705 State St · Kenyon, MN 55946

$339,900

4 bd · 2.0 ba · 1,881 sqft · Other · 134 Days on market

Built 2026 9,975 sqft lot $181/sqft · 8% below area Est $370k · 8% under

---

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 +11.2/15.0
• Appreciation +10.0/10.0
• Cash flow +4.2/30.0
• Livability +3.8/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.3/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Welcome to this new construction, 4-bedroom, 2-bathroom home offering comfort, style, and functionality. The open-concept living area features a tray ceiling & an abundance of natural light. Perfect for relaxing or entertaining guests. The kitchen boasts modern stainless steel appliances, ample cabinet space, and a convenient dining area. The primary bedroom offers direct access to the main floor bath as well as a large walk-in closet. The other 3 bedrooms provide generous closet space and cozy comfort. The 2-stall garage offers plenty of room for vehicles, storage, or a workshop area. Outside, enjoy a spacious yard ideal for outdoor gatherings, gardening, or simply unwinding after a long day. The large backyard is bordered by an alley & offers easy access to a future detached garage or camper parking pad. Conveniently located just 2 blocks from the K-W schools, this home comes equipped with high efficiency furnace, passive radon system, & builder warranties.

Key facts

• Tray ceiling
• New construction
• Natural light

Tags

• NEW CONSTRUCTION
• OPEN-CONCEPT LIVING AREA
• TRAY CEILING
• NATURAL LIGHT
• AMPLE CABINET SPACE
• DINING AREA

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $340k.

Deal economics

• At list price, monthly cash flow is $-927 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $206k (39.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $180k (47.0% below list).
• Recommended offer: $180k (47.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 76/100 on livability (#172 in MN, #3,700 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Kenyon-Wanamingo School District (rural): math 34% / reading 41% proficiency, ranked #230 of 301 in MN (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 31 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 86 units permitted in Goodhue County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $36k of equity ($2k loan paydown + $34k appreciation (10.0% local appreciation)).
• Goodhue County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$58k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 134 days — a 12% lower offer ($299k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 4y 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.

Recommended offer $180,000 (47.0% 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 134 days. Have you received any prior offers? Is the seller open to a 47% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.53% ✗
• Cap rate: 3.02%
• Cash-on-cash: -11.69%
• DSCR: 0.48
• GRM: 15.7

CMA / ARV

• ARV (median comp): $369,917
• List price: $339,900
• Delta: -8.11%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.1%
• Equity multiple: 2.33×
• Total profit: $126,106
• Equity at exit: $306,209

10-year hold

• IRR: 15.5%
• Equity multiple: 5.39×
• Total profit: $417,844
• Equity at exit: $660,351

Cash invested: $95,172 (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 55946

• Home prices YoY: 11.0%
• Active inventory: 31
• Price-to-rent: 15.7×

Monthly cashflow live

• Estimated rent: $1,800 medium
• Mortgage (P&I): −$1,782
• Tax est. 1.5%: −$425 /mo · $5,098/yr
• Insurance: −$142
• HOA: −$0
• Vacancy / Maint / Mgmt: −$378
• Net cashflow: $-927

Break-even live

Break-even rent $2,973

Max offer price $205,766

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: $84,975
• Closing costs: $10,197
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
608 Red Wing Ave Kenyon, MN	3.0	1.5	1456	$1,800	$1.24	43d	1	0.36mi

Listing history 26 events

1. 2026-06-19
   days on market $339,900 Active 134 DOM
2. 2026-06-18
   days on market $339,900 Active 133 DOM
3. 2026-06-17
   days on market $339,900 Active 132 DOM
4. 2026-06-16
   days on market $339,900 Active 131 DOM
5. 2026-06-15
   days on market $339,900 Active 130 DOM
6. 2026-06-14
   days on market $339,900 Active 128 DOM
7. 2026-06-12
   days on market $339,900 Active 127 DOM
8. 2026-06-09
   days on market $339,900 Active 124 DOM
9. 2026-06-08
   days on market $339,900 Active 123 DOM
10. 2026-06-02
    days on market $339,900 Active 117 DOM
11. 2026-06-01
    days on market $339,900 Active 116 DOM
12. 2026-05-31
    days on market $339,900 Active 115 DOM
13. 2026-05-30
    days on market $339,900 Active 114 DOM
14. 2026-05-05
    status Active 989-char remark

    Show marketing remark (989 chars)

    Welcome to this new construction, 4-bedroom, 2-bathroom home offering comfort, style, and functionality. The open-concept living area features a tray ceiling & an abundance of natural light. Perfect for relaxing or entertaining guests. The kitchen boasts modern stainless steel appliances, ample cabinet space, and a convenient dining area. The primary bedroom offers direct access to the main floor bath as well as a large walk-in closet. The other 3 bedrooms provide generous closet space and cozy comfort. The 2-stall garage offers plenty of room for vehicles, storage, or a workshop area. Outside, enjoy a spacious yard ideal for outdoor gatherings, gardening, or simply unwinding after a long day. The large backyard is bordered by an alley & offers easy access to a future detached garage or camper parking pad. Conveniently located just 2 blocks from the K-W schools, this home comes equipped with high efficiency furnace, passive radon system, & builder warranties.

