517 Elliot Dr SE · Grand Meadow, MN 55936

$164,000

2 bd · 2.0 ba · 1,782 sqft · SingleFamily public records · 5 Days on market

Built 2004 10,168 sqft 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 +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +6.5/30.0
• Livability +3.6/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.7/10.0
• DSCR +0.8/10.0

Listing remarks MLS

This 2005 multi-level is located in new development, close to school, has 4 bedrooms, 1 bath and 24x24 2 car garage. Cathedral ceilings on main level over look the large open floor plan. All appliances including washer & dryer! Lower level ready to finish for family room and additional space. Wtih a small amount of work could have 2nd bathroom partially done. G... (see supplement for full remarks)

Key facts

• Concrete porch
• Hot tub
• Open concept

Tags

• OPEN CONCEPT
• CONCRETE PORCH
• POOL
• HOT TUB
• OUTDOOR SHOWER

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $164k.

Deal economics

• At list price, monthly cash flow is $-275 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $115k (29.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $110k (32.9% below list).
• Recommended offer: $110k (32.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 71/100 on livability (#320 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• Grand Meadow Public School District (rural): math 30% / reading 42% proficiency, ranked #239 of 301 in MN (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Grand Meadow Elementary (math 74% / reading 54%, grade B, #130 of 857 statewide, top 18%, 173 students, 32% FRL); Grand Meadow Middle (math 12% / reading 32%, grade F, #225 of 258 statewide, top 89%, 133 students, 34% FRL); Grand Meadow Senior High (math 30% / reading 54%, grade F, #220 of 471 statewide, top 47%, 139 students, 32% FRL).
• Market conditions: 14 active listings in the ZIP; 53 units permitted in Mower County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $18k of equity ($1k loan paydown + $16k appreciation (10.0% local appreciation)).
• By year 3, paydown + projected appreciation supports a ~$44k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 19y 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 $123k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $109,975 (32.9% 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: 0.67% ✗
• Cap rate: 4.28%
• Cash-on-cash: -7.18%
• DSCR: 0.68
• GRM: 12.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 19.2%
• Equity multiple: 2.56×
• Total profit: $71,833
• Equity at exit: $147,744

10-year hold

• IRR: 17.7%
• Equity multiple: 5.91×
• Total profit: $225,351
• Equity at exit: $318,616

Cash invested: $45,920 (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 55936

• Home prices YoY: 12.2%
• Active inventory: 14
• Price-to-rent: 12.4×

Monthly cashflow live

• Estimated rent: $1,100 medium
• Mortgage (P&I): −$860
• Tax from tax record: −$215 /mo · $2,584/yr
• Insurance: −$68
• HOA: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $-275

Break-even live

Break-even rent $1,448

Max offer price $115,438

Occupancy floor —

Sensitivity live

Price	-10% $-182	-5% $-228	+0% $-275	+5% $-321	+10% $-368
Rent	-10% $-362	-5% $-318	+0% $-275	+5% $-231	+10% $-188
Rate	-1.0pp $-192	-0.5pp $-233	base $-275	+0.5pp $-317	+1.0pp $-361

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: $41,000
• Closing costs: $4,920
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-04-24
   status Pending
2. 2026-04-20
   status Active
3. 2026-02-17
   listed $164,000 Active
4. 2018-12-12
   historical 404-char remark

   Show marketing remark (404 chars)

   This 2005 multi-level is located in new development, close to school, has 4 bedrooms, 1 bath and 24x24 2 car garage. Cathedral ceilings on main level over look the large open floor plan. All appliances including washer & dryer! Lower level ready to finish for family room and additional space. Wtih a small amount of work could have 2nd bathroom partially done. G... (see supplement for full remarks)

5. 2008-08-06
   soldstatus $123,000 404-char remark

   Show marketing remark (261 chars)

   This 2005 multi-level is located in new development, close to school, has 4 bedrooms, 1 bath and 24x24 2 car garage. Cathedral ceilings on main level over look the large open floor plan. All appliances including washer & dryer! Lower level ready to finish

