402 E Walnut St · Redwood Falls, MN 56283

$147,500

2 bd · 2.0 ba · 1,007 sqft · SingleFamily public records · 108 Days on market

Built 1946 7,797 sqft lot $146/sqft · 70% above area Est $137k · 8% 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 +18.9/30.0
• DSCR +6.0/10.0
• 1% rule +4.5/10.0
• ARV discount +4.0/15.0
• Livability +3.8/5.0
• Schools +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to this inviting two-bedroom, two-bath property ideally situated on a desirable corner lot in Redwood Falls, just minutes from the golf course and beautiful Ramsey Park. The main floor offers two comfortable bedrooms and a full bath, along with a bright and welcoming four-season room perfect for enjoying Minnesota’s seasons year-round. You’ll also appreciate the separate dining area, providing a dedicated space for family meals and entertaining. The lower level expands your living space with a spacious family room, a second bathroom, and a laundry room. There is also great storage throughout the basement, plus additional space that offers the potential to create a third bedroom, home office, or flex room to fit your needs. A single-stall garage adds convenience, and the shed gives you great storage space. With its prime location and flexible layout, this home is full of comfort, function, and opportunity.

Key facts

• 7,797 sq ft lot
• Garage
• Built 1946

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $148k.

Deal economics

• At list price, monthly cash flow is $151 ($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 $140k (4.9% below list).
• Recommended offer: $134k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 5.6% in Redwood Falls — 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 (#169 in MN, #3,642 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Redwood Area School District (town): math 39% / reading 46% proficiency, ranked #207 of 301 in MN (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 47 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 25 units permitted in Redwood 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 $4k of value loss. Plan a longer hold.
• Redwood County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 108 days — a 9% lower offer ($134k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 16y 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 $71k; list at $148k implies a 108% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $134,225 (9.0% below list)

Questions for the listing agent

1. It's been on market 108 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1946 — 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. 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: 0.95% ✗
• Cap rate: 7.52%
• Cash-on-cash: 4.39%
• DSCR: 1.20
• GRM: 8.8

CMA / ARV

• ARV (median comp): $136,842
• List price: $147,500
• Delta: 7.79%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -9.5%
• Equity multiple: 0.65×
• Total profit: $-14,289
• Equity at exit: $21,993

10-year hold

• IRR: -0.0%
• Equity multiple: 1.00×
• Total profit: $-113
• Equity at exit: $12,753

Cash invested: $41,300 (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 56283

• Home prices YoY: -15.6%
• Active inventory: 47
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,403 high
• Mortgage (P&I): −$774
• Tax from tax record: −$122 /mo · $1,466/yr
• Insurance: −$61
• HOA: −$0
• Vacancy / Maint / Mgmt: −$295
• Net cashflow: $151

Break-even live

Break-even rent $1,212

Max offer price $147,500

Occupancy floor 84%

Sensitivity live

Price	-10% $235	-5% $193	+0% $151	+5% $109	+10% $68
Rent	-10% $40	-5% $96	+0% $151	+5% $207	+10% $262
Rate	-1.0pp $225	-0.5pp $189	base $151	+0.5pp $113	+1.0pp $74

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: $36,875
• Closing costs: $4,425
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
100 Fallwood Rd Unit 122 Redwood Falls, MN	3.0	1.0	919	$1,550	$1.69	44d	1	0.68mi
100 Fallwood Rd Unit 104-ADA Redwood Falls, MN	1.0	1.0	846	$1,100	$1.30	44d	1	0.68mi
100 Fallwood Rd Unit 100-ADA Redwood Falls, MN	1.0	1.0	983	$1,050	$1.07	44d	1	0.68mi
100 Fallwood Rd Unit 109 Redwood Falls, MN	2.0	1.0	958	$890	$0.93	44d	1	0.68mi
100 Fallwood Rd Unit 123 Redwood Falls, MN	3.0	1.0	1306	$1,900	$1.45	44d	1	0.68mi
100 Fallwood Rd Unit 111 Redwood Falls, MN	2.0	1.0	847	$1,300	$1.53	44d	1	0.68mi
100 Fallwood Rd Unit 113 Redwood Falls, MN	1.0	1.0	844	$1,200	$1.42	44d	1	0.68mi
100 Fallwood Rd Unit 118 Redwood Falls, MN	3.0	1.0	1341	$1,990	$1.48	44d	1	0.70mi
100 Fallwood Rd Unit 119 Redwood Falls, MN	3.0	1.0	1373	$2,300	$1.68	44d	1	0.70mi
100 Fallwood Rd Unit 110 Redwood Falls, MN	2.0	1.0	846	$1,100	$1.30	44d	1	0.70mi

