781 W Palomino Ave · Pillager, MN 56473

$849,900

8 bd · 4.0 ba · 4,400 sqft · MultiFamily · 31 Days on market

Built 2026 Excellent condition 0.98 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 +11.8/30.0
• ARV discount +7.5/15.0
• Condition / age +4.8/5.0
• Schools +4.1/10.0
• DSCR +3.5/10.0
• 1% rule +3.4/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Don't miss this just-completed, newly constructed fourplex located in the heart of Pillager. Each unit has two bedrooms, one bath, granite countertops, tiled backsplash, new stainless steel appliances, concrete patio, washer and dryer hookups, a large primary bedroom with double closets, a bath with tiled shower, and a one-car attached heated/insulated garage. Tenant will pay for all utilities. Each unit will rent for $1,295- a month. This fourplex is in a great location close to Pillager School, Clinic, and storage units. Set up a showing today.

Key facts

• Tiled backsplash
• Concrete patio
• Granite countertops

Tags

• GRANITE COUNTERTOPS
• TILED BACKSPLASH
• NEW STAINLESS STEEL APPLIANCES
• CONCRETE PATIO
• WASHER AND DRYER HOOKUPS
• LARGE PRIMARY BEDROOM

Property features AI

Finance

• Financial info: Gross income reported at $62,160; Insurance expense reported at $3,500; Manager expense reported at $1,200; Tenants pay cable TV, electricity, heat, hot water, and telephone
• HOA & community: No association amenities

Exterior

• Parking: Attached heated and insulated garage with garage door opener; Concrete garage; 4 garage spaces
• Utilities: City water; City sewer (in street); Electric service with circuit breakers and 200+ amp service; Electric fuel; Power provided by Minnkota Power Cooperative
• Home design: Residential income property; One level; New construction; Above-grade finished living area totaling 4,400
• Construction: Frame construction; Asphalt pitched roof (8 years old or newer); Slab foundation
• Exterior features: Partial vinyl fencing; Light tree coverage; Patio; Paved city streets with public maintenance; No outlet / dead end street access

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator; Stainless steel appliances
• Bedrooms: 8 total bedrooms; Units include 2-bedroom layouts
• Bathrooms: Full bathrooms in units (each 2-bed unit has 1 full bathroom)
• Heating & cooling: Baseboard heat; Wall cooling in units
• Interior features: No basement; No interior or exterior stairs (accessible); Patio
• Laundry & utility: Washer hookup; Electric dryer hookup; Main-level laundry

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $850k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-230 ($-3k/yr) — negative. Per door: $-58/mo.
• To cash-flow at today's rent, offer at most $817k (3.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $714k (16.0% below list).
• Recommended offer: $714k (16.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 61/100 on livability (#722 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Pillager Public School District (rural): math 43% / reading 51% proficiency, ranked #146 of 301 in MN (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Pillager Elementary (math 62% / reading 57%, grade B-, #216 of 857 statewide, top 29%, 478 students, 52% FRL); Pillager Middle School (math 31% / reading 46%, grade F, #156 of 258 statewide, top 62%, 407 students, 47% FRL); Pillager Senior High School (math 44% / reading 57%, grade D+, #129 of 471 statewide, top 27%, 360 students, 43% FRL).
• Market conditions: 30 active listings in the ZIP; 285 units permitted in Cass County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $25k of value loss. Plan a longer hold.
• Cass County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($824k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $714,300 (16.0% 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 31 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.84% ✗
• Cap rate: 5.97%
• Cash-on-cash: -1.16%
• DSCR: 0.95
• GRM: 9.9

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: -18.2%
• Equity multiple: 0.36×
• Total profit: $-152,293
• Equity at exit: $126,723

10-year hold

• IRR: -10.4%
• Equity multiple: 0.37×
• Total profit: $-151,080
• Equity at exit: $73,484

Cash invested: $237,972 (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 56473

• Home prices YoY: -18.1%
• Active inventory: 30
• Price-to-rent: 39.7×

Monthly cashflow live

• Estimated rent: $7,143 medium
• Mortgage (P&I): −$4,457
• Tax est. 1.5%: −$1,062 /mo · $12,748/yr
• Insurance: −$354
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,500
• Net cashflow: $-230

