406 E Ciro St · Truman, MN 56088

$134,000

4 bd · 2.0 ba · 1,324 sqft · SingleFamily public records · 147 Days on market

Built 1905 0.33 ac lot $101/sqft · 6% above area Est $126k · 6% over

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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 +21.6/30.0
• Appreciation +10.0/10.0
• DSCR +6.9/10.0
• 1% rule +5.1/10.0
• ARV discount +4.8/15.0
• Schools +3.9/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This beautiful and move-in ready home with 4 bedrooms and 2 baths is now on the market! The main floor features include laminate wood flooring, main floor laundry, a full bath, and a bedroom. This home has had