701 1st St NE · New Prague, MN 56071

$349,900

5 bd · 3.0 ba · 2,764 sqft · SingleFamily public records · 61 Days on market

Built 1956 8,276 sqft lot $127/sqft · 41% below area Est $458k · 24% 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 +7.0/30.0
• Schools +5.3/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0
• DSCR +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

All the charm of the country, with the convenience of in-town living. This spacious 5 bedroom 3 bath home is in a quiet neighborhood, walking distance from downtown New Prague, multiple parks, and schools. It features a large corner lot with a 6-foot privacy fence, giving space for pets and children to play. Fantastic spot to add a hot tub or pool. Newly finished interior with all new flooring and paint throughout the house. Main Level bath has jacuzzi tub and shower in one. Open living/dining

Key facts

• Barn doors
• New flooring
• Multiple parks

Tags

• WALKING DISTANCE FROM DOWNTOWN
• MULTIPLE PARKS
• NEW UPDATES
• BARN DOORS
• NEWLY FINISHED INTERIOR
• NEW FLOORING

Property features AI

Exterior

• Parking: Attached 2-car garage
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential property; One-and-one-half story
• Construction: Block foundation; Asphalt pitched roof (age 8 years or less)
• Exterior features: Full wood privacy fence; Light tree cover; City street frontage with curbs, paved streets, street lights and storm sewer

Interior

• Kitchen: Range; Refrigerator; Dishwasher
• Bedrooms: Five bedrooms total (bedrooms located on main, upper and lower levels including a main-floor bedroom and a lower-level bedroom)
• Bathrooms: One full bathroom on the main floor; One half bathroom; Three-quarter bathroom in the basement
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Finished full basement with egress windows; Jetted tub; Informal dining area/open kitchen-dining layout; Main floor bedroom
• Laundry & utility: Washer and dryer included; Dedicated laundry room in the basement

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath single-family listed at $350k.

Deal economics

• At list price, monthly cash flow is $-517 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $258k (26.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $250k (28.7% below list).
• Recommended offer: $250k (28.7% below list) — sets the bar for 1% rule.
• Cap rate 4.5% vs local median 3.1% in New Prague — 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 80/100 on livability (#86 in MN, #1,971 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F.
• New Prague Area Schools (town): math 57% / reading 60% proficiency, ranked #36 of 301 in MN (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Falcon Ridge (math 61% / reading 59%, grade B-, #209 of 857 statewide, top 25%, 554 students, 21% FRL); New Prague Middle School (math 54% / reading 59%, grade B, #38 of 258 statewide, top 15%, 937 students, 19% FRL); New Prague Senior High (math 55% / reading 68%, grade B-, #39 of 471 statewide, top 9%, 1,343 students, 16% FRL).
• Market conditions: 95 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 699 units permitted in Scott County in 2024 (84 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 $10k of value loss. Plan a longer hold.
• Scott County population projected at +31% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($329k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 34y ago; this cycle's ask has dropped $44k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $221k; list at $350k implies a 58% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $249,500 (28.7% 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 61 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
3. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 A-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. 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?
8. 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.
9. 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.
10. 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: 0.71% ✗
• Cap rate: 4.52%
• Cash-on-cash: -6.34%
• DSCR: 0.72
• GRM: 11.7

CMA / ARV

• ARV (median comp): $458,159
• List price: $349,900
• Delta: -23.63%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -27.2%
• Equity multiple: 0.09×
• Total profit: $-89,577
• Equity at exit: $52,171

10-year hold

• IRR: -25.0%
• Equity multiple: -0.23×
• Total profit: $-120,113
• Equity at exit: $30,253

Cash invested: $97,972 (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 56071

• Home prices YoY: -26.3%
• Active inventory: 95
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $2,495 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$508 /mo · $6,094/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$524
• Net cashflow: $-517

Break-even live

Break-even rent $3,150

Max offer price $258,483

Occupancy floor —

Sensitivity live

Price	-10% $-319	-5% $-418	+0% $-517	+5% $-617	+10% $-716
Rent	-10% $-715	-5% $-616	+0% $-517	+5% $-419	+10% $-320
Rate	-1.0pp $-341	-0.5pp $-428	base $-517	+0.5pp $-608	+1.0pp $-700

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: $87,475
• Closing costs: $10,497
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
604 Main St W New Prague, MN	4.0	2.5	2320	$2,495	$1.08	45d	1	1.08mi

