612 Railroad St SE · Bemidji, MN 56601

$174,000

4 bd · 1.0 ba · 1,168 sqft · Other public records · 29 Days on market

Built 1945 0.71 ac lot $149/sqft · 26% above area Est $186k · 6% 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 +21.6/30.0
• ARV discount +10.3/15.0
• DSCR +6.9/10.0
• 1% rule +5.3/10.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

A little piece of country, in town. This 3 bed 1 bath home has a lot of privacy!! Large square footage, with a couple of extra rooms, and could be considered a 4 bedroom. Short jaunt to all the amenities Bemidji has to offer! Customize the yard to fit your needs!! Owner is agent.

Key facts

• Lot of privacy
• Extra rooms
• 0.71 acre lot

Tags

• LOT OF PRIVACY
• EXTRA ROOMS

Property features AI

Finance

• Other: Lot size approximately 0.71 acres (dimensions 348x96x230x96)
• Financial info: Free and clear mortgage status; Standard rental license (rental license active)

Exterior

• Parking: Gravel parking; Detached 1-car garage (17x20) with 7' high by 8' wide door; One carport space
• Utilities: Private water; City sewer (connected / in street); Natural gas; 100 amp electric service (Ottertail Power)
• Home design: Residential property; Two levels; Accessibility features present
• Construction: Frame construction; Asphalt roof (over 8 years old); Block foundation; Built area above grade 1,576; Total building area 1,676
• Exterior features: Vinyl exterior; Lean-to; Irregular lot; City street frontage; Publicly maintained road

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Three bedrooms (two upper, one main)
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Forced air heating; Window air conditioning units
• Interior features: Eat-in kitchen; Sun room; Bonus room (upper level); Main floor full bathroom; Block basement
• Laundry & utility: Main level laundry; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath other listed at $174k.

Deal economics

• At list price, monthly cash flow is $263 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $174k).
• Recommended offer: $171k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 3.6% in Bemidji — 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 73/100 on livability (#252 in MN) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, health & safety A+; Watch: crime F, commute F, employment F.
• Bemidji Public School District (rural): math 42% / reading 50% proficiency, ranked #173 of 301 in MN (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.0%/yr); 345 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 165 units permitted in Beltrami County in 2024 (81 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.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($171k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 15y 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 $46k; list at $174k implies a 278% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $171,390 (1.5% below list)

Questions for the listing agent

1. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.03% ✓
• Cap rate: 8.11%
• Cash-on-cash: 6.48%
• DSCR: 1.29
• GRM: 8.1

CMA / ARV

• ARV (median comp): $185,683
• List price: $174,000
• Delta: -6.29%
• Verdict: FAIR
• Comps: 3 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.02% rent growth · sell at horizon

5-year hold

• IRR: -5.2%
• Equity multiple: 0.80×
• Total profit: $-9,596
• Equity at exit: $25,944

10-year hold

• IRR: 5.6%
• Equity multiple: 1.43×
• Total profit: $20,972
• Equity at exit: $15,044

Cash invested: $48,720 (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 56601

• Home prices YoY: -26.4%
• Rents YoY: 4.0%
• Active inventory: 345
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,791 medium
• Mortgage (P&I): −$912
• Tax from tax record: −$167 /mo · $2,006/yr
• Insurance: −$72
• HOA: −$0
• Vacancy / Maint / Mgmt: −$376
• Net cashflow: $263

Break-even live

Break-even rent $1,458

Max offer price $174,000

Occupancy floor 80%

Sensitivity live

Price	-10% $361	-5% $312	+0% $263	+5% $214	+10% $164
Rent	-10% $121	-5% $192	+0% $263	+5% $334	+10% $404
Rate	-1.0pp $351	-0.5pp $307	base $263	+0.5pp $218	+1.0pp $172

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: $43,500
• Closing costs: $5,220
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1011 Washington Ave S Unit C-02 Bemidji, MN	3.0	1.0	900	$1,200	$1.33	44d	1	0.25mi

Listing history 11 events

1. 2026-05-06
   historical Contingent - Inspection 280-char remark
2. 2026-05-02
   price $174,000 280-char remark
3. 2026-05-02
   price $168,000 280-char remark
4. 2026-04-28
   listed $174,000 Active 280-char remark
5. 2014-05-01
   soldstatus $46,000
6. 2013-12-14
   historical
7. 2013-06-13
   listed $90,000
8. 2013-06-11
   listed $90,000
9. 2011-09-20
   soldstatus $47,000
10. 2011-06-29
    listed $54,900
11. 2011-06-29
    listed $54,900

ⓘ 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: $2,006 · $167/mo
• Projected year-2 tax: $2,006 · $167/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 6/10 Major
• 🌡 Heat 1/10 Low 7 d/yr ≥93°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,495
• − Mortgage interest: −$9,747
• − Property taxes: −$2,006
• − Insurance: −$870
• − Repairs & maintenance: −$1,720
• − Management: −$1,720
• − Depreciation: −$5,062
• Taxable income: $371
• Est. tax owed @ 24.0%: −$89
• After-tax cash flow: $3,066/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: Bemidji Public School District
• NCES district ID: 2704440
• Math proficiency: 42% ▼ -9.00%
• Reading proficiency: 50% ▼ -5.00%
• Median HH income: $47,735
• Composite: 39.22/100
• National rank: #4013
• State rank: #173 of 301 in MN

Livability — Bemidji

• Score: 73/100
• State rank: #252
• US rank: #5416

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bemidji, MN
• County: Beltrami County · 34,784 people
• City population: 34,784
• Metro: Bemidji, MN
• Population (ZIP): 34,784
• Household income: $72,262
• Rent vs Own: 32.8% rent · 67.2% own
• Severe rent burden: 940.0

Population outlook (Beltrami County) Hauer SSP2

• Today (2025): 46,437 people
• By 2030: 46,736 · +0.6%
• By 2040: 46,804 · +0.8%
• By 2050: 46,299 · -0.3%
• By 2075: 44,037 · -5.2%
• By 2100: 38,567 · -16.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Native American 8% Two or more races 7% Hispanic / Latino 3% Black 1%
• Common ancestry: Portuguese 19% Lithuanian 3% Romanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1%

Political lean MEDSL · Beltrami

• 2024 margin: Lean R (+5.7) · D 46.3% · R 52.0% · Other 1.7%
• 2008→2024 swing: -15.8pp toward R · 2008: 10.2pp · 2024: -5.7pp
• All cycles: 2024: R+5.7 2020: R+3.1 2016: R+9.8 2012: D+9.9 2008: D+10.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -93.95%
• Current HPI: 261.5734
• Rent YoY: ▲ 4.02%
• Metro: Bemidji, MN
• 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

+216.9% since first listed

12 events — show timeline

• 2026-05-27 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-06 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-02 Price Changed $174,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-02 Price Changed $168,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-28 Listed $174,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-05-01 Sold (Public Records) $46,000 Public Records
• 2013-12-14 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2013-06-13 Listed $90,000 NORTHSTARMLS as Distributed by MLS Grid
• 2013-06-11 Listed $90,000 NORTHSTARMLS as Distributed by MLS Grid
• 2011-09-20 Sold (MLS) $47,000 NORTHSTARMLS as Distributed by MLS Grid
• 2011-06-29 Listed $54,900 NORTHSTARMLS as Distributed by MLS Grid
• 2011-06-29 Listed $54,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+7.3%/yr

Latest (2025): $2,006 · +11.1% YoY. Source: county tax records.