15. 2026-05-03
    historical 989-char remark

    Show marketing remark (989 chars)

    Welcome to this new construction, 4-bedroom, 2-bathroom home offering comfort, style, and functionality. The open-concept living area features a tray ceiling & an abundance of natural light. Perfect for relaxing or entertaining guests. The kitchen boasts modern stainless steel appliances, ample cabinet space, and a convenient dining area. The primary bedroom offers direct access to the main floor bath as well as a large walk-in closet. The other 3 bedrooms provide generous closet space and cozy comfort. The 2-stall garage offers plenty of room for vehicles, storage, or a workshop area. Outside, enjoy a spacious yard ideal for outdoor gatherings, gardening, or simply unwinding after a long day. The large backyard is bordered by an alley & offers easy access to a future detached garage or camper parking pad. Conveniently located just 2 blocks from the K-W schools, this home comes equipped with high efficiency furnace, passive radon system, & builder warranties.

16. 2026-02-04
    listed $339,900 Active 989-char remark

    Show marketing remark (989 chars)

    Welcome to this new construction, 4-bedroom, 2-bathroom home offering comfort, style, and functionality. The open-concept living area features a tray ceiling & an abundance of natural light. Perfect for relaxing or entertaining guests. The kitchen boasts modern stainless steel appliances, ample cabinet space, and a convenient dining area. The primary bedroom offers direct access to the main floor bath as well as a large walk-in closet. The other 3 bedrooms provide generous closet space and cozy comfort. The 2-stall garage offers plenty of room for vehicles, storage, or a workshop area. Outside, enjoy a spacious yard ideal for outdoor gatherings, gardening, or simply unwinding after a long day. The large backyard is bordered by an alley & offers easy access to a future detached garage or camper parking pad. Conveniently located just 2 blocks from the K-W schools, this home comes equipped with high efficiency furnace, passive radon system, & builder warranties.

17. 2023-02-24
    historical
18. 2023-02-24
    historical
19. 2023-02-24
    historical
20. 2023-02-24
    historical
21. 2023-02-24
    historical
22. 2022-02-24
    listed $20,500 Active
23. 2022-02-24
    listed $20,000 Active
24. 2022-02-24
    listed $18,000 Active
25. 2022-02-24
    listed $18,000 Active
26. 2022-02-24
    listed $18,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $21,600
• − Mortgage interest: −$19,040
• − Property taxes: −$5,098
• − Insurance: −$1,700
• − Repairs & maintenance: −$1,728
• − Management: −$1,728
• − Depreciation: −$9,888
• Taxable loss: −$17,582
• Est. tax savings @ 24.0%: +$4,220
• After-tax cash flow: $-6,904/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: Kenyon-Wanamingo School District
• NCES district ID: 2717100
• Math proficiency: 34% ▼ -11.00%
• Reading proficiency: 41% ▼ -13.00%
• Median HH income: $58,681
• Composite: 33.23/100
• National rank: #5522
• State rank: #230 of 301 in MN

Livability — Kenyon

• Score: 76/100
• State rank: #172
• US rank: #3700

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kenyon, MN
• Population (ZIP): 3,366

Population outlook (Goodhue County) Hauer SSP2

• Today (2025): 46,532 people
• By 2030: 46,185 · -0.7%
• By 2040: 44,531 · -4.3%
• By 2050: 41,532 · -10.7%
• By 2075: 33,745 · -27.5%
• By 2100: 23,716 · -49.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 7% Two or more races 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 29% Lithuanian 3% Scottish 2%
• Foreign-born: 1% · Canada
• Languages at home: 95% English-only · Spanish 5%

Political lean MEDSL · Goodhue

• 2024 margin: R (+16.4) · D 40.8% · R 57.3% · Other 1.9%
• 2008→2024 swing: -15.1pp toward R · 2008: -1.4pp · 2024: -16.4pp
• All cycles: 2024: R+16.4 2020: R+14.8 2016: R+18.0 2012: R+3.0 2008: R+1.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 32.91%
• Current HPI: 331.1421
• 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

+1558.0% since first listed

13 events — show timeline

• 2026-05-05 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-03 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-04 Listed $339,900 NORTHSTARMLS as Distributed by MLS Grid
• 2023-02-24 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2023-02-24 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2023-02-24 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2023-02-24 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2023-02-24 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2022-02-24 Listed $18,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-02-24 Listed $18,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-02-24 Listed $18,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-02-24 Listed $20,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-02-24 Listed $20,500 NORTHSTARMLS as Distributed by MLS Grid