306 4th Ave S · Princeton, MN 55371

$224,900

4 bd · 2.0 ba · 1,172 sqft · SingleFamily public records · 43 Days on market

Built 1912 9,801 sqft lot $192/sqft · 10% above area Est $334k · 33% under

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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).

• ARV discount +15.0/15.0
• Cash flow +10.1/30.0
• Schools +4.1/10.0
• 1% rule +3.8/10.0
• Livability +3.4/5.0
• DSCR +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located on a nicely landscaped corner lot this Two Unit home is freshly Updated. Lower unit features 3 bedrooms, 1 Bath with Formal Dining Room and Living Room, New Carpet, New Laminate Flooring and Paint. Upper Unit features 1 Bedroom, 1 Bath, Living room and eat-in Kitchen, New Paint and Laminate Flooring. Maintenance Free Vinyl siding and Newer Roof complete this must see property.

Key facts

• 9,801 sq ft lot
• Garage
• Built 1912

Property features AI

Finance

• Financial info: Conventional mortgage type

Exterior

• Parking: 1.5-car garage (16 x 16) with 7-ft garage door
• Utilities: City water; City sewer; Natural gas; Electric with circuit breakers
• Home design: Residential property; One-and-a-half story; Above-grade finished area 1,920 sq ft
• Construction: Frame construction; Asphalt roof (age 8 years or less); Block foundation
• Exterior features: Vinyl exterior; Corner lot (66 x 148)

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: 4 bedrooms (three on the main level, one upper-level bedroom)
• Bathrooms: 2 full bathrooms (one on the main floor and one on the upper level)
• Heating & cooling: Baseboard heating via boiler; Window air conditioning units
• Interior features: Breakfast area in the dining room; Unfinished basement with block walls, drainage system and sump pump

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $-133 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $201k (10.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $197k (12.4% below list).
• Recommended offer: $197k (12.4% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 3.4% in Princeton — 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 (#404 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: health & safety D+, employment D, amenities F.
• Princeton Public School District (town): math 41% / reading 53% proficiency, ranked #141 of 301 in MN (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 116 active listings in the ZIP; solid renter incomes; 163 units permitted in Mille Lacs County in 2024 (66 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Mille Lacs County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 8y ago; this cycle's ask has dropped $35k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $160k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $197,072 (12.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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 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: 0.88% ✗
• Cap rate: 5.58%
• Cash-on-cash: -2.54%
• DSCR: 0.89
• GRM: 9.5

CMA / ARV

• ARV (median comp): $334,107
• List price: $224,900
• Delta: -32.69%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -20.4%
• Equity multiple: 0.29×
• Total profit: $-44,806
• Equity at exit: $33,533

10-year hold

• IRR: -13.5%
• Equity multiple: 0.21×
• Total profit: $-49,470
• Equity at exit: $19,445

Cash invested: $62,972 (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 55371

• Home prices YoY: -5.4%
• Active inventory: 116
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,971 medium
• Mortgage (P&I): −$1,179
• Tax from tax record: −$417 /mo · $5,002/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$414
• Net cashflow: $-133

Break-even live

Break-even rent $2,139

Max offer price $201,392

Occupancy floor —

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-18
   days on market $224,900 Active 43 DOM
2. 2026-06-17
   days on market $224,900 Active 42 DOM
3. 2026-06-16
   days on market $224,900 Active 41 DOM
4. 2026-06-15
   pricedays on market $224,900 Active 40 DOM
5. 2026-06-13
   days on market $229,900 Active 38 DOM
6. 2026-06-13
   days on market $229,900 Active 37 DOM
7. 2026-06-09
   days on market $229,900 Active 34 DOM
8. 2026-06-08
   days on market $229,900 Active 33 DOM
9. 2026-06-07
   pricedays on market $229,900 Active 32 DOM
10. 2026-06-04
    days on market $234,900 Active 29 DOM
11. 2026-06-03
    days on market $234,900 Active 28 DOM
12. 2026-06-02
    days on market $234,900 Active 27 DOM
13. 2026-06-01
    days on market $234,900 Active 26 DOM
14. 2026-05-31
    days on market $234,900 Active 25 DOM
15. 2026-05-17
    price $239,900 138-char remark
16. 2026-05-11
    price $249,000 138-char remark
17. 2026-05-06
    listed $259,900 Active 138-char remark
18. 2019-05-31
    soldstatus $159,900 Sold 388-char remark

