263 Franklin St · Winona, MN 55987

$189,999

5 bd · 2.0 ba · 1,245 sqft · SingleFamily public records · 123 Days on market

Built 1883 3,484 sqft lot $153/sqft · 28% below area Est $300k · 37% under

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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 +19.9/30.0
• ARV discount +15.0/15.0
• DSCR +6.3/10.0
• Rent growth +5.0/5.0
• 1% rule +4.9/10.0
• Livability +4.0/5.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This rental-certified home is approved for 5 unrelated or 9 related occupants and is ideally located just three blocks from Downtown Winona, minutes from Winona State University, and within walking distance to a grocery store and everyday amenities. Offering five bedrooms and two main-floor bathrooms, the spacious layout provides flexibility for a variety of living arrangements -- whether owner-occupied or used as an investment property. The home features main-floor laundry, off-street parking spaces, and a larger storage shed. Numerous updates have been completed over the years, including improvements to the electrical system, newer windows, lighting, newer washer and dryer, newer forced-air furnace and central air conditioning unit, and more.

Key facts

• Main floor laundry
• Newer windows
• Larger storage shed

Tags

• THREE BLOCKS FROM DOWNTOWN
• MAIN FLOOR LAUNDRY
• OFF STREET PARKING SPACES
• LARGER STORAGE SHED
• NEWER WINDOWS
• NEWER FORCED AIR FURNACE

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $230 ($3k/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 $187k (1.5% below list).
• Recommended offer: $167k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 3.8% in Winona — 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 81/100 on livability (#63 in MN, #1,558 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-.
• Winona Area Public School District (town): math 33% / reading 40% proficiency, ranked #244 of 301 in MN (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Washington-Kosciusko Elementary (math 57% / reading 42%, grade D, #423 of 857 statewide, top 55%, 286 students, 69% FRL); Winona Middle (math 23% / reading 38%, grade F, #192 of 258 statewide, top 77%, 641 students, 50% FRL); Winona Senior High (math 37% / reading 47%, grade F, #222 of 471 statewide, top 50%, 881 students, 38% FRL) — zoned schools average 53% FRL vs 31% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+18.0%/yr); 140 active listings in the ZIP; 37 units permitted in Winona County in 2024 (0 in 5+ unit buildings).
• This rent runs 36% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Winona County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $53k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 123 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 11 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.

Risks & watch-outs

• Watch-outs: built in 1883 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $167,199 (12.0% below list)

Questions for the listing agent

1. It's been on market 123 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1883 — 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 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?
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: 0.99% ✗
• Cap rate: 7.75%
• Cash-on-cash: 5.19%
• DSCR: 1.23
• GRM: 8.5

CMA / ARV

• ARV (median comp): $300,000
• List price: $189,999
• Delta: -36.67%
• Verdict: UNDERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -3.0%
• Equity multiple: 0.88×
• Total profit: $-6,242
• Equity at exit: $28,329

10-year hold

• IRR: 11.5%
• Equity multiple: 2.10×
• Total profit: $58,419
• Equity at exit: $16,428

Cash invested: $53,200 (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 55987

• Rents YoY: 18.0%
• Active inventory: 140
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,872 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$173 /mo · $2,072/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$393
• Net cashflow: $230

Break-even live

Break-even rent $1,580

Max offer price $189,999

Occupancy floor 83%

Sensitivity live

Price	-10% $338	-5% $284	+0% $230	+5% $177	+10% $123
Rent	-10% $82	-5% $156	+0% $230	+5% $304	+10% $378
Rate	-1.0pp $326	-0.5pp $279	base $230	+0.5pp $181	+1.0pp $131

