113 4th St E · Carver, MN 55315

$375,000

4 bd · 1.0 ba · 2,188 sqft · SingleFamily public records · 31 Days on market

Built 1860 9,147 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 +19.9/30.0
• ARV discount +7.5/15.0
• DSCR +6.3/10.0
• Schools +5.2/10.0
• 1% rule +4.3/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Historical beauty in downtown Carver! 4 bedroom home with 2 car attached and workshop/garage in alley! ORIGINAL Wood floors under carpet (you can see these by front door inside the home). Hope needs some TLC and a new love to move in! No other home in the town is the same!

Key facts

• 9,147 sq ft lot
• 3 garage spots
• Built 1860

Property features AI

Exterior

• Parking: Attached garage; Multiple garages; 3 garage spaces
• Utilities: City water connected; City sewer connected; Fuel: Other
• Home design: Residential property; Two levels; Main living on one level
• Construction: Stone foundation
• Exterior features: Stucco exterior; Privacy and wood fencing; Light tree coverage; Storage shed

Interior

• Kitchen: Dishwasher; Range; Microwave; Refrigerator; Kitchen center island; Kitchen window
• Bedrooms: 4 bedrooms total; Three bedrooms located on one level; Main floor bedroom; Upper-level bedrooms (two bedrooms on upper level)
• Flooring: Hardwood floors
• Bathrooms: Main floor full bathroom
• Heating & cooling: Boiler hot water heating; Window air conditioning units
• Interior features: Wood burning stove; Hardwood floors; Kitchen center island; Kitchen window; Primary bedroom with walk-in closet; Main floor primary bedroom; Natural woodwork; Washer/dryer hookup; Water softener (owned)
• Laundry & utility: Main floor laundry; Washer and dryer included; Washer/dryer hookup

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $375k.

Deal economics

• At list price, monthly cash flow is $454 ($5k/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 $350k (6.7% below list).
• Recommended offer: $350k (6.7% below list) — sets the bar for 1% rule.
• Cap rate 7.7% vs local median 4.0% in Carver — 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 (#409 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living D-.
• Eastern Carver County Public School (suburban): math 52% / reading 61% proficiency, ranked #41 of 301 in MN (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: La Academia (math 47% / reading 52%, grade D, #423 of 857 statewide, top 55%, 449 students, 32% FRL); Chaska Middle School West (math 41% / reading 59%, grade C, #77 of 258 statewide, top 31%, 599 students, 20% FRL); Chanhassen High School (math 52% / reading 68%, grade C+, #44 of 471 statewide, top 9%, 1,370 students, 16% FRL).
• Market conditions: 96 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 682 units permitted in Carver County in 2024 (6 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Carver County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($364k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 33y 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 $180k; list at $375k implies a 108% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1860 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $349,900 (6.7% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
2. Built in 1860 — 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. 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: 0.93% ✗
• Cap rate: 7.75%
• Cash-on-cash: 5.19%
• DSCR: 1.23
• GRM: 8.9

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: -8.3%
• Equity multiple: 0.70×
• Total profit: $-31,944
• Equity at exit: $55,914

10-year hold

• IRR: 1.2%
• Equity multiple: 1.09×
• Total profit: $8,962
• Equity at exit: $32,423

Cash invested: $105,000 (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 55315

• Home prices YoY: -23.3%
• Active inventory: 96
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $3,499 medium
• Mortgage (P&I): −$1,967
• Tax from tax record: −$187 /mo · $2,244/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$735
• Net cashflow: $454

Break-even live

Break-even rent $2,924

Max offer price $375,000

Occupancy floor 82%

Sensitivity live

Price	-10% $667	-5% $561	+0% $454	+5% $348	+10% $242
Rent	-10% $178	-5% $316	+0% $454	+5% $593	+10% $731
Rate	-1.0pp $643	-0.5pp $550	base $454	+0.5pp $357	+1.0pp $258

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: $93,750
• Closing costs: $11,250
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1515 Ironwood Dr Carver, MN	4.0	2.5	2522	$3,499	$1.39	0d	1	0.60mi
1515 Ironwood Dr Carver, MN	4.0	2.5	2522	$3,499	$1.39	16d	1	0.60mi

Listing history 31 events

1. 2026-06-21
   days on market $375,000 Active 31 DOM
2. 2026-06-18
   days on market $375,000 Active 28 DOM
3. 2026-06-17
   days on market $375,000 Active 27 DOM
4. 2026-06-16
   days on market $375,000 Active 26 DOM
5. 2026-06-15
   days on market $375,000 Active 25 DOM
6. 2026-06-13
   days on market $375,000 Active 23 DOM
7. 2026-06-13
   days on market $375,000 Active 22 DOM
8. 2026-06-09
   days on market $375,000 Active 19 DOM
9. 2026-06-08
   days on market $375,000 Active 18 DOM
10. 2026-06-07
    days on market $375,000 Active 17 DOM
11. 2026-06-04
    days on market $375,000 Active 14 DOM
12. 2026-06-03
    remarks 699-char remark
13. 2026-06-03
    days on market $375,000 Active 13 DOM
14. 2026-06-02
    days on market $375,000 Active 12 DOM
15. 2026-06-01
    days on market $375,000 Active 11 DOM
16. 2026-05-31
    days on market $375,000 Active 10 DOM
17. 2026-05-22
    listed $375,000 Active
18. 2026-05-15
    historical $375,000
19. 2026-05-14
    historical
20. 2026-04-27
    historical
21. 2021-08-11
    soldstatus $180,000
22. 2021-07-02
    soldstatus $180,000 Sold 276-char remark

    Show marketing remark (276 chars)

    Historical beauty in downtown Carver! 4 bedroom home with 2 car attached and workshop/garage in alley! ORIGINAL Wood floors under carpet (you can see these by front door inside the home). Hope needs some TLC and a new love to move in! No other home in the town is the same!

