513 4th St SW · Montgomery, MN 56069

$189,900

3 bd · 1.0 ba · 968 sqft · SingleFamily public records · 49 Days on market

Built 1906 0.34 ac lot $196/sqft · 49% below area

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Why this score? — see what drove the D 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 +13.7/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• DSCR +4.1/10.0
• 1% rule +4.0/10.0
• 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

Bring your handy skills and creativity to this charming home. This large corner lot offers lots of space to park cars and toys. With extra sheds and a workshop behind the garage, any person with tools will be happy. The kitchen is large and with a little updating will be perfect. Seller is ready to pack up and retire so bring your offers today.

Key facts

• Dine-in kitchen
• Large corner lot
• Abundance of storage

Tags

• DINE-IN KITCHEN
• FLEX ROOM
• LARGE CORNER LOT
• OVERSIZED AND INSULATED GARAGE
• ABUNDANCE OF STORAGE

Property features AI

Finance

• Other: Lot is roughly 0.343 acres (approximately 80 x 188); Additional building area/garage and below-grade space present

Exterior

• Parking: Detached garage with 3-car capacity
• Utilities: City water (connected); City sewer (connected); Natural gas
• Home design: Residential property with two levels; Entry includes front porch
• Construction: Stone foundation; Built with metal and vinyl exterior materials
• Exterior features: Front porch and rear porch; Metal and vinyl exterior; Storage shed on property; Detached garage structure

Interior

• Kitchen: 16x13 kitchen
• Bedrooms: Three bedrooms (one on the main level; two on the upper level)
• Bathrooms: One full bathroom (upper level); One half bathroom (main level)
• Heating & cooling: Forced air heating; Window air conditioning units
• Interior features: Main floor half bath; upper-level full bath; Unfinished basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $14 ($162/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 $171k (9.7% below list).
• Recommended offer: $171k (9.7% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 3.2% in Montgomery — 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 (#399 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Market conditions: 80 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 $1k of loan paydown is wiped out by about $6k 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 49 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 24y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $160k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $171,415 (9.7% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Built in 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.90% ✗
• Cap rate: 6.38%
• Cash-on-cash: 0.31%
• DSCR: 1.01
• GRM: 9.2

CMA / ARV

• ARV (median comp): $421,857
• List price: $189,900
• Delta: -54.98%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -15.8%
• Equity multiple: 0.44×
• Total profit: $-29,867
• Equity at exit: $28,315

10-year hold

• IRR: -7.3%
• Equity multiple: 0.54×
• Total profit: $-24,722
• Equity at exit: $16,419

Cash invested: $53,172 (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 56069

• Home prices YoY: -15.8%
• Active inventory: 80
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,714 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$266 /mo · $3,188/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$360
• Net cashflow: $14

Break-even live

Break-even rent $1,697

Max offer price $189,900

Occupancy floor 94%

Sensitivity live

Price	-10% $121	-5% $67	+0% $14	+5% $-40	+10% $-94
Rent	-10% $-122	-5% $-54	+0% $14	+5% $81	+10% $149
Rate	-1.0pp $109	-0.5pp $62	base $14	+0.5pp $-36	+1.0pp $-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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Listing history 36 events

1. 2026-06-19
   days on market $189,900 Active 49 DOM
2. 2026-06-18
   days on market $189,900 Active 48 DOM
3. 2026-06-17
   days on market $189,900 Active 47 DOM
4. 2026-06-16
   days on market $189,900 Active 46 DOM
5. 2026-06-15
   days on market $189,900 Active 45 DOM
6. 2026-06-14
   days on market $189,900 Active 43 DOM
7. 2026-06-12
   days on market $189,900 Active 42 DOM
8. 2026-06-09
   days on market $189,900 Active 39 DOM
9. 2026-06-08
   days on market $189,900 Active 38 DOM
10. 2026-06-07
    pricedays on market $189,900 Active 37 DOM
11. 2026-06-02
    days on market $199,900 Active 32 DOM
12. 2026-06-01
    days on market $199,900 Active 31 DOM
13. 2026-05-31
    days on market $199,900 Active 30 DOM
14. 2026-05-30
    days on market $199,900 Active 29 DOM
15. 2026-05-01
    listed $199,900 Active 692-char remark
16. 2021-05-13
    soldstatus $160,000 Sold 346-char remark

    Show marketing remark (346 chars)

    Bring your handy skills and creativity to this charming home. This large corner lot offers lots of space to park cars and toys. With extra sheds and a workshop behind the garage, any person with tools will be happy. The kitchen is large and with a little updating will be perfect. Seller is ready to pack up and retire so bring your offers today.

17. 2021-04-30
    status Pending 346-char remark

    Show marketing remark (346 chars)

    Bring your handy skills and creativity to this charming home. This large corner lot offers lots of space to park cars and toys. With extra sheds and a workshop behind the garage, any person with tools will be happy. The kitchen is large and with a little updating will be perfect. Seller is ready to pack up and retire so bring your offers today.

