1051 W King St · Winona, MN 55987

$189,900

3 bd · 1.0 ba · 1,620 sqft · SingleFamily public records · 4 Days on market

Built 1906 6,141 sqft lot

---

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).

• Cash flow +14.6/30.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• DSCR +4.5/10.0
• Livability +4.0/5.0
• 1% rule +3.5/10.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 3 bedroom, 1 bath home near Cotter School is ready for a new owner. With an open floor plan, hardwood floors, main floor living, a spacious front porch, and a big backyard this house is move-in ready. Potential to be rental certified with additional square footage in the attic that could be finished.

Key facts

• Back yard
• Open concept
• Front porch

Tags

• OPEN CONCEPT
• HARDWOOD FLOORS
• BACK YARD
• FRONT PORCH
• DINING ROOM WINDOWS

Property features AI

Finance

• Other: Lot approximately 0.141 acres (about 50 x 123); Above-grade finished area and main level finished area noted

Exterior

• Parking: No on-site parking listed
• Utilities: City water (connected); City sewer (connected); Natural gas
• Home design: Residential property; One level (single-story); Main floor primary bedroom
• Construction: Block foundation; Has basement (block foundation); Building total area includes finished above- and below-grade space
• Exterior features: Porch; Other exterior features

Interior

• Kitchen: Range; Microwave; Dishwasher; Refrigerator; Kitchen window
• Bedrooms: 3 bedrooms — all on the main level; Bedroom dimensions include 10 x 9, 13 x 10, and 10 x 12
• Flooring: Hardwood floors
• Bathrooms: One 3/4 bath on the main floor; Bathroom dimension 7 x 9
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Ceiling fan(s); Hardwood floors; Kitchen window; Walk-up attic; Porch; Main floor primary bedroom; All living facilities on one level; Main floor primary; Main floor laundry
• Laundry & utility: Main level laundry; Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $46 ($555/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $161k (15.3% below list).
• Recommended offer: $161k (15.3% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 3.9% in Winona — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 81/100 on livability (#63 in MN, #1,558 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-.
• Winona Area Public School District (town): math 33% / reading 40% proficiency, ranked #244 of 301 in MN (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Jefferson Elementary (math 47% / reading 42%, grade F, #534 of 857 statewide, top 66%, 309 students, 48% FRL); Winona Middle (math 23% / reading 38%, grade F, #192 of 258 statewide, top 77%, 641 students, 50% FRL); Winona Senior High (math 37% / reading 47%, grade F, #222 of 471 statewide, top 50%, 881 students, 38% FRL).
• Market conditions: Rents rising fast (+18.0%/yr); 141 active listings in the ZIP; 37 units permitted in Winona County in 2024 (0 in 5+ unit buildings).
• This rent runs 31% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Winona County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 23y 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.

Risks & watch-outs

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

Recommended offer $160,853 (15.3% below list)

Questions for the listing agent

1. Built in 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.85% ✗
• Cap rate: 6.59%
• Cash-on-cash: 1.04%
• DSCR: 1.05
• GRM: 9.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -9.5%
• Equity multiple: 0.64×
• Total profit: $-19,355
• Equity at exit: $28,315

10-year hold

• IRR: 5.4%
• Equity multiple: 1.48×
• Total profit: $25,509
• Equity at exit: $16,419

Cash invested: $53,172 (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 55987

• Rents YoY: 18.0%
• Active inventory: 141
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $1,609 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$150 /mo · $1,794/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$338
• Net cashflow: $46

Break-even live

Break-even rent $1,550

Max offer price $189,900

Occupancy floor 92%

Sensitivity live

Price	-10% $154	-5% $100	+0% $46	+5% $-7	+10% $-61
Rent	-10% $-81	-5% $-17	+0% $46	+5% $110	+10% $173
Rate	-1.0pp $142	-0.5pp $95	base $46	+0.5pp $-3	+1.0pp $-53

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-06-21
   days on market $189,900 Active 4 DOM
2. 2026-06-19
   days on market $189,900 Active 2 DOM
3. 2026-06-17
   remarks 273-char remark
4. 2026-06-17
   listed $189,900 Active 1 DOM

ⓘ 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: $1,794 · $150/mo
• Projected year-2 tax: $1,960 · $163/mo
• Expected delta: +$166/yr (+$14/mo · 9.3%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 14 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: $19,302
• − Mortgage interest: −$10,637
• − Property taxes: −$1,794
• − Insurance: −$950
• − Repairs & maintenance: −$1,544
• − Management: −$1,544
• − Depreciation: −$5,524
• Taxable loss: −$2,691
• Est. tax savings @ 24.0%: +$646
• After-tax cash flow: $1,201/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: Winona Area Public School District
• NCES district ID: 2744070
• Math proficiency: 33% ▼ -16.00%
• Reading proficiency: 40% ▼ -9.00%
• Median HH income: $45,678
• Composite: 31.15/100
• National rank: #6058
• State rank: #244 of 301 in MN

Livability — Winona

• Score: 81/100
• State rank: #63
• US rank: #1558

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Winona, MN
• County: Winona County · 34,072 people
• City population: 34,072
• Metro: Winona, MN
• Population (ZIP): 34,072
• Household income: $61,624
• Rent vs Own: 36.1% rent · 63.9% own
• Severe rent burden: 1525.0

Population outlook (Winona County) Hauer SSP2

• Today (2025): 50,614 people
• By 2030: 50,243 · -0.7%
• By 2040: 48,142 · -4.9%
• By 2050: 45,872 · -9.4%
• By 2075: 42,416 · -16.2%
• By 2100: 40,031 · -20.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 4% Hispanic / Latino 4% Black 2% Asian 2%
• Common ancestry: Portuguese 14% Romanian 12% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Asian/Pacific 1%

Political lean MEDSL · Winona

• 2024 margin: Toss-up / Even · D 46.6% · R 51.5% · Other 1.8%
• 2008→2024 swing: -24.0pp toward R · 2008: 19.1pp · 2024: -4.9pp
• All cycles: 2024: R+4.9 2020: D+0.4 2016: R+2.9 2012: D+12.9 2008: D+19.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -166.61%
• Current HPI: 193.7509
• Rent YoY: ▲ 17.99%
• Metro: Winona, MN
• 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

+163.8% since first listed

12 events — show timeline

• 2026-06-17 Listed $189,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-03-29 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2024-12-20 Listed $184,900 NORTHSTARMLS as Distributed by MLS Grid
• 2023-12-11 Sold (Public Records) $179,800 Public Records
• 2023-12-11 Sold (MLS) $179,800 NORTHSTARMLS as Distributed by MLS Grid
• 2023-09-25 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2023-09-18 Listed $159,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-04-07 Sold (Public Records) $130,000 Public Records
• 2003-05-09 Sold (Public Records) $106,400 Public Records
• 2003-05-09 Sold (MLS) $106,400 NORTHSTARMLS as Distributed by MLS Grid
• 2003-01-06 Listed $113,900 NORTHSTARMLS as Distributed by MLS Grid
• 1997-02-14 Sold (Public Records) $72,000 Public Records

Property tax history

+4.9%/yr

Latest (2025): $1,794 · +6.7% YoY. Source: county tax records.