114 Pine St NW · New London, MN 56273

$190,000

3 bd · 2.0 ba · 1,188 sqft · SingleFamily · 11 Days on market

Built 2003 0.46 ac lot

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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 +13.1/30.0
• ARV discount +7.5/15.0
• Schools +4.9/10.0
• DSCR +3.9/10.0
• Livability +3.6/5.0
• 1% rule +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is a home that you can afford! It is a must see! Not much needed with this diamond in the rough! Come see your next home!

Key facts

• Trails
• Easy access to lakes
• Large storage shed

Tags

• DETACHED TWO-CAR GARAGE
• LARGE STORAGE SHED
• GREAT BACKYARD
• EASY ACCESS TO LAKES
• LOCAL PARKS
• TRAILS

Property features AI

Finance

• Financial info: Conventional financing available

Exterior

• Parking: Gravel parking; 2-car garage (24 x 30)
• Utilities: City water connected; City sewer connected; Natural gas; Electric with circuit breakers (Xcel Energy)
• Home design: Residential property; Manufactured home; One level; Pillar/post/pier foundation; Facing direction not specified
• Construction: Frame construction; Roof age over 8 years
• Exterior features: Vinyl exterior; Patio; Storage shed; Light tree coverage

Interior

• Kitchen: Kitchen with window; Range; Microwave; Refrigerator; Eat-in kitchen layout
• Bedrooms: 3 bedrooms (all on main level)
• Bathrooms: 2 full baths; Primary full bath with walk-in shower; Main floor full bath
• Heating & cooling: Central air; Heating with fireplace(s)
• Interior features: Fireplace(s); Eat-in kitchen; Primary bedroom with walk-in closet; 3 bedrooms on one level; Main floor primary bedroom; Main floor bedroom; Main floor laundry
• Laundry & utility: Washer and dryer included; Washer/Dryer hookup; Laundry located on main level / in hall; Electric water heater; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $-5 ($-64/yr) — negative.
• To cash-flow at today's rent, offer at most $189k (0.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $154k (18.7% below list).
• Recommended offer: $154k (18.7% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 1.7% in New London — 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 71/100 on livability (#309 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D+, amenities F, commute F.
• New London-Spicer School District (town): math 55% / reading 58% proficiency, ranked #59 of 301 in MN (top 20%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Zoned schools: Prairie Woods Elementary (math 64% / reading 53%, grade B-, #251 of 857 statewide, top 30%, 567 students, 33% FRL); New London-Spicer Middle (math 53% / reading 60%, grade B, #38 of 258 statewide, top 15%, 476 students, 28% FRL); New London-Spicer Sr. (math 42% / reading 62%, grade D+, #111 of 471 statewide, top 26%, 465 students, 26% FRL).
• Market conditions: 40 active listings in the ZIP; 196 units permitted in Kandiyohi County in 2024 (118 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.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 20y 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 $54k; list at $190k implies a 252% gain — meaningful room to come down on a strong offer.

Recommended offer $154,459 (18.7% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are A-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?
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: 0.81% ✗
• Cap rate: 6.26%
• Cash-on-cash: -0.12%
• DSCR: 0.99
• GRM: 10.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -16.5%
• Equity multiple: 0.41×
• Total profit: $-31,158
• Equity at exit: $28,330

10-year hold

• IRR: -8.3%
• Equity multiple: 0.48×
• Total profit: $-27,692
• Equity at exit: $16,428

Cash invested: $53,200 (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 56273

• Active inventory: 40
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $1,545 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$150 /mo · $1,800/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$324
• Net cashflow: $-5

Break-even live

Break-even rent $1,551

Max offer price $189,060

Occupancy floor 95%

Sensitivity live

Price	-10% $102	-5% $48	+0% $-5	+5% $-59	+10% $-113
Rent	-10% $-127	-5% $-66	+0% $-5	+5% $56	+10% $117
Rate	-1.0pp $90	-0.5pp $43	base $-5	+0.5pp $-55	+1.0pp $-105

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-05-01
   status Pending
2. 2026-04-28
   historical Contingent - Other
3. 2026-04-20
   listed $190,000 Active
4. 2006-07-21
   soldstatus $54,000 129-char remark

   Show marketing remark (129 chars)

   This is a home that you can afford! It is a must see! Not much needed with this diamond in the rough! Come see your next home!

5. 2006-07-10
   listed $54,900 129-char remark

   Show marketing remark (129 chars)

   This is a home that you can afford! It is a must see! Not much needed with this diamond in the rough! Come see your next home!

6. 2006-07-07
   historical
7. 2006-06-07
   listed $59,900
8. 2006-05-28
   historical
9. 2006-01-24
   listed $64,900

ⓘ 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: $1,800 · $150/mo
• Projected year-2 tax: $1,964 · $164/mo
• Expected delta: +$164/yr (+$14/mo · 9.1%)

ⓘ 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 · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,535
• − Mortgage interest: −$10,643
• − Property taxes: −$1,800
• − Insurance: −$950
• − Repairs & maintenance: −$1,483
• − Management: −$1,483
• − Depreciation: −$5,527
• Taxable loss: −$3,351
• Est. tax savings @ 24.0%: +$804
• After-tax cash flow: $740/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 London-Spicer School District
• NCES district ID: 2723400
• Math proficiency: 55% ▼ -9.00%
• Reading proficiency: 58% ▼ -11.00%
• Median HH income: $62,142
• Composite: 49.33/100
• National rank: #2020
• State rank: #59 of 301 in MN

Livability — New London

• Score: 71/100
• State rank: #309
• US rank: #6805

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New London, MN
• Population (ZIP): 5,050

Population outlook (Kandiyohi County) Hauer SSP2

• Today (2025): 42,956 people
• By 2030: 42,825 · -0.3%
• By 2040: 42,343 · -1.4%
• By 2050: 42,124 · -1.9%
• By 2075: 43,726 · +1.8%
• By 2100: 45,974 · +7.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Portuguese 29% Iranian 3% Scottish 2%
• Foreign-born: 2% · Canada, South Korea
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Kandiyohi

• 2024 margin: Solid R (+31.0) · D 33.7% · R 64.7% · Other 1.7%
• 2008→2024 swing: -25.6pp toward R · 2008: -5.5pp · 2024: -31.0pp
• All cycles: 2024: R+31.0 2020: R+25.7 2016: R+25.5 2012: R+6.7 2008: R+5.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -117.66%
• Current HPI: 176.245
• 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

+192.8% since first listed

9 events — show timeline

• 2026-05-01 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-28 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-20 Listed $190,000 NORTHSTARMLS as Distributed by MLS Grid
• 2006-07-21 Sold (MLS) $54,000 NORTHSTARMLS as Distributed by MLS Grid
• 2006-07-10 Listed $54,900 NORTHSTARMLS as Distributed by MLS Grid
• 2006-07-07 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2006-06-07 Listed $59,900 NORTHSTARMLS as Distributed by MLS Grid
• 2006-05-28 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2006-01-24 Listed $64,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+5.8%/yr

Latest (2025): $1,800 · +5.0% YoY. Source: county tax records.