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Listing history 47 events

1. 2026-06-22
   days on market $189,999 Active 123 DOM
2. 2026-06-21
   days on market $189,999 Active 122 DOM
3. 2026-06-19
   days on market $189,999 Active 120 DOM
4. 2026-06-18
   days on market $189,999 Active 119 DOM
5. 2026-06-17
   days on market $189,999 Active 118 DOM
6. 2026-06-16
   days on market $189,999 Active 117 DOM
7. 2026-06-15
   days on market $189,999 Active 116 DOM
8. 2026-06-14
   days on market $189,999 Active 114 DOM
9. 2026-06-12
   days on market $189,999 Active 113 DOM
10. 2026-06-09
    days on market $189,999 Active 110 DOM
11. 2026-06-08
    days on market $189,999 Active 109 DOM
12. 2026-06-07
    days on market $189,999 Active 108 DOM
13. 2026-06-02
    days on market $189,999 Active 103 DOM
14. 2026-06-01
    days on market $189,999 Active 102 DOM
15. 2026-05-31
    days on market $189,999 Active 101 DOM
16. 2026-05-30
    days on market $189,999 Active 100 DOM
17. 2026-05-15
    status Active 754-char remark

    Show marketing remark (914 chars)

    This rental-certified home is approved for 5 unrelated or 9 related occupants and is ideally located just three blocks from Downtown Winona, minutes from Winona State University, and within walking distance to a grocery store and everyday amenities. Offering five bedrooms and two main-floor bathrooms, the spacious layout provides flexibility for a variety of living arrangements — whether owner-occupied or used as an investment property. The home features main-floor laundry, off-street parking spaces, and a larger storage shed. Numerous updates have been completed over the years, including improvements to the electrical system, newer windows, lighting, newer washer and dryer, newer forced-air furnace and central air conditioning unit, and more — providing added value and peace of mind for the next owner. A well-maintained property in a convenient location with strong long-term potential.

18. 2026-05-15
    status Active 914-char remark

    Show marketing remark (914 chars)

    This rental-certified home is approved for 5 unrelated or 9 related occupants and is ideally located just three blocks from Downtown Winona, minutes from Winona State University, and within walking distance to a grocery store and everyday amenities. Offering five bedrooms and two main-floor bathrooms, the spacious layout provides flexibility for a variety of living arrangements — whether owner-occupied or used as an investment property. The home features main-floor laundry, off-street parking spaces, and a larger storage shed. Numerous updates have been completed over the years, including improvements to the electrical system, newer windows, lighting, newer washer and dryer, newer forced-air furnace and central air conditioning unit, and more — providing added value and peace of mind for the next owner. A well-maintained property in a convenient location with strong long-term potential.

19. 2026-05-11
    historical Contingent 754-char remark

    Show marketing remark (914 chars)

    This rental-certified home is approved for 5 unrelated or 9 related occupants and is ideally located just three blocks from Downtown Winona, minutes from Winona State University, and within walking distance to a grocery store and everyday amenities. Offering five bedrooms and two main-floor bathrooms, the spacious layout provides flexibility for a variety of living arrangements — whether owner-occupied or used as an investment property. The home features main-floor laundry, off-street parking spaces, and a larger storage shed. Numerous updates have been completed over the years, including improvements to the electrical system, newer windows, lighting, newer washer and dryer, newer forced-air furnace and central air conditioning unit, and more — providing added value and peace of mind for the next owner. A well-maintained property in a convenient location with strong long-term potential.

20. 2026-05-11
    historical Contingent - Inspection 914-char remark

    Show marketing remark (914 chars)

    This rental-certified home is approved for 5 unrelated or 9 related occupants and is ideally located just three blocks from Downtown Winona, minutes from Winona State University, and within walking distance to a grocery store and everyday amenities. Offering five bedrooms and two main-floor bathrooms, the spacious layout provides flexibility for a variety of living arrangements — whether owner-occupied or used as an investment property. The home features main-floor laundry, off-street parking spaces, and a larger storage shed. Numerous updates have been completed over the years, including improvements to the electrical system, newer windows, lighting, newer washer and dryer, newer forced-air furnace and central air conditioning unit, and more — providing added value and peace of mind for the next owner. A well-maintained property in a convenient location with strong long-term potential.