Listing history 45 events

1. 2026-06-21
   days on market $349,900 Active 61 DOM
2. 2026-06-18
   days on market $349,900 Active 58 DOM
3. 2026-06-17
   days on market $349,900 Active 57 DOM
4. 2026-06-16
   days on market $349,900 Active 56 DOM
5. 2026-06-15
   price $349,900 Active 55 DOM
6. 2026-06-15
   days on market $379,000 Active 55 DOM
7. 2026-06-13
   days on market $379,000 Active 53 DOM
8. 2026-06-13
   days on market $379,000 Active 52 DOM
9. 2026-06-09
   days on market $379,000 Active 49 DOM
10. 2026-06-08
    days on market $379,000 Active 48 DOM
11. 2026-06-07
    days on market $379,000 Active 47 DOM
12. 2026-06-04
    remarks 625-char remark
13. 2026-06-04
    pricedays on market $379,000 Active 44 DOM
14. 2026-06-03
    days on market $384,000 Active 43 DOM
15. 2026-06-02
    days on market $384,000 Active 42 DOM
16. 2026-06-01
    days on market $384,000 Active 41 DOM
17. 2026-05-31
    days on market $384,000 Active 40 DOM
18. 2026-05-12
    price $384,000 601-char remark
19. 2026-04-21
    status Active 601-char remark
20. 2026-04-21
    historical 601-char remark
21. 2026-04-20
    listed $394,000 Active 601-char remark
22. 2024-02-24
    historical $1,995
23. 2024-02-08
    price $1,995
24. 2024-02-07
    price $2,100
25. 2024-02-05
    price $1,995
26. 2024-02-03
    price $2,100
27. 2024-01-04
    price $2,200
28. 2023-12-21
    listed $2,300
29. 2017-09-19
    soldstatus $221,412
30. 2017-09-14
    soldstatus $214,900 Sold 499-char remark

    Show marketing remark (499 chars)

    All the charm of the country, with the convenience of in-town living. This spacious 5 bedroom 3 bath home is in a quiet neighborhood, walking distance from downtown New Prague, multiple parks, and schools. It features a large corner lot with a 6-foot privacy fence, giving space for pets and children to play. Fantastic spot to add a hot tub or pool. Newly finished interior with all new flooring and paint throughout the house. Main Level bath has jacuzzi tub and shower in one. Open living/dining

31. 2017-08-22
    status Pending 499-char remark

    Show marketing remark (499 chars)

    All the charm of the country, with the convenience of in-town living. This spacious 5 bedroom 3 bath home is in a quiet neighborhood, walking distance from downtown New Prague, multiple parks, and schools. It features a large corner lot with a 6-foot privacy fence, giving space for pets and children to play. Fantastic spot to add a hot tub or pool. Newly finished interior with all new flooring and paint throughout the house. Main Level bath has jacuzzi tub and shower in one. Open living/dining

32. 2017-07-20
    listed $214,900 Active 499-char remark

    Show marketing remark (499 chars)

    All the charm of the country, with the convenience of in-town living. This spacious 5 bedroom 3 bath home is in a quiet neighborhood, walking distance from downtown New Prague, multiple parks, and schools. It features a large corner lot with a 6-foot privacy fence, giving space for pets and children to play. Fantastic spot to add a hot tub or pool. Newly finished interior with all new flooring and paint throughout the house. Main Level bath has jacuzzi tub and shower in one. Open living/dining

33. 2009-03-12
    soldstatus $159,000
34. 2009-03-02
    soldstatus $159,000

    Show marketing remark (267 chars)

    Home has a new roof,new central air, new gutters,new LL carpet,new paint,white cabinets & white millwork on the main flr, & natural wood upstairs & on the LL, lots of closets,whirlpool,close to park,shopping,schools,& medical facilities.Home is ready!

35. 2009-01-05
    historical

    Show marketing remark (267 chars)

    Home has a new roof,new central air, new gutters,new LL carpet,new paint,white cabinets & white millwork on the main flr, & natural wood upstairs & on the LL, lots of closets,whirlpool,close to park,shopping,schools,& medical facilities.Home is ready!

36. 2008-05-05
    historical
37. 2008-05-03
    listed $165,000

    Show marketing remark (267 chars)

    Home has a new roof,new central air, new gutters,new LL carpet,new paint,white cabinets & white millwork on the main flr, & natural wood upstairs & on the LL, lots of closets,whirlpool,close to park,shopping,schools,& medical facilities.Home is ready!

