; One story; Main entry on main level
• Construction: Block foundation; Asphalt roof; Built with standard residential construction
• Exterior features: Medium tree coverage; Storage shed

Interior

• Kitchen: Main-level kitchen
• Bedrooms: 3 bedrooms on the main level
• Bathrooms: 1 full bath; 1 half bath
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Main-level living areas; Basement with block foundation
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $96k.

Deal economics

• At list price, monthly cash flow is $316 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $96k).
• Recommended offer: $95k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 81/100 on livability (#60 in MN, #1,406 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Madelia Public School District (rural): math 40% / reading 42% proficiency, ranked #215 of 301 in MN (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 19 active listings in the ZIP; 4 units permitted in Watonwan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($664 loan paydown + $4k appreciation (4.3% local appreciation)).
• Watonwan County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (4.3% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($95k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $94,560 (1.5% below list)

Questions for the listing agent

1. Built in 1940 — 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. 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.
4. 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.
5. 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: 1.38% ✓
• Cap rate: 10.24%
• Cash-on-cash: 14.10%
• DSCR: 1.63
• GRM: 6.0

CMA / ARV

• ARV (median comp): $137,891
• List price: $96,000
• Delta: -30.38%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
110 SE Gage Ave	0.19mi	3/2.0	1,414 (+14%)	12mo	$220,000	$156	57
233 NE Buck Ave	0.37mi	2/2.0 (-1)	1,128 (-9%)	15mo	$146,000	$129	50

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

4.32% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.7%
• Equity multiple: 2.44×
• Total profit: $38,648
• Equity at exit: $50,504

10-year hold

• IRR: 23.5%
• Equity multiple: 4.77×
• Total profit: $101,446
• Equity at exit: $84,099

Cash invested: $26,880 (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 56062

• Home prices YoY: 1.5%
• Active inventory: 19
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,327 medium
• Mortgage (P&I): −$503
• Tax from tax record: −$189 /mo · $2,268/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $316

Break-even live

Break-even rent $927

Max offer price $96,000

Occupancy floor 71%

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: $24,000
• Closing costs: $2,880
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-03
   listed $96,000 Active 388-char remark
2. 2021-01-14
   soldstatus $97,000
3. 2021-01-07
   soldstatus $97,000 1195-char remark

   Show marketing remark (1195 chars)

   Check out this cute, quaint, clean home located right on Main Street in Madelia! Talk about convenient access to the highway, gas stations, down town establishments, healthcare, and more. The owner of this home has lived in and maintained the home for the last 50+ years. This home is also situated on an approximately 150 x 150 lot, which is a rare find, in town. As you pull up to this home you will find great curb appeal, even in winter! There is a long, double driveway leading up to the attached 24 x 14 garage. The garage and home are connected by a 19 x 8 breezeway allowing for extra storage or a nice place to transition from season to season in comfort. You will then find the mud room featuring the main floor washer and dryer, basement entrance, and plenty more storage. The main floor consists of the eat in kitchen, large living room, 3 bedrooms, and a main floor bathroom. In the basement you will find a blank slate of extra, dry, space to customize to your needs. Finally out back you will find a sturdy storage shed that would make for the perfect play house, she shed, or man cave. You will not want to wait to see this home in person! Contact me today for a private showing!

4. 2020-02-12
   listed $99,900 1195-char remark

   Show marketing remark (1195 chars)

   Check out this cute, quaint, clean home located right on Main Street in Madelia! Talk about convenient access to the highway, gas stations, down town establishments, healthcare, and more. The owner of this home has lived in and maintained the home for the last 50+ years. This home is also situated on an approximately 150 x 150 lot, which is a rare find, in town. As you pull up to this home you will find great curb appeal, even in winter! There is a long, double driveway leading up to the attached 24 x 14 garage. The garage and home are connected by a 19 x 8 breezeway allowing for extra storage or a nice place to transition from season to season in comfort. You will then find the mud room featuring the main floor washer and dryer, basement entrance, and plenty more storage. The main floor consists of the eat in kitchen, large living room, 3 bedrooms, and a main floor bathroom. In the basement you will find a blank slate of extra, dry, space to customize to your needs. Finally out back you will find a sturdy storage shed that would make for the perfect play house, she shed, or man cave. You will not want to wait to see this home in person! Contact me today for a private showing!

ⓘ 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: $2,268 · $189/mo
• Projected year-2 tax: $2,268 · $189/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 15 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: $15,925
• − Mortgage interest: −$5,377
• − Property taxes: −$2,268
• − Insurance: −$480
• − Repairs & maintenance: −$1,274
• − Management: −$1,274
• − Depreciation: −$2,793
• Taxable income: $2,459
• Est. tax owed @ 24.0%: −$590
• After-tax cash flow: $3,201/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: Madelia Public School District
• NCES district ID: 2718570
• Math proficiency: 40% ▼ -11.00%
• Reading proficiency: 42% ▼ -11.00%
• Median HH income: $51,097
• Composite: 35.43/100
• National rank: #4934
• State rank: #215 of 301 in MN

Livability — Madelia

• Score: 81/100
• State rank: #60
• US rank: #1406

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Madelia, MN
• City population: 3,249
• Population (ZIP): 3,249

Population outlook (Watonwan County) Hauer SSP2

• Today (2025): 10,579 people
• By 2030: 10,354 · -2.1%
• By 2040: 9,923 · -6.2%
• By 2050: 9,558 · -9.7%
• By 2075: 9,236 · -12.7%
• By 2100: 8,812 · -16.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 26% Two or more races 12%
• Hispanic origin (detail): Mexican 19%
• Common ancestry: Portuguese 19% Lithuanian 2% Romanian 2%
• Foreign-born: 10% · Canada, Jamaica
• Languages at home: 83% English-only · Spanish 16%

Political lean MEDSL · Watonwan

• 2024 margin: Strong R (+27.8) · D 35.1% · R 62.9% · Other 2.0%
• 2008→2024 swing: -28.5pp toward R · 2008: 0.7pp · 2024: -27.8pp
• All cycles: 2024: R+27.8 2020: R+21.5 2016: R+19.2 2012: R+0.5 2008: D+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.32%
• Current HPI: 296.7645
• 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

-3.9% since first listed

5 events — show timeline

• 2026-05-26 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-03 Listed $96,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-01-14 Sold (Public Records) $97,000 Public Records
• 2021-01-07 Sold (MLS) $97,000 RASM
• 2020-02-12 Listed $99,900 RASM

Property tax history

+8.0%/yr

Latest (2025): $2,268 · +42.5% YoY. Source: county tax records.