104 Atlantic Ave S · Herman, MN 56248

$69,900

3 bd · 2.0 ba · 920 sqft · SingleFamily public records · 62 Days on market

Built 1950 8,102 sqft lot ↓ 12% since listing

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Why this score? — see what drove the B+ 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 +30.0/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +8.5/10.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

3 bedroom home in Herman ready for its next owner. A little sweat equity and this home will go a long way. The main floor includes, kitchen, dining area, living room, full bathroom, and all 3 bedrooms. The basement is unfinished but would be very easy to turn into finished space!

Key facts

• 8,102 sq ft lot
• Garage
• Built 1950

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $264 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($943 rent vs $70k).
• Recommended offer: $66k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#469 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools A; Watch: health & safety C-, crime D+, amenities F.
• Herman-Norcross School District (rural): math 50% / reading 70% proficiency, ranked #150 of 467 in MN (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 5 active listings in the ZIP; 2 units permitted in Grant County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($483 loan paydown + $7k appreciation (10.0% local appreciation)).
• Grant County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $5k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $65,706 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.35% ✓
• Cap rate: 10.82%
• Cash-on-cash: 16.18%
• DSCR: 1.72
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 36.3%
• Equity multiple: 3.80×
• Total profit: $54,887
• Equity at exit: $62,971

10-year hold

• IRR: 31.2%
• Equity multiple: 8.58×
• Total profit: $148,445
• Equity at exit: $135,800

Cash invested: $19,572 (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 56248

• Home prices YoY: 9.2%
• Active inventory: 5
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $943 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$86 /mo · $1,026/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$198
• Net cashflow: $264

Break-even live

Break-even rent $609

Max offer price $69,900

Occupancy floor 67%

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-18
   days on market $69,900 Active 62 DOM
2. 2026-06-17
   days on market $69,900 Active 61 DOM
3. 2026-06-16
   days on market $69,900 Active 60 DOM
4. 2026-06-15
   days on market $69,900 Active 59 DOM
5. 2026-06-13
   days on market $69,900 Active 57 DOM
6. 2026-06-12
   days on market $69,900 Active 56 DOM
7. 2026-06-09
   days on market $69,900 Active 53 DOM
8. 2026-06-08
   days on market $69,900 Active 52 DOM
9. 2026-06-07
   days on market $69,900 Active 51 DOM
10. 2026-06-05
    days on market $69,900 Active 49 DOM
11. 2026-06-04
    days on market $69,900 Active 47 DOM
12. 2026-06-02
    days on market $69,900 Active 46 DOM
13. 2026-06-01
    days on market $69,900 Active 45 DOM
14. 2026-05-31
    days on market $69,900 Active 44 DOM
15. 2026-05-31
    days on market $69,900 Active 43 DOM
16. 2026-04-17
    listed $74,900 Active 280-char remark

    Show marketing remark (280 chars)

    3 bedroom home in Herman ready for its next owner. A little sweat equity and this home will go a long way. The main floor includes, kitchen, dining area, living room, full bathroom, and all 3 bedrooms. The basement is unfinished but would be very easy to turn into finished space!

17. 2025-12-02
    historical
18. 2025-11-10
    price $74,900
19. 2025-09-29
    price $79,900
20. 2025-09-11
    listed $84,900 Active
21. 2023-03-16
    soldstatus $62,500 Sold
22. 2023-03-07
    status Pending
23. 2023-02-16
    historical Contingent - Inspection
24. 2022-11-09
    price $75,000
25. 2022-09-22
    listed $85,000 Active

ⓘ 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: $1,026 · $86/mo
• Projected year-2 tax: $1,026 · $86/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 6/10 Major 75% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,317
• − Mortgage interest: −$3,915
• − Property taxes: −$1,026
• − Insurance: −$350
• − Repairs & maintenance: −$905
• − Management: −$905
• − Depreciation: −$2,033
• Taxable income: $2,182
• Est. tax owed @ 24.0%: −$524
• After-tax cash flow: $2,643/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: Herman-Norcross School District
• NCES district ID: 2713890
• Math proficiency: 50% ▬ 0.00%
• Reading proficiency: 70% ▲ 15.00%
• Median HH income: $47,014
• Composite: 52.36/100
• National rank: #3425
• State rank: #150 of 467 in MN

Livability — Herman

• Score: 66/100
• State rank: #469
• US rank: #11204

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Herman, MN
• Population (ZIP): 760

Population outlook (Grant County) Hauer SSP2

• Today (2025): 5,527 people
• By 2030: 5,287 · -4.3%
• By 2040: 4,829 · -12.6%
• By 2050: 4,415 · -20.1%
• By 2075: 3,504 · -36.6%
• By 2100: 2,555 · -53.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 2%
• Common ancestry: Portuguese 22% Italian 3% Iranian 1%
• Foreign-born: 1% · Canada, South Korea
• Languages at home: 93% English-only · Spanish 6% German/W. Germanic 1%

Political lean MEDSL · Grant

• 2024 margin: Solid R (+30.6) · D 33.6% · R 64.2% · Other 2.2%
• 2008→2024 swing: -36.2pp toward R · 2008: 5.7pp · 2024: -30.6pp
• All cycles: 2024: R+30.6 2020: R+26.5 2016: R+27.8 2012: R+2.9 2008: D+5.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 11.37%
• Current HPI: 134.5915
• 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

-11.9% since first listed

10 events — show timeline

• 2026-04-17 Listed $74,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-10 Price Changed $74,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-29 Price Changed $79,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-11 Listed $84,900 NORTHSTARMLS as Distributed by MLS Grid
• 2023-03-16 Sold (MLS) $62,500 NORTHSTARMLS as Distributed by MLS Grid
• 2023-03-07 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2023-02-16 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2022-11-09 Price Changed $75,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-09-22 Listed $85,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+8.8%/yr

Latest (2026): $1,026 · +45.7% YoY. Source: county tax records.