520 E Blue Earth Ave · Fairmont, MN 56031

$129,000

4 bd · 2.0 ba · 1,483 sqft · SingleFamily public records · 146 Days on market

Built 1929 8,973 sqft lot $87/sqft · at area comps Est $200k · 35% 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 +18.1/30.0
• ARV discount +15.0/15.0
• DSCR +5.7/10.0
• 1% rule +4.3/10.0
• Schools +4.1/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fresh updates throughout give this home a bright, welcoming feel. New carpet pairs with fresh paint to create a crisp, move-in-ready interior. The modern kitchen brings style and practical functionality. A huge walk-in closet offers exceptional storage off the main upstairs bedroom. This home boast two beautiful bathrooms, one on each level. The basement has walk-out access along with clean open space. Outside, a large new deck expands your options for relaxing, entertaining or simply enjoying the outdoors. A detached garage adds more convenience and storage to the property.

Key facts

• Huge walk-in closet
• Large new deck
• Modern kitchen

Tags

• MODERN KITCHEN
• HUGE WALK-IN CLOSET
• LARGE NEW DECK
• DETACHED GARAGE

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $129k.

Deal economics

• At list price, monthly cash flow is $114 ($1k/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 $120k (6.6% below list).
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.3% vs local median 3.4% in Fairmont — 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 68/100 on livability (#407 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D+, amenities F.
• Fairmont Area School District (town): math 45% / reading 51% proficiency, ranked #148 of 301 in MN (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 94 active listings in the ZIP; 19 units permitted in Martin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $892 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Martin County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 146 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $21k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $77k; list at $129k implies a 68% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $113,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 146 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 1929 — 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. 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: 0.93% ✗
• Cap rate: 7.35%
• Cash-on-cash: 3.77%
• DSCR: 1.17
• GRM: 8.9

CMA / ARV

• ARV (median comp): $199,671
• List price: $129,000
• Delta: -35.39%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -10.4%
• Equity multiple: 0.62×
• Total profit: $-13,687
• Equity at exit: $19,234

10-year hold

• IRR: -1.1%
• Equity multiple: 0.93×
• Total profit: $-2,666
• Equity at exit: $11,154

Cash invested: $36,120 (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 56031

• Active inventory: 94
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,204 medium
• Mortgage (P&I): −$676
• Tax from tax record: −$108 /mo · $1,292/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$253
• Net cashflow: $114

Break-even live

Break-even rent $1,061

Max offer price $129,000

Occupancy floor 86%

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $129,000 Active 146 DOM
2. 2026-06-17
   days on market $129,000 Active 145 DOM
3. 2026-06-16
   days on market $129,000 Active 144 DOM
4. 2026-06-15
   days on market $129,000 Active 143 DOM
5. 2026-06-13
   days on market $129,000 Active 141 DOM
6. 2026-06-12
   days on market $129,000 Active 140 DOM
7. 2026-06-09
   days on market $129,000 Active 137 DOM
8. 2026-06-08
   days on market $129,000 Active 136 DOM
9. 2026-06-07
   days on market $129,000 Active 135 DOM
10. 2026-06-05
    days on market $129,000 Active 133 DOM
11. 2026-06-04
    days on market $129,000 Active 131 DOM
12. 2026-06-02
    days on market $129,000 Active 130 DOM
13. 2026-06-01
    days on market $129,000 Active 129 DOM
14. 2026-05-31
    days on market $129,000 Active 128 DOM
15. 2026-05-31
    days on market $129,000 Active 127 DOM
16. 2026-05-15
    status Active 587-char remark

    Show marketing remark (587 chars)

    Fresh updates throughout give this home a bright, welcoming feel. New carpet pairs with fresh paint to create a crisp, move-in-ready interior. The modern kitchen brings style and practical functionality. A huge walk-in closet offers exceptional storage off the main upstairs bedroom. This home boast two beautiful bathrooms, one on each level. The basement has walk-out access along with clean open space. Outside, a large new deck expands your options for relaxing, entertaining or simply enjoying the outdoors. A detached garage adds more convenience and storage to the property.