18. 2021-04-15
    historical Contingent - Inspection 346-char remark

    Show marketing remark (346 chars)

    Bring your handy skills and creativity to this charming home. This large corner lot offers lots of space to park cars and toys. With extra sheds and a workshop behind the garage, any person with tools will be happy. The kitchen is large and with a little updating will be perfect. Seller is ready to pack up and retire so bring your offers today.

19. 2021-04-11
    price $162,000 346-char remark

    Show marketing remark (346 chars)

    Bring your handy skills and creativity to this charming home. This large corner lot offers lots of space to park cars and toys. With extra sheds and a workshop behind the garage, any person with tools will be happy. The kitchen is large and with a little updating will be perfect. Seller is ready to pack up and retire so bring your offers today.

20. 2021-04-09
    status Active 346-char remark

    Show marketing remark (346 chars)

    Bring your handy skills and creativity to this charming home. This large corner lot offers lots of space to park cars and toys. With extra sheds and a workshop behind the garage, any person with tools will be happy. The kitchen is large and with a little updating will be perfect. Seller is ready to pack up and retire so bring your offers today.

21. 2021-04-07
    historical Contingent - Inspection 346-char remark

    Show marketing remark (346 chars)

    Bring your handy skills and creativity to this charming home. This large corner lot offers lots of space to park cars and toys. With extra sheds and a workshop behind the garage, any person with tools will be happy. The kitchen is large and with a little updating will be perfect. Seller is ready to pack up and retire so bring your offers today.

22. 2021-04-03
    listed $170,000 Active 346-char remark

    Show marketing remark (346 chars)

    Bring your handy skills and creativity to this charming home. This large corner lot offers lots of space to park cars and toys. With extra sheds and a workshop behind the garage, any person with tools will be happy. The kitchen is large and with a little updating will be perfect. Seller is ready to pack up and retire so bring your offers today.

23. 2008-10-23
    soldstatus $49,500
24. 2008-10-03
    soldstatus $49,500

    Show marketing remark (87 chars)

    Super value! 2 car insulated garage. Large fenced yard. Main floor laundry. Sold AS IS.

25. 2008-08-07
    historical

    Show marketing remark (87 chars)

    Super value! 2 car insulated garage. Large fenced yard. Main floor laundry. Sold AS IS.

26. 2008-05-17
    listed $55,000

    Show marketing remark (87 chars)

    Super value! 2 car insulated garage. Large fenced yard. Main floor laundry. Sold AS IS.

27. 2008-05-15
    historical
28. 2007-12-22
    listed $82,500
29. 2007-03-13
    historical
30. 2006-10-13
    historical
31. 2006-10-13
    listed $139,900
32. 2006-10-13
    listed $137,500
33. 2002-06-21
    soldstatus $110,000
34. 2002-06-21
    soldstatus $110,000
35. 2002-04-16
    historical
36. 2002-01-19
    listed $109,900

ⓘ 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: $3,188 · $266/mo
• Projected year-2 tax: $3,188 · $266/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 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: $20,570
• − Mortgage interest: −$10,637
• − Property taxes: −$3,188
• − Insurance: −$950
• − Repairs & maintenance: −$1,646
• − Management: −$1,646
• − Depreciation: −$5,524
• Taxable loss: −$3,021
• Est. tax savings @ 24.0%: +$725
• After-tax cash flow: $887/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 — Montgomery

• Score: 68/100
• State rank: #399
• US rank: #9396

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Montgomery, MN
• Population (ZIP): 4,948

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 (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Portuguese 6% Romanian 5% Lithuanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% Russian/Polish/Slavic 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: ▼ -50.12%
• Current HPI: 266.5331
• 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

+72.8% since first listed

23 events — show timeline

• 2026-06-04 Price Changed $189,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-01 Listed $199,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-05-13 Sold (MLS) $160,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-04-30 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-04-15 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2021-04-11 Price Changed $162,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-04-09 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2021-04-07 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2021-04-03 Listed $170,000 NORTHSTARMLS as Distributed by MLS Grid
• 2008-10-23 Sold (Public Records) $49,500 Public Records
• 2008-10-03 Sold (MLS) $49,500 NORTHSTARMLS as Distributed by MLS Grid
• 2008-08-07 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2008-05-17 Listed $55,000 NORTHSTARMLS as Distributed by MLS Grid
• 2008-05-15 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2007-12-22 Listed $82,500 NORTHSTARMLS as Distributed by MLS Grid
• 2007-03-13 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2006-10-13 Listed $137,500 NORTHSTARMLS as Distributed by MLS Grid
• 2006-10-13 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2006-10-13 Listed $139,900 NORTHSTARMLS as Distributed by MLS Grid
• 2002-06-21 Sold (Public Records) $110,000 Public Records
• 2002-06-21 Sold (MLS) $110,000 NORTHSTARMLS as Distributed by MLS Grid
• 2002-04-16 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2002-01-19 Listed $109,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+10.2%/yr

Latest (2025): $3,188 · +10.7% YoY. Source: county tax records.