409 S 2nd St · Marshall, MN 56258

$175,000

3 bd · 2.0 ba · 1,680 sqft · SingleFamily · 2 Days on market

Built 1950 0.28 ac lot

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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 +12.7/30.0
• ARV discount +7.5/15.0
• Livability +4.1/5.0
• Schools +4.0/10.0
• DSCR +3.8/10.0
• 1% rule +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 409 S 2nd street! 3 bedrooms, 2 bathrooms & ample living space is what this property is allll about! Stepping inside you will be greeted by your cozy living room. Head towards the bedrooms or the kitchen, the choice is yours! I am choosing the kitchen as this beautiful spot it ready to host your family and friends with an ample dining space and open kitchen. The rest of your main floor is made up of a full bathroom & 3 bedrooms! Heading downstairs you will see your functional family room that is extra cool for these hot summer days! Out back you have a nice deck, 2 stall garage & HUGE yard that is partially fenced in for privacy. Enjoy your tour!

Key facts

• 12x15 deck
• Wood fencing
• 0.28 acre lot

Tags

• MAIN FLOOR LAUNDRY CLOSET
• DETACHED TWO STALL GARAGE
• 12X15 DECK
• HUGE MOSTLY PRIVATE BACKYARD
• WOOD FENCING

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $-18 ($-217/yr) — negative.
• To cash-flow at today's rent, offer at most $172k (1.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $146k (16.4% below list).
• Recommended offer: $146k (16.4% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 4.2% in Marshall — 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 82/100 on livability (#47 in MN, #1,265 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, employment C-, commute F.
• Marshall Public School District (town): math 46% / reading 48% proficiency, ranked #163 of 301 in MN (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 212 active listings in the ZIP; 91 units permitted in Lyon County in 2024 (72 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 $5k of value loss. Plan a longer hold.
• Lyon County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 17y 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.
• Current owner paid $150k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $146,313 (16.4% 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. Built in 1950 — 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. 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?
5. 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?
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: 0.84% ✗
• Cap rate: 6.17%
• Cash-on-cash: -0.44%
• DSCR: 0.98
• GRM: 10.0

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: -17.0%
• Equity multiple: 0.40×
• Total profit: $-29,510
• Equity at exit: $26,093

10-year hold

• IRR: -8.9%
• Equity multiple: 0.45×
• Total profit: $-27,179
• Equity at exit: $15,131

Cash invested: $49,000 (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 56258

• Home prices YoY: -33.1%
• Active inventory: 212
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,463 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$183 /mo · $2,200/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$307
• Net cashflow: $-18

Break-even live

Break-even rent $1,486

Max offer price $171,803

Occupancy floor 96%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-02-26
   status Pending
2. 2026-02-24
   price $175,000
3. 2026-02-24
   listed $170,000 Active
4. 2021-08-23
   soldstatus $150,000
5. 2021-08-20
   soldstatus $150,000 Sold 680-char remark

   Show marketing remark (680 chars)

   Welcome to 409 S 2nd street! 3 bedrooms, 2 bathrooms & ample living space is what this property is allll about! Stepping inside you will be greeted by your cozy living room. Head towards the bedrooms or the kitchen, the choice is yours! I am choosing the kitchen as this beautiful spot it ready to host your family and friends with an ample dining space and open kitchen. The rest of your main floor is made up of a full bathroom & 3 bedrooms! Heading downstairs you will see your functional family room that is extra cool for these hot summer days! Out back you have a nice deck, 2 stall garage & HUGE yard that is partially fenced in for privacy. Enjoy your tour!

6. 2021-07-22
   status Pending 680-char remark

   Show marketing remark (680 chars)

   Welcome to 409 S 2nd street! 3 bedrooms, 2 bathrooms & ample living space is what this property is allll about! Stepping inside you will be greeted by your cozy living room. Head towards the bedrooms or the kitchen, the choice is yours! I am choosing the kitchen as this beautiful spot it ready to host your family and friends with an ample dining space and open kitchen. The rest of your main floor is made up of a full bathroom & 3 bedrooms! Heading downstairs you will see your functional family room that is extra cool for these hot summer days! Out back you have a nice deck, 2 stall garage & HUGE yard that is partially fenced in for privacy. Enjoy your tour!

7. 2021-07-10
   historical Contingent - Inspection 680-char remark

   Show marketing remark (680 chars)

   Welcome to 409 S 2nd street! 3 bedrooms, 2 bathrooms & ample living space is what this property is allll about! Stepping inside you will be greeted by your cozy living room. Head towards the bedrooms or the kitchen, the choice is yours! I am choosing the kitchen as this beautiful spot it ready to host your family and friends with an ample dining space and open kitchen. The rest of your main floor is made up of a full bathroom & 3 bedrooms! Heading downstairs you will see your functional family room that is extra cool for these hot summer days! Out back you have a nice deck, 2 stall garage & HUGE yard that is partially fenced in for privacy. Enjoy your tour!

