200 S Freeman Ave #206 · Luverne, MN 56156

$67,000

1 bd · 1.0 ba · 632 sqft · Condo public records · 294 Days on market

Built 1983 $265/mo HOA · 29% of rent

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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 +16.6/30.0
• 1% rule +8.7/10.0
• ARV discount +7.5/15.0
• DSCR +5.2/10.0
• Schools +4.8/10.0
• Livability +4.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to this tastefully updated 1-bedroom, 1-bath condo in a warm and welcoming 55+, non-smoking community. This move-in-ready home features new stainless steel appliances, fresh paint with charming chair-rail detail, an updated breakfast bar, and new windows. The open-concept living and dining area, spacious bedroom with a generous closet, and newer laminate flooring throughout create a comfortable and inviting atmosphere. Conveniently located near area amenities, this condo offers more than just a home—it’s a lifestyle. Residents enjoy a large community room for gatherings, shared laundry facilities, and the benefit of a single-stall garage with extra storage space. With lawn care, snow removal, and building maintenance all handled for you, there’s more time to enjoy the things you love. If you’re ready for carefree living, schedule your showing today!

Key facts

• Generous closet
• Single-stall garage
• $265 HOA

Tags

• STAINLESS STEEL APPLIANCES
• UPDATED BREAKFAST BAR
• OPEN LIVING AND DINING AREA
• GENEROUS CLOSET
• NEWER LAMINATE FLOORING
• SINGLE-STALL GARAGE

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $67k.

Deal economics

• At list price, monthly cash flow is $40 ($485/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($919 rent vs $67k).
• Recommended offer: $59k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.0% vs local median 3.6% in Luverne — 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 86/100 on livability (#14 in MN, #455 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: commute F.
• Luverne Public School District (rural): math 55% / reading 58% proficiency, ranked #64 of 301 in MN (top 21%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 64 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 66 units permitted in Rock County in 2024 (50 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $463 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Rock County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 294 days — a 12% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 16y 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.
• Current owner paid $47k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 29% of rent.

Recommended offer $58,960 (12.0% below list)

Questions for the listing agent

1. It's been on market 294 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.37% ✓
• Cap rate: 7.02%
• Cash-on-cash: 2.59%
• DSCR: 1.12
• GRM: 6.1

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: -11.9%
• Equity multiple: 0.57×
• Total profit: $-8,132
• Equity at exit: $9,990

10-year hold

• IRR: -2.5%
• Equity multiple: 0.83×
• Total profit: $-3,155
• Equity at exit: $5,793

Cash invested: $18,760 (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 56156

• Active inventory: 64
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $919 medium
• Mortgage (P&I): −$351
• Tax from tax record: −$41 /mo · $496/yr
• Insurance: −$28
• HOA: −$265
• Vacancy / Maint / Mgmt: −$193
• Net cashflow: $40

Break-even live

Break-even rent $868

Max offer price $67,000

Occupancy floor 91%

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: $16,750
• Closing costs: $2,010
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
417 N Oakley St Apt 2 Luverne, MN	1.0	1.0	700	$650	$0.93	43d	1	0.45mi
120 W Hatting St Luverne, MN	1.0–2.0	1.0–2.0	726	$1,225	$1.69	43d	7	0.49mi

HOA detail condo

• Monthly dues: $265 · $3,180/yr
• Likely covers: landscapingsnow removal
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 37 events

1. 2026-06-18
   days on market $67,000 Active 294 DOM
2. 2026-06-17
   days on market $67,000 Active 293 DOM
3. 2026-06-16
   days on market $67,000 Active 292 DOM
4. 2026-06-15
   days on market $67,000 Active 291 DOM
5. 2026-06-13
   days on market $67,000 Active 289 DOM
6. 2026-06-12
   days on market $67,000 Active 288 DOM
7. 2026-06-09
   days on market $67,000 Active 285 DOM
8. 2026-06-08
   days on market $67,000 Active 284 DOM
9. 2026-06-07
   days on market $67,000 Active 283 DOM
10. 2026-06-07
    days on market $67,000 Active 282 DOM
11. 2026-06-04
    days on market $67,000 Active 279 DOM
12. 2026-06-02
    days on market $67,000 Active 278 DOM
13. 2026-06-01
    days on market $67,000 Active 277 DOM
14. 2026-05-31
    days on market $67,000 Active 276 DOM
15. 2026-05-31
    days on market $67,000 Active 275 DOM
16. 2026-05-18
    price $67,000 899-char remark

