3818 Strathmore Ln SE · Rochester, MN 55904

$349,900

3 bd · 2.0 ba · 1,564 sqft · SingleFamily public records · 52 Days on market

Built 2000 9,147 sqft lot $224/sqft · 24% below area Est $505k · 31% under

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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).

• ARV discount +15.0/15.0
• Cash flow +8.1/30.0
• Livability +4.6/5.0
• Schools +4.1/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0
• 1% rule +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to a home that truly checks all the boxes—style, function, and a space designed for gathering. This beautifully maintained and updated 3 bedroom, 3 bathroom home offers the ease of main level livingwith a fully remodeled primary suite and convenient main floor laundry. From the moment you step inside, you’ll notice the abundance of natural light, modern finishes, and thoughtful updates that make this home feel both warm and elevated. The heart of the home features an updated kitchen with a brand new island, perfect for hosting, prepping, or simply enjoying everyday life. New appliances—including the refrigerator, oven, and dishwasher—bring afresh, modern touch, while the open layout flows seamlessly into inviting living and dining spaces ideal for entertaining. Step outside to a newly built deck overlooking a fully fenced backyard—perfect for summer gatherings,pets, or relaxing evenings. Downstairs, you’ll find new carpet and additional living space that offers flexibility for guests, a cozy movie area, or a home office or gym setup. Major mechanical updates provide peace of mind, including a new furnace, air conditioner, water heater, and a whole home water filtration system. Additional upgrades like new main level flooring and a fullyremodeled primary bedroom add to the move-in ready appeal. Complete with a two car attached insulated garage, this home blends comfort, efficiency, and style in all the right ways. Whether you’re hosting friends or enjoying a quiet night in, this space was designed to be lived in and loved.

Key facts

• 9,147 sq ft lot
• 2 garage spots
• Built 2000

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $350k.

Deal economics

• At list price, monthly cash flow is $-343 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $289k (17.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $243k (30.6% below list).
• Recommended offer: $243k (30.6% below list) — sets the bar for 1% rule.
• Cap rate 5.1% vs local median 3.6% in Rochester — 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 92/100 on livability (#1 in MN, #27 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+.
• Rochester Public School District (urban): math 40% / reading 51% proficiency, ranked #152 of 301 in MN (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lincoln K-8 District-Wide School (math 60% / reading 64%, grade B, #180 of 857 statewide, top 23%, 469 students, 14% FRL); Kellogg Middle (math 42% / reading 53%, grade C-, #93 of 258 statewide, top 37%, 856 students, 43% FRL); Century Senior High (math 37% / reading 67%, grade D+, #111 of 471 statewide, top 26%, 1,698 students, 31% FRL) — zoned schools at 30% FRL track the district average.
• Market conditions: Rents rising (+2.1%/yr); 151 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,267 units permitted in Olmsted County in 2024 (915 in 5+ unit buildings).
• This rent runs 38% of the median local income ($77k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Olmsted County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($339k) is reasonable based on typical stale-listing flexibility.
• 4 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 $144k; list at $350k implies a 144% gain — meaningful room to come down on a strong offer.

Recommended offer $242,683 (30.6% 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 52 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 0.69% ✗
• Cap rate: 5.12%
• Cash-on-cash: -4.20%
• DSCR: 0.81
• GRM: 12.0

CMA / ARV

• ARV (median comp): $505,000
• List price: $349,900
• Delta: -30.71%
• Verdict: UNDERPRICED
• Comps: 3 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
204 Stonelake Dr SE	0.27mi	3/1.0	1,350 (-14%)	22mo	$375,000	$278	42

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 · 2.1% rent growth · sell at horizon

5-year hold

• IRR: -24.3%
• Equity multiple: 0.18×
• Total profit: $-80,763
• Equity at exit: $52,171

10-year hold

• IRR: -22.4%
• Equity multiple: -0.10×
• Total profit: $-107,454
• Equity at exit: $30,253

Cash invested: $97,972 (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 55904

• Rents YoY: 2.1%
• Active inventory: 151
• Price-to-rent: 12.0×

Monthly cashflow live

• Estimated rent: $2,427 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$279 /mo · $3,350/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$510
• Net cashflow: $-343

Break-even live

Break-even rent $2,861

Max offer price $289,365

Occupancy floor —

Sensitivity live

Price	-10% $-145	-5% $-244	+0% $-343	+5% $-442	+10% $-541
Rent	-10% $-534	-5% $-439	+0% $-343	+5% $-247	+10% $-151
Rate	-1.0pp $-166	-0.5pp $-254	base $-343	+0.5pp $-433	+1.0pp $-526

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: $87,475
• Closing costs: $10,497
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
220 Stonelake Dr SE Rochester, MN	4.0	3.0	2208	$2,900	$1.31	15d	1	0.22mi
4400 Red Hawk Dr SE Rochester, MN	3.0	2.5	1398	$2,200	$1.57	15d	2	0.71mi
1155 Felty Ave SE Rochester, MN	1.0–3.0	1.0–2.0	1010	$2,358	$2.33	15d	25	0.96mi
832 21st Ave SE Unit 21 Rochester, MN	4.0	2.0	1240	$1,495	$1.21	45d	1	1.47mi

