464 Main St E · Richmond, MN 56368

$329,900

2 bd · 2.0 ba · 1,120 sqft · SingleFamily public records · 41 Days on market

Built 1977 0.33 ac lot $295/sqft · 63% above area Est $347k · at est.

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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).

• ARV discount +9.7/15.0
• Cash flow +8.2/30.0
• Schools +4.7/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.2/10.0
• 1% rule +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

A same owner since 1992 one-story home that is well maintained and affordable offers main-level living, with a spacious laundry/mudroom right off the garage entry, with 2 bedrooms and a full bath. Basement has large family room with a cozy gas fireplace, 3/4 bath, and a spare room with closet. Ample storage and shelving in the basement will help keep your home organized, along with space for a workshop/craft room. Headroom to build equity with some cosmetic updates while adding your personal touch. Large 1\3 acre lot has beautiful mature trees offering a shaded canopy in the backyard for those hot summer days. A sand-point well for outside watering, and a detached shop is insulated with a woodstove to keep you warm while working on projects throughout the winter months. Walking proximity to ROCORI School's bus stop, main street shops, and Richmond Centennial park complete with pickleball, baseball, soccer, playground, volleyball and free concerts on Tuesdays in the summer. This is a location you can enjoy calling home for many years!

Key facts

• New kitchen
• Main level living
• Spacious laundry

Tags

• MAIN LEVEL LIVING
• NEW KITCHEN
• UPDATED FULL BATHROOM
• SPACIOUS LAUNDRY
• FINISHED BASEMENT
• GAS FIREPLACE

Property features AI

Exterior

• Parking: Attached 2-car garage (concrete)
• Utilities: City water connected (also has well); City sewer connected; Natural gas fuel; Electric with circuit breakers
• Home design: Residential property; One level (with finished basement); Facing direction not provided; Above-grade finished area and main level finished area reported
• Construction: Block construction; Asphalt roof; Block foundation; Built area includes finished space above and below grade
• Exterior features: Wood exterior; Workshop on property; Road frontage on city street with paved streets; Lot dimensions approximately 100 x 142 on 0.33 acre

Interior

• Kitchen: Kitchen with dining area; Range; Microwave; Dishwasher; Refrigerator
• Bedrooms: 3 bedrooms (primary on main level); Bedroom dimensions include 13 x 11.5 and 12 x 9
• Bathrooms: Main floor full bathroom; 3/4 bathroom in basement
• Heating & cooling: Forced air heating; Fireplace(s) assist heating; Central air conditioning
• Interior features: Finished basement with egress window(s); Fireplace in family room (gas); All living facilities on one level; Main floor primary bedroom; Main floor laundry; Renovated
• Laundry & utility: Main level laundry room; Washer and dryer included

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $330k.

Deal economics

• At list price, monthly cash flow is $-309 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $275k (16.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $216k (34.6% below list).
• Recommended offer: $216k (34.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 72/100 on livability (#282 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D+, amenities F, commute F.
• Rocori Public School District (town): math 51% / reading 57% proficiency, ranked #68 of 301 in MN (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Zoned schools: Rocori Middle (math 48% / reading 53%, grade C, #72 of 258 statewide, top 29%, 560 students, 27% FRL).
• Market conditions: 60 active listings in the ZIP; 661 units permitted in Stearns County in 2024 (291 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Stearns County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($320k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $216k; list at $330k implies a 53% gain — meaningful room to come down on a strong offer.

Recommended offer $215,916 (34.6% 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 41 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
3. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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: 0.65% ✗
• Cap rate: 5.17%
• Cash-on-cash: -4.01%
• DSCR: 0.82
• GRM: 12.7

CMA / ARV

• ARV (median comp): $347,096
• List price: $329,900
• Delta: -4.95%
• Verdict: FAIR
• Comps: 3 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -23.1%
• Equity multiple: 0.21×
• Total profit: $-73,257
• Equity at exit: $49,189

10-year hold

• IRR: -17.8%
• Equity multiple: 0.03×
• Total profit: $-89,648
• Equity at exit: $28,524

Cash invested: $92,372 (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 56368

• Active inventory: 60
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $2,159 medium
• Mortgage (P&I): −$1,730
• Tax from tax record: −$147 /mo · $1,765/yr
• Insurance: −$137
• HOA: −$0
• Vacancy / Maint / Mgmt: −$453
• Net cashflow: $-309