    Show marketing remark (893 chars)

    Welcome home to this tastefully updated 1-bedroom, 1-bath condo in a warm and welcoming 55+, non-smoking community. This move-in-ready home features new stainless steel appliances, fresh paint with charming chair-rail detail, an updated breakfast bar, and new windows. The open-concept living and dining area, spacious bedroom with a generous closet, and newer laminate flooring throughout create a comfortable and inviting atmosphere. Conveniently located near area amenities, this condo offers more than just a home; it’s a lifestyle. Residents enjoy a large community room for gatherings, shared laundry facilities, and the benefit of a single-stall garage with extra storage space. With lawn care, snow removal, and building maintenance all handled for you, there’s more time to enjoy the things you love. If you’re ready for carefree living, schedule your showing today!

17. 2026-05-18
    price $67,000 893-char remark

    Show marketing remark (893 chars)

    Welcome home to this tastefully updated 1-bedroom, 1-bath condo in a warm and welcoming 55+, non-smoking community. This move-in-ready home features new stainless steel appliances, fresh paint with charming chair-rail detail, an updated breakfast bar, and new windows. The open-concept living and dining area, spacious bedroom with a generous closet, and newer laminate flooring throughout create a comfortable and inviting atmosphere. Conveniently located near area amenities, this condo offers more than just a home; it’s a lifestyle. Residents enjoy a large community room for gatherings, shared laundry facilities, and the benefit of a single-stall garage with extra storage space. With lawn care, snow removal, and building maintenance all handled for you, there’s more time to enjoy the things you love. If you’re ready for carefree living, schedule your showing today!

18. 2025-11-18
    price $69,950 899-char remark

    Show marketing remark (893 chars)

    Welcome home to this tastefully updated 1-bedroom, 1-bath condo in a warm and welcoming 55+, non-smoking community. This move-in-ready home features new stainless steel appliances, fresh paint with charming chair-rail detail, an updated breakfast bar, and new windows. The open-concept living and dining area, spacious bedroom with a generous closet, and newer laminate flooring throughout create a comfortable and inviting atmosphere. Conveniently located near area amenities, this condo offers more than just a home; it’s a lifestyle. Residents enjoy a large community room for gatherings, shared laundry facilities, and the benefit of a single-stall garage with extra storage space. With lawn care, snow removal, and building maintenance all handled for you, there’s more time to enjoy the things you love. If you’re ready for carefree living, schedule your showing today!

19. 2025-11-18
    price $69,950 893-char remark

    Show marketing remark (893 chars)

    Welcome home to this tastefully updated 1-bedroom, 1-bath condo in a warm and welcoming 55+, non-smoking community. This move-in-ready home features new stainless steel appliances, fresh paint with charming chair-rail detail, an updated breakfast bar, and new windows. The open-concept living and dining area, spacious bedroom with a generous closet, and newer laminate flooring throughout create a comfortable and inviting atmosphere. Conveniently located near area amenities, this condo offers more than just a home; it’s a lifestyle. Residents enjoy a large community room for gatherings, shared laundry facilities, and the benefit of a single-stall garage with extra storage space. With lawn care, snow removal, and building maintenance all handled for you, there’s more time to enjoy the things you love. If you’re ready for carefree living, schedule your showing today!

20. 2025-09-30
    price $72,000 893-char remark

    Show marketing remark (899 chars)

    Welcome home to this tastefully updated 1-bedroom, 1-bath condo in a warm and welcoming 55+, non-smoking community. This move-in-ready home features new stainless steel appliances, fresh paint with charming chair-rail detail, an updated breakfast bar, and new windows. The open-concept living and dining area, spacious bedroom with a generous closet, and newer laminate flooring throughout create a comfortable and inviting atmosphere. Conveniently located near area amenities, this condo offers more than just a home—it’s a lifestyle. Residents enjoy a large community room for gatherings, shared laundry facilities, and the benefit of a single-stall garage with extra storage space. With lawn care, snow removal, and building maintenance all handled for you, there’s more time to enjoy the things you love. If you’re ready for carefree living, schedule your showing today!