Listing history 29 events

1. 2026-06-21
   days on market $349,900 Active 52 DOM
2. 2026-06-19
   days on market $349,900 Active 50 DOM
3. 2026-06-18
   days on market $349,900 Active 49 DOM
4. 2026-06-17
   days on market $349,900 Active 48 DOM
5. 2026-06-16
   days on market $349,900 Active 47 DOM
6. 2026-06-15
   days on market $349,900 Active 46 DOM
7. 2026-06-14
   days on market $349,900 Active 44 DOM
8. 2026-06-13
   days on market $349,900 Active 43 DOM
9. 2026-06-10
   days on market $349,900 Active 41 DOM
10. 2026-06-09
    days on market $349,900 Active 40 DOM
11. 2026-06-08
    days on market $349,900 Active 39 DOM
12. 2026-06-07
    pricedays on market $349,900 Active 38 DOM
13. 2026-06-05
    days on market $359,900 Active 35 DOM
14. 2026-06-03
    days on market $359,900 Active 34 DOM
15. 2026-06-02
    days on market $359,900 Active 33 DOM
16. 2026-06-01
    days on market $359,900 Active 32 DOM
17. 2026-05-31
    days on market $359,900 Active 31 DOM
18. 2026-05-30
    days on market $359,900 Active 30 DOM
19. 2026-05-01
    listed $359,900 Active 1597-char remark

    Show marketing remark (1597 chars)

    Welcome to a home that truly checks all the boxes—style, function, and a space designed for gathering. This beautifully maintained and updated 3 bedroom, 3 bathroom home offers the ease of main level livingwith a fully remodeled primary suite and convenient main floor laundry. From the moment you step inside, you’ll notice the abundance of natural light, modern finishes, and thoughtful updates that make this home feel both warm and elevated. The heart of the home features an updated kitchen with a brand new island, perfect for hosting, prepping, or simply enjoying everyday life. New appliances—including the refrigerator, oven, and dishwasher—bring afresh, modern touch, while the open layout flows seamlessly into inviting living and dining spaces ideal for entertaining. Step outside to a newly built deck overlooking a fully fenced backyard—perfect for summer gatherings,pets, or relaxing evenings. Downstairs, you’ll find new carpet and additional living space that offers flexibility for guests, a cozy movie area, or a home office or gym setup. Major mechanical updates provide peace of mind, including a new furnace, air conditioner, water heater, and a whole home water filtration system. Additional upgrades like new main level flooring and a fullyremodeled primary bedroom add to the move-in ready appeal. Complete with a two car attached insulated garage, this home blends comfort, efficiency, and style in all the right ways. Whether you’re hosting friends or enjoying a quiet night in, this space was designed to be lived in and loved.

20. 2026-04-10
    historical $359,900 1597-char remark

    Show marketing remark (1597 chars)

    Welcome to a home that truly checks all the boxes—style, function, and a space designed for gathering. This beautifully maintained and updated 3 bedroom, 3 bathroom home offers the ease of main level livingwith a fully remodeled primary suite and convenient main floor laundry. From the moment you step inside, you’ll notice the abundance of natural light, modern finishes, and thoughtful updates that make this home feel both warm and elevated. The heart of the home features an updated kitchen with a brand new island, perfect for hosting, prepping, or simply enjoying everyday life. New appliances—including the refrigerator, oven, and dishwasher—bring afresh, modern touch, while the open layout flows seamlessly into inviting living and dining spaces ideal for entertaining. Step outside to a newly built deck overlooking a fully fenced backyard—perfect for summer gatherings,pets, or relaxing evenings. Downstairs, you’ll find new carpet and additional living space that offers flexibility for guests, a cozy movie area, or a home office or gym setup. Major mechanical updates provide peace of mind, including a new furnace, air conditioner, water heater, and a whole home water filtration system. Additional upgrades like new main level flooring and a fullyremodeled primary bedroom add to the move-in ready appeal. Complete with a two car attached insulated garage, this home blends comfort, efficiency, and style in all the right ways. Whether you’re hosting friends or enjoying a quiet night in, this space was designed to be lived in and loved.

21. 2018-12-12
    historical 333-char remark

    Show marketing remark (333 chars)

    Inviting & Immaculate! Enjoy this 3 bd/3ba ranch-style w/ main floor master suite & laundry, & open, feel to kitchen/living areas. Fully finished lower level w/ full bath, spacious flat yard adjacent to wooded preserve & insulated garage. Close to parks, schools, & bus service at your front door. Come & see!