8. 2021-07-06
   status Active 680-char remark

   Show marketing remark (680 chars)

   Welcome to 409 S 2nd street! 3 bedrooms, 2 bathrooms & ample living space is what this property is allll about! Stepping inside you will be greeted by your cozy living room. Head towards the bedrooms or the kitchen, the choice is yours! I am choosing the kitchen as this beautiful spot it ready to host your family and friends with an ample dining space and open kitchen. The rest of your main floor is made up of a full bathroom & 3 bedrooms! Heading downstairs you will see your functional family room that is extra cool for these hot summer days! Out back you have a nice deck, 2 stall garage & HUGE yard that is partially fenced in for privacy. Enjoy your tour!

9. 2021-06-24
   status Pending 680-char remark

   Show marketing remark (680 chars)

   Welcome to 409 S 2nd street! 3 bedrooms, 2 bathrooms & ample living space is what this property is allll about! Stepping inside you will be greeted by your cozy living room. Head towards the bedrooms or the kitchen, the choice is yours! I am choosing the kitchen as this beautiful spot it ready to host your family and friends with an ample dining space and open kitchen. The rest of your main floor is made up of a full bathroom & 3 bedrooms! Heading downstairs you will see your functional family room that is extra cool for these hot summer days! Out back you have a nice deck, 2 stall garage & HUGE yard that is partially fenced in for privacy. Enjoy your tour!

10. 2021-06-14
    historical Contingent - Inspection 680-char remark

    Show marketing remark (680 chars)

    Welcome to 409 S 2nd street! 3 bedrooms, 2 bathrooms & ample living space is what this property is allll about! Stepping inside you will be greeted by your cozy living room. Head towards the bedrooms or the kitchen, the choice is yours! I am choosing the kitchen as this beautiful spot it ready to host your family and friends with an ample dining space and open kitchen. The rest of your main floor is made up of a full bathroom & 3 bedrooms! Heading downstairs you will see your functional family room that is extra cool for these hot summer days! Out back you have a nice deck, 2 stall garage & HUGE yard that is partially fenced in for privacy. Enjoy your tour!

11. 2021-06-10
    listed $150,000 Active 680-char remark

    Show marketing remark (680 chars)

    Welcome to 409 S 2nd street! 3 bedrooms, 2 bathrooms & ample living space is what this property is allll about! Stepping inside you will be greeted by your cozy living room. Head towards the bedrooms or the kitchen, the choice is yours! I am choosing the kitchen as this beautiful spot it ready to host your family and friends with an ample dining space and open kitchen. The rest of your main floor is made up of a full bathroom & 3 bedrooms! Heading downstairs you will see your functional family room that is extra cool for these hot summer days! Out back you have a nice deck, 2 stall garage & HUGE yard that is partially fenced in for privacy. Enjoy your tour!

12. 2019-08-08
    soldstatus $138,500
13. 2019-08-07
    soldstatus $138,500 Sold 383-char remark

    Show marketing remark (383 chars)

    409 S 2nd offers the ideal outside entertaining space. Very large backyard with privacy fence, 2 stall detached garage, and extra storage shed. You will also notice a freshly stained deck with additional parking space behind it. Inside features 3 bedrooms on the main floor, 2 bathrooms and 2 family/living spaces. You wont want to miss out on this charmer. Schedule a showing today!

14. 2019-07-03
    status Pending 383-char remark

    Show marketing remark (383 chars)

    409 S 2nd offers the ideal outside entertaining space. Very large backyard with privacy fence, 2 stall detached garage, and extra storage shed. You will also notice a freshly stained deck with additional parking space behind it. Inside features 3 bedrooms on the main floor, 2 bathrooms and 2 family/living spaces. You wont want to miss out on this charmer. Schedule a showing today!

15. 2019-06-20
    historical Contingent - Inspection 383-char remark

    Show marketing remark (383 chars)

    409 S 2nd offers the ideal outside entertaining space. Very large backyard with privacy fence, 2 stall detached garage, and extra storage shed. You will also notice a freshly stained deck with additional parking space behind it. Inside features 3 bedrooms on the main floor, 2 bathrooms and 2 family/living spaces. You wont want to miss out on this charmer. Schedule a showing today!

16. 2019-06-04
    listed $136,500 Active 383-char remark

    Show marketing remark (383 chars)

    409 S 2nd offers the ideal outside entertaining space. Very large backyard with privacy fence, 2 stall detached garage, and extra storage shed. You will also notice a freshly stained deck with additional parking space behind it. Inside features 3 bedrooms on the main floor, 2 bathrooms and 2 family/living spaces. You wont want to miss out on this charmer. Schedule a showing today!