21. 2026-05-06
    price $189,999 754-char remark

    Show marketing remark (914 chars)

    This rental-certified home is approved for 5 unrelated or 9 related occupants and is ideally located just three blocks from Downtown Winona, minutes from Winona State University, and within walking distance to a grocery store and everyday amenities. Offering five bedrooms and two main-floor bathrooms, the spacious layout provides flexibility for a variety of living arrangements — whether owner-occupied or used as an investment property. The home features main-floor laundry, off-street parking spaces, and a larger storage shed. Numerous updates have been completed over the years, including improvements to the electrical system, newer windows, lighting, newer washer and dryer, newer forced-air furnace and central air conditioning unit, and more — providing added value and peace of mind for the next owner. A well-maintained property in a convenient location with strong long-term potential.

22. 2026-05-06
    price $189,999 914-char remark

    Show marketing remark (914 chars)

    This rental-certified home is approved for 5 unrelated or 9 related occupants and is ideally located just three blocks from Downtown Winona, minutes from Winona State University, and within walking distance to a grocery store and everyday amenities. Offering five bedrooms and two main-floor bathrooms, the spacious layout provides flexibility for a variety of living arrangements — whether owner-occupied or used as an investment property. The home features main-floor laundry, off-street parking spaces, and a larger storage shed. Numerous updates have been completed over the years, including improvements to the electrical system, newer windows, lighting, newer washer and dryer, newer forced-air furnace and central air conditioning unit, and more — providing added value and peace of mind for the next owner. A well-maintained property in a convenient location with strong long-term potential.

23. 2026-02-19
    listed $199,900 Active 754-char remark

    Show marketing remark (914 chars)

    This rental-certified home is approved for 5 unrelated or 9 related occupants and is ideally located just three blocks from Downtown Winona, minutes from Winona State University, and within walking distance to a grocery store and everyday amenities. Offering five bedrooms and two main-floor bathrooms, the spacious layout provides flexibility for a variety of living arrangements — whether owner-occupied or used as an investment property. The home features main-floor laundry, off-street parking spaces, and a larger storage shed. Numerous updates have been completed over the years, including improvements to the electrical system, newer windows, lighting, newer washer and dryer, newer forced-air furnace and central air conditioning unit, and more — providing added value and peace of mind for the next owner. A well-maintained property in a convenient location with strong long-term potential.

24. 2026-02-19
    listed $199,900 Active 914-char remark

    Show marketing remark (914 chars)

    This rental-certified home is approved for 5 unrelated or 9 related occupants and is ideally located just three blocks from Downtown Winona, minutes from Winona State University, and within walking distance to a grocery store and everyday amenities. Offering five bedrooms and two main-floor bathrooms, the spacious layout provides flexibility for a variety of living arrangements — whether owner-occupied or used as an investment property. The home features main-floor laundry, off-street parking spaces, and a larger storage shed. Numerous updates have been completed over the years, including improvements to the electrical system, newer windows, lighting, newer washer and dryer, newer forced-air furnace and central air conditioning unit, and more — providing added value and peace of mind for the next owner. A well-maintained property in a convenient location with strong long-term potential.

25. 2024-12-19
    soldstatus $178,000 Sold
26. 2024-12-19
    soldstatus $178,000 Sold
27. 2024-11-12
    status Pending
28. 2024-11-12
    status Pending
29. 2024-09-30
    listed $179,900 Active
30. 2024-09-30
    listed $179,900 Active
31. 2021-09-29
    historical
32. 2021-07-30
    listed $169,900 Active
33. 2021-07-28
    historical
34. 2020-04-30
    soldstatus $2,531,574
35. 2018-12-09
    historical
36. 2014-06-25
    historical
37. 2014-06-24
    soldstatus $138,500
38. 2014-06-24
    soldstatus $138,500
39. 2014-06-24
    soldstatus $138,500
40. 2014-06-24
    soldstatus $138,500
41. 2014-06-24
    soldstatus $138,500 Sold
42. 2014-05-09
    listed $149,000
43. 2014-05-09
    listed $149,000
44. 2014-05-09
    listed $149,000
45. 2014-05-09
    listed $149,000
46. 2008-12-22
    soldstatus $140,000
47. 1999-12-10
    soldstatus $55,000