22. 2012-04-09
    soldstatus $143,500
23. 2012-03-30
    soldstatus $143,500 333-char remark

    Show marketing remark (333 chars)

    Inviting & Immaculate! Enjoy this 3 bd/3ba ranch-style w/ main floor master suite & laundry, & open, feel to kitchen/living areas. Fully finished lower level w/ full bath, spacious flat yard adjacent to wooded preserve & insulated garage. Close to parks, schools, & bus service at your front door. Come & see!

24. 2012-03-30
    soldstatus $143,500

    Show marketing remark (333 chars)

    Inviting & Immaculate! Enjoy this 3 bd/3ba ranch-style w/ main floor master suite & laundry, & open, feel to kitchen/living areas. Fully finished lower level w/ full bath, spacious flat yard adjacent to wooded preserve & insulated garage. Close to parks, schools, & bus service at your front door. Come & see!

25. 2011-06-06
    listed $150,000
26. 2010-11-24
    listed $148,900

    Show marketing remark (333 chars)

    Inviting & Immaculate! Enjoy this 3 bd/3ba ranch-style w/ main floor master suite & laundry, & open, feel to kitchen/living areas. Fully finished lower level w/ full bath, spacious flat yard adjacent to wooded preserve & insulated garage. Close to parks, schools, & bus service at your front door. Come & see!

27. 2010-11-24
    listed $148,900 333-char remark

    Show marketing remark (333 chars)

    Inviting & Immaculate! Enjoy this 3 bd/3ba ranch-style w/ main floor master suite & laundry, & open, feel to kitchen/living areas. Fully finished lower level w/ full bath, spacious flat yard adjacent to wooded preserve & insulated garage. Close to parks, schools, & bus service at your front door. Come & see!

28. 2006-06-06
    soldstatus $157,000
29. 2002-05-17
    soldstatus $146,900

ⓘ 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: $3,350 · $279/mo
• Projected year-2 tax: $3,634 · $303/mo
• Expected delta: +$284/yr (+$24/mo · 8.5%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,122
• − Mortgage interest: −$19,600
• − Property taxes: −$3,350
• − Insurance: −$1,750
• − Repairs & maintenance: −$2,330
• − Management: −$2,330
• − Depreciation: −$10,179
• Taxable loss: −$10,416
• Est. tax savings @ 24.0%: +$2,500
• After-tax cash flow: $-1,612/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: Rochester Public School District
• NCES district ID: 2731800
• Math proficiency: 40% ▼ -10.00%
• Reading proficiency: 51% ▼ -4.00%
• Median HH income: $66,540
• Composite: 40.6/100
• National rank: #3695
• State rank: #152 of 301 in MN

Livability — Rochester

• Score: 92/100
• State rank: #1
• US rank: #27

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rochester, MN
• County: Olmsted County · 135,035 people
• City population: 135,035
• Metro: Rochester, MN
• Population (ZIP): 29,639
• Household income: $77,016
• Rent vs Own: 35.7% rent · 64.3% own
• Severe rent burden: 864.0

Population outlook (Olmsted County) Hauer SSP2

• Today (2025): 165,999 people
• By 2030: 172,425 · +3.9%
• By 2040: 183,785 · +10.7%
• By 2050: 192,981 · +16.3%
• By 2075: 215,284 · +29.7%
• By 2100: 224,887 · +35.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Black 10% Hispanic / Latino 8% Two or more races 5% Asian 3%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 11% Lithuanian 2% Italian 2%
• Foreign-born: 11% · Canada, China, Vietnam
• Languages at home: 84% English-only · Spanish 5% Other Asian/Pacific 3% Arabic 2%

Political lean MEDSL · Olmsted

• 2024 margin: D (+10.7) · D 54.3% · R 43.6% · Other 2.1%
• 2008→2024 swing: +7.4pp toward D · 2008: 3.3pp · 2024: 10.7pp
• All cycles: 2024: D+10.7 2020: D+10.7 2016: D+0.8 2012: D+3.2 2008: D+3.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -161.04%
• Current HPI: 267.168
• Rent YoY: ▲ 2.10%
• Metro: Rochester, MN
• 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

+145.0% since first listed

11 events — show timeline

• 2026-05-01 Listed $359,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-10 Coming Soon $359,900 NORTHSTARMLS as Distributed by MLS Grid
• 2018-12-12 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2012-04-09 Sold (Public Records) $143,500 Public Records
• 2012-03-30 Sold (MLS) $143,500 NORTHSTARMLS as Distributed by MLS Grid
• 2012-03-30 Sold (MLS) $143,500 NORTHSTARMLS as Distributed by MLS Grid
• 2011-06-06 Listed $150,000 NORTHSTARMLS as Distributed by MLS Grid
• 2010-11-24 Listed $148,900 NORTHSTARMLS as Distributed by MLS Grid
• 2010-11-24 Listed $148,900 NORTHSTARMLS as Distributed by MLS Grid
• 2006-06-06 Sold (Public Records) $157,000 Public Records
• 2002-05-17 Sold (Public Records) $146,900 Public Records

Property tax history

+6.8%/yr

Latest (2025): $3,350 · +15.0% YoY. Source: county tax records.