351 Hansen St · Iona, MN 56141

$15,000

3 bd · 1.0 ba · 1,200 sqft · SingleFamily · 84 Days on market

Built 1906 0.28 ac lot $12/sqft · 85% below area

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Why this score? — see what drove the C- 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 +15.0/30.0
• ARV discount +7.5/15.0
• Schools +5.5/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Appreciation +5.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Calling all contractors, flippers, and savvy buy-and-hold investors. This property is the definition of a "diamond in the rough" with the footprint to become a high-performing rental or a stunning resale. More than enough room to optimize the floor plan, potentially adding a bedroom or office to maximize ROI. Ready for a full cosmetic overhaul or a structural reimagining. Priced to reflect the work needed, allowing you to build immediate equity upon completion.

Key facts

• 0.28 acre lot
• Built 1906
• Listed 84 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $15k.

Deal economics

• At list price, monthly cash flow is $737 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $15k).
• Recommended offer: $14k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 61/100 on livability (#725 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety D+, crime D, schools F.
• Murray County Central School District (rural): math 68% / reading 60% proficiency, ranked #28 of 301 in MN (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 3 active listings in the ZIP; 21 units permitted in Murray County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $554 of equity ($104 loan paydown + $450 appreciation (3.0% local appreciation)).
• Murray County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($14k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $10k; list at $15k implies a 50% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $14,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 84 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
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 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: 7.17% ✓
• Cap rate: 65.24%
• Cash-on-cash: 210.53%
• DSCR: 10.37
• GRM: 1.2

CMA / ARV

• ARV (median comp): $98,649
• List price: $15,000
• Delta: -84.79%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 12.61×
• Total profit: $48,760
• Equity at exit: $6,745

10-year hold

• IRR: —
• Equity multiple: 26.68×
• Total profit: $107,841
• Equity at exit: $10,394

Cash invested: $4,200 (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 56141

• Active inventory: 3
• Price-to-rent: 1.2×

Monthly cashflow live

• Estimated rent: $1,076 medium
• Mortgage (P&I): −$79
• Tax from tax record: −$28 /mo · $338/yr
• Insurance: −$6
• HOA: −$0
• Vacancy / Maint / Mgmt: −$226
• Net cashflow: $737

Break-even live

Break-even rent $143

Max offer price $15,000

Occupancy floor 27%

Sensitivity live

Price	-10% $745	-5% $741	+0% $737	+5% $733	+10% $728
Rent	-10% $652	-5% $694	+0% $737	+5% $779	+10% $822
Rate	-1.0pp $744	-0.5pp $741	base $737	+0.5pp $733	+1.0pp $729

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: $3,750
• Closing costs: $450
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-06
   status Pending 476-char remark

   Show marketing remark (476 chars)

   Calling all contractors, flippers, and savvy buy-and-hold investors. This property is the definition of a "diamond in the rough" with the footprint to become a high-performing rental or a stunning resale. More than enough room to optimize the floor plan, potentially adding a bedroom or office to maximize ROI. Ready for a full cosmetic overhaul or a structural reimagining. Priced to reflect the work needed, allowing you to build immediate equity upon completion.

2. 2026-04-30
   price $15,000 476-char remark

   Show marketing remark (476 chars)

   Calling all contractors, flippers, and savvy buy-and-hold investors. This property is the definition of a "diamond in the rough" with the footprint to become a high-performing rental or a stunning resale. More than enough room to optimize the floor plan, potentially adding a bedroom or office to maximize ROI. Ready for a full cosmetic overhaul or a structural reimagining. Priced to reflect the work needed, allowing you to build immediate equity upon completion.

3. 2026-02-11
   listed $20,000 Active 476-char remark

   Show marketing remark (476 chars)

   Calling all contractors, flippers, and savvy buy-and-hold investors. This property is the definition of a "diamond in the rough" with the footprint to become a high-performing rental or a stunning resale. More than enough room to optimize the floor plan, potentially adding a bedroom or office to maximize ROI. Ready for a full cosmetic overhaul or a structural reimagining. Priced to reflect the work needed, allowing you to build immediate equity upon completion.

4. 2011-10-31
   soldstatus $10,000

ⓘ 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: $338 · $28/mo
• Projected year-2 tax: $338 · $28/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $12,910
• − Mortgage interest: −$840
• − Property taxes: −$338
• − Insurance: −$75
• − Repairs & maintenance: −$1,033
• − Management: −$1,033
• − Depreciation: −$436
• Taxable income: $9,155
• Est. tax owed @ 24.0%: −$2,197
• After-tax cash flow: $6,645/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: Murray County Central School District
• NCES district ID: 2700090
• Math proficiency: 68% ▲ 8.00%
• Reading proficiency: 60% ▼ -6.00%
• Median HH income: $50,848
• Composite: 54.52/100
• National rank: #1344
• State rank: #28 of 301 in MN

Livability — Iona

• Score: 61/100
• State rank: #725
• US rank: #17488

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: Iona, MN
• Population (ZIP): 338

Population outlook (Murray County) Hauer SSP2

• Today (2025): 7,978 people
• By 2030: 7,715 · -3.3%
• By 2040: 7,213 · -9.6%
• By 2050: 6,820 · -14.5%
• By 2075: 6,371 · -20.1%
• By 2100: 5,729 · -28.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 8%
• Common ancestry: Portuguese 10% Iranian 8% Romanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 93% English-only · Other Asian/Pacific 6% Spanish 1%

Political lean MEDSL · Murray

• 2024 margin: Solid R (+42.4) · D 27.9% · R 70.4% · Other 1.7%
• 2008→2024 swing: -42.9pp toward R · 2008: 0.5pp · 2024: -42.4pp
• All cycles: 2024: R+42.4 2020: R+39.1 2016: R+36.2 2012: R+7.2 2008: D+0.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

+50.0% since first listed

4 events — show timeline

• 2026-05-06 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-30 Price Changed $15,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-11 Listed $20,000 NORTHSTARMLS as Distributed by MLS Grid
• 2011-10-31 Sold (Public Records) $10,000 Public Records

Property tax history

+5.3%/yr

Latest (2026): $338 · +81.7% YoY. Source: county tax records.