Listing history 25 events

1. 2026-06-21
   days on market $147,500 Active 108 DOM
2. 2026-06-18
   days on market $147,500 Active 106 DOM
3. 2026-06-17
   days on market $147,500 Active 105 DOM
4. 2026-06-16
   days on market $147,500 Active 104 DOM
5. 2026-06-15
   days on market $147,500 Active 103 DOM
6. 2026-06-13
   days on market $147,500 Active 101 DOM
7. 2026-06-12
   days on market $147,500 Active 100 DOM
8. 2026-06-09
   days on market $147,500 Active 97 DOM
9. 2026-06-08
   days on market $147,500 Active 96 DOM
10. 2026-06-07
    days on market $147,500 Active 95 DOM
11. 2026-06-05
    days on market $147,500 Active 93 DOM
12. 2026-06-04
    days on market $147,500 Active 91 DOM
13. 2026-06-02
    days on market $147,500 Active 90 DOM
14. 2026-06-01
    days on market $147,500 Active 89 DOM
15. 2026-05-31
    days on market $147,500 Active 88 DOM
16. 2026-05-31
    days on market $147,500 Active 87 DOM
17. 2026-04-09
    price $147,500 943-char remark

    Show marketing remark (943 chars)

    Welcome home to this inviting two-bedroom, two-bath property ideally situated on a desirable corner lot in Redwood Falls, just minutes from the golf course and beautiful Ramsey Park. The main floor offers two comfortable bedrooms and a full bath, along with a bright and welcoming four-season room perfect for enjoying Minnesota’s seasons year-round. You’ll also appreciate the separate dining area, providing a dedicated space for family meals and entertaining. The lower level expands your living space with a spacious family room, a second bathroom, and a laundry room. There is also great storage throughout the basement, plus additional space that offers the potential to create a third bedroom, home office, or flex room to fit your needs. A single-stall garage adds convenience, and the shed gives you great storage space. With its prime location and flexible layout, this home is full of comfort, function, and opportunity.

18. 2026-03-05
    listed $150,000 Active 943-char remark

    Show marketing remark (943 chars)

    Welcome home to this inviting two-bedroom, two-bath property ideally situated on a desirable corner lot in Redwood Falls, just minutes from the golf course and beautiful Ramsey Park. The main floor offers two comfortable bedrooms and a full bath, along with a bright and welcoming four-season room perfect for enjoying Minnesota’s seasons year-round. You’ll also appreciate the separate dining area, providing a dedicated space for family meals and entertaining. The lower level expands your living space with a spacious family room, a second bathroom, and a laundry room. There is also great storage throughout the basement, plus additional space that offers the potential to create a third bedroom, home office, or flex room to fit your needs. A single-stall garage adds convenience, and the shed gives you great storage space. With its prime location and flexible layout, this home is full of comfort, function, and opportunity.

19. 2026-02-27
    historical $150,000 943-char remark

    Show marketing remark (943 chars)

    Welcome home to this inviting two-bedroom, two-bath property ideally situated on a desirable corner lot in Redwood Falls, just minutes from the golf course and beautiful Ramsey Park. The main floor offers two comfortable bedrooms and a full bath, along with a bright and welcoming four-season room perfect for enjoying Minnesota’s seasons year-round. You’ll also appreciate the separate dining area, providing a dedicated space for family meals and entertaining. The lower level expands your living space with a spacious family room, a second bathroom, and a laundry room. There is also great storage throughout the basement, plus additional space that offers the potential to create a third bedroom, home office, or flex room to fit your needs. A single-stall garage adds convenience, and the shed gives you great storage space. With its prime location and flexible layout, this home is full of comfort, function, and opportunity.

20. 2019-02-02
    historical 380-char remark

    Show marketing remark (380 chars)

    Updated rambler near park in Redwood Falls. New porch in Summer '08, painted exterior in '08, new furnace, A/C, & flooring throughout in '09, new roof in '08, and interior paint in '09. Potential for more bedrooms in basement. The sale of this home will include the freezer, range, refrigerator, washer & dryer. There is a transferable 10 yr warranty on furnace & A/C.

