222 3rd St · Kenyon, MN 55946

$249,900

2 bd · 1.5 ba · 944 sqft · SingleFamily public records · 19 Days on market

Built 1900 10,323 sqft lot

---

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).

• Appreciation +10.0/10.0
• Cash flow +7.6/30.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.7/10.0
• 1% rule +1.5/10.0

Listing remarks

Looking for more outdoor space and a workshop? This immaculate property has a beautiful large yard, double garage with an attached workshop and an additional storage shed - great for all your storage & hobby needs! The beautiful, very well-cared for home boasts maintenance free siding, all newer windows, updated kitchen with built-in wall oven, beautiful front sun room, and 200+ amp electric with heater in garage & shop which have 220 volt hookup. Basement is professionally waterproofed, and main drain to street was resurfaced & sealed. Newer entry doors, steps, nice patio, concrete apron in front of garage, are just a few of the details you will appreciate. There are beau

Key facts

• 0.24 acre lot
• 2 garage spots
• Built 1900

Property features AI

Finance

• Other: Above-grade finished area: 1,052; Below-grade finished area: 50; Total living area reported as 1,102; Total building area: 1,436; Other structures include workshop and storage shed

Exterior

• Parking: Attached heated and insulated garage with garage door opener (2-car, 18x24); Gravel and concrete surfaces; No interior access to dwelling
• Utilities: City water (connected); City sewer (connected); 200+ amp electrical service; Natural gas
• Home design: Residential property; One and one-half levels; Sun room
• Construction: Frame construction; Asphalt roof; Other foundation; Year built: not provided
• Exterior features: Vinyl exterior; Patio; Workshop; Storage shed; Light tree coverage; City street frontage; Publicly maintained road

Interior

• Kitchen: Cooktop; Wall oven; Dishwasher; Refrigerator; Kitchen window
• Bedrooms: 2 bedrooms (both on the upper level)
• Flooring: Hardwood floors
• Bathrooms: One full bathroom (upper level); One 3/4 bathroom (basement)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Ceiling fan(s); Hardwood floors; Natural woodwork; Sun room; Eat-in kitchen; Water softener (rented)
• Laundry & utility: Washer and dryer (hookup); Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $-298 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $197k (21.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $163k (34.9% below list).
• Recommended offer: $163k (34.9% 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.
• Zoned schools: Kenyon-Wanamingo Elementary (math 57% / reading 47%, grade C-, #368 of 857 statewide, top 47%, 219 students, 36% FRL); Kenyon-Wanamingo Middle (math 26% / reading 37%, grade F, #190 of 258 statewide, top 74%, 208 students, 40% FRL); Kenyon-Wanamingo Senior High (math 24% / reading 44%, grade F, #306 of 471 statewide, top 70%, 227 students, 31% FRL).
• Market conditions: 36 active listings in the ZIP; 86 units permitted in Goodhue County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $27k of equity ($2k loan paydown + $25k 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 ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $162,718 (34.9% 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. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 4.86%
• Cash-on-cash: -5.12%
• DSCR: 0.77
• GRM: 12.8

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: 20.6%
• Equity multiple: 2.67×
• Total profit: $117,028
• Equity at exit: $225,130

10-year hold

• IRR: 18.8%
• Equity multiple: 6.14×
• Total profit: $359,452
• Equity at exit: $485,501

Cash invested: $69,972 (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: 36
• Price-to-rent: 12.8×

Monthly cashflow live

• Estimated rent: $1,627 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$169 /mo · $2,032/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$342
• Net cashflow: $-298

Break-even live

Break-even rent $2,005

Max offer price $197,171

Occupancy floor —

Sensitivity live

Price	-10% $-157	-5% $-228	+0% $-298	+5% $-369	+10% $-440
Rent	-10% $-427	-5% $-363	+0% $-298	+5% $-234	+10% $-170
Rate	-1.0pp $-173	-0.5pp $-235	base $-298	+0.5pp $-363	+1.0pp $-429

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-03
   status $249,900 Pending 19 DOM
2. 2026-06-02
   days on market $249,900 Active 19 DOM
3. 2026-06-01
   days on market $249,900 Active 18 DOM
4. 2026-05-31
   days on market $249,900 Active 17 DOM
5. 2026-05-30
   days on market $249,900 Active 16 DOM
6. 2026-05-14
   listed $249,900 Active 935-char remark
7. 2026-05-09
   historical $249,900 935-char remark

ⓘ 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: $2,032 · $169/mo
• Projected year-2 tax: $2,415 · $201/mo
• Expected delta: +$383/yr (+$32/mo · 18.9%)

ⓘ 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: $19,526
• − Mortgage interest: −$13,998
• − Property taxes: −$2,032
• − Insurance: −$1,250
• − Repairs & maintenance: −$1,562
• − Management: −$1,562
• − Depreciation: −$7,270
• Taxable loss: −$8,148
• Est. tax savings @ 24.0%: +$1,955
• After-tax cash flow: $-1,626/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

+0.0% since first listed

3 events — show timeline

• 2026-06-02 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-14 Listed $249,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-09 Coming Soon $249,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+7.6%/yr

Latest (2025): $2,032 · +0.6% YoY. Source: county tax records.