130 1st St N · Waterville, MN 56096

$122,900

3 bd · 1.0 ba · 972 sqft · SingleFamily public records · 129 Days on market

Built 1900 5,401 sqft lot Est $156k · 21% under ↓ 4% 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 +22.1/30.0
• ARV discount +15.0/15.0
• DSCR +7.1/10.0
• 1% rule +5.8/10.0
• Schools +4.2/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This solid 3-bedroom, 1-bath home is full of potential and ready for your vision. Bring your transformation ideas and make it your own! The property includes a garage plus an additional building that was previously used as a business—offering great versatility and extra space. The main level features a kitchen with dining area, a full bathroom with a jetted tub, and a comfortable living room. The back porch has been converted into a unique lounge/bar area, perfect for entertaining. The basement is unfinished but includes a shower and laundry area, providing plenty of room for future expansion. A newer furnace (less than 7 years old) adds peace of mind. All three bedrooms are conveniently located on the upper level. A fantastic opportunity for those looking to add value and create something special!

Key facts

• Newer furnace
• Unfinished basement
• Jetted tub

Tags

• JETTED TUB
• UNFINISHED BASEMENT
• NEWER FURNACE

Property features AI

Exterior

• Parking: Attached or detached 1-car garage (332 garage square feet)
• Utilities: City water (in street); City sewer (in street); Natural gas
• Home design: Residential property; One and one-half story; Main living area of 1,120 finished square feet; Total building area 1,680 square feet
• Construction: Block foundation; Foundation area 560
• Exterior features: 60 x 80 lot; 0.124 acre lot

Interior

• Kitchen: Kitchen (5.3 x 11.9)
• Bedrooms: 3 bedrooms (all on upper and main levels: two upper, one upper or main as listed); Bedroom sizes include 16.6 x 11.9, 10.1 x 11.3, 8.11 x 11.3
• Bathrooms: 1 full bathroom; Bathroom sizes include 7.10 x 7.3 and 7.8 x 5.7
• Heating & cooling: Forced air heating; Window air conditioning units
• Interior features: Unfinished basement; Block foundation; One and one-half story layout; Living room with fireplace
• Laundry & utility: Natural gas fuel

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $123k.

Deal economics

• At list price, monthly cash flow is $197 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $123k).
• Recommended offer: $108k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 76/100 on livability (#165 in MN, #3,581 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Waterville-Elysian-Morristown (rural): math 44% / reading 52% proficiency, ranked #135 of 301 in MN (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 35 active listings in the ZIP; 60 units permitted in Le Sueur County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $850 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Le Sueur County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 129 days — a 12% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 24y ago; this cycle's ask has dropped $12k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $108,152 (12.0% below list)

Questions for the listing agent

1. It's been on market 129 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 1900 — 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: 1.08% ✓
• Cap rate: 8.22%
• Cash-on-cash: 6.87%
• DSCR: 1.31
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $156,492
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
309 Main St W	0.21mi	2/1.0 (-1)	944 (-3%)	19mo	$151,600	$161	64

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -5.7%
• Equity multiple: 0.79×
• Total profit: $-7,353
• Equity at exit: $18,325

10-year hold

• IRR: 3.9%
• Equity multiple: 1.29×
• Total profit: $9,832
• Equity at exit: $10,626

Cash invested: $34,412 (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 56096

• Home prices YoY: -11.1%
• Active inventory: 35
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,328 medium
• Mortgage (P&I): −$645
• Tax from tax record: −$156 /mo · $1,876/yr
• Insurance: −$51
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $197

Break-even live

Break-even rent $1,079

Max offer price $122,900

Occupancy floor 80%

Sensitivity live

Price	-10% $266	-5% $232	+0% $197	+5% $162	+10% $127
Rent	-10% $92	-5% $144	+0% $197	+5% $249	+10% $302
Rate	-1.0pp $259	-0.5pp $228	base $197	+0.5pp $165	+1.0pp $133

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: $30,725
• Closing costs: $3,687
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-05-14
   status Pending 815-char remark

   Show marketing remark (815 chars)

   This solid 3-bedroom, 1-bath home is full of potential and ready for your vision. Bring your transformation ideas and make it your own! The property includes a garage plus an additional building that was previously used as a business—offering great versatility and extra space. The main level features a kitchen with dining area, a full bathroom with a jetted tub, and a comfortable living room. The back porch has been converted into a unique lounge/bar area, perfect for entertaining. The basement is unfinished but includes a shower and laundry area, providing plenty of room for future expansion. A newer furnace (less than 7 years old) adds peace of mind. All three bedrooms are conveniently located on the upper level. A fantastic opportunity for those looking to add value and create something special!