6. 2008-08-06
   soldstatus $123,000 261-char remark

   Show marketing remark (261 chars)

   This 2005 multi-level is located in new development, close to school, has 4 bedrooms, 1 bath and 24x24 2 car garage. Cathedral ceilings on main level over look the large open floor plan. All appliances including washer & dryer! Lower level ready to finish

7. 2007-08-29
   listed $119,900 404-char remark

   Show marketing remark (261 chars)

   This 2005 multi-level is located in new development, close to school, has 4 bedrooms, 1 bath and 24x24 2 car garage. Cathedral ceilings on main level over look the large open floor plan. All appliances including washer & dryer! Lower level ready to finish

8. 2007-08-29
   listed $119,900 261-char remark

   Show marketing remark (261 chars)

   This 2005 multi-level is located in new development, close to school, has 4 bedrooms, 1 bath and 24x24 2 car garage. Cathedral ceilings on main level over look the large open floor plan. All appliances including washer & dryer! Lower level ready to finish

9. 2007-08-07
   soldstatus $131,910
10. 2006-04-28
    soldstatus $116,982
11. 2005-03-11
    soldstatus $30,000

ⓘ 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: $2,584 · $215/mo
• Projected year-2 tax: $2,584 · $215/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 FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,197
• − Mortgage interest: −$9,187
• − Property taxes: −$2,584
• − Insurance: −$820
• − Repairs & maintenance: −$1,056
• − Management: −$1,056
• − Depreciation: −$4,771
• Taxable loss: −$6,276
• Est. tax savings @ 24.0%: +$1,506
• After-tax cash flow: $-1,793/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: Grand Meadow Public School District
• NCES district ID: 2713140
• Math proficiency: 30% ▼ -12.00%
• Reading proficiency: 42% ▼ -11.00%
• Median HH income: $59,026
• Composite: 32.0/100
• National rank: #5832
• State rank: #239 of 301 in MN

Livability — Grand Meadow

• Score: 71/100
• State rank: #320
• US rank: #7163

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Grand Meadow, MN
• Population (ZIP): 1,763

Population outlook (Mower County) Hauer SSP2

• Today (2025): 39,967 people
• By 2030: 40,204 · +0.6%
• By 2040: 40,509 · +1.4%
• By 2050: 40,841 · +2.2%
• By 2075: 42,029 · +5.2%
• By 2100: 42,272 · +5.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Portuguese 23% Romanian 3% Iranian 2%
• Foreign-born: 2% · South Korea
• Languages at home: 98% English-only · Russian/Polish/Slavic 1%

Political lean MEDSL · Mower

• 2024 margin: R (+10.5) · D 43.9% · R 54.4% · Other 1.7%
• 2008→2024 swing: -34.1pp toward R · 2008: 23.6pp · 2024: -10.5pp
• All cycles: 2024: R+10.5 2020: R+5.8 2016: R+7.8 2012: D+22.7 2008: D+23.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 29.67%
• Current HPI: 273.2614
• 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

+446.7% since first listed

11 events — show timeline

• 2026-04-24 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-20 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-17 Listed $164,000 NORTHSTARMLS as Distributed by MLS Grid
• 2018-12-12 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2008-08-06 Sold (MLS) $123,000 NORTHSTARMLS as Distributed by MLS Grid
• 2008-08-06 Sold (MLS) $123,000 NORTHSTARMLS as Distributed by MLS Grid
• 2007-08-29 Listed $119,900 NORTHSTARMLS as Distributed by MLS Grid
• 2007-08-29 Listed $119,900 NORTHSTARMLS as Distributed by MLS Grid
• 2007-08-07 Sold (Public Records) $131,910 Public Records
• 2006-04-28 Sold (Public Records) $116,982 Public Records
• 2005-03-11 Sold (Public Records) $30,000 Public Records

Property tax history

+3.6%/yr

Latest (2025): $2,584 · -27.4% YoY. Source: county tax records.