20 5th St E · Halstad, MN 56548

$89,900

6 bd · 6.0 ba · 3,087 sqft · MultiFamily · 40 Days on market

Built 1960 Fair condition 9,931 sqft lot

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Why this score? — see what drove the B+ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +6.5/10.0
• Schools +5.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Investment opportunity in Halstad! This triplex features three spacious apartments, each offering 2 bedrooms, 2 bathrooms, and in-unit laundry. Great layout and strong potential for rental income after improvements. Property is being sold AS-IS and priced well below assessed value to account for needed remodeling and updates. Excellent opportunity for investors, flippers, or buyers looking to build equity. • Triplex • 3 units total • Each unit: 2 bed / 2 bath • In-unit laundry in every apartment • Strong value-add potential • Sold as-is Bring your vision and turn this property into a great income-producing asset! Message for more details or to schedule a show

Key facts

• In-unit laundry
• Triplex
• 9,931 sq ft lot

Tags

• TRIPLEX
• IN-UNIT LAUNDRY
• STRONG VALUE-ADD POTENTIAL

Property features AI

Finance

• Other: Turn east on 5th Street off Hwy 75 (directions provided)
• Financial info: 3 total units; Gross income reported as $21,600; Owner insurance expense listed as $1,456; Tenant pays all utilities; Owner pays none of the unit expenses

Exterior

• Parking: Attached garage with asphalt surface; 3 garage spaces
• Utilities: City water connected; City sewer connected; Electric and propane fuel
• Home design: Residential income property — triplex; One level; Above-grade finished area about 3,087 sq ft; Total building area about 4,087 sq ft
• Construction: Asphalt roof (over 8 years old); Concrete perimeter foundation; Foundation area about 4,033
• Exterior features: City street frontage; Lot dimensions approximately 216 x 141 (0.228 acres)

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Total of 6 bedrooms; Each unit includes 2 bedrooms (3 identical units)
• Bathrooms: Each unit has 2 bathrooms (one full and one three-quarter)
• Heating & cooling: Forced air heating; Baseboard heating; Wall cooling units
• Interior features: Unfinished basement; Concrete perimeter foundation
• Laundry & utility: Washer; Dryer; In-unit laundry

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/2-bath units multifamily listed at $90k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $548/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $90k).
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 65/100 on livability (#557 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D+, health & safety D+, schools D-.
• Market conditions: 7 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 $3k of equity ($622 loan paydown + $3k appreciation (3.0% local appreciation)).
• At projected returns (3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.

Recommended offer $87,203 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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?
9. 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.
10. 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.
11. 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: 3.19% ✓
• Cap rate: 28.24%
• Cash-on-cash: 78.39%
• DSCR: 4.49
• GRM: 2.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.95% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 82.8%
• Equity multiple: 5.58×
• Total profit: $115,385
• Equity at exit: $40,185

10-year hold

• IRR: 82.4%
• Equity multiple: 11.50×
• Total profit: $264,327
• Equity at exit: $61,745

Cash invested: $25,172 (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 56548

• Home prices YoY: 2.5%
• Active inventory: 7
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $2,868 medium
• Mortgage (P&I): −$471
• Tax est. 1.5%: −$112 /mo · $1,348/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$602
• Net cashflow: $1,644

Break-even live

Break-even rent $786

Max offer price $89,900

Occupancy floor 38%

Sensitivity live

Price	-10% $1,707	-5% $1,676	+0% $1,644	+5% $1,613	+10% $1,582
Rent	-10% $1,418	-5% $1,531	+0% $1,644	+5% $1,758	+10% $1,871
Rate	-1.0pp $1,690	-0.5pp $1,667	base $1,644	+0.5pp $1,621	+1.0pp $1,597

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	2	$2,868
Total (3 units)			$2,868

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $89,900 Active 40 DOM
2. 2026-06-18
   days on market $89,900 Active 38 DOM
3. 2026-06-17
   days on market $89,900 Active 37 DOM
4. 2026-06-16
   days on market $89,900 Active 36 DOM
5. 2026-06-15
   days on market $89,900 Active 35 DOM
6. 2026-06-13
   days on market $89,900 Active 33 DOM
7. 2026-06-12
   days on market $89,900 Active 32 DOM
8. 2026-06-09
   days on market $89,900 Active 29 DOM
9. 2026-06-08
   days on market $89,900 Active 28 DOM
10. 2026-06-07
    days on market $89,900 Active 27 DOM
11. 2026-06-05
    days on market $89,900 Active 25 DOM
12. 2026-06-04
    days on market $89,900 Active 23 DOM
13. 2026-06-02
    days on market $89,900 Active 22 DOM
14. 2026-06-01
    days on market $89,900 Active 21 DOM
15. 2026-05-31
    days on market $89,900 Active 20 DOM
16. 2026-05-31
    days on market $89,900 Active 19 DOM
17. 2026-05-11
    listed $89,900 Active 705-char remark

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

Taxation est. · year 1

• Rental income: $34,416
• − Mortgage interest: −$5,036
• − Property taxes: −$1,348
• − Insurance: −$450
• − Repairs & maintenance: −$2,753
• − Management: −$2,753
• − Depreciation: −$2,615
• Taxable income: $19,460
• Est. tax owed @ 24.0%: −$4,670
• After-tax cash flow: $15,063/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

Fair 45/100 Moderate rehab

This triplex requires moderate repairs and maintenance to improve its curb appeal and rental value.

Repairs flagged

• Major Paint — Peeling paint indicates significant wear
• Moderate Siding — Weathered siding needs repainting or replacement

Value-add opportunities

• Both Paint and repair exterior — Enhances curb appeal and value
• Both Replace carpet — Fresh carpet improves living space and rental appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · Peeling paint indicates significant wear	Major	$15,000–50,000
Siding · Weathered siding needs repainting or replacement	Moderate	$3,000–15,000
Total estimated repair cost · 2 items		$18,000–65,000

Value-add ROI direction

• Both Paint and repair exterior — Enhances curb appeal and value ↑
• Both Replace carpet — Fresh carpet improves 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)

No district data.

Livability — Halstad

• Score: 65/100
• State rank: #557
• US rank: #13487

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Halstad, MN
• Population (ZIP): 724

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 (78%)
• Race & ethnicity: White 78% Hispanic / Latino 16% Two or more races 12% Black 3% Native American 2%
• Hispanic origin (detail): Mexican 12% Puerto Rican 2%
• Common ancestry: Portuguese 36% Romanian 5% Scottish 4%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2% Russian/Polish/Slavic 1%

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: ▲ 2.95%
• Current HPI: 119.4964
• 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

• 2026-05-11 Listed $89,900 NORTHSTARMLS as Distributed by MLS Grid