23. 2021-05-25
    status Pending 276-char remark

    Show marketing remark (276 chars)

    Historical beauty in downtown Carver! 4 bedroom home with 2 car attached and workshop/garage in alley! ORIGINAL Wood floors under carpet (you can see these by front door inside the home). Hope needs some TLC and a new love to move in! No other home in the town is the same!

24. 2021-05-15
    historical Contingent - Inspection 276-char remark

    Show marketing remark (276 chars)

    Historical beauty in downtown Carver! 4 bedroom home with 2 car attached and workshop/garage in alley! ORIGINAL Wood floors under carpet (you can see these by front door inside the home). Hope needs some TLC and a new love to move in! No other home in the town is the same!

25. 2021-05-14
    status Active 276-char remark

    Show marketing remark (276 chars)

    Historical beauty in downtown Carver! 4 bedroom home with 2 car attached and workshop/garage in alley! ORIGINAL Wood floors under carpet (you can see these by front door inside the home). Hope needs some TLC and a new love to move in! No other home in the town is the same!

26. 2021-05-04
    historical Contingent - Inspection 276-char remark

    Show marketing remark (276 chars)

    Historical beauty in downtown Carver! 4 bedroom home with 2 car attached and workshop/garage in alley! ORIGINAL Wood floors under carpet (you can see these by front door inside the home). Hope needs some TLC and a new love to move in! No other home in the town is the same!

27. 2021-04-26
    price $190,000 276-char remark

    Show marketing remark (276 chars)

    Historical beauty in downtown Carver! 4 bedroom home with 2 car attached and workshop/garage in alley! ORIGINAL Wood floors under carpet (you can see these by front door inside the home). Hope needs some TLC and a new love to move in! No other home in the town is the same!

28. 2021-03-09
    price $204,900 276-char remark

    Show marketing remark (276 chars)

    Historical beauty in downtown Carver! 4 bedroom home with 2 car attached and workshop/garage in alley! ORIGINAL Wood floors under carpet (you can see these by front door inside the home). Hope needs some TLC and a new love to move in! No other home in the town is the same!

29. 2021-02-08
    listed $224,900 Active 276-char remark

    Show marketing remark (276 chars)

    Historical beauty in downtown Carver! 4 bedroom home with 2 car attached and workshop/garage in alley! ORIGINAL Wood floors under carpet (you can see these by front door inside the home). Hope needs some TLC and a new love to move in! No other home in the town is the same!

30. 1993-10-04
    soldstatus $77,500
31. 1993-06-15
    listed $78,900

ⓘ 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: $2,244 · $187/mo
• Projected year-2 tax: $3,222 · $268/mo
• Expected delta: +$978/yr (+$82/mo · 43.6%)

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 14 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: $41,988
• − Mortgage interest: −$21,006
• − Property taxes: −$2,244
• − Insurance: −$1,875
• − Repairs & maintenance: −$3,359
• − Management: −$3,359
• − Depreciation: −$10,909
• Taxable loss: −$764
• Est. tax savings @ 24.0%: +$183
• After-tax cash flow: $5,636/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: Eastern Carver County Public School
• NCES district ID: 2708190
• Math proficiency: 52% ▼ -9.00%
• Reading proficiency: 61% ▼ -6.00%
• Median HH income: $87,010
• Composite: 51.68/100
• National rank: #1694
• State rank: #41 of 301 in MN

Livability — Carver

• Score: 68/100
• State rank: #409
• US rank: #9533

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Carver, MN
• Population (ZIP): 7,034

Population outlook (Carver County) Hauer SSP2

• Today (2025): 115,077 people
• By 2030: 122,880 · +6.8%
• By 2040: 137,210 · +19.2%
• By 2050: 148,524 · +29.1%
• By 2075: 174,624 · +51.7%
• By 2100: 185,806 · +61.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 6% Asian 4% Hispanic / Latino 2%
• Common ancestry: Portuguese 16% Romanian 10% Iranian 3%
• Foreign-born: 6%
• Languages at home: 92% English-only · Russian/Polish/Slavic 2% Other Asian/Pacific 2% French/Haitian/Cajun 1%

Political lean MEDSL · Carver

• 2024 margin: Lean R (+5.4) · D 46.3% · R 51.7% · Other 2.0%
• 2008→2024 swing: +9.7pp toward D · 2008: -15.1pp · 2024: -5.4pp
• All cycles: 2024: R+5.4 2020: R+4.9 2016: R+13.7 2012: R+19.7 2008: R+15.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -66.17%
• Current HPI: 217.5494
• 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

+375.3% since first listed

15 events — show timeline

• 2026-05-22 Listed $375,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-15 Coming Soon $375,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-14 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-27 Coming Soon — NORTHSTARMLS as Distributed by MLS Grid
• 2021-08-11 Sold (Public Records) $180,000 Public Records
• 2021-07-02 Sold (MLS) $180,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-05-25 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-05-15 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2021-05-14 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2021-05-04 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2021-04-26 Price Changed $190,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-03-09 Price Changed $204,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-02-08 Listed $224,900 NORTHSTARMLS as Distributed by MLS Grid
• 1993-10-04 Sold (MLS) $77,500 NORTHSTARMLS as Distributed by MLS Grid
• 1993-06-15 Listed $78,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+1.9%/yr

Latest (2025): $2,244 · -20.8% YoY. Source: county tax records.