726 E 2nd St · Pillager, MN 56473

$165,000

2 bd · 1.0 ba · 1,000 sqft · SingleFamily · 69 Days on market

Built 1900 Fair condition 0.42 ac lot ↓ 2% since listing

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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 +21.9/30.0
• ARV discount +7.5/15.0
• DSCR +7.0/10.0
• 1% rule +5.7/10.0
• Schools +4.1/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Take a look at this affordable home with options for improvement! The home features an open kitchen, spacious living room, main floor bedroom, main floor laundry, full bath and an upstairs with a bedroom and office. The roof is also newer as it was replaced in 2023. There are two spacious lots with this property. You can sell one as it's ready for building or keep it for extra space!

Key facts

• Two spacious lots
• Newer roof
• Main floor laundry

Tags

• OPEN KITCHEN
• SPACIOUS LIVING ROOM
• MAIN FLOOR LAUNDRY
• NEWER ROOF
• TWO SPACIOUS LOTS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $165k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $259 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $155k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 61/100 on livability (#722 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Pillager Public School District (rural): math 43% / reading 51% proficiency, ranked #146 of 301 in MN (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 30 active listings in the ZIP; 285 units permitted in Cass County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Cass County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($155k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $155,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.07% ✓
• Cap rate: 8.18%
• Cash-on-cash: 6.73%
• DSCR: 1.30
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -5.9%
• Equity multiple: 0.78×
• Total profit: $-10,212
• Equity at exit: $24,602

10-year hold

• IRR: 3.7%
• Equity multiple: 1.27×
• Total profit: $12,461
• Equity at exit: $14,266

Cash invested: $46,200 (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 56473

• Home prices YoY: -18.1%
• Active inventory: 30
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,771 medium
• Mortgage (P&I): −$865
• Tax est. 1.5%: −$206 /mo · $2,475/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$372
• Net cashflow: $259

Break-even live

Break-even rent $1,443

Max offer price $165,000

Occupancy floor 80%

Sensitivity live

Price	-10% $373	-5% $316	+0% $259	+5% $202	+10% $145
Rent	-10% $119	-5% $189	+0% $259	+5% $329	+10% $399
Rate	-1.0pp $342	-0.5pp $301	base $259	+0.5pp $216	+1.0pp $173

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   pricedays on market $165,000 Active 69 DOM
2. 2026-06-19
   days on market $168,000 Active 67 DOM
3. 2026-06-18
   days on market $168,000 Active 66 DOM
4. 2026-06-17
   days on market $168,000 Active 65 DOM
5. 2026-06-16
   days on market $168,000 Active 64 DOM
6. 2026-06-15
   days on market $168,000 Active 63 DOM
7. 2026-06-14
   days on market $168,000 Active 61 DOM
8. 2026-06-12
   days on market $168,000 Active 60 DOM
9. 2026-06-09
   days on market $168,000 Active 57 DOM
10. 2026-06-08
    days on market $168,000 Active 56 DOM
11. 2026-06-07
    days on market $168,000 Active 55 DOM
12. 2026-06-03
    days on market $168,000 Active 51 DOM
13. 2026-06-02
    days on market $168,000 Active 50 DOM
14. 2026-06-01
    days on market $168,000 Active 49 DOM
15. 2026-05-31
    days on market $168,000 Active 48 DOM
16. 2026-05-30
    days on market $168,000 Active 47 DOM
17. 2026-05-19
    price $168,000 390-char remark

    Show marketing remark (390 chars)

    Take a look at this affordable home with options for improvement! The home features an open kitchen, spacious living room, main floor bedroom, main floor laundry, full bath and an upstairs with a bedroom and office. The roof is also newer as it was replaced in 2023. There are two spacious lots with this property. You can sell one as it's ready for building or keep it for extra space!

18. 2026-04-13
    listed $172,000 Active 390-char remark

    Show marketing remark (390 chars)

    Take a look at this affordable home with options for improvement! The home features an open kitchen, spacious living room, main floor bedroom, main floor laundry, full bath and an upstairs with a bedroom and office. The roof is also newer as it was replaced in 2023. There are two spacious lots with this property. You can sell one as it's ready for building or keep it for extra space!

