1006 State Street North St · New Ulm, MN 56073

$213,900

3 bd · 1.0 ba · 1,385 sqft · SingleFamily public records · 20 Days on market

Built 1928 8,276 sqft lot Est $188k · 14% 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 +13.2/30.0
• Schools +4.4/10.0
• Livability +4.1/5.0
• DSCR +4.0/10.0
• 1% rule +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +1.4/15.0
• Appreciation +0.0/10.0

Listing remarks

Charming 1.5-Story Home – Move-In Ready! Don’t miss this well-maintained 1.5-story home located right on the popular Bavarian Blast Parade Route! This property offers comfort, character, and plenty of space both inside and out. Step into an open kitchen featuring a cozy breakfast nook—perfect for morning coffee—along with a separate formal dining room ideal for family meals or entertaining guests. The home features three bedrooms and two bathrooms, providing comfortable living space for families or guests. Durable steel siding offers low-maintenance exterior care, while the yard includes a convenient storage shed for extra tools and equipment. In the back, you'll fin

Key facts

• Breakfast nook
• Formal dining room
• Steel siding

Tags

• OPEN KITCHEN
• BREAKFAST NOOK
• FORMAL DINING ROOM
• STEEL SIDING
• STORAGE SHED
• TRIPLE GARAGE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $214k.

Deal economics

• At list price, monthly cash flow is $-6 ($-66/yr) — negative.
• To cash-flow at today's rent, offer at most $213k (0.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $180k (15.8% below list).
• Recommended offer: $180k (15.8% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 4.3% in New Ulm — 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 82/100 on livability (#39 in MN, #1,102 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: commute F.
• New Ulm Public School District (town): math 51% / reading 51% proficiency, ranked #104 of 301 in MN (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 85 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 41 units permitted in Brown County in 2024 (18 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 $6k of value loss. Plan a longer hold.
• Brown County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($211k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $75k; list at $214k implies a 185% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $180,000 (15.8% 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 1928 — 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 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?
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: 0.84% ✗
• Cap rate: 6.26%
• Cash-on-cash: -0.11%
• DSCR: 1.00
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $188,360
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
919 N Washington St	0.12mi	3/2.5	1,354 (-2%)	1mo	$195,000	$144	84
727 N Minnesota St	0.25mi	3/1.5	1,320 (-5%)	12mo	$198,000	$150	69
1001 N Jefferson St	0.27mi	2/1.0 (-1)	1,324 (-4%)	8mo	$155,000	$117	68
806 N Payne St	0.37mi	2/2.0 (-1)	1,382 (-0%)	7mo	$181,000	$131	68
622 N Garden St	0.50mi	3/1.0	1,382 (-0%)	11mo	$240,000	$174	67
1100 N Garden St	0.42mi	2/1.5 (-1)	1,328 (-4%)	0mo	$180,000	$136	66
701 N Washington St	0.28mi	3/2.0	1,238 (-11%)	12mo	$150,000	$121	55
1526 N State St	0.46mi	2/1.0 (-1)	1,500 (+8%)	6mo	$105,000	$70	54
520 N Broadway St	0.39mi	4/2.0 (+1)	1,467 (+6%)	12mo	$194,000	$132	53
304 N Washington St	0.58mi	3/1.5	1,505 (+9%)	6mo	$227,000	$151	52
917 N Valley St	0.39mi	3/3.0	1,260 (-9%)	9mo	$182,000	$144	51
1827 N Minnesota St	0.70mi	3/2.0	1,195 (-14%)	8mo	$135,000	$113	34

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

Projected returns pro-forma

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

5-year hold

• IRR: -16.5%
• Equity multiple: 0.42×
• Total profit: $-35,016
• Equity at exit: $31,893

10-year hold

• IRR: -8.3%
• Equity multiple: 0.48×
• Total profit: $-30,959
• Equity at exit: $18,494

Cash invested: $59,892 (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 56073

• Active inventory: 85
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,800 medium
• Mortgage (P&I): −$1,122
• Tax from tax record: −$217 /mo · $2,600/yr
• Insurance: −$89
• HOA: −$0
• Vacancy / Maint / Mgmt: −$378
• Net cashflow: $-6

Break-even live

Break-even rent $1,807

Max offer price $212,927

Occupancy floor 95%

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: $53,475
• Closing costs: $6,417
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
811 Center St New Ulm, MN	3.0	2.0	1606	$1,800	$1.12	44d	1	0.86mi

Listing history 4 events

1. 2026-04-01
   status Pending
2. 2026-03-20
   historical Active Under Contract
3. 2026-03-10
   listed $213,900 Active
4. 1995-07-07
   soldstatus $75,000

ⓘ 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: $2,600 · $217/mo
• Projected year-2 tax: $2,600 · $217/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $21,600
• − Mortgage interest: −$11,982
• − Property taxes: −$2,600
• − Insurance: −$1,070
• − Repairs & maintenance: −$1,728
• − Management: −$1,728
• − Depreciation: −$6,223
• Taxable loss: −$3,730
• Est. tax savings @ 24.0%: +$895
• After-tax cash flow: $829/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: New Ulm Public School District
• NCES district ID: 2723490
• Math proficiency: 51% ▼ -3.00%
• Reading proficiency: 51% ▼ -7.00%
• Median HH income: $53,171
• Composite: 43.93/100
• National rank: #2906
• State rank: #104 of 301 in MN

Livability — New Ulm

• Score: 82/100
• State rank: #39
• US rank: #1102

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Ulm, MN
• City population: 17,325
• Population (ZIP): 17,325

Population outlook (Brown County) Hauer SSP2

• Today (2025): 24,403 people
• By 2030: 23,790 · -2.5%
• By 2040: 22,309 · -8.6%
• By 2050: 20,948 · -14.2%
• By 2075: 19,038 · -22.0%
• By 2100: 16,658 · -31.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 3% Two or more races 2%
• Common ancestry: Portuguese 9% Lithuanian 2% Romanian 2%
• Foreign-born: 2% · Canada, Vietnam
• Languages at home: 96% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Brown

• 2024 margin: Solid R (+35.2) · D 31.5% · R 66.7% · Other 1.8%
• 2008→2024 swing: -23.1pp toward R · 2008: -12.1pp · 2024: -35.2pp
• All cycles: 2024: R+35.2 2020: R+32.8 2016: R+36.2 2012: R+16.6 2008: R+12.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -166.22%
• Current HPI: 192.7295
• 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

+185.2% since first listed

4 events — show timeline

• 2026-04-01 Pending — RASM
• 2026-03-20 Contingent — RASM
• 2026-03-10 Listed $213,900 RASM
• 1995-07-07 Sold (Public Records) $75,000 Public Records

Property tax history

+4.4%/yr

Latest (2025): $2,600 · +0.2% YoY. Source: county tax records.