301 Main St · Lucan, MN 56255

$23,999

2 bd · 1.0 ba · 864 sqft · SingleFamily public records · 20 Days on market

Built 1900 0.30 ac lot

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Schools +4.2/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

3 bedroom 1 1/2 story home located on Main Street of Lucan. Property is being sold ''AS IS'' with possession to be immediate.

Key facts

• 0.3 acre lot
• Garage
• Built 1900

Property features AI

Finance

• Other: Lot about 0.298 acres (approx. 100 x 130)
• Financial info: Annual taxes reported: $610 (2025)

Exterior

• Parking: Detached or attached 1-car garage (330 garage area)
• Utilities: City water connected; City sewer connected; Other fuel source
• Home design: Residential two-story; Main level finished area of 850; Total building area 1,872
• Construction: Block foundation; Foundation area 672; Two levels
• Exterior features: Other exterior features

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Basement with block foundation

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $24k.

Deal economics

• At list price, monthly cash flow is $489 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($855 rent vs $24k).
• Recommended offer: $24k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 62/100 on livability (#696 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-; Watch: employment D+, health & safety D+, crime D.
• Wabasso Public School District (rural): math 50% / reading 48% proficiency, ranked #130 of 301 in MN (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Wabasso Elementary (math 52% / reading 47%, grade D, #423 of 857 statewide, top 55%, 189 students, 51% FRL); Wabasso Secondary (math 47% / reading 47%, grade D-, #166 of 471 statewide, top 39%, 232 students, 44% FRL) — zoned schools average 47% FRL vs 18% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 5 active listings in the ZIP; 25 units permitted in Redwood County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $886 of equity ($166 loan paydown + $720 appreciation (3.0% local appreciation)).
• Redwood County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($24k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 16y 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.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $23,639 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Crime grade is D 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: 3.56% ✓
• Cap rate: 30.74%
• Cash-on-cash: 87.31%
• DSCR: 4.88
• GRM: 2.3

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: 91.7%
• Equity multiple: 6.07×
• Total profit: $34,054
• Equity at exit: $10,791

10-year hold

• IRR: 91.2%
• Equity multiple: 12.55×
• Total profit: $77,631
• Equity at exit: $16,630

Cash invested: $6,720 (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 56255

• Active inventory: 5
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $855 medium
• Mortgage (P&I): −$126
• Tax from tax record: −$51 /mo · $610/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$180
• Net cashflow: $489

Break-even live

Break-even rent $236

Max offer price $23,999

Occupancy floor 38%

Sensitivity live

Price	-10% $502	-5% $496	+0% $489	+5% $482	+10% $475
Rent	-10% $421	-5% $455	+0% $489	+5% $523	+10% $556
Rate	-1.0pp $501	-0.5pp $495	base $489	+0.5pp $483	+1.0pp $476

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: $6,000
• Closing costs: $720
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-16
   status $23,999 Pending 20 DOM
2. 2026-06-15
   days on market $23,999 Active 20 DOM
3. 2026-06-13
   days on market $23,999 Active 18 DOM
4. 2026-06-12
   days on market $23,999 Active 17 DOM
5. 2026-06-09
   days on market $23,999 Active 14 DOM
6. 2026-06-08
   days on market $23,999 Active 13 DOM
7. 2026-06-07
   days on market $23,999 Active 12 DOM
8. 2026-06-07
   days on market $23,999 Active 11 DOM
9. 2026-06-04
   days on market $23,999 Active 8 DOM
10. 2026-06-02
    days on market $23,999 Active 7 DOM
11. 2026-06-01
    days on market $23,999 Active 6 DOM
12. 2026-05-31
    days on market $23,999 Active 5 DOM
13. 2026-05-31
    days on market $23,999 Active 4 DOM
14. 2026-05-26
    listed $23,999 Active
15. 2025-06-10
    soldstatus $59,000
16. 2019-02-02
    historical 125-char remark

    Show marketing remark (125 chars)

    3 bedroom 1 1/2 story home located on Main Street of Lucan. Property is being sold ''AS IS'' with possession to be immediate.

17. 2011-10-06
    soldstatus $12,000 125-char remark

    Show marketing remark (133 chars)

    3 bedroom 1 1/2 story home located on Main Street of Lucan. Property is being sold "AS IS" with possession to be immediate.

18. 2011-10-06
    soldstatus $12,000

    Show marketing remark (133 chars)

    3 bedroom 1 1/2 story home located on Main Street of Lucan. Property is being sold "AS IS" with possession to be immediate.

19. 2011-10-06
    soldstatus $12,000 133-char remark

    Show marketing remark (133 chars)

    3 bedroom 1 1/2 story home located on Main Street of Lucan. Property is being sold "AS IS" with possession to be immediate.

20. 2010-11-04
    listed $19,900 125-char remark

    Show marketing remark (133 chars)

    3 bedroom 1 1/2 story home located on Main Street of Lucan. Property is being sold "AS IS" with possession to be immediate.

21. 2010-11-04
    listed $19,900 133-char remark

    Show marketing remark (133 chars)

    3 bedroom 1 1/2 story home located on Main Street of Lucan. Property is being sold "AS IS" with possession to be immediate.

ⓘ 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: $610 · $51/mo
• Projected year-2 tax: $610 · $51/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $10,262
• − Mortgage interest: −$1,344
• − Property taxes: −$610
• − Insurance: −$120
• − Repairs & maintenance: −$821
• − Management: −$821
• − Depreciation: −$698
• Taxable income: $5,848
• Est. tax owed @ 24.0%: −$1,403
• After-tax cash flow: $4,463/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: Wabasso Public School District
• NCES district ID: 2741430
• Math proficiency: 50% ▼ -11.00%
• Reading proficiency: 48% ▼ -8.00%
• Median HH income: $50,656
• Composite: 42.03/100
• National rank: #3331
• State rank: #130 of 301 in MN

Livability — Lucan

• Score: 62/100
• State rank: #696
• US rank: #16747

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lucan, MN
• Population (ZIP): 407

Population outlook (Redwood County) Hauer SSP2

• Today (2025): 14,504 people
• By 2030: 13,983 · -3.6%
• By 2040: 13,056 · -10.0%
• By 2050: 12,225 · -15.7%
• By 2075: 11,051 · -23.8%
• By 2100: 9,786 · -32.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 3% Two or more races 2%
• Common ancestry: Romanian 9% Portuguese 4% Scandinavian 1%
• Languages at home: 99% English-only · French/Haitian/Cajun 1%

Political lean MEDSL · Redwood

• 2024 margin: Solid R (+43.3) · D 27.7% · R 71.0% · Other 1.2%
• 2008→2024 swing: -29.8pp toward R · 2008: -13.6pp · 2024: -43.3pp
• All cycles: 2024: R+43.3 2020: R+41.2 2016: R+43.0 2012: R+20.1 2008: R+13.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

+20.6% since first listed

8 events — show timeline

• 2026-05-26 Listed $23,999 NORTHSTARMLS as Distributed by MLS Grid
• 2025-06-10 Sold (Public Records) $59,000 Public Records
• 2019-02-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2011-10-06 Sold (Public Records) $12,000 Public Records
• 2011-10-06 Sold (MLS) $12,000 NORTHSTARMLS as Distributed by MLS Grid
• 2011-10-06 Sold (MLS) $12,000 NORTHSTARMLS as Distributed by MLS Grid
• 2010-11-04 Listed $19,900 NORTHSTARMLS as Distributed by MLS Grid
• 2010-11-04 Listed $19,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+1.5%/yr

Latest (2025): $610 · +2.0% YoY. Source: county tax records.