902 9th St SW · Perham, MN 56573

$285,000

2 bd · 2.0 ba · 2,904 sqft · Townhouse public records · 183 Days on market

Built 2013 6,185 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).

• Cash flow +11.2/30.0
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• Livability +3.5/5.0
• DSCR +3.3/10.0
• 1% rule +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

New Construction, 2 bdrm 2 bath twin home. In floor heating, Finished att. Garage, One level living. Maple cabinetry, 3 season patio. Allowances for appliances and flooring. Contract for Deed Option.

Key facts

• Twin home
• Insulated garage
• Southern exposure

Tags

• TWIN HOME
• SOUTHERN EXPOSURE
• WALK-IN CLOSET
• PRIVATE EN-SUITE BATHROOM
• GENEROUS CLOSET SPACE
• INSULATED GARAGE

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath townhouse listed at $285k.

Deal economics

• At list price, monthly cash flow is $-111 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $265k (6.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $215k (24.5% below list).
• Recommended offer: $215k (24.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 70/100 on livability (#328 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Perham-Dent Public School District (town): math 45% / reading 57% proficiency, ranked #110 of 301 in MN (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 92 active listings in the ZIP; 140 units permitted in Otter Tail County in 2024 (48 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 183 days — a 12% lower offer ($251k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 12y 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 $158k; list at $285k implies a 80% gain — meaningful room to come down on a strong offer.

Recommended offer $215,075 (24.5% 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. It's been on market 183 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
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 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?
6. 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?
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: 0.75% ✗
• Cap rate: 5.83%
• Cash-on-cash: -1.67%
• DSCR: 0.93
• GRM: 11.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -19.1%
• Equity multiple: 0.33×
• Total profit: $-53,311
• Equity at exit: $42,494

10-year hold

• IRR: -11.7%
• Equity multiple: 0.30×
• Total profit: $-55,783
• Equity at exit: $24,642

Cash invested: $79,800 (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 56573

• Home prices YoY: -15.8%
• Active inventory: 92
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $2,151 medium
• Mortgage (P&I): −$1,495
• Tax from tax record: −$197 /mo · $2,360/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$452
• Net cashflow: $-111

Break-even live

Break-even rent $2,291

Max offer price $265,410

Occupancy floor —

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-03-17
   status Pending
2. 2026-03-10
   status Active
3. 2026-03-02
   historical Contingent - Inspection
4. 2025-09-15
   listed $285,000 Active
5. 2014-05-08
   soldstatus $158,000 201-char remark

   Show marketing remark (199 chars)

   New Construction, 2 bdrm 2 bath twin home. In floor heating, Finished att. Garage, One level living. Maple cabinetry, 3 season patio. Allowances for appliances and flooring. Contract for Deed Option.

6. 2014-05-08
   soldstatus $158,000 Sold 199-char remark

   Show marketing remark (199 chars)

   New Construction, 2 bdrm 2 bath twin home. In floor heating, Finished att. Garage, One level living. Maple cabinetry, 3 season patio. Allowances for appliances and flooring. Contract for Deed Option.

7. 2014-04-01
   status Pending 199-char remark

   Show marketing remark (199 chars)

   New Construction, 2 bdrm 2 bath twin home. In floor heating, Finished att. Garage, One level living. Maple cabinetry, 3 season patio. Allowances for appliances and flooring. Contract for Deed Option.

8. 2014-03-25
   listed $158,500 Active 199-char remark

   Show marketing remark (199 chars)

   New Construction, 2 bdrm 2 bath twin home. In floor heating, Finished att. Garage, One level living. Maple cabinetry, 3 season patio. Allowances for appliances and flooring. Contract for Deed Option.

9. 2014-02-20
   listed $158,500 201-char remark

   Show marketing remark (201 chars)

   New Construction, 2 bdrm 2 bath twin home. In floor heating, Finished att. Garage, One level living. Maple cabinetry, 3 season patio. Allowances for appliances and flooring. Contract for Deed Option.

ⓘ 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: $2,360 · $197/mo
• Projected year-2 tax: $2,776 · $231/mo
• Expected delta: +$416/yr (+$35/mo · 17.6%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate 12% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥97°F today · 12 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,809
• − Mortgage interest: −$15,964
• − Property taxes: −$2,360
• − Insurance: −$1,425
• − Repairs & maintenance: −$2,065
• − Management: −$2,065
• − Depreciation: −$8,291
• Taxable loss: −$6,361
• Est. tax savings @ 24.0%: +$1,527
• After-tax cash flow: $196/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: Perham-Dent Public School District
• NCES district ID: 2728230
• Math proficiency: 45% ▼ -14.00%
• Reading proficiency: 57% ▼ -5.00%
• Median HH income: $50,712
• Composite: 43.64/100
• National rank: #2966
• State rank: #110 of 301 in MN

Livability — Perham

• Score: 70/100
• State rank: #328
• US rank: #7425

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Perham, MN
• Population (ZIP): 6,868

Population outlook (Otter Tail County) Hauer SSP2

• Today (2025): 58,183 people
• By 2030: 58,267 · +0.1%
• By 2040: 57,999 · -0.3%
• By 2050: 57,183 · -1.7%
• By 2075: 57,638 · -0.9%
• By 2100: 54,697 · -6.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 9% Two or more races 6% Black 1%
• Hispanic origin (detail): Mexican 2% Dominican 1%
• Common ancestry: Portuguese 18% Romanian 6% Lithuanian 3%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 7%

Political lean MEDSL · Otter Tail

• 2024 margin: Solid R (+34.2) · D 32.1% · R 66.3% · Other 1.6%
• 2008→2024 swing: -21.3pp toward R · 2008: -12.9pp · 2024: -34.2pp
• All cycles: 2024: R+34.2 2020: R+32.5 2016: R+35.9 2012: R+21.2 2008: R+12.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -42.48%
• Current HPI: 225.7071
• 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

+79.8% since first listed

9 events — show timeline

• 2026-03-17 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-10 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-02 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-15 Listed $285,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-05-08 Sold (MLS) $158,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-05-08 Sold (MLS) $158,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-04-01 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2014-03-25 Listed $158,500 NORTHSTARMLS as Distributed by MLS Grid
• 2014-02-20 Listed $158,500 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+7.5%/yr

Latest (2025): $2,360 · -2.7% YoY. Source: county tax records.