    Show marketing remark (388 chars)

    Located on a nicely landscaped corner lot this Two Unit home is freshly Updated. Lower unit features 3 bedrooms, 1 Bath with Formal Dining Room and Living Room, New Carpet, New Laminate Flooring and Paint. Upper Unit features 1 Bedroom, 1 Bath, Living room and eat-in Kitchen, New Paint and Laminate Flooring. Maintenance Free Vinyl siding and Newer Roof complete this must see property.

19. 2019-05-31
    soldstatus $159,900

    Show marketing remark (388 chars)

    Located on a nicely landscaped corner lot this Two Unit home is freshly Updated. Lower unit features 3 bedrooms, 1 Bath with Formal Dining Room and Living Room, New Carpet, New Laminate Flooring and Paint. Upper Unit features 1 Bedroom, 1 Bath, Living room and eat-in Kitchen, New Paint and Laminate Flooring. Maintenance Free Vinyl siding and Newer Roof complete this must see property.

20. 2019-04-22
    status Pending 388-char remark

    Show marketing remark (388 chars)

    Located on a nicely landscaped corner lot this Two Unit home is freshly Updated. Lower unit features 3 bedrooms, 1 Bath with Formal Dining Room and Living Room, New Carpet, New Laminate Flooring and Paint. Upper Unit features 1 Bedroom, 1 Bath, Living room and eat-in Kitchen, New Paint and Laminate Flooring. Maintenance Free Vinyl siding and Newer Roof complete this must see property.

21. 2019-04-15
    historical Contingent - Inspection 388-char remark

    Show marketing remark (388 chars)

    Located on a nicely landscaped corner lot this Two Unit home is freshly Updated. Lower unit features 3 bedrooms, 1 Bath with Formal Dining Room and Living Room, New Carpet, New Laminate Flooring and Paint. Upper Unit features 1 Bedroom, 1 Bath, Living room and eat-in Kitchen, New Paint and Laminate Flooring. Maintenance Free Vinyl siding and Newer Roof complete this must see property.

22. 2019-01-28
    historical 388-char remark

    Show marketing remark (388 chars)

    Located on a nicely landscaped corner lot this Two Unit home is freshly Updated. Lower unit features 3 bedrooms, 1 Bath with Formal Dining Room and Living Room, New Carpet, New Laminate Flooring and Paint. Upper Unit features 1 Bedroom, 1 Bath, Living room and eat-in Kitchen, New Paint and Laminate Flooring. Maintenance Free Vinyl siding and Newer Roof complete this must see property.

23. 2019-01-28
    status Active 388-char remark

    Show marketing remark (388 chars)

    Located on a nicely landscaped corner lot this Two Unit home is freshly Updated. Lower unit features 3 bedrooms, 1 Bath with Formal Dining Room and Living Room, New Carpet, New Laminate Flooring and Paint. Upper Unit features 1 Bedroom, 1 Bath, Living room and eat-in Kitchen, New Paint and Laminate Flooring. Maintenance Free Vinyl siding and Newer Roof complete this must see property.

24. 2018-12-31
    price $159,900 388-char remark

    Show marketing remark (388 chars)

    Located on a nicely landscaped corner lot this Two Unit home is freshly Updated. Lower unit features 3 bedrooms, 1 Bath with Formal Dining Room and Living Room, New Carpet, New Laminate Flooring and Paint. Upper Unit features 1 Bedroom, 1 Bath, Living room and eat-in Kitchen, New Paint and Laminate Flooring. Maintenance Free Vinyl siding and Newer Roof complete this must see property.

