428 N Gorman St · Blue Earth, MN 56013

$154,500

2 bd · 1.0 ba · 1,302 sqft · SingleFamily public records · 26 Days on market

Built 1880 8,712 sqft lot Est $116k · 33% over

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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 +10.0/30.0
• Appreciation +10.0/10.0
• Livability +3.7/5.0
• Schools +3.1/10.0
• DSCR +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0
• ARV discount +0.0/15.0

Listing remarks MLS

Charm galore is what you will find in this adorable 2+ bedroom home, sitting on a knoll of a double corner lot! The main floor features a kitchen with rustic character, formal dining room with large picture window, spacious living room, 4 season porch that also provides access to the backyard & gardens, and a bedroom with ensuite office space, plus completely remodeled full bathroom! Upstairs, you will find 2 rooms (one bedroom, one flex space), giving you options on how to utilize the space. The basement is great for storage, and also provides a laundry room with 3/4 bath. A double detached garage, patio area, and well-developed perennial beds add to the character & curb appeal!

Key facts

• 8,712 sq ft lot
• 2 garage spots
• Built 1880

Property features AI

Exterior

• Parking: Detached or attached concrete parking (garage door opener); RV access/parking available; 2-car garage (26 x 30)
• Utilities: City water connected; City sewer connected; Natural gas; Electric with circuit breakers
• Home design: Residential property; One and one-half levels; Entry level rooms on main floor
• Construction: Frame construction; Asphalt roof; Block foundation (partial, unfinished basement); Built area above grade finished: 1,368; Below-grade area: 700
• Exterior features: Vinyl exterior; Patio; Corner lot; City street frontage with paved streets; Lot approximately 71 x 120

Interior

• Kitchen: Range; Microwave; Refrigerator
• Bedrooms: Main floor bedroom; 3 bedrooms total
• Bathrooms: One full bathroom on the main floor; One 3/4 bathroom in the basement
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Separate/formal dining room; Sun room; Recreation room; Utility room; Water softener (owned)
• Laundry & utility: Washer and dryer; Washer/Dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $154k.

Deal economics

• At list price, monthly cash flow is $-94 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $138k (10.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $108k (29.9% below list).
• Recommended offer: $108k (29.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 73/100 on livability (#259 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• Blue Earth Area Public School (town): math 29% / reading 44% proficiency, ranked #245 of 301 in MN (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Blue Earth Area Elementary (math 29% / reading 43%, grade F, #651 of 857 statewide, top 76%, 491 students, 54% FRL); Blue Earth Area Middle (math 22% / reading 47%, grade F, #178 of 258 statewide, top 70%, 140 students, 53% FRL); Blue Earth Area Secondary (math 32% / reading 47%, grade F, #246 of 471 statewide, top 59%, 418 students, 46% FRL).
• Market conditions: 36 active listings in the ZIP; 4 units permitted in Faribault County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $17k of equity ($1k loan paydown + $15k appreciation (10.0% local appreciation)).
• Faribault County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($152k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $115k; 34% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $108,281 (29.9% 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 1880 — 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. 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?
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: 0.70% ✗
• Cap rate: 5.57%
• Cash-on-cash: -2.59%
• DSCR: 0.88
• GRM: 11.9

CMA / ARV

• ARV (on-the-fly): $115,878
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
217 W 3rd St	0.41mi	2/1.0	1,350 (+4%)	3mo	$134,000	$99	73
1010 E 5th Street St	0.43mi	3/2.0 (+1)	1,292 (-1%)	1mo	$205,000	$159	69
314 W 7th St	0.59mi	3/1.0 (+1)	1,269 (-2%)	2mo	$113,500	$89	62
321 N Holland St	0.55mi	3/1.0 (+1)	1,352 (+4%)	3mo	$105,000	$78	61
224 W Third Street St	0.42mi	2/1.0	1,365 (+5%)	21mo	$45,000	$33	54
618 S Ramsey St	0.67mi	2/2.0	1,364 (+5%)	12mo	$119,900	$88	46

