309 3rd Ave E · Ada, MN 56510

$170,000

4 bd · 2.0 ba · 1,200 sqft · SingleFamily public records · 156 Days on market

Built 1949 4,486 sqft 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).

• Appreciation +8.1/10.0
• Cash flow +8.0/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.0/10.0
• 1% rule +1.5/10.0

Listing remarks MLS

Great opportunity on a 4 bedroom, 2 bathroom home in Ada. Good sized, well-built home on a corner lot. Located close to Community center/pool/fitness facility. Tons of updates and improvements to this home. New Windows, Flooring, Paint, Fixtures, Doors, and more making this spacious home move-in ready!

Key facts

• Fitness facility
• Flooring
• Pool

Tags

• CORNER LOT
• POOL
• FITNESS FACILITY
• NEW WINDOWS
• FLOORING
• PAINT

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $-174 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $139k (18.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $110k (35.4% below list).
• Recommended offer: $110k (35.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 77/100 on livability (#137 in MN, #3,026 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Market conditions: 13 active listings in the ZIP; 8 units permitted in Norman County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $12k of equity ($1k loan paydown + $11k appreciation (6.2% local appreciation)).
• By year 4, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 156 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 9y ago; this cycle's ask has dropped $9k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; list at $170k implies a 325% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $109,894 (35.4% 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. It's been on market 156 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
3. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.65% ✗
• Cap rate: 5.06%
• Cash-on-cash: -4.39%
• DSCR: 0.80
• GRM: 12.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.22% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.3%
• Equity multiple: 1.84×
• Total profit: $40,128
• Equity at exit: $109,201

10-year hold

• IRR: 13.0%
• Equity multiple: 3.65×
• Total profit: $126,027
• Equity at exit: $200,077

Cash invested: $47,600 (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 56510

• Home prices YoY: 3.7%
• Active inventory: 13
• Price-to-rent: 12.9×

Monthly cashflow live

• Estimated rent: $1,099 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$80 /mo · $958/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $-174

Break-even live

Break-even rent $1,319

Max offer price $139,262

Occupancy floor —

Sensitivity live

Price	-10% $-78	-5% $-126	+0% $-174	+5% $-222	+10% $-270
Rent	-10% $-261	-5% $-217	+0% $-174	+5% $-131	+10% $-87
Rate	-1.0pp $-88	-0.5pp $-131	base $-174	+0.5pp $-218	+1.0pp $-263

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Listing history 33 events

1. 2026-06-17
   status $170,000 Pending 156 DOM
2. 2026-06-16
   days on market $170,000 Contingent - Sale of Another Property 156 DOM
3. 2026-06-15
   days on market $170,000 Contingent - Sale of Another Property 155 DOM
4. 2026-06-13
   days on market $170,000 Contingent - Sale of Another Property 153 DOM
5. 2026-06-12
   days on market $170,000 Contingent - Sale of Another Property 152 DOM
6. 2026-06-09
   days on market $170,000 Contingent - Sale of Another Property 149 DOM
7. 2026-06-08
   days on market $170,000 Contingent - Sale of Another Property 148 DOM
8. 2026-06-07
   days on market $170,000 Contingent - Sale of Another Property 147 DOM
9. 2026-06-05
   days on market $170,000 Contingent - Sale of Another Property 145 DOM
10. 2026-06-04
    days on market $170,000 Contingent - Sale of Another Property 143 DOM
11. 2026-06-02
    days on market $170,000 Contingent - Sale of Another Property 142 DOM
12. 2026-06-01
    days on market $170,000 Contingent - Sale of Another Property 141 DOM
13. 2026-05-31
    days on market $170,000 Contingent - Sale of Another Property 140 DOM
14. 2026-05-31
    days on market $170,000 Contingent - Sale of Another Property 139 DOM
15. 2026-05-04
    status Active 303-char remark

    Show marketing remark (303 chars)

    Great opportunity on a 4 bedroom, 2 bathroom home in Ada. Good sized, well-built home on a corner lot. Located close to Community center/pool/fitness facility. Tons of updates and improvements to this home. New Windows, Flooring, Paint, Fixtures, Doors, and more making this spacious home move-in ready!

16. 2026-05-04
    price $170,000 303-char remark

    Show marketing remark (303 chars)

    Great opportunity on a 4 bedroom, 2 bathroom home in Ada. Good sized, well-built home on a corner lot. Located close to Community center/pool/fitness facility. Tons of updates and improvements to this home. New Windows, Flooring, Paint, Fixtures, Doors, and more making this spacious home move-in ready!