25. 2018-09-27
    historical

    Show marketing remark (388 chars)

    Located on a nicely landscaped corner lot this Two Unit home is freshly Updated. Lower unit features 3 bedrooms, 1 Bath with Formal Dining Room and Living Room, New Carpet, New Laminate Flooring and Paint. Upper Unit features 1 Bedroom, 1 Bath, Living room and eat-in Kitchen, New Paint and Laminate Flooring. Maintenance Free Vinyl siding and Newer Roof complete this must see property.

26. 2018-09-27
    listed $164,900 Active 388-char remark

    Show marketing remark (388 chars)

    Located on a nicely landscaped corner lot this Two Unit home is freshly Updated. Lower unit features 3 bedrooms, 1 Bath with Formal Dining Room and Living Room, New Carpet, New Laminate Flooring and Paint. Upper Unit features 1 Bedroom, 1 Bath, Living room and eat-in Kitchen, New Paint and Laminate Flooring. Maintenance Free Vinyl siding and Newer Roof complete this must see property.

27. 2018-09-01
    listed $164,900 Active
28. 2003-12-01
    soldstatus $139,050

ⓘ 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: $5,002 · $417/mo
• Projected year-2 tax: $5,002 · $417/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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥97°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,649
• − Mortgage interest: −$12,598
• − Property taxes: −$5,002
• − Insurance: −$1,124
• − Repairs & maintenance: −$1,892
• − Management: −$1,892
• − Depreciation: −$6,543
• Taxable loss: −$5,402
• Est. tax savings @ 24.0%: +$1,297
• After-tax cash flow: $-300/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: Princeton Public School District
• NCES district ID: 2730030
• Math proficiency: 41% ▼ -19.00%
• Reading proficiency: 53% ▼ -11.00%
• Median HH income: $61,277
• Composite: 41.33/100
• National rank: #3504
• State rank: #141 of 301 in MN

Livability — Princeton

• Score: 68/100
• State rank: #404
• US rank: #9444

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Princeton, MN
• County: Sherburne County · 120,363 people
• City population: 18,103
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• Population (ZIP): 18,103
• Household income: $93,824
• Rent vs Own: 15.1% rent · 84.9% own
• Severe rent burden: 273.0

Population outlook (Mille Lacs County) Hauer SSP2

• Today (2025): 24,811 people
• By 2030: 23,960 · -3.4%
• By 2040: 21,835 · -12.0%
• By 2050: 19,376 · -21.9%
• By 2075: 14,838 · -40.2%
• By 2100: 11,957 · -51.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Portuguese 12% Romanian 3% Lithuanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 3%

Political lean MEDSL · Mille Lacs

• 2024 margin: Solid R (+40.9) · D 28.9% · R 69.7% · Other 1.4%
• 2008→2024 swing: -33.6pp toward R · 2008: -7.2pp · 2024: -40.9pp
• All cycles: 2024: R+40.9 2020: R+37.8 2016: R+35.8 2012: R+8.6 2008: R+7.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -19.20%
• Current HPI: 336.1604
• Rent YoY: —
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• 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

+61.7% since first listed

17 events — show timeline

• 2026-06-14 Price Changed $224,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-06-04 Price Changed $229,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-29 Price Changed $234,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-17 Price Changed $239,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-11 Price Changed $249,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-06 Listed $259,900 NORTHSTARMLS as Distributed by MLS Grid
• 2019-05-31 Sold (Public Records) $159,900 Public Records
• 2019-05-31 Sold (MLS) $159,900 NORTHSTARMLS as Distributed by MLS Grid
• 2019-04-22 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2019-04-15 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2019-01-28 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2019-01-28 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2018-12-31 Price Changed $159,900 NORTHSTARMLS as Distributed by MLS Grid
• 2018-09-27 Listed $164,900 NORTHSTARMLS as Distributed by MLS Grid
• 2018-09-27 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2018-09-01 Listed $164,900 NORTHSTARMLS as Distributed by MLS Grid
• 2003-12-01 Sold (Public Records) $139,050 Public Records

Property tax history

+9.7%/yr

Latest (2026): $5,002 · +2.8% YoY. Source: county tax records.