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 22.4%
• Equity multiple: 2.81×
• Total profit: $78,133
• Equity at exit: $139,186

10-year hold

• IRR: 20.1%
• Equity multiple: 6.42×
• Total profit: $234,659
• Equity at exit: $300,160

Cash invested: $43,260 (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 56013

• Home prices YoY: 6.7%
• Active inventory: 36
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $1,083 medium
• Mortgage (P&I): −$810
• Tax from tax record: −$74 /mo · $892/yr
• Insurance: −$64
• HOA: −$0
• Vacancy / Maint / Mgmt: −$227
• Net cashflow: $-94

Break-even live

Break-even rent $1,201

Max offer price $137,982

Occupancy floor —

Sensitivity live

Price	-10% $-6	-5% $-50	+0% $-94	+5% $-137	+10% $-181
Rent	-10% $-179	-5% $-136	+0% $-94	+5% $-51	+10% $-8
Rate	-1.0pp $-16	-0.5pp $-54	base $-94	+0.5pp $-134	+1.0pp $-174

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: $38,625
• Closing costs: $4,635
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-22
   days on market $154,500 Active 26 DOM
2. 2026-06-21
   days on market $154,500 Active 25 DOM
3. 2026-06-21
   days on market $154,500 Active 24 DOM
4. 2026-06-18
   days on market $154,500 Active 22 DOM
5. 2026-06-17
   days on market $154,500 Active 21 DOM
6. 2026-06-16
   days on market $154,500 Active 20 DOM
7. 2026-06-15
   days on market $154,500 Active 19 DOM
8. 2026-06-13
   days on market $154,500 Active 17 DOM
9. 2026-06-12
   days on market $154,500 Active 16 DOM
10. 2026-06-09
    days on market $154,500 Active 13 DOM
11. 2026-06-08
    days on market $154,500 Active 12 DOM
12. 2026-06-07
    days on market $154,500 Active 11 DOM
13. 2026-06-05
    days on market $154,500 Active 9 DOM
14. 2026-06-04
    days on market $154,500 Active 7 DOM
15. 2026-06-02
    days on market $154,500 Active 6 DOM
16. 2026-06-01
    days on market $154,500 Active 5 DOM
17. 2026-05-31
    days on market $154,500 Active 4 DOM
18. 2026-05-31
    days on market $154,500 Active 3 DOM
19. 2026-05-21
    historical $154,500 700-char remark

    Show marketing remark (700 chars)

    Charm galore is what you will find in this adorable 2+ bedroom home, sitting on a knoll of a double corner lot! The main floor features a kitchen with rustic character, formal dining room with large picture window, spacious living room, 4 season porch that also provides access to the backyard & gardens, and a bedroom with ensuite office space, plus completely remodeled full bathroom! Upstairs, you will find 2 rooms (one bedroom, one flex space), giving you options on how to utilize the space. The basement is great for storage, and also provides a laundry room with 3/4 bath. A double detached garage, patio area, and well-developed perennial beds add to the character & curb appeal!

20. 2026-05-21
    historical $154,500

    Show marketing remark (700 chars)

    Charm galore is what you will find in this adorable 2+ bedroom home, sitting on a knoll of a double corner lot! The main floor features a kitchen with rustic character, formal dining room with large picture window, spacious living room, 4 season porch that also provides access to the backyard & gardens, and a bedroom with ensuite office space, plus completely remodeled full bathroom! Upstairs, you will find 2 rooms (one bedroom, one flex space), giving you options on how to utilize the space. The basement is great for storage, and also provides a laundry room with 3/4 bath. A double detached garage, patio area, and well-developed perennial beds add to the character & curb appeal!

