187 3rd St · Dawson, MN 56232

$120,000

3 bd · 2.0 ba · 1,502 sqft · SingleFamily · 50 Days on market

Built 1936 0.32 ac lot ↓ 20% since listing

---

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 +17.6/30.0
• ARV discount +7.5/15.0
• Appreciation +7.1/10.0
• DSCR +5.5/10.0
• 1% rule +5.2/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Wonderful 3 bedroom, 2 bath home located on a spacious corner lot. Home includes newer flooring in the kitchen as well as main level laundry, full bath and bedroom. Upstairs provides a wonderful layout with 2 good sized bedrooms and a full bathroom. A large, unfinished basement provides plenty of room for storage, a work bench or finish it for added living space or bedrooms. A large detached shed provides an insulated space with plenty of room for all your vehicles and toys and a tall enough ceiling to allow a semi-tractor to be parked inside! Come take a look!

Key facts

• Newer flooring
• Unfinished basement
• Insulated space

Tags

• CORNER LOT
• NEWER FLOORING
• MAIN LEVEL LAUNDRY
• UNFINISHED BASEMENT
• DETACHED SHED
• INSULATED SPACE

Property features AI

Exterior

• Parking: Attached 2-car garage (32 x 40; 1,280 sq ft)
• Utilities: City water (connected / in street); City sewer (connected / in street); Electric service
• Home design: Residential property; Two levels
• Construction: Frame construction; Block foundation; Foundation dimensions 26 x 40; Roof age 8 years or newer
• Exterior features: Vinyl exterior; Lot about 0.321 acres (approx. 100 x 140)

Interior

• Kitchen: Cooktop; Range; Microwave; Refrigerator; Exhaust fan; Electric water heater
• Bedrooms: 3 bedrooms (one on the main floor)
• Bathrooms: 2 full bathrooms (one on the main floor, one on the upper level)
• Heating & cooling: Heat pump; Central air
• Interior features: Ceiling fan(s); Grab bars in bathroom; Main floor primary bedroom
• Laundry & utility: Washer; Dryer; Sump pump

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $94 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 77/100 on livability (#145 in MN, #3,213 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Dawson-Boyd Public School District (rural): math 42% / reading 58% proficiency, ranked #124 of 301 in MN (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 29 active listings in the ZIP; 9 units permitted in Lac qui Parle County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($830 loan paydown + $5k appreciation (4.2% local appreciation)).
• Lac qui Parle County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.2% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 6, 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 50 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1936 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $116,400 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1936 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.02% ✓
• Cap rate: 7.23%
• Cash-on-cash: 3.35%
• DSCR: 1.15
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.24% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 13.9%
• Equity multiple: 1.85×
• Total profit: $28,529
• Equity at exit: $62,531

10-year hold

• IRR: 15.0%
• Equity multiple: 3.50×
• Total profit: $83,842
• Equity at exit: $103,645

Cash invested: $33,600 (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 56232

• Home prices YoY: 2.1%
• Active inventory: 29
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,219 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$190 /mo · $2,280/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $94

Break-even live

Break-even rent $1,100

Max offer price $120,000

Occupancy floor 87%

Sensitivity live

Price	-10% $162	-5% $128	+0% $94	+5% $60	+10% $26
Rent	-10% $-3	-5% $46	+0% $94	+5% $142	+10% $190
Rate	-1.0pp $154	-0.5pp $124	base $94	+0.5pp $63	+1.0pp $31

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $120,000 Active 50 DOM
2. 2026-06-18
   days on market $120,000 Active 48 DOM
3. 2026-06-17
   days on market $120,000 Active 47 DOM
4. 2026-06-16
   days on market $120,000 Active 46 DOM
5. 2026-06-15
   days on market $120,000 Active 45 DOM
6. 2026-06-13
   days on market $120,000 Active 43 DOM
7. 2026-06-12
   days on market $120,000 Active 42 DOM
8. 2026-06-09
   days on market $120,000 Active 39 DOM
9. 2026-06-08
   days on market $120,000 Active 38 DOM
10. 2026-06-07
    days on market $120,000 Active 37 DOM
11. 2026-06-05
    days on market $120,000 Active 35 DOM
12. 2026-06-04
    days on market $120,000 Active 33 DOM
13. 2026-06-03
    price $120,000 Active 32 DOM
14. 2026-06-02
    days on market $149,900 Active 32 DOM
15. 2026-06-01
    days on market $149,900 Active 31 DOM
16. 2026-05-31
    days on market $149,900 Active 30 DOM
17. 2026-05-31
    days on market $149,900 Active 29 DOM
18. 2026-05-01
    listed $149,900 Active 572-char remark

ⓘ 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: $2,280 · $190/mo
• Projected year-2 tax: $2,280 · $190/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 ≥100°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,629
• − Mortgage interest: −$6,722
• − Property taxes: −$2,280
• − Insurance: −$600
• − Repairs & maintenance: −$1,170
• − Management: −$1,170
• − Depreciation: −$3,491
• Taxable loss: −$805
• Est. tax savings @ 24.0%: +$193
• After-tax cash flow: $1,318/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: Dawson-Boyd Public School District
• NCES district ID: 2710090
• Math proficiency: 42% ▼ -17.00%
• Reading proficiency: 58% ▼ -7.00%
• Median HH income: $47,615
• Composite: 42.5/100
• National rank: #3204
• State rank: #124 of 301 in MN

Livability — Dawson

• Score: 77/100
• State rank: #145
• US rank: #3213

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dawson, MN
• Population (ZIP): 2,365

Population outlook (Lac qui Parle County) Hauer SSP2

• Today (2025): 6,291 people
• By 2030: 6,021 · -4.3%
• By 2040: 5,517 · -12.3%
• By 2050: 5,094 · -19.0%
• By 2075: 4,640 · -26.2%
• By 2100: 4,173 · -33.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 5% Hispanic / Latino 5%
• Common ancestry: Portuguese 41% English 3% Scottish 2%
• Foreign-born: 4% · Canada
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Lac qui Parle

• 2024 margin: Solid R (+32.2) · D 32.9% · R 65.2% · Other 1.9%
• 2008→2024 swing: -38.2pp toward R · 2008: 5.9pp · 2024: -32.2pp
• All cycles: 2024: R+32.2 2020: R+26.8 2016: R+25.9 2012: D+0.9 2008: D+5.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.24%
• Current HPI: 210.1619
• 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

-19.9% since first listed

2 events — show timeline

• 2026-06-02 Price Changed $120,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-01 Listed $149,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+7.9%/yr

Latest (2026): $2,280 · +5.7% YoY. Source: county tax records.