21. 2025-09-30
    status Active 893-char remark

    Show marketing remark (899 chars)

    Welcome home to this tastefully updated 1-bedroom, 1-bath condo in a warm and welcoming 55+, non-smoking community. This move-in-ready home features new stainless steel appliances, fresh paint with charming chair-rail detail, an updated breakfast bar, and new windows. The open-concept living and dining area, spacious bedroom with a generous closet, and newer laminate flooring throughout create a comfortable and inviting atmosphere. Conveniently located near area amenities, this condo offers more than just a home—it’s a lifestyle. Residents enjoy a large community room for gatherings, shared laundry facilities, and the benefit of a single-stall garage with extra storage space. With lawn care, snow removal, and building maintenance all handled for you, there’s more time to enjoy the things you love. If you’re ready for carefree living, schedule your showing today!

22. 2025-09-30
    status Active 899-char remark

    Show marketing remark (899 chars)

    Welcome home to this tastefully updated 1-bedroom, 1-bath condo in a warm and welcoming 55+, non-smoking community. This move-in-ready home features new stainless steel appliances, fresh paint with charming chair-rail detail, an updated breakfast bar, and new windows. The open-concept living and dining area, spacious bedroom with a generous closet, and newer laminate flooring throughout create a comfortable and inviting atmosphere. Conveniently located near area amenities, this condo offers more than just a home—it’s a lifestyle. Residents enjoy a large community room for gatherings, shared laundry facilities, and the benefit of a single-stall garage with extra storage space. With lawn care, snow removal, and building maintenance all handled for you, there’s more time to enjoy the things you love. If you’re ready for carefree living, schedule your showing today!

23. 2025-09-30
    price $72,000 899-char remark

    Show marketing remark (899 chars)

    Welcome home to this tastefully updated 1-bedroom, 1-bath condo in a warm and welcoming 55+, non-smoking community. This move-in-ready home features new stainless steel appliances, fresh paint with charming chair-rail detail, an updated breakfast bar, and new windows. The open-concept living and dining area, spacious bedroom with a generous closet, and newer laminate flooring throughout create a comfortable and inviting atmosphere. Conveniently located near area amenities, this condo offers more than just a home—it’s a lifestyle. Residents enjoy a large community room for gatherings, shared laundry facilities, and the benefit of a single-stall garage with extra storage space. With lawn care, snow removal, and building maintenance all handled for you, there’s more time to enjoy the things you love. If you’re ready for carefree living, schedule your showing today!

24. 2025-09-24
    historical 893-char remark

    Show marketing remark (893 chars)

    Welcome home to this tastefully updated 1-bedroom, 1-bath condo in a warm and welcoming 55+, non-smoking community. This move-in-ready home features new stainless steel appliances, fresh paint with charming chair-rail detail, an updated breakfast bar, and new windows. The open-concept living and dining area, spacious bedroom with a generous closet, and newer laminate flooring throughout create a comfortable and inviting atmosphere. Conveniently located near area amenities, this condo offers more than just a home; it’s a lifestyle. Residents enjoy a large community room for gatherings, shared laundry facilities, and the benefit of a single-stall garage with extra storage space. With lawn care, snow removal, and building maintenance all handled for you, there’s more time to enjoy the things you love. If you’re ready for carefree living, schedule your showing today!

25. 2025-08-20
    listed $68,000 Active 899-char remark

    Show marketing remark (893 chars)

    Welcome home to this tastefully updated 1-bedroom, 1-bath condo in a warm and welcoming 55+, non-smoking community. This move-in-ready home features new stainless steel appliances, fresh paint with charming chair-rail detail, an updated breakfast bar, and new windows. The open-concept living and dining area, spacious bedroom with a generous closet, and newer laminate flooring throughout create a comfortable and inviting atmosphere. Conveniently located near area amenities, this condo offers more than just a home; it’s a lifestyle. Residents enjoy a large community room for gatherings, shared laundry facilities, and the benefit of a single-stall garage with extra storage space. With lawn care, snow removal, and building maintenance all handled for you, there’s more time to enjoy the things you love. If you’re ready for carefree living, schedule your showing today!

26. 2025-08-20
    listed $68,000 Active 893-char remark

    Show marketing remark (893 chars)

    Welcome home to this tastefully updated 1-bedroom, 1-bath condo in a warm and welcoming 55+, non-smoking community. This move-in-ready home features new stainless steel appliances, fresh paint with charming chair-rail detail, an updated breakfast bar, and new windows. The open-concept living and dining area, spacious bedroom with a generous closet, and newer laminate flooring throughout create a comfortable and inviting atmosphere. Conveniently located near area amenities, this condo offers more than just a home; it’s a lifestyle. Residents enjoy a large community room for gatherings, shared laundry facilities, and the benefit of a single-stall garage with extra storage space. With lawn care, snow removal, and building maintenance all handled for you, there’s more time to enjoy the things you love. If you’re ready for carefree living, schedule your showing today!