Break-even live

Break-even rent $2,550

Max offer price $275,346

Occupancy floor —

Sensitivity live

Price	-10% $-122	-5% $-215	+0% $-309	+5% $-402	+10% $-496
Rent	-10% $-479	-5% $-394	+0% $-309	+5% $-224	+10% $-138
Rate	-1.0pp $-143	-0.5pp $-225	base $-309	+0.5pp $-394	+1.0pp $-481

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: $82,475
• Closing costs: $9,897
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-22
   days on market $329,900 Active 41 DOM
2. 2026-06-19
   days on market $329,900 Active 39 DOM
3. 2026-06-18
   days on market $329,900 Active 38 DOM
4. 2026-06-17
   days on market $329,900 Active 37 DOM
5. 2026-06-16
   days on market $329,900 Active 36 DOM
6. 2026-06-15
   days on market $329,900 Active 35 DOM
7. 2026-06-14
   days on market $329,900 Active 33 DOM
8. 2026-06-13
   pricedays on market $329,900 Active 32 DOM
9. 2026-06-10
   days on market $339,900 Active 30 DOM
10. 2026-06-09
    days on market $339,900 Active 29 DOM
11. 2026-06-08
    days on market $339,900 Active 28 DOM
12. 2026-06-07
    days on market $339,900 Active 27 DOM
13. 2026-06-05
    days on market $339,900 Active 24 DOM
14. 2026-06-03
    days on market $339,900 Active 23 DOM
15. 2026-06-02
    days on market $339,900 Active 22 DOM
16. 2026-06-01
    days on market $339,900 Active 21 DOM
17. 2026-05-31
    days on market $339,900 Active 20 DOM
18. 2026-05-30
    days on market $339,900 Active 19 DOM
19. 2026-05-11
    listed $339,900 Active 1688-char remark
20. 2026-01-07
    soldstatus $216,000
21. 2025-12-30
    soldstatus $216,000 Sold 1054-char remark

    Show marketing remark (1054 chars)

    A same owner since 1992 one-story home that is well maintained and affordable offers main-level living, with a spacious laundry/mudroom right off the garage entry, with 2 bedrooms and a full bath. Basement has large family room with a cozy gas fireplace, 3/4 bath, and a spare room with closet. Ample storage and shelving in the basement will help keep your home organized, along with space for a workshop/craft room. Headroom to build equity with some cosmetic updates while adding your personal touch. Large 1\3 acre lot has beautiful mature trees offering a shaded canopy in the backyard for those hot summer days. A sand-point well for outside watering, and a detached shop is insulated with a woodstove to keep you warm while working on projects throughout the winter months. Walking proximity to ROCORI School's bus stop, main street shops, and Richmond Centennial park complete with pickleball, baseball, soccer, playground, volleyball and free concerts on Tuesdays in the summer. This is a location you can enjoy calling home for many years!

22. 2025-12-12
    status Pending 1054-char remark

    Show marketing remark (1054 chars)

    A same owner since 1992 one-story home that is well maintained and affordable offers main-level living, with a spacious laundry/mudroom right off the garage entry, with 2 bedrooms and a full bath. Basement has large family room with a cozy gas fireplace, 3/4 bath, and a spare room with closet. Ample storage and shelving in the basement will help keep your home organized, along with space for a workshop/craft room. Headroom to build equity with some cosmetic updates while adding your personal touch. Large 1\3 acre lot has beautiful mature trees offering a shaded canopy in the backyard for those hot summer days. A sand-point well for outside watering, and a detached shop is insulated with a woodstove to keep you warm while working on projects throughout the winter months. Walking proximity to ROCORI School's bus stop, main street shops, and Richmond Centennial park complete with pickleball, baseball, soccer, playground, volleyball and free concerts on Tuesdays in the summer. This is a location you can enjoy calling home for many years!

23. 2025-12-04
    price $239,000 1054-char remark

    Show marketing remark (1054 chars)

    A same owner since 1992 one-story home that is well maintained and affordable offers main-level living, with a spacious laundry/mudroom right off the garage entry, with 2 bedrooms and a full bath. Basement has large family room with a cozy gas fireplace, 3/4 bath, and a spare room with closet. Ample storage and shelving in the basement will help keep your home organized, along with space for a workshop/craft room. Headroom to build equity with some cosmetic updates while adding your personal touch. Large 1\3 acre lot has beautiful mature trees offering a shaded canopy in the backyard for those hot summer days. A sand-point well for outside watering, and a detached shop is insulated with a woodstove to keep you warm while working on projects throughout the winter months. Walking proximity to ROCORI School's bus stop, main street shops, and Richmond Centennial park complete with pickleball, baseball, soccer, playground, volleyball and free concerts on Tuesdays in the summer. This is a location you can enjoy calling home for many years!

