204 E 1st St · Morris, MN 56267

$89,900

3 bd · 1.0 ba · 1,040 sqft · SingleFamily · 87 Days on market

Built 1915 0.32 ac lot ↓ 9% 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 +22.0/30.0
• ARV discount +7.5/15.0
• DSCR +7.0/10.0
• 1% rule +5.3/10.0
• Schools +5.0/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Sitting on a large lot is a 3 bedroom, 1 bathroom home in a great location! 1/2 block from the hospital and walking distance to the public schools and the University. AC, natural gas furnace, newer shingles, metal siding, extra large detached single car garage with a driveway for that off street parking! The yard is huge with lots of potential for whatever space you need!

Key facts

• Newer shingles
• Off street parking
• Metal siding

Tags

• LARGE LOT
• WALKING DISTANCE TO UNIVERSITY
• NATURAL GAS FURNACE
• NEWER SHINGLES
• METAL SIDING
• OFF STREET PARKING

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $143 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($927 rent vs $90k).
• Recommended offer: $85k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 72/100 on livability (#296 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Market conditions: 19 active listings in the ZIP; 5 units permitted in Stevens County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Stevens County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($85k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $84,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1915 — 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: 1.03% ✓
• Cap rate: 8.20%
• Cash-on-cash: 6.82%
• DSCR: 1.30
• GRM: 8.1

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: -5.8%
• Equity multiple: 0.78×
• Total profit: $-5,466
• Equity at exit: $13,404

10-year hold

• IRR: 3.8%
• Equity multiple: 1.28×
• Total profit: $6,945
• Equity at exit: $7,773

Cash invested: $25,172 (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 56267

• Active inventory: 19
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $927 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$80 /mo · $966/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$195
• Net cashflow: $143

Break-even live

Break-even rent $746

Max offer price $89,900

Occupancy floor 80%

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-03-28
   status Pending
2. 2026-02-20
   price $89,900
3. 2026-02-03
   price $96,900
4. 2025-12-30
   listed $99,000 Active

ⓘ 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: $966 · $80/mo
• Projected year-2 tax: $986 · $82/mo
• Expected delta: +$20/yr (+$2/mo · 2.1%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,125
• − Mortgage interest: −$5,036
• − Property taxes: −$966
• − Insurance: −$450
• − Repairs & maintenance: −$890
• − Management: −$890
• − Depreciation: −$2,615
• Taxable income: $278
• Est. tax owed @ 24.0%: −$67
• After-tax cash flow: $1,649/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)

No district data.

Livability — Morris

• Score: 72/100
• State rank: #296
• US rank: #6491

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Morris, MN
• City population: 6,766
• Population (ZIP): 6,766

Population outlook (Stevens County) Hauer SSP2

• Today (2025): 9,907 people
• By 2030: 9,987 · +0.8%
• By 2040: 10,214 · +3.1%
• By 2050: 10,642 · +7.4%
• By 2075: 12,546 · +26.6%
• By 2100: 14,065 · +42.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 14% Two or more races 7% Native American 2% Black 2% Asian 2% Pacific Islander 1%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Portuguese 14% Romanian 3% Lithuanian 2%
• Foreign-born: 9% · Canada
• Languages at home: 85% English-only · Spanish 11% Other Asian/Pacific 1%

Political lean MEDSL · Stevens

• 2024 margin: Strong R (+27.1) · D 35.7% · R 62.7% · Other 1.6%
• 2008→2024 swing: -28.3pp toward R · 2008: 1.3pp · 2024: -27.1pp
• All cycles: 2024: R+27.1 2020: R+22.1 2016: R+12.8 2012: R+0.4 2008: D+1.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -117.34%
• Current HPI: 180.8749
• 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

-9.2% since first listed

4 events — show timeline

• 2026-03-28 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-20 Price Changed $89,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-03 Price Changed $96,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-30 Listed $99,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+2.3%/yr

Latest (2026): $966 · +5.2% YoY. Source: county tax records.