2. 2026-05-14
   status Pending

   Show marketing remark (815 chars)

   This solid 3-bedroom, 1-bath home is full of potential and ready for your vision. Bring your transformation ideas and make it your own! The property includes a garage plus an additional building that was previously used as a business—offering great versatility and extra space. The main level features a kitchen with dining area, a full bathroom with a jetted tub, and a comfortable living room. The back porch has been converted into a unique lounge/bar area, perfect for entertaining. The basement is unfinished but includes a shower and laundry area, providing plenty of room for future expansion. A newer furnace (less than 7 years old) adds peace of mind. All three bedrooms are conveniently located on the upper level. A fantastic opportunity for those looking to add value and create something special!

3. 2026-04-17
   price $122,900 815-char remark

   Show marketing remark (815 chars)

   This solid 3-bedroom, 1-bath home is full of potential and ready for your vision. Bring your transformation ideas and make it your own! The property includes a garage plus an additional building that was previously used as a business—offering great versatility and extra space. The main level features a kitchen with dining area, a full bathroom with a jetted tub, and a comfortable living room. The back porch has been converted into a unique lounge/bar area, perfect for entertaining. The basement is unfinished but includes a shower and laundry area, providing plenty of room for future expansion. A newer furnace (less than 7 years old) adds peace of mind. All three bedrooms are conveniently located on the upper level. A fantastic opportunity for those looking to add value and create something special!

4. 2026-04-17
   price $122,900

   Show marketing remark (815 chars)

   This solid 3-bedroom, 1-bath home is full of potential and ready for your vision. Bring your transformation ideas and make it your own! The property includes a garage plus an additional building that was previously used as a business—offering great versatility and extra space. The main level features a kitchen with dining area, a full bathroom with a jetted tub, and a comfortable living room. The back porch has been converted into a unique lounge/bar area, perfect for entertaining. The basement is unfinished but includes a shower and laundry area, providing plenty of room for future expansion. A newer furnace (less than 7 years old) adds peace of mind. All three bedrooms are conveniently located on the upper level. A fantastic opportunity for those looking to add value and create something special!

5. 2026-04-04
   historical Contingent - Sale of Another Property
6. 2026-04-02
   historical Active Under Contract 815-char remark

   Show marketing remark (815 chars)

   This solid 3-bedroom, 1-bath home is full of potential and ready for your vision. Bring your transformation ideas and make it your own! The property includes a garage plus an additional building that was previously used as a business—offering great versatility and extra space. The main level features a kitchen with dining area, a full bathroom with a jetted tub, and a comfortable living room. The back porch has been converted into a unique lounge/bar area, perfect for entertaining. The basement is unfinished but includes a shower and laundry area, providing plenty of room for future expansion. A newer furnace (less than 7 years old) adds peace of mind. All three bedrooms are conveniently located on the upper level. A fantastic opportunity for those looking to add value and create something special!

7. 2026-02-10
   price $125,900 815-char remark

   Show marketing remark (815 chars)

   This solid 3-bedroom, 1-bath home is full of potential and ready for your vision. Bring your transformation ideas and make it your own! The property includes a garage plus an additional building that was previously used as a business—offering great versatility and extra space. The main level features a kitchen with dining area, a full bathroom with a jetted tub, and a comfortable living room. The back porch has been converted into a unique lounge/bar area, perfect for entertaining. The basement is unfinished but includes a shower and laundry area, providing plenty of room for future expansion. A newer furnace (less than 7 years old) adds peace of mind. All three bedrooms are conveniently located on the upper level. A fantastic opportunity for those looking to add value and create something special!

8. 2026-02-10
   price $125,900

   Show marketing remark (815 chars)

   This solid 3-bedroom, 1-bath home is full of potential and ready for your vision. Bring your transformation ideas and make it your own! The property includes a garage plus an additional building that was previously used as a business—offering great versatility and extra space. The main level features a kitchen with dining area, a full bathroom with a jetted tub, and a comfortable living room. The back porch has been converted into a unique lounge/bar area, perfect for entertaining. The basement is unfinished but includes a shower and laundry area, providing plenty of room for future expansion. A newer furnace (less than 7 years old) adds peace of mind. All three bedrooms are conveniently located on the upper level. A fantastic opportunity for those looking to add value and create something special!

9. 2026-01-08
   price $129,900 815-char remark

   Show marketing remark (815 chars)

   This solid 3-bedroom, 1-bath home is full of potential and ready for your vision. Bring your transformation ideas and make it your own! The property includes a garage plus an additional building that was previously used as a business—offering great versatility and extra space. The main level features a kitchen with dining area, a full bathroom with a jetted tub, and a comfortable living room. The back porch has been converted into a unique lounge/bar area, perfect for entertaining. The basement is unfinished but includes a shower and laundry area, providing plenty of room for future expansion. A newer furnace (less than 7 years old) adds peace of mind. All three bedrooms are conveniently located on the upper level. A fantastic opportunity for those looking to add value and create something special!