24. 2025-10-30
    listed $250,000 Active 1054-char remark

    Show marketing remark (1054 chars)

    A same owner since 1992 one-story home that is well maintained and affordable offers main-level living, with a spacious laundry/mudroom right off the garage entry, with 2 bedrooms and a full bath. Basement has large family room with a cozy gas fireplace, 3/4 bath, and a spare room with closet. Ample storage and shelving in the basement will help keep your home organized, along with space for a workshop/craft room. Headroom to build equity with some cosmetic updates while adding your personal touch. Large 1\3 acre lot has beautiful mature trees offering a shaded canopy in the backyard for those hot summer days. A sand-point well for outside watering, and a detached shop is insulated with a woodstove to keep you warm while working on projects throughout the winter months. Walking proximity to ROCORI School's bus stop, main street shops, and Richmond Centennial park complete with pickleball, baseball, soccer, playground, volleyball and free concerts on Tuesdays in the summer. This is a location you can enjoy calling home for many years!

25. 2025-10-26
    historical $250,000 1054-char remark

    Show marketing remark (1054 chars)

    A same owner since 1992 one-story home that is well maintained and affordable offers main-level living, with a spacious laundry/mudroom right off the garage entry, with 2 bedrooms and a full bath. Basement has large family room with a cozy gas fireplace, 3/4 bath, and a spare room with closet. Ample storage and shelving in the basement will help keep your home organized, along with space for a workshop/craft room. Headroom to build equity with some cosmetic updates while adding your personal touch. Large 1\3 acre lot has beautiful mature trees offering a shaded canopy in the backyard for those hot summer days. A sand-point well for outside watering, and a detached shop is insulated with a woodstove to keep you warm while working on projects throughout the winter months. Walking proximity to ROCORI School's bus stop, main street shops, and Richmond Centennial park complete with pickleball, baseball, soccer, playground, volleyball and free concerts on Tuesdays in the summer. This is a location you can enjoy calling home for many years!

26. 1992-12-15
    soldstatus $57,500

ⓘ 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: $1,765 · $147/mo
• Projected year-2 tax: $2,730 · $227/mo
• Expected delta: +$965/yr (+$80/mo · 54.7%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 14 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: $25,910
• − Mortgage interest: −$18,480
• − Property taxes: −$1,765
• − Insurance: −$1,650
• − Repairs & maintenance: −$2,073
• − Management: −$2,073
• − Depreciation: −$9,597
• Taxable loss: −$9,727
• Est. tax savings @ 24.0%: +$2,334
• After-tax cash flow: $-1,371/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: Rocori Public School District
• NCES district ID: 2709440
• Math proficiency: 51% ▼ -11.00%
• Reading proficiency: 57% ▼ -8.00%
• Median HH income: $63,151
• Composite: 47.34/100
• National rank: #2294
• State rank: #68 of 301 in MN

Livability — Richmond

• Score: 72/100
• State rank: #282
• US rank: #6178

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richmond, MN
• Population (ZIP): 4,162

Population outlook (Stearns County) Hauer SSP2

• Today (2025): 162,629 people
• By 2030: 166,495 · +2.4%
• By 2040: 172,661 · +6.2%
• By 2050: 177,480 · +9.1%
• By 2075: 192,907 · +18.6%
• By 2100: 206,274 · +26.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 5% Two or more races 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Romanian 5% Lithuanian 5% Portuguese 4%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Stearns

• 2024 margin: Strong R (+26.8) · D 35.7% · R 62.5% · Other 1.9%
• 2008→2024 swing: -19.8pp toward R · 2008: -7.0pp · 2024: -26.8pp
• All cycles: 2024: R+26.8 2020: R+22.5 2016: R+27.9 2012: R+12.1 2008: R+7.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -201.40%
• Current HPI: 185.4156
• 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

+473.7% since first listed

9 events — show timeline

• 2026-06-10 Price Changed $329,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-11 Listed $339,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-07 Sold (Public Records) $216,000 Public Records
• 2025-12-30 Sold (MLS) $216,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-12 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-04 Price Changed $239,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-30 Listed $250,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-26 Coming Soon $250,000 NORTHSTARMLS as Distributed by MLS Grid
• 1992-12-15 Sold (Public Records) $57,500 Public Records

Property tax history

+0.4%/yr

Latest (2025): $1,765 · -21.4% YoY. Source: county tax records.