307 Main St N

Greenbush, MN 56726

$74,900C+

1 bd · 1.0 ba · 784 sqft · Built 1975 · SingleFamily · Active · 66 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $832/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$162
• HOA: −$0
• Vac / Maint / Mgmt: −$175
• Net cashflow: $103/mo
• Annual: $1,237/yr
• Cap rate: 7.94%
• Cash-on-cash: 5.90%
• DSCR: 1.26
• 1% rule: 1.11%
• Cash to close: $20,972

Investor read

• This is a 1-bed/1.0-bath single-family listed at $75k.
• At list price, monthly cash flow is $103 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($832 rent vs $75k).
• It's been on market 66 days — a 6% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $70k (6.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($518 loan paydown + $503 appreciation (0.7% local appreciation)).
• Location reads 71/100 on livability (#300 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools B+; Watch: health & safety D+, crime D, amenities F.
• Greenbush-Middle River School District (rural): math 55% / reading 60% proficiency, ranked #186 of 467 in MN (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 6 active listings in the ZIP; 49 units permitted in Roseau County in 2024 (15 in 5+ unit buildings).
• Roseau County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (0.7% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~7 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.
• 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.