27. 2024-05-24
    soldstatus $47,000 Sold
28. 2024-05-09
    soldstatus $47,000
29. 2024-05-03
    soldstatus $47,000 Sold
30. 2024-04-12
    status Pending
31. 2024-04-12
    status Pending
32. 2024-04-05
    price $55,000
33. 2024-04-04
    price $55,000
34. 2024-01-29
    listed $59,900 Active - New
35. 2024-01-29
    listed $59,900 Active
36. 2011-01-05
    soldstatus $25,000
37. 2010-03-31
    listed $29,900

ⓘ 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: $496 · $41/mo
• Projected year-2 tax: $623 · $52/mo
• Expected delta: +$127/yr (+$11/mo · 25.6%)

ⓘ 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 ≥99°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: $11,028
• − Mortgage interest: −$3,753
• − Property taxes: −$496
• − Insurance: −$335
• − Repairs & maintenance: −$882
• − Management: −$882
• − HOA: −$3,180
• − Depreciation: −$1,949
• Taxable loss: −$450
• Est. tax savings @ 24.0%: +$108
• After-tax cash flow: $593/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: Luverne Public School District
• NCES district ID: 2718330
• Math proficiency: 55% ▼ -14.00%
• Reading proficiency: 58% ▼ -2.00%
• Median HH income: $48,225
• Composite: 48.0/100
• National rank: #2198
• State rank: #64 of 301 in MN

Livability — Luverne

• Score: 86/100
• State rank: #14
• US rank: #455

Category grades

Amenities A+ 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: Luverne, MN
• Population (ZIP): 6,398

Population outlook (Rock County) Hauer SSP2

• Today (2025): 9,476 people
• By 2030: 9,326 · -1.6%
• By 2040: 9,006 · -5.0%
• By 2050: 8,662 · -8.6%
• By 2075: 7,973 · -15.9%
• By 2100: 7,033 · -25.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Portuguese 16% Iranian 14% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2% Other Asian/Pacific 1%

Political lean MEDSL · Rock

• 2024 margin: Solid R (+39.3) · D 29.6% · R 68.8% · Other 1.6%
• 2008→2024 swing: -25.3pp toward R · 2008: -14.0pp · 2024: -39.3pp
• All cycles: 2024: R+39.3 2020: R+38.7 2016: R+35.7 2012: R+17.9 2008: R+14.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -189.55%
• Current HPI: 211.0729
• 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

+124.1% since first listed

22 events — show timeline

• 2026-05-18 Price Changed $67,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-18 Price Changed $67,000 REALTOR® Association of the Sioux Empire
• 2025-11-18 Price Changed $69,950 NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-18 Price Changed $69,950 REALTOR® Association of the Sioux Empire
• 2025-09-30 Price Changed $72,000 REALTOR® Association of the Sioux Empire
• 2025-09-30 Relisted — REALTOR® Association of the Sioux Empire
• 2025-09-30 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-30 Price Changed $72,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-24 Listing Removed — REALTOR® Association of the Sioux Empire
• 2025-08-20 Listed $68,000 REALTOR® Association of the Sioux Empire
• 2025-08-20 Listed $68,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-05-24 Sold (MLS) $47,000 REALTOR® Association of the Sioux Empire
• 2024-05-09 Sold (Public Records) $47,000 Public Records
• 2024-05-03 Sold (MLS) $47,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-04-12 Pending — REALTOR® Association of the Sioux Empire
• 2024-04-12 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2024-04-05 Price Changed $55,000 REALTOR® Association of the Sioux Empire
• 2024-04-04 Price Changed $55,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-01-29 Listed $59,900 NORTHSTARMLS as Distributed by MLS Grid
• 2024-01-29 Listed $59,900 REALTOR® Association of the Sioux Empire
• 2011-01-05 Sold (Public Records) $25,000 Public Records
• 2010-03-31 Listed $29,900 REALTOR® Association of the Sioux Empire

Property tax history

+4.6%/yr

Latest (2026): $496 · +13.8% YoY. Source: county tax records.