510 5th St NW · Faribault, MN 55021

$169,000

3 bd · 2.0 ba · 1,226 sqft · SingleFamily public records · 59 Days on market

Built 1864 0.25 ac lot $138/sqft · 26% above area Est $196k · 14% under

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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 +18.0/30.0
• ARV discount +13.7/15.0
• DSCR +5.6/10.0
• 1% rule +4.4/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity is knocking Welcome to this charming 3-bedroom, 2-bath home offering great space. From the moment you arrive, the inviting front porch sets the tone—perfect for morning coffee or relaxing evenings. Inside, you’ll find a functional layout with comfortable living and dining spaces, ready for your personal touch. The detached 2-car garage provides plenty of room for parking, storage, or a workshop setup. Whether you're a homeowner looking to build sweat equity or an investor searching for your next project, this property delivers. With some updates and vision, you can renovate to build immediate equity and truly make this home your own.

Key facts

• Front porch
• Functional layout
• Detached garage

Tags

• FRONT PORCH
• DETACHED GARAGE
• FUNCTIONAL LAYOUT

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $169k.

Deal economics

• At list price, monthly cash flow is $145 ($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 $159k (5.7% below list).
• Recommended offer: $159k (5.7% below list) — sets the bar for 1% rule.
• Cap rate 7.3% vs local median 4.1% in Faribault — 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 76/100 on livability (#158 in MN, #3,440 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, employment C-, commute F.
• Faribault Public School District (town): math 17% / reading 34% proficiency, ranked #275 of 301 in MN (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 165 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 82% of comp listings sitting > 30 days — soft ceiling on asking rent; 93 units permitted in Rice County in 2024 (0 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.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y ago; this cycle's ask has dropped $25k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $110k; list at $169k implies a 54% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1864 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $159,426 (5.7% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1864 — 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. 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.
5. 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.
6. 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: 0.94% ✗
• Cap rate: 7.32%
• Cash-on-cash: 3.67%
• DSCR: 1.16
• GRM: 8.8

CMA / ARV

• ARV (median comp): $196,214
• List price: $169,000
• Delta: -13.87%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -10.5%
• Equity multiple: 0.62×
• Total profit: $-18,172
• Equity at exit: $25,198

10-year hold

• IRR: -1.2%
• Equity multiple: 0.92×
• Total profit: $-3,984
• Equity at exit: $14,612

Cash invested: $47,320 (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 55021

• Home prices YoY: -26.9%
• Active inventory: 165
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,594 high
• Mortgage (P&I): −$886
• Tax from tax record: −$158 /mo · $1,896/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$335
• Net cashflow: $145

Break-even live

Break-even rent $1,411

Max offer price $169,000

Occupancy floor 86%

Sensitivity live

Price	-10% $240	-5% $193	+0% $145	+5% $97	+10% $49
Rent	-10% $19	-5% $82	+0% $145	+5% $208	+10% $271
Rate	-1.0pp $230	-0.5pp $188	base $145	+0.5pp $101	+1.0pp $56

