108 2nd St E · Ada, MN 56510

$120,000

3 bd · 1.0 ba · 2,296 sqft · SingleFamily · 182 Days on market

Built 1934 10,105 sqft lot

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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 +22.1/30.0
• Appreciation +8.1/10.0
• ARV discount +7.5/15.0
• DSCR +7.1/10.0
• Schools +5.0/10.0
• 1% rule +4.9/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Fall in love with the charm and character throughout the whole house. Beautiful hardwood floors in the living and dining room. Simple basket archways, glass knobs, storage closets give this home personality! Remodeled large kitchen with breakfast nook. Fully remodeled bathroom ~ 2 bedrooms on main floor and a loft/bedroom upstairs. Outside is a fully-fenced large yard and a 2-stall garage. Call today to schedule your showing!

Key facts

• Elegant archways
• Cozy breakfast nook
• Original woodwork

Tags

• HARDWOOD FLOORS
• ORIGINAL WOODWORK
• ELEGANT ARCHWAYS
• VINTAGE GLASS KNOBS
• ABUNDANT STORAGE
• COZY BREAKFAST NOOK

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $193 ($2k/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 $119k (0.8% below list).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 77/100 on livability (#137 in MN, #3,026 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Market conditions: 13 active listings in the ZIP; 8 units permitted in Norman County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($830 loan paydown + $7k appreciation (6.2% local appreciation)).
• At projected returns (6.2% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 182 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 11y ago; this cycle's ask has dropped $29k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $90k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1934 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 182 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1934 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
7. 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.
8. 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: 0.99% ✗
• Cap rate: 8.22%
• Cash-on-cash: 6.88%
• DSCR: 1.31
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.22% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.5%
• Equity multiple: 2.44×
• Total profit: $48,434
• Equity at exit: $77,083

10-year hold

• IRR: 20.4%
• Equity multiple: 4.94×
• Total profit: $132,401
• Equity at exit: $141,231

Cash invested: $33,600 (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 56510

• Home prices YoY: 3.7%
• Active inventory: 13
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,190 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$68 /mo · $822/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$250
• Net cashflow: $193

Break-even live

Break-even rent $947

Max offer price $120,000

Occupancy floor 79%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2025-10-29
   status Pending
2. 2025-10-21
   historical Contingent - Inspection
3. 2025-08-28
   price $120,000
4. 2025-06-16
   price $130,000
5. 2025-05-17
   price $145,000
6. 2025-04-30
   listed $149,000 Active
7. 2021-11-23
   soldstatus $90,000
8. 2019-04-25
   soldstatus $77,500 429-char remark

   Show marketing remark (429 chars)

   Fall in love with the charm and character throughout the whole house. Beautiful hardwood floors in the living and dining room. Simple basket archways, glass knobs, storage closets give this home personality! Remodeled large kitchen with breakfast nook. Fully remodeled bathroom ~ 2 bedrooms on main floor and a loft/bedroom upstairs. Outside is a fully-fenced large yard and a 2-stall garage. Call today to schedule your showing!

9. 2019-04-25
   soldstatus $77,500

   Show marketing remark (429 chars)

   Fall in love with the charm and character throughout the whole house. Beautiful hardwood floors in the living and dining room. Simple basket archways, glass knobs, storage closets give this home personality! Remodeled large kitchen with breakfast nook. Fully remodeled bathroom ~ 2 bedrooms on main floor and a loft/bedroom upstairs. Outside is a fully-fenced large yard and a 2-stall garage. Call today to schedule your showing!

10. 2019-01-09
    listed $85,000 429-char remark

    Show marketing remark (429 chars)

    Fall in love with the charm and character throughout the whole house. Beautiful hardwood floors in the living and dining room. Simple basket archways, glass knobs, storage closets give this home personality! Remodeled large kitchen with breakfast nook. Fully remodeled bathroom ~ 2 bedrooms on main floor and a loft/bedroom upstairs. Outside is a fully-fenced large yard and a 2-stall garage. Call today to schedule your showing!