ⓘ 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: $2,072 · $173/mo
• Projected year-2 tax: $2,100 · $175/mo
• Expected delta: +$28/yr (+$2/mo · 1.4%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,458
• − Mortgage interest: −$10,643
• − Property taxes: −$2,072
• − Insurance: −$950
• − Repairs & maintenance: −$1,797
• − Management: −$1,797
• − Depreciation: −$5,527
• Taxable loss: −$327
• Est. tax savings @ 24.0%: +$79
• After-tax cash flow: $2,842/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: Winona Area Public School District
• NCES district ID: 2744070
• Math proficiency: 33% ▼ -16.00%
• Reading proficiency: 40% ▼ -9.00%
• Median HH income: $45,678
• Composite: 31.15/100
• National rank: #6058
• State rank: #244 of 301 in MN

Livability — Winona

• Score: 81/100
• State rank: #63
• US rank: #1558

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Winona, MN
• County: Winona County · 34,072 people
• City population: 34,072
• Metro: Winona, MN
• Population (ZIP): 34,072
• Household income: $61,624
• Rent vs Own: 36.1% rent · 63.9% own
• Severe rent burden: 1525.0

Population outlook (Winona County) Hauer SSP2

• Today (2025): 50,614 people
• By 2030: 50,243 · -0.7%
• By 2040: 48,142 · -4.9%
• By 2050: 45,872 · -9.4%
• By 2075: 42,416 · -16.2%
• By 2100: 40,031 · -20.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 4% Hispanic / Latino 4% Black 2% Asian 2%
• Common ancestry: Portuguese 14% Romanian 12% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Asian/Pacific 1%

Political lean MEDSL · Winona

• 2024 margin: Toss-up / Even · D 46.6% · R 51.5% · Other 1.8%
• 2008→2024 swing: -24.0pp toward R · 2008: 19.1pp · 2024: -4.9pp
• All cycles: 2024: R+4.9 2020: D+0.4 2016: R+2.9 2012: D+12.9 2008: D+19.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -166.61%
• Current HPI: 193.7509
• Rent YoY: ▲ 17.99%
• Metro: Winona, 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

+245.5% since first listed

31 events — show timeline

• 2026-05-15 Relisted — METROMLS
• 2026-05-15 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-11 Contingent — METROMLS
• 2026-05-11 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-06 Price Changed $189,999 METROMLS
• 2026-05-06 Price Changed $189,999 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-19 Listed $199,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-19 Listed $199,900 METROMLS
• 2024-12-19 Sold (MLS) $178,000 METROMLS
• 2024-12-19 Sold (MLS) $178,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-11-12 Pending — METROMLS
• 2024-11-12 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2024-09-30 Listed $179,900 METROMLS
• 2024-09-30 Listed $179,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-09-29 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2021-07-30 Listed $169,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-07-28 Coming Soon — NORTHSTARMLS as Distributed by MLS Grid
• 2020-04-30 Sold (Public Records) $2,531,574 Public Records
• 2018-12-09 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2014-06-25 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2014-06-24 Sold (Public Records) $138,500 Public Records
• 2014-06-24 Sold (MLS) $138,500 RASM
• 2014-06-24 Sold (MLS) $138,500 LSAR
• 2014-06-24 Sold (MLS) $138,500 NORTHSTARMLS as Distributed by MLS Grid
• 2014-06-24 Sold (MLS) $138,500 NORTHSTARMLS as Distributed by MLS Grid
• 2014-05-09 Listed $149,000 RASM
• 2014-05-09 Listed $149,000 LSAR
• 2014-05-09 Listed $149,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-05-09 Listed $149,000 NORTHSTARMLS as Distributed by MLS Grid
• 2008-12-22 Sold (Public Records) $140,000 Public Records
• 1999-12-10 Sold (Public Records) $55,000 Public Records

Property tax history

+5.9%/yr

Latest (2025): $2,072 · +7.6% YoY. Source: county tax records.