17. 2026-05-01
    historical 303-char remark

    Show marketing remark (303 chars)

    Great opportunity on a 4 bedroom, 2 bathroom home in Ada. Good sized, well-built home on a corner lot. Located close to Community center/pool/fitness facility. Tons of updates and improvements to this home. New Windows, Flooring, Paint, Fixtures, Doors, and more making this spacious home move-in ready!

18. 2026-02-28
    price $174,000 303-char remark

    Show marketing remark (303 chars)

    Great opportunity on a 4 bedroom, 2 bathroom home in Ada. Good sized, well-built home on a corner lot. Located close to Community center/pool/fitness facility. Tons of updates and improvements to this home. New Windows, Flooring, Paint, Fixtures, Doors, and more making this spacious home move-in ready!

19. 2026-01-09
    listed $179,000 Active 303-char remark

    Show marketing remark (303 chars)

    Great opportunity on a 4 bedroom, 2 bathroom home in Ada. Good sized, well-built home on a corner lot. Located close to Community center/pool/fitness facility. Tons of updates and improvements to this home. New Windows, Flooring, Paint, Fixtures, Doors, and more making this spacious home move-in ready!

20. 2025-11-05
    historical
21. 2025-07-23
    price $189,900
22. 2025-07-09
    listed $194,900 Active
23. 2024-04-10
    soldstatus $40,000
24. 2024-04-01
    historical
25. 2023-09-08
    listed $55,900 Active
26. 2023-07-14
    soldstatus $45,828
27. 2018-12-28
    soldstatus $37,000
28. 2018-12-28
    soldstatus $37,000
29. 2018-11-02
    listed $42,900
30. 2018-08-31
    historical
31. 2018-05-10
    listed $59,700
32. 2018-01-31
    historical
33. 2017-08-04
    listed $59,500

ⓘ 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: $958 · $80/mo
• Projected year-2 tax: $1,431 · $119/mo
• Expected delta: +$473/yr (+$39/mo · 49.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 12 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,187
• − Mortgage interest: −$9,523
• − Property taxes: −$958
• − Insurance: −$850
• − Repairs & maintenance: −$1,055
• − Management: −$1,055
• − Depreciation: −$4,945
• Taxable loss: −$5,199
• Est. tax savings @ 24.0%: +$1,248
• After-tax cash flow: $-840/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)

No district data.

Livability — Ada

• Score: 77/100
• State rank: #137
• US rank: #3026

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ada, MN
• Population (ZIP): 2,300

Population outlook (Norman County) Hauer SSP2

• Today (2025): 6,540 people
• By 2030: 6,489 · -0.8%
• By 2040: 6,436 · -1.6%
• By 2050: 6,348 · -2.9%
• By 2075: 6,263 · -4.2%
• By 2100: 5,731 · -12.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Hispanic / Latino 4% Asian 1%
• Common ancestry: Portuguese 39% Lithuanian 3% Scottish 2%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 3%

Political lean MEDSL · Norman

• 2024 margin: Strong R (+22.2) · D 37.5% · R 59.8% · Other 2.7%
• 2008→2024 swing: -49.2pp toward R · 2008: 26.9pp · 2024: -22.2pp
• All cycles: 2024: R+22.2 2020: R+16.0 2016: R+13.5 2012: D+10.8 2008: D+26.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.22%
• Current HPI: 172.2595
• 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

+185.7% since first listed

19 events — show timeline

• 2026-05-04 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-04 Price Changed $170,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-28 Price Changed $174,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-09 Listed $179,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-05 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-07-23 Price Changed $189,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-07-09 Listed $194,900 NORTHSTARMLS as Distributed by MLS Grid
• 2024-04-10 Sold (Public Records) $40,000 Public Records
• 2024-04-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2023-09-08 Listed $55,900 NORTHSTARMLS as Distributed by MLS Grid
• 2023-07-14 Sold (Public Records) $45,828 Public Records
• 2018-12-28 Sold (Public Records) $37,000 Public Records
• 2018-12-28 Sold (MLS) $37,000 NORTHSTARMLS as Distributed by MLS Grid
• 2018-11-02 Listed $42,900 NORTHSTARMLS as Distributed by MLS Grid
• 2018-08-31 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2018-05-10 Listed $59,700 NORTHSTARMLS as Distributed by MLS Grid
• 2018-01-31 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2017-08-04 Listed $59,500 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+3.6%/yr

Latest (2025): $958 · +0.6% YoY. Source: county tax records.