Break-even live

Break-even rent $7,435

Max offer price $816,547

Occupancy floor 98%

Sensitivity live

Price	-10% $357	-5% $63	+0% $-230	+5% $-524	+10% $-818
Rent	-10% $-795	-5% $-513	+0% $-230	+5% $52	+10% $334
Rate	-1.0pp $198	-0.5pp $-14	base $-230	+0.5pp $-451	+1.0pp $-675

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$7,144
Total (4 units)			$7,143

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: $212,475
• Closing costs: $25,497
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $849,900 Active 31 DOM
2. 2026-06-19
   days on market $849,900 Active 29 DOM
3. 2026-06-18
   days on market $849,900 Active 28 DOM
4. 2026-06-17
   days on market $849,900 Active 27 DOM
5. 2026-06-16
   days on market $849,900 Active 26 DOM
6. 2026-06-15
   days on market $849,900 Active 25 DOM
7. 2026-06-14
   days on market $849,900 Active 23 DOM
8. 2026-06-12
   days on market $849,900 Active 22 DOM
9. 2026-06-09
   days on market $849,900 Active 19 DOM
10. 2026-06-08
    days on market $849,900 Active 18 DOM
11. 2026-06-07
    days on market $849,900 Active 17 DOM
12. 2026-06-03
    days on market $849,900 Active 13 DOM
13. 2026-06-02
    days on market $849,900 Active 12 DOM
14. 2026-06-01
    days on market $849,900 Active 11 DOM
15. 2026-05-31
    days on market $849,900 Active 10 DOM
16. 2026-05-30
    days on market $849,900 Active 9 DOM
17. 2026-05-21
    listed $849,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 2/10 Low 7 d/yr ≥95°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $85,716
• − Mortgage interest: −$47,608
• − Property taxes: −$12,748
• − Insurance: −$4,250
• − Repairs & maintenance: −$6,857
• − Management: −$6,857
• − Depreciation: −$24,724
• Taxable loss: −$17,329
• Est. tax savings @ 24.0%: +$4,159
• After-tax cash flow: $1,393/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.

Condition & rehab AI · 13 photos

Excellent 95/100 None rehab

This newly constructed fourplex is in excellent condition with modern finishes and new construction. It is move-in ready and ideal for investors looking to rent or sell.

Value-add opportunities

• Both Landscaping and curb appeal — Enhances curb appeal and resale value
• Both Add a small patio or deck — Improves outdoor living space and rental appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping and curb appeal — Enhances curb appeal and resale value ↑
• Both Add a small patio or deck — Improves outdoor living space and rental appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Pillager Public School District
• NCES district ID: 2728350
• Math proficiency: 43% ▼ -3.00%
• Reading proficiency: 51% ▼ -9.00%
• Median HH income: $58,200
• Composite: 41.06/100
• National rank: #3577
• State rank: #146 of 301 in MN

Livability — Pillager

• Score: 61/100
• State rank: #722
• US rank: #17425

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pillager, MN
• Population (ZIP): 3,452

Population outlook (Cass County) Hauer SSP2

• Today (2025): 27,371 people
• By 2030: 26,311 · -3.9%
• By 2040: 23,945 · -12.5%
• By 2050: 21,889 · -20.0%
• By 2075: 18,435 · -32.6%
• By 2100: 14,478 · -47.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 4%
• Common ancestry: Portuguese 12% Romanian 4% Lithuanian 3%
• Foreign-born: 1%

Political lean MEDSL · Cass

• 2024 margin: Solid R (+33.4) · D 32.6% · R 66.0% · Other 1.3%
• 2008→2024 swing: -24.9pp toward R · 2008: -8.5pp · 2024: -33.4pp
• All cycles: 2024: R+33.4 2020: R+28.9 2016: R+31.7 2012: R+13.1 2008: R+8.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -51.65%
• Current HPI: 233.7849
• 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

1 event — show timeline

• 2026-05-21 Listed $849,900 NORTHSTARMLS as Distributed by MLS Grid