122 Carimona St W

Wykoff, MN 55990

$115,000B-

3 bd · 1.0 ba · 1,474 sqft · Built 1870 · SingleFamily · Pending · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,279/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$160
• HOA: −$0
• Vac / Maint / Mgmt: −$269
• Net cashflow: $247/mo
• Annual: $2,964/yr
• Cap rate: 8.87%
• Cash-on-cash: 9.21%
• DSCR: 1.41
• 1% rule: 1.11%
• Cash to close: $32,200

Investor read

• This is a 3-bed/1.0-bath single-family listed at $115k.
• At list price, monthly cash flow is $247 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $8k of equity ($795 loan paydown + $7k appreciation (5.9% local appreciation)).
• Location reads 66/100 on livability (#492 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: crime D+, amenities F, commute F.
• Kingsland Public School District (rural): math 34% / reading 56% proficiency, ranked #178 of 301 in MN (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 8 active listings in the ZIP; 65 units permitted in Fillmore County in 2024 (0 in 5+ unit buildings).
• Fillmore County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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 $66k; list at $115k implies a 73% gain — meaningful room to come down on a strong offer.
• At projected returns (5.9% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.
• 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.
• 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.