10. 2026-01-08
    price $129,900

    Show marketing remark (815 chars)

    This solid 3-bedroom, 1-bath home is full of potential and ready for your vision. Bring your transformation ideas and make it your own! The property includes a garage plus an additional building that was previously used as a business—offering great versatility and extra space. The main level features a kitchen with dining area, a full bathroom with a jetted tub, and a comfortable living room. The back porch has been converted into a unique lounge/bar area, perfect for entertaining. The basement is unfinished but includes a shower and laundry area, providing plenty of room for future expansion. A newer furnace (less than 7 years old) adds peace of mind. All three bedrooms are conveniently located on the upper level. A fantastic opportunity for those looking to add value and create something special!

11. 2026-01-05
    listed $134,900 Active
12. 2025-12-15
    listed $134,900 Active 815-char remark

    Show marketing remark (815 chars)

    This solid 3-bedroom, 1-bath home is full of potential and ready for your vision. Bring your transformation ideas and make it your own! The property includes a garage plus an additional building that was previously used as a business—offering great versatility and extra space. The main level features a kitchen with dining area, a full bathroom with a jetted tub, and a comfortable living room. The back porch has been converted into a unique lounge/bar area, perfect for entertaining. The basement is unfinished but includes a shower and laundry area, providing plenty of room for future expansion. A newer furnace (less than 7 years old) adds peace of mind. All three bedrooms are conveniently located on the upper level. A fantastic opportunity for those looking to add value and create something special!

13. 2025-10-22
    historical
14. 2025-09-29
    price $129,900
15. 2025-08-05
    price $135,000
16. 2025-05-28
    price $140,000
17. 2025-04-21
    listed $144,900 Active
18. 2025-04-16
    historical
19. 2025-03-11
    price $144,900
20. 2025-01-03
    price $149,900
21. 2024-11-22
    price $154,900
22. 2024-10-24
    price $159,000
23. 2024-10-09
    status Active
24. 2024-09-17
    listed $164,900 Active
25. 2003-11-22
    historical
26. 2003-05-22
    listed $122,900
27. 2002-11-30
    historical
28. 2002-08-31
    listed $127,900

ⓘ 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: $1,876 · $156/mo
• Projected year-2 tax: $1,876 · $156/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $15,933
• − Mortgage interest: −$6,884
• − Property taxes: −$1,876
• − Insurance: −$614
• − Repairs & maintenance: −$1,275
• − Management: −$1,275
• − Depreciation: −$3,575
• Taxable income: $434
• Est. tax owed @ 24.0%: −$104
• After-tax cash flow: $2,259/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: Waterville-Elysian-Morristown
• NCES district ID: 2700013
• Math proficiency: 44% ▼ -18.00%
• Reading proficiency: 52% ▼ -14.00%
• Median HH income: $56,686
• Composite: 41.74/100
• National rank: #3401
• State rank: #135 of 301 in MN

Livability — Waterville

• Score: 76/100
• State rank: #165
• US rank: #3581

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waterville, MN
• Population (ZIP): 2,874

Population outlook (Le Sueur County) Hauer SSP2

• Today (2025): 27,622 people
• By 2030: 27,346 · -1.0%
• By 2040: 26,451 · -4.2%
• By 2050: 25,299 · -8.4%
• By 2075: 23,188 · -16.1%
• By 2100: 21,103 · -23.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Hispanic / Latino 5% Two or more races 3% Native American 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 6% Romanian 3% Lithuanian 2%
• Foreign-born: 0%
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Le Sueur

• 2024 margin: Solid R (+33.7) · D 32.4% · R 66.0% · Other 1.6%
• 2008→2024 swing: -29.4pp toward R · 2008: -4.3pp · 2024: -33.7pp
• All cycles: 2024: R+33.7 2020: R+30.3 2016: R+30.7 2012: R+6.5 2008: R+4.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -27.07%
• Current HPI: 215.8898
• 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

-3.9% since first listed

28 events — show timeline

• 2026-05-14 Pending — RASM
• 2026-05-14 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-17 Price Changed $122,900 RASM
• 2026-04-17 Price Changed $122,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-04 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-02 Contingent — RASM
• 2026-02-10 Price Changed $125,900 RASM
• 2026-02-10 Price Changed $125,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-08 Price Changed $129,900 RASM
• 2026-01-08 Price Changed $129,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-05 Listed $134,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-15 Listed $134,900 RASM
• 2025-10-22 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-29 Price Changed $129,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-08-05 Price Changed $135,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-05-28 Price Changed $140,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-04-21 Listed $144,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-04-16 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-03-11 Price Changed $144,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-01-03 Price Changed $149,900 NORTHSTARMLS as Distributed by MLS Grid
• 2024-11-22 Price Changed $154,900 NORTHSTARMLS as Distributed by MLS Grid
• 2024-10-24 Price Changed $159,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-10-09 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2024-09-17 Listed $164,900 NORTHSTARMLS as Distributed by MLS Grid
• 2003-11-22 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2003-05-22 Listed $122,900 NORTHSTARMLS as Distributed by MLS Grid
• 2002-11-30 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2002-08-31 Listed $127,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+7.6%/yr

Latest (2025): $1,876 · +8.2% YoY. Source: county tax records.