1002 6th Ave N · Wheaton, MN 56296

$182,000

3 bd · 3.0 ba · 2,401 sqft · SingleFamily · 25 Days on market

Built 1993 0.34 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).

• Appreciation +8.7/10.0
• ARV discount +7.5/15.0
• Cash flow +7.3/30.0
• Schools +5.2/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0
• DSCR +1.4/10.0

Listing remarks MLS

For sale in Wheaton, MN: This beautifully maintained home, built in 1993, offers comfort and convenience on a spacious corner lot. The main level features three bedrooms, a bright recessed living room, kitchen, dining area, and a laundry room. The primary bedroom includes a private 3/4 ensuite bath. The fully finished, heated, and insulated attached garage adds to the year-round comfort. The lower level boasts a large family room and an additional non-conforming bedroom, perfect for guests or a home office. Surrounded by vibrant perennial gardens and highlighted by a stunning rose bush at the entrance, this home is full of charm and ready for its next chapter.

Key facts

• Front deck
• Attached garage
• Storage shed

Tags

• CORNER LOT
• ATTACHED GARAGE
• MAIN LEVEL LAUNDRY
• ENSUITE BATHROOM
• FRONT DECK
• STORAGE SHED

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $182k.

Deal economics

• At list price, monthly cash flow is $-245 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $139k (23.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $129k (28.9% below list).
• Recommended offer: $129k (28.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 75/100 on livability (#178 in MN, #3,833 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Wheaton Area Public School District (rural): math 60% / reading 60% proficiency, ranked #149 of 467 in MN (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 6 active listings in the ZIP; 4 units permitted in Traverse County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $15k of equity ($1k loan paydown + $14k appreciation (7.5% local appreciation)).
• Traverse County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 3, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $129,361 (28.9% 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 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?
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: 0.71% ✗
• Cap rate: 4.68%
• Cash-on-cash: -5.78%
• DSCR: 0.74
• GRM: 11.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

7.5% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 14.4%
• Equity multiple: 2.05×
• Total profit: $53,580
• Equity at exit: $132,105

10-year hold

• IRR: 14.4%
• Equity multiple: 4.28×
• Total profit: $167,093
• Equity at exit: $256,556

Cash invested: $50,960 (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 56296

• Home prices YoY: 4.4%
• Active inventory: 6
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $1,294 medium
• Mortgage (P&I): −$954
• Tax from tax record: −$237 /mo · $2,844/yr
• Insurance: −$76
• HOA: −$0
• Vacancy / Maint / Mgmt: −$272
• Net cashflow: $-245

Break-even live

Break-even rent $1,604

Max offer price $138,666

Occupancy floor —

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: $45,500
• Closing costs: $5,460
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-04-24
   status Pending
2. 2026-03-30
   listed $182,000 Active
3. 2025-09-30
   soldstatus $172,500 Sold 668-char remark

   Show marketing remark (668 chars)

   For sale in Wheaton, MN: This beautifully maintained home, built in 1993, offers comfort and convenience on a spacious corner lot. The main level features three bedrooms, a bright recessed living room, kitchen, dining area, and a laundry room. The primary bedroom includes a private 3/4 ensuite bath. The fully finished, heated, and insulated attached garage adds to the year-round comfort. The lower level boasts a large family room and an additional non-conforming bedroom, perfect for guests or a home office. Surrounded by vibrant perennial gardens and highlighted by a stunning rose bush at the entrance, this home is full of charm and ready for its next chapter.

4. 2025-09-23
   soldstatus $172,500
5. 2025-07-31
   historical Contingent - Subject to Financing 668-char remark

   Show marketing remark (668 chars)

   For sale in Wheaton, MN: This beautifully maintained home, built in 1993, offers comfort and convenience on a spacious corner lot. The main level features three bedrooms, a bright recessed living room, kitchen, dining area, and a laundry room. The primary bedroom includes a private 3/4 ensuite bath. The fully finished, heated, and insulated attached garage adds to the year-round comfort. The lower level boasts a large family room and an additional non-conforming bedroom, perfect for guests or a home office. Surrounded by vibrant perennial gardens and highlighted by a stunning rose bush at the entrance, this home is full of charm and ready for its next chapter.

6. 2025-07-08
   listed $172,500 Active 668-char remark

   Show marketing remark (668 chars)

   For sale in Wheaton, MN: This beautifully maintained home, built in 1993, offers comfort and convenience on a spacious corner lot. The main level features three bedrooms, a bright recessed living room, kitchen, dining area, and a laundry room. The primary bedroom includes a private 3/4 ensuite bath. The fully finished, heated, and insulated attached garage adds to the year-round comfort. The lower level boasts a large family room and an additional non-conforming bedroom, perfect for guests or a home office. Surrounded by vibrant perennial gardens and highlighted by a stunning rose bush at the entrance, this home is full of charm and ready for its next chapter.

ⓘ 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: $2,844 · $237/mo
• Projected year-2 tax: $2,844 · $237/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 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $15,523
• − Mortgage interest: −$10,195
• − Property taxes: −$2,844
• − Insurance: −$910
• − Repairs & maintenance: −$1,242
• − Management: −$1,242
• − Depreciation: −$5,295
• Taxable loss: −$6,204
• Est. tax savings @ 24.0%: +$1,489
• After-tax cash flow: $-1,455/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: Wheaton Area Public School District
• NCES district ID: 2742330
• Math proficiency: 60% ▲ 5.00%
• Reading proficiency: 60% ▼ -3.00%
• Median HH income: $46,753
• Composite: 52.38/100
• National rank: #3421
• State rank: #149 of 467 in MN

Livability — Wheaton

• Score: 75/100
• State rank: #178
• US rank: #3833

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: Wheaton, MN
• Population (ZIP): 1,861

Population outlook (Traverse County) Hauer SSP2

• Today (2025): 3,258 people
• By 2030: 3,194 · -2.0%
• By 2040: 3,066 · -5.9%
• By 2050: 2,946 · -9.6%
• By 2075: 2,901 · -11.0%
• By 2100: 2,885 · -11.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 9% Two or more races 4% Native American 3%
• Hispanic origin (detail): Mexican 8% Puerto Rican 1%
• Common ancestry: Portuguese 13% Lithuanian 3% Scottish 3%
• Foreign-born: 3% · Canada
• Languages at home: 91% English-only · Spanish 7% German/W. Germanic 2% Tagalog/Filipino 1%

Political lean MEDSL · Traverse

• 2024 margin: Solid R (+31.5) · D 33.1% · R 64.7% · Other 2.2%
• 2008→2024 swing: -36.9pp toward R · 2008: 5.4pp · 2024: -31.5pp
• All cycles: 2024: R+31.5 2020: R+27.4 2016: R+23.4 2012: D+4.5 2008: D+5.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.50%
• Current HPI: 178.411
• 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

+5.5% since first listed

6 events — show timeline

• 2026-04-24 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-30 Listed $182,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-30 Sold (MLS) $172,500 NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-23 Sold (Public Records) $172,500 Public Records
• 2025-07-31 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2025-07-08 Listed $172,500 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+4.5%/yr

Latest (2025): $2,844 · +1.3% YoY. Source: county tax records.