11. 2017-05-30
    soldstatus $75,000
12. 2017-05-24
    soldstatus $75,000 461-char remark

    Show marketing remark (461 chars)

    Fall in love with the charm and character throughout the whole house. Beautiful hardwood floors in the living and dining room. Simple basket archways, glass knobs, storage closets give this home personality! Remodeled large kitchen with breakfast nook, new backsplash and flooring. Fully remodeled full bathroom ~ 2 bedrooms on main floor and a loft/bedroom upstairs. Outside is a fully-fenced large yard and 2-stall garage. Call today to schedule your showing!

13. 2017-05-24
    soldstatus $75,000

    Show marketing remark (461 chars)

    Fall in love with the charm and character throughout the whole house. Beautiful hardwood floors in the living and dining room. Simple basket archways, glass knobs, storage closets give this home personality! Remodeled large kitchen with breakfast nook, new backsplash and flooring. Fully remodeled full bathroom ~ 2 bedrooms on main floor and a loft/bedroom upstairs. Outside is a fully-fenced large yard and 2-stall garage. Call today to schedule your showing!

14. 2017-02-13
    listed $77,900 461-char remark

    Show marketing remark (461 chars)

    Fall in love with the charm and character throughout the whole house. Beautiful hardwood floors in the living and dining room. Simple basket archways, glass knobs, storage closets give this home personality! Remodeled large kitchen with breakfast nook, new backsplash and flooring. Fully remodeled full bathroom ~ 2 bedrooms on main floor and a loft/bedroom upstairs. Outside is a fully-fenced large yard and 2-stall garage. Call today to schedule your showing!

15. 2016-11-09
    historical
16. 2016-05-09
    listed $60,000
17. 2016-04-05
    historical
18. 2015-10-05
    listed $69,900

ⓘ 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: $822 · $68/mo
• Projected year-2 tax: $1,083 · $90/mo
• Expected delta: +$261/yr (+$22/mo · 31.8%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X · 17% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 12 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,286
• − Mortgage interest: −$6,722
• − Property taxes: −$822
• − Insurance: −$600
• − Repairs & maintenance: −$1,143
• − Management: −$1,143
• − Depreciation: −$3,491
• Taxable income: $365
• Est. tax owed @ 24.0%: −$88
• After-tax cash flow: $2,224/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 — Ada

• Score: 77/100
• State rank: #137
• US rank: #3026

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ada, MN
• Population (ZIP): 2,300

Population outlook (Norman County) Hauer SSP2

• Today (2025): 6,540 people
• By 2030: 6,489 · -0.8%
• By 2040: 6,436 · -1.6%
• By 2050: 6,348 · -2.9%
• By 2075: 6,263 · -4.2%
• By 2100: 5,731 · -12.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Hispanic / Latino 4% Asian 1%
• Common ancestry: Portuguese 39% Lithuanian 3% Scottish 2%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 3%

Political lean MEDSL · Norman

• 2024 margin: Strong R (+22.2) · D 37.5% · R 59.8% · Other 2.7%
• 2008→2024 swing: -49.2pp toward R · 2008: 26.9pp · 2024: -22.2pp
• All cycles: 2024: R+22.2 2020: R+16.0 2016: R+13.5 2012: D+10.8 2008: D+26.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.22%
• Current HPI: 172.2595
• 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

+71.7% since first listed

18 events — show timeline

• 2025-10-29 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-21 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2025-08-28 Price Changed $120,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-06-16 Price Changed $130,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-05-17 Price Changed $145,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-04-30 Listed $149,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-11-23 Sold (Public Records) $90,000 Public Records
• 2019-04-25 Sold (Public Records) $77,500 Public Records
• 2019-04-25 Sold (MLS) $77,500 NORTHSTARMLS as Distributed by MLS Grid
• 2019-01-09 Listed $85,000 NORTHSTARMLS as Distributed by MLS Grid
• 2017-05-30 Sold (Public Records) $75,000 Public Records
• 2017-05-24 Sold (Public Records) $75,000 Public Records
• 2017-05-24 Sold (MLS) $75,000 NORTHSTARMLS as Distributed by MLS Grid
• 2017-02-13 Listed $77,900 NORTHSTARMLS as Distributed by MLS Grid
• 2016-11-09 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2016-05-09 Listed $60,000 NORTHSTARMLS as Distributed by MLS Grid
• 2016-04-05 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2015-10-05 Listed $69,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

-2.3%/yr

Latest (2025): $822 · -11.2% YoY. Source: county tax records.