21. 2022-09-27
    soldstatus $115,000 Sold 506-char remark

    Show marketing remark (506 chars)

    Curb appeal galore! This adorable 2 BR Cape Cod is cozy and spotlessly clean. Eat-in kitchen, formal dining room, spacious living room, main floor primary bedroom with large dressing area/closet, full bath, and 3 season porch on the main floor. The upper level offers a second bedroom and bonus room at the top of the stairway. Oversized double detached garage with 2 electric openers, beautifully landscaped corner lot, vinyl siding, newer shingles and vinyl windows. Call for your appointment today!

22. 2022-08-22
    status Pending 506-char remark

    Show marketing remark (506 chars)

    Curb appeal galore! This adorable 2 BR Cape Cod is cozy and spotlessly clean. Eat-in kitchen, formal dining room, spacious living room, main floor primary bedroom with large dressing area/closet, full bath, and 3 season porch on the main floor. The upper level offers a second bedroom and bonus room at the top of the stairway. Oversized double detached garage with 2 electric openers, beautifully landscaped corner lot, vinyl siding, newer shingles and vinyl windows. Call for your appointment today!

23. 2022-08-15
    listed $84,900 Active 506-char remark

    Show marketing remark (506 chars)

    Curb appeal galore! This adorable 2 BR Cape Cod is cozy and spotlessly clean. Eat-in kitchen, formal dining room, spacious living room, main floor primary bedroom with large dressing area/closet, full bath, and 3 season porch on the main floor. The upper level offers a second bedroom and bonus room at the top of the stairway. Oversized double detached garage with 2 electric openers, beautifully landscaped corner lot, vinyl siding, newer shingles and vinyl windows. Call for your appointment today!

ⓘ 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: $892 · $74/mo
• Projected year-2 tax: $1,311 · $109/mo
• Expected delta: +$419/yr (+$35/mo · 47.0%)

ⓘ 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 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,994
• − Mortgage interest: −$8,654
• − Property taxes: −$892
• − Insurance: −$772
• − Repairs & maintenance: −$1,039
• − Management: −$1,039
• − Depreciation: −$4,495
• Taxable loss: −$3,899
• Est. tax savings @ 24.0%: +$936
• After-tax cash flow: $-186/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: Blue Earth Area Public School
• NCES district ID: 2700130
• Math proficiency: 29% ▼ -19.00%
• Reading proficiency: 44% ▼ -10.00%
• Median HH income: $44,434
• Composite: 31.0/100
• National rank: #6095
• State rank: #245 of 301 in MN

Livability — Blue Earth

• Score: 73/100
• State rank: #259
• US rank: #5617

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Blue Earth, MN
• Population (ZIP): 4,534

Population outlook (Faribault County) Hauer SSP2

• Today (2025): 13,474 people
• By 2030: 13,112 · -2.7%
• By 2040: 12,454 · -7.6%
• By 2050: 11,973 · -11.1%
• By 2075: 11,565 · -14.2%
• By 2100: 10,844 · -19.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 10% Two or more races 7% Asian 1%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Portuguese 23% Scottish 5% Iranian 3%
• Foreign-born: 3% · Canada
• Languages at home: 92% English-only · Spanish 6% Other Asian/Pacific 1%

Political lean MEDSL · Faribault

• 2024 margin: Solid R (+37.4) · D 30.4% · R 67.8% · Other 1.8%
• 2008→2024 swing: -31.8pp toward R · 2008: -5.6pp · 2024: -37.4pp
• All cycles: 2024: R+37.4 2020: R+33.6 2016: R+34.1 2012: R+9.1 2008: R+5.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 15.36%
• Current HPI: 244.2912
• 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

+82.0% since first listed

5 events — show timeline

• 2026-05-21 Coming Soon $154,500 RASM
• 2026-05-21 Coming Soon $154,500 NORTHSTARMLS as Distributed by MLS Grid
• 2022-09-27 Sold (MLS) $115,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-08-22 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2022-08-15 Listed $84,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+5.9%/yr

Latest (2025): $892 · -13.2% YoY. Source: county tax records.