ⓘ 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 5/10 Major FEMA zone X · 55% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 1/10 Low 7 d/yr ≥94°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,255
• − Mortgage interest: −$9,243
• − Property taxes: −$2,475
• − Insurance: −$825
• − Repairs & maintenance: −$1,700
• − Management: −$1,700
• − Depreciation: −$4,800
• Taxable income: $512
• Est. tax owed @ 24.0%: −$123
• After-tax cash flow: $2,986/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.

Condition & rehab AI · 13 photos

Fair 45/100 Moderate rehab

This home requires moderate renovations to update the kitchen and bathroom, and some landscaping improvements. It has a good roof and a good foundation, making it a solid investment opportunity.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of replacement
• Moderate kitchen countertops — dated and in need of replacement
• Moderate kitchen appliances — dated and in need of replacement
• Moderate bathroom fixtures — basic and in need of replacement
• Minor landscaping — some overgrown areas

Value-add opportunities

• Resale paint interior walls — Fresh paint can make a significant difference in the home's appearance
• Resale replace kitchen cabinets and countertops — Modern cabinets and countertops can significantly enhance the home's appeal
• Resale replace kitchen appliances — Upgrading to modern appliances can make the kitchen more functional and attractive
• Resale replace bathroom fixtures — Modern fixtures can improve the bathroom's functionality and appearance
• Both landscaping — A well-maintained yard can improve curb appeal and add value to the property

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of replacement	Moderate	$3,000–15,000
kitchen countertops · dated and in need of replacement	Moderate	$3,000–15,000
kitchen appliances · dated and in need of replacement	Moderate	$3,000–15,000
bathroom fixtures · basic and in need of replacement	Moderate	$3,000–15,000
landscaping · some overgrown areas	Minor	$500–3,000
Total estimated repair cost · 5 items		$12,500–63,000

Value-add ROI direction

• Resale paint interior walls — Fresh paint can make a significant difference in the home's appearance ↑
• Resale replace kitchen cabinets and countertops — Modern cabinets and countertops can significantly enhance the home's appeal ↑
• Resale replace kitchen appliances — Upgrading to modern appliances can make the kitchen more functional and attractive ↑
• Resale replace bathroom fixtures — Modern fixtures can improve the bathroom's functionality and appearance ↑
• Both landscaping — A well-maintained yard can improve curb appeal and add value to the property ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Pillager Public School District
• NCES district ID: 2728350
• Math proficiency: 43% ▼ -3.00%
• Reading proficiency: 51% ▼ -9.00%
• Median HH income: $58,200
• Composite: 41.06/100
• National rank: #3577
• State rank: #146 of 301 in MN

Livability — Pillager

• Score: 61/100
• State rank: #722
• US rank: #17425

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pillager, MN
• Population (ZIP): 3,452

Population outlook (Cass County) Hauer SSP2

• Today (2025): 27,371 people
• By 2030: 26,311 · -3.9%
• By 2040: 23,945 · -12.5%
• By 2050: 21,889 · -20.0%
• By 2075: 18,435 · -32.6%
• By 2100: 14,478 · -47.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 4%
• Common ancestry: Portuguese 12% Romanian 4% Lithuanian 3%
• Foreign-born: 1%

Political lean MEDSL · Cass

• 2024 margin: Solid R (+33.4) · D 32.6% · R 66.0% · Other 1.3%
• 2008→2024 swing: -24.9pp toward R · 2008: -8.5pp · 2024: -33.4pp
• All cycles: 2024: R+33.4 2020: R+28.9 2016: R+31.7 2012: R+13.1 2008: R+8.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -51.65%
• Current HPI: 233.7849
• 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

-2.3% since first listed

2 events — show timeline

• 2026-05-19 Price Changed $168,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-13 Listed $172,000 NORTHSTARMLS as Distributed by MLS Grid