21. 2010-08-02
    soldstatus $71,000 380-char remark

    Show marketing remark (380 chars)

    Updated rambler near park in Redwood Falls. New porch in Summer '08, painted exterior in '08, new furnace, A/C, & flooring throughout in '09, new roof in '08, and interior paint in '09. Potential for more bedrooms in basement. The sale of this home will include the freezer, range, refrigerator, washer & dryer. There is a transferable 10 yr warranty on furnace & A/C.

22. 2010-08-02
    soldstatus $71,000

    Show marketing remark (380 chars)

    Updated rambler near park in Redwood Falls. New porch in Summer '08, painted exterior in '08, new furnace, A/C, & flooring throughout in '09, new roof in '08, and interior paint in '09. Potential for more bedrooms in basement. The sale of this home will include the freezer, range, refrigerator, washer & dryer. There is a transferable 10 yr warranty on furnace & A/C.

23. 2010-06-22
    soldstatus $71,000
24. 2010-01-18
    listed $74,000

    Show marketing remark (380 chars)

    Updated rambler near park in Redwood Falls. New porch in Summer '08, painted exterior in '08, new furnace, A/C, & flooring throughout in '09, new roof in '08, and interior paint in '09. Potential for more bedrooms in basement. The sale of this home will include the freezer, range, refrigerator, washer & dryer. There is a transferable 10 yr warranty on furnace & A/C.

25. 2010-01-18
    listed $74,000 380-char remark

    Show marketing remark (380 chars)

    Updated rambler near park in Redwood Falls. New porch in Summer '08, painted exterior in '08, new furnace, A/C, & flooring throughout in '09, new roof in '08, and interior paint in '09. Potential for more bedrooms in basement. The sale of this home will include the freezer, range, refrigerator, washer & dryer. There is a transferable 10 yr warranty on furnace & A/C.

ⓘ 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: $1,466 · $122/mo
• Projected year-2 tax: $1,559 · $130/mo
• Expected delta: +$93/yr (+$8/mo · 6.3%)

ⓘ 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 3/10 Moderate
• 🌡 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: $16,835
• − Mortgage interest: −$8,262
• − Property taxes: −$1,466
• − Insurance: −$738
• − Repairs & maintenance: −$1,347
• − Management: −$1,347
• − Depreciation: −$4,291
• Taxable loss: −$615
• Est. tax savings @ 24.0%: +$148
• After-tax cash flow: $1,962/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: Redwood Area School District
• NCES district ID: 2700182
• Math proficiency: 39% ▼ -14.00%
• Reading proficiency: 46% ▼ -12.00%
• Median HH income: $45,326
• Composite: 36.1/100
• National rank: #4756
• State rank: #207 of 301 in MN

Livability — Redwood Falls

• Score: 76/100
• State rank: #169
• US rank: #3642

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Redwood Falls, MN
• Population (ZIP): 6,469

Population outlook (Redwood County) Hauer SSP2

• Today (2025): 14,504 people
• By 2030: 13,983 · -3.6%
• By 2040: 13,056 · -10.0%
• By 2050: 12,225 · -15.7%
• By 2075: 11,051 · -23.8%
• By 2100: 9,786 · -32.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 4% Hispanic / Latino 4% Native American 3%
• Common ancestry: Portuguese 12% Romanian 2% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 95% English-only · Spanish 3% German/W. Germanic 1%

Political lean MEDSL · Redwood

• 2024 margin: Solid R (+43.3) · D 27.7% · R 71.0% · Other 1.2%
• 2008→2024 swing: -29.8pp toward R · 2008: -13.6pp · 2024: -43.3pp
• All cycles: 2024: R+43.3 2020: R+41.2 2016: R+43.0 2012: R+20.1 2008: R+13.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -39.40%
• Current HPI: 213.8535
• 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

+99.3% since first listed

9 events — show timeline

• 2026-04-09 Price Changed $147,500 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-05 Listed $150,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-27 Coming Soon $150,000 NORTHSTARMLS as Distributed by MLS Grid
• 2019-02-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2010-08-02 Sold (MLS) $71,000 NORTHSTARMLS as Distributed by MLS Grid
• 2010-08-02 Sold (MLS) $71,000 NORTHSTARMLS as Distributed by MLS Grid
• 2010-06-22 Sold (Public Records) $71,000 Public Records
• 2010-01-18 Listed $74,000 NORTHSTARMLS as Distributed by MLS Grid
• 2010-01-18 Listed $74,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+6.4%/yr

Latest (2025): $1,466 · +1.2% YoY. Source: county tax records.