38. 2008-02-20
    listed $189,900
39. 2008-02-20
    historical
40. 2007-10-01
    listed $196,900
41. 2001-02-12
    historical
42. 2000-08-14
    listed $149,900
43. 1992-10-26
    soldstatus $85,000
44. 1992-10-15
    soldstatus $85,000
45. 1992-07-19
    listed $92,500

ⓘ 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: $6,094 · $508/mo
• Projected year-2 tax: $6,094 · $508/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: $29,940
• − Mortgage interest: −$19,600
• − Property taxes: −$6,094
• − Insurance: −$1,750
• − Repairs & maintenance: −$2,395
• − Management: −$2,395
• − Depreciation: −$10,179
• Taxable loss: −$12,473
• Est. tax savings @ 24.0%: +$2,993
• After-tax cash flow: $-3,216/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: New Prague Area Schools
• NCES district ID: 2723430
• Math proficiency: 57% ▼ -14.00%
• Reading proficiency: 60% ▼ -10.00%
• Median HH income: $80,742
• Composite: 52.77/100
• National rank: #1543
• State rank: #36 of 301 in MN

Livability — New Prague

• Score: 80/100
• State rank: #86
• US rank: #1971

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Prague, MN
• City population: 13,015
• Population (ZIP): 13,015

Population outlook (Scott County) Hauer SSP2

• Today (2025): 165,899 people
• By 2030: 177,290 · +6.9%
• By 2040: 199,019 · +20.0%
• By 2050: 216,883 · +30.7%
• By 2075: 256,099 · +54.4%
• By 2100: 276,434 · +66.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 1% Asian 1%
• Common ancestry: Portuguese 10% Romanian 3% Scottish 2%
• Foreign-born: 2%
• Languages at home: 96% English-only · Russian/Polish/Slavic 1% German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Scott

• 2024 margin: Lean R (+8.5) · D 44.8% · R 53.3% · Other 1.9%
• 2008→2024 swing: +2.7pp toward D · 2008: -11.2pp · 2024: -8.5pp
• All cycles: 2024: R+8.5 2020: R+6.6 2016: R+15.4 2012: R+14.8 2008: R+11.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -98.45%
• Current HPI: 275.353
• 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

+278.3% since first listed

30 events — show timeline

• 2026-06-15 Price Changed $349,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-06-03 Price Changed $379,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-12 Price Changed $384,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-21 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-21 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-20 Listed $394,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-02-24 Rental Removed $1,995 BUILDIUM
• 2024-02-08 Price Changed $1,995 BUILDIUM
• 2024-02-07 Price Changed $2,100 BUILDIUM
• 2024-02-05 Price Changed $1,995 BUILDIUM
• 2024-02-03 Price Changed $2,100 BUILDIUM
• 2024-01-04 Price Changed $2,200 BUILDIUM
• 2023-12-21 Listed for Rent $2,300 BUILDIUM
• 2017-09-19 Sold (Public Records) $221,412 Public Records
• 2017-09-14 Sold (MLS) $214,900 NORTHSTARMLS as Distributed by MLS Grid
• 2017-08-22 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2017-07-20 Listed $214,900 NORTHSTARMLS as Distributed by MLS Grid
• 2009-03-12 Sold (Public Records) $159,000 Public Records
• 2009-03-02 Sold (MLS) $159,000 NORTHSTARMLS as Distributed by MLS Grid
• 2009-01-05 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2008-05-05 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2008-05-03 Listed $165,000 NORTHSTARMLS as Distributed by MLS Grid
• 2008-02-20 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2008-02-20 Listed $189,900 NORTHSTARMLS as Distributed by MLS Grid
• 2007-10-01 Listed $196,900 NORTHSTARMLS as Distributed by MLS Grid
• 2001-02-12 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2000-08-14 Listed $149,900 NORTHSTARMLS as Distributed by MLS Grid
• 1992-10-26 Sold (Public Records) $85,000 Public Records
• 1992-10-15 Sold (MLS) $85,000 NORTHSTARMLS as Distributed by MLS Grid
• 1992-07-19 Listed $92,500 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+7.8%/yr

Latest (2026): $6,094 · +28.7% YoY. Source: county tax records.