17. 2019-02-02
    historical
18. 2019-02-02
    historical
19. 2019-02-02
    historical
20. 2016-11-14
    soldstatus $122,000
21. 2016-11-04
    soldstatus $122,000
22. 2016-04-18
    listed $120,000
23. 2010-05-28
    soldstatus $117,450
24. 2010-05-28
    soldstatus $117,450
25. 2010-05-26
    soldstatus $117,451
26. 2010-02-15
    listed $119,900
27. 2010-02-15
    listed $119,900
28. 2009-03-27
    listed $129,900
29. 2009-03-27
    listed $129,900
30. 2006-05-01
    soldstatus $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: $2,200 · $183/mo
• Projected year-2 tax: $2,200 · $183/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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,558
• − Mortgage interest: −$9,803
• − Property taxes: −$2,200
• − Insurance: −$875
• − Repairs & maintenance: −$1,405
• − Management: −$1,405
• − Depreciation: −$5,091
• Taxable loss: −$3,220
• Est. tax savings @ 24.0%: +$773
• After-tax cash flow: $556/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: Marshall Public School District
• NCES district ID: 2718940
• Math proficiency: 46% ▼ -13.00%
• Reading proficiency: 48% ▼ -11.00%
• Median HH income: $47,798
• Composite: 40.09/100
• National rank: #3807
• State rank: #163 of 301 in MN

Livability — Marshall

• Score: 82/100
• State rank: #47
• US rank: #1265

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Marshall, MN
• County: Lyon County · 15,888 people
• City population: 15,888
• Metro: Marshall, MN
• Population (ZIP): 15,888
• Household income: $72,731
• Rent vs Own: 34.2% rent · 65.8% own
• Severe rent burden: 483.0

Population outlook (Lyon County) Hauer SSP2

• Today (2025): 25,369 people
• By 2030: 24,890 · -1.9%
• By 2040: 23,599 · -7.0%
• By 2050: 22,383 · -11.8%
• By 2075: 20,076 · -20.9%
• By 2100: 18,901 · -25.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 7% Asian 6% Black 4% Two or more races 4%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 14% English 6% Lithuanian 6%
• Foreign-born: 8% · Canada, Philippines
• Languages at home: 88% English-only · Spanish 6% Other Asian/Pacific 4% Other Indo-European 1%

Political lean MEDSL · Lyon

• 2024 margin: Solid R (+31.8) · D 33.1% · R 64.9% · Other 2.0%
• 2008→2024 swing: -30.2pp toward R · 2008: -1.6pp · 2024: -31.8pp
• All cycles: 2024: R+31.8 2020: R+25.9 2016: R+28.3 2012: R+9.2 2008: R+1.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -87.90%
• Current HPI: 177.471
• Rent YoY: —
• Metro: Marshall, MN
• 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

+89.2% since first listed

30 events — show timeline

• 2026-02-26 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-24 Price Changed $175,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-24 Listed $170,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-08-23 Sold (Public Records) $150,000 Public Records
• 2021-08-20 Sold (MLS) $150,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-07-22 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-07-10 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2021-07-06 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2021-06-24 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-06-14 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2021-06-10 Listed $150,000 NORTHSTARMLS as Distributed by MLS Grid
• 2019-08-08 Sold (Public Records) $138,500 Public Records
• 2019-08-07 Sold (MLS) $138,500 NORTHSTARMLS as Distributed by MLS Grid
• 2019-07-03 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2019-06-20 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2019-06-04 Listed $136,500 NORTHSTARMLS as Distributed by MLS Grid
• 2019-02-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2019-02-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2019-02-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2016-11-14 Sold (Public Records) $122,000 Public Records
• 2016-11-04 Sold (MLS) $122,000 NORTHSTARMLS as Distributed by MLS Grid
• 2016-04-18 Listed $120,000 NORTHSTARMLS as Distributed by MLS Grid
• 2010-05-28 Sold (MLS) $117,450 NORTHSTARMLS as Distributed by MLS Grid
• 2010-05-28 Sold (MLS) $117,450 NORTHSTARMLS as Distributed by MLS Grid
• 2010-05-26 Sold (Public Records) $117,451 Public Records
• 2010-02-15 Listed $119,900 NORTHSTARMLS as Distributed by MLS Grid
• 2010-02-15 Listed $119,900 NORTHSTARMLS as Distributed by MLS Grid
• 2009-03-27 Listed $129,900 NORTHSTARMLS as Distributed by MLS Grid
• 2009-03-27 Listed $129,900 NORTHSTARMLS as Distributed by MLS Grid
• 2006-05-01 Sold (Public Records) $92,500 Public Records

Property tax history

+7.8%/yr

Latest (2026): $2,200 · +4.0% YoY. Source: county tax records.