17. 2026-05-12
    historical Contingent - Sale of Another Property 587-char remark

    Show marketing remark (587 chars)

    Fresh updates throughout give this home a bright, welcoming feel. New carpet pairs with fresh paint to create a crisp, move-in-ready interior. The modern kitchen brings style and practical functionality. A huge walk-in closet offers exceptional storage off the main upstairs bedroom. This home boast two beautiful bathrooms, one on each level. The basement has walk-out access along with clean open space. Outside, a large new deck expands your options for relaxing, entertaining or simply enjoying the outdoors. A detached garage adds more convenience and storage to the property.

18. 2026-04-22
    price $129,000 587-char remark

    Show marketing remark (587 chars)

    Fresh updates throughout give this home a bright, welcoming feel. New carpet pairs with fresh paint to create a crisp, move-in-ready interior. The modern kitchen brings style and practical functionality. A huge walk-in closet offers exceptional storage off the main upstairs bedroom. This home boast two beautiful bathrooms, one on each level. The basement has walk-out access along with clean open space. Outside, a large new deck expands your options for relaxing, entertaining or simply enjoying the outdoors. A detached garage adds more convenience and storage to the property.

19. 2026-03-03
    price $139,900 587-char remark

    Show marketing remark (587 chars)

    Fresh updates throughout give this home a bright, welcoming feel. New carpet pairs with fresh paint to create a crisp, move-in-ready interior. The modern kitchen brings style and practical functionality. A huge walk-in closet offers exceptional storage off the main upstairs bedroom. This home boast two beautiful bathrooms, one on each level. The basement has walk-out access along with clean open space. Outside, a large new deck expands your options for relaxing, entertaining or simply enjoying the outdoors. A detached garage adds more convenience and storage to the property.

20. 2026-01-22
    listed $149,900 Active 587-char remark

    Show marketing remark (587 chars)

    Fresh updates throughout give this home a bright, welcoming feel. New carpet pairs with fresh paint to create a crisp, move-in-ready interior. The modern kitchen brings style and practical functionality. A huge walk-in closet offers exceptional storage off the main upstairs bedroom. This home boast two beautiful bathrooms, one on each level. The basement has walk-out access along with clean open space. Outside, a large new deck expands your options for relaxing, entertaining or simply enjoying the outdoors. A detached garage adds more convenience and storage to the property.

21. 2007-07-02
    soldstatus $77,000

ⓘ 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: $1,292 · $108/mo
• Projected year-2 tax: $1,368 · $114/mo
• Expected delta: +$76/yr (+$6/mo · 5.9%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,452
• − Mortgage interest: −$7,226
• − Property taxes: −$1,292
• − Insurance: −$645
• − Repairs & maintenance: −$1,156
• − Management: −$1,156
• − Depreciation: −$3,753
• Taxable loss: −$776
• Est. tax savings @ 24.0%: +$186
• After-tax cash flow: $1,549/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: Fairmont Area School District
• NCES district ID: 2700124
• Math proficiency: 45% ▼ -13.00%
• Reading proficiency: 51% ▼ -7.00%
• Median HH income: $46,280
• Composite: 40.76/100
• National rank: #3648
• State rank: #148 of 301 in MN

Livability — Fairmont

• Score: 68/100
• State rank: #407
• US rank: #9480

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fairmont, MN
• City population: 11,800
• Population (ZIP): 11,800

Population outlook (Martin County) Hauer SSP2

• Today (2025): 18,583 people
• By 2030: 17,814 · -4.1%
• By 2040: 16,312 · -12.2%
• By 2050: 15,021 · -19.2%
• By 2075: 13,025 · -29.9%
• By 2100: 11,311 · -39.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 8% Two or more races 3%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Portuguese 11% Romanian 6% Italian 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 93% English-only · Spanish 5%

Political lean MEDSL · Martin

• 2024 margin: Solid R (+39.7) · D 29.5% · R 69.1% · Other 1.4%
• 2008→2024 swing: -24.4pp toward R · 2008: -15.2pp · 2024: -39.7pp
• All cycles: 2024: R+39.7 2020: R+37.9 2016: R+41.4 2012: R+23.8 2008: R+15.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -143.34%
• Current HPI: 191.514
• 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

+67.5% since first listed

6 events — show timeline

• 2026-05-15 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-12 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-22 Price Changed $129,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-03 Price Changed $139,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-22 Listed $149,900 NORTHSTARMLS as Distributed by MLS Grid
• 2007-07-02 Sold (Public Records) $77,000 Public Records

Property tax history

+2.7%/yr

Latest (2025): $1,292 · +17.0% YoY. Source: county tax records.