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: $42,250
• Closing costs: $5,070
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
429 8th Ave NW Unit FA-304 Faribault, MN	2.0	2.0	1070	$1,625	$1.52	45d	1	0.20mi
429 8th Ave NW Unit FA-415 Faribault, MN	2.0	1.0	844	$1,400	$1.66	45d	1	0.20mi
429 8th Ave NW Unit FA-107 Faribault, MN	2.0	1.0	857	$1,395	$1.63	45d	1	0.20mi
429 8th Ave NW Unit FA-404 Faribault, MN	2.0	2.0	1070	$1,675	$1.57	45d	1	0.20mi
429 8th Ave NW Unit FA-209 Faribault, MN	2.0	1.0	777	$1,375	$1.77	45d	1	0.20mi
429 8th Ave NW Unit FA-104 Faribault, MN	2.0	2.0	1070	$1,500	$1.40	45d	1	0.20mi
429 8th Ave NW Unit FA-403 Faribault, MN	2.0	1.0	896	$1,575	$1.76	45d	1	0.20mi
429 8th Ave NW Unit FA-215 Faribault, MN	2.0	1.0	844	$1,325	$1.57	45d	1	0.20mi
429 8th Ave NW Faribault, MN	1.0–2.0	1.0	761	$1,350	$1.77	0d	4	0.20mi
429 8th Ave NW Unit FA-103 Faribault, MN	2.0	1.0	896	$1,450	$1.62	45d	1	0.20mi
417 1st Ave NW Unit 1 Faribault, MN	2.0	1.5	1500	$1,450	$0.97	45d	1	0.37mi
417 1st Ave NW Unit 2 Faribault, MN	3.0	1.0	1500	$1,575	$1.05	45d	1	0.37mi
31 3rd St NE Unit R31-301 Faribault, MN	2.0	1.0	1400	$1,900	$1.36	45d	1	0.53mi
1125 Central Ave N Apt 3 Faribault, MN	2.0	1.0	1200	$1,350	$1.12	45d	1	0.68mi
728 Willow St Faribault, MN	3.0	1.0	1200	$1,995	$1.66	45d	1	0.91mi
2275 4th St NW Faribault, MN	2.0–3.0	2.0	1113	$1,620	$1.45	6d	8	1.39mi
1250 Autumn Dr Faribault, MN	1.0–3.0	1.0	814	$1,350	$1.66	25d	5	1.45mi

Listing history 29 events

1. 2026-06-19
   days on market $169,000 Active 59 DOM
2. 2026-06-18
   days on market $169,000 Active 58 DOM
3. 2026-06-17
   days on market $169,000 Active 57 DOM
4. 2026-06-16
   days on market $169,000 Active 56 DOM
5. 2026-06-15
   price $169,000 Active 55 DOM
6. 2026-06-15
   days on market $174,000 Active 55 DOM
7. 2026-06-14
   days on market $174,000 Active 53 DOM
8. 2026-06-12
   days on market $174,000 Active 52 DOM
9. 2026-06-09
   days on market $174,000 Active 49 DOM
10. 2026-06-08
    days on market $174,000 Active 48 DOM
11. 2026-06-07
    days on market $174,000 Active 47 DOM
12. 2026-06-05
    days on market $174,000 Active 44 DOM
13. 2026-06-03
    days on market $174,000 Active 43 DOM
14. 2026-06-02
    days on market $174,000 Active 42 DOM
15. 2026-06-01
    remarks 684-char remark
16. 2026-06-01
    pricedays on market $174,000 Active 41 DOM
17. 2026-05-31
    days on market $179,000 Active 40 DOM
18. 2026-05-30
    days on market $179,000 Active 39 DOM
19. 2026-05-18
    price $179,000 667-char remark

    Show marketing remark (667 chars)

    Opportunity is knocking Welcome to this charming 3-bedroom, 2-bath home offering great space. From the moment you arrive, the inviting front porch sets the tone—perfect for morning coffee or relaxing evenings. Inside, you’ll find a functional layout with comfortable living and dining spaces, ready for your personal touch. The detached 2-car garage provides plenty of room for parking, storage, or a workshop setup. Whether you're a homeowner looking to build sweat equity or an investor searching for your next project, this property delivers. With some updates and vision, you can renovate to build immediate equity and truly make this home your own.

20. 2026-05-11
    price $184,000 667-char remark

    Show marketing remark (667 chars)

    Opportunity is knocking Welcome to this charming 3-bedroom, 2-bath home offering great space. From the moment you arrive, the inviting front porch sets the tone—perfect for morning coffee or relaxing evenings. Inside, you’ll find a functional layout with comfortable living and dining spaces, ready for your personal touch. The detached 2-car garage provides plenty of room for parking, storage, or a workshop setup. Whether you're a homeowner looking to build sweat equity or an investor searching for your next project, this property delivers. With some updates and vision, you can renovate to build immediate equity and truly make this home your own.

21. 2026-05-04
    price $189,000 667-char remark

    Show marketing remark (667 chars)

    Opportunity is knocking Welcome to this charming 3-bedroom, 2-bath home offering great space. From the moment you arrive, the inviting front porch sets the tone—perfect for morning coffee or relaxing evenings. Inside, you’ll find a functional layout with comfortable living and dining spaces, ready for your personal touch. The detached 2-car garage provides plenty of room for parking, storage, or a workshop setup. Whether you're a homeowner looking to build sweat equity or an investor searching for your next project, this property delivers. With some updates and vision, you can renovate to build immediate equity and truly make this home your own.

22. 2026-04-21
    listed $194,000 Active 667-char remark

    Show marketing remark (667 chars)

    Opportunity is knocking Welcome to this charming 3-bedroom, 2-bath home offering great space. From the moment you arrive, the inviting front porch sets the tone—perfect for morning coffee or relaxing evenings. Inside, you’ll find a functional layout with comfortable living and dining spaces, ready for your personal touch. The detached 2-car garage provides plenty of room for parking, storage, or a workshop setup. Whether you're a homeowner looking to build sweat equity or an investor searching for your next project, this property delivers. With some updates and vision, you can renovate to build immediate equity and truly make this home your own.

23. 2026-04-16
    historical
24. 2026-04-14
    listed $194,000 Active
25. 2026-04-03
    historical
26. 2013-08-30
    soldstatus $110,000
27. 2013-07-12
    soldstatus $110,000
28. 2013-06-01
    historical
29. 2013-05-28
    listed $105,000

ⓘ 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: $1,896 · $158/mo
• Projected year-2 tax: $1,896 · $158/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 6/10 Major FEMA zone X (unshaded) · 75% 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: $19,131
• − Mortgage interest: −$9,467
• − Property taxes: −$1,896
• − Insurance: −$845
• − Repairs & maintenance: −$1,530
• − Management: −$1,530
• − Depreciation: −$4,916
• Taxable loss: −$1,054
• Est. tax savings @ 24.0%: +$253
• After-tax cash flow: $1,990/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: Faribault Public School District
• NCES district ID: 2711760
• Math proficiency: 17% ▼ -18.00%
• Reading proficiency: 34% ▼ -8.00%
• Median HH income: $54,584
• Composite: 22.85/100
• National rank: #8011
• State rank: #275 of 301 in MN

Livability — Faribault

• Score: 76/100
• State rank: #158
• US rank: #3440

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Faribault, MN
• County: Rice County · 56,558 people
• City population: 30,908
• Metro: Faribault-Northfield, MN
• Population (ZIP): 30,908
• Household income: $68,820
• Rent vs Own: 28.2% rent · 71.8% own
• Severe rent burden: 755.0

Population outlook (Rice County) Hauer SSP2

• Today (2025): 66,716 people
• By 2030: 67,352 · +1.0%
• By 2040: 67,595 · +1.3%
• By 2050: 67,074 · +0.5%
• By 2075: 66,641 · -0.1%
• By 2100: 66,205 · -0.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Black 13% Hispanic / Latino 12% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Portuguese 9% Lithuanian 3% Romanian 2%
• Foreign-born: 11% · Canada
• Languages at home: 82% English-only · Spanish 9% Other Asian/Pacific 1%

Political lean MEDSL · Rice

• 2024 margin: Toss-up / Even · D 47.8% · R 50.3% · Other 1.8%
• 2008→2024 swing: -14.0pp toward R · 2008: 11.5pp · 2024: -2.5pp
• All cycles: 2024: R+2.5 2020: R+0.2 2016: R+3.1 2012: D+8.3 2008: D+11.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -93.12%
• Current HPI: 253.3996
• Rent YoY: —
• Metro: Faribault-Northfield, 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

+70.5% since first listed

11 events — show timeline

• 2026-05-18 Price Changed $179,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-11 Price Changed $184,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-04 Price Changed $189,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-21 Listed $194,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-16 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-14 Listed $194,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-03 Coming Soon — NORTHSTARMLS as Distributed by MLS Grid
• 2013-08-30 Sold (Public Records) $110,000 Public Records
• 2013-07-12 Sold (MLS) $110,000 NORTHSTARMLS as Distributed by MLS Grid
• 2013-06-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2013-05-28 Listed $105,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+11.0%/yr

Latest (2025): $1,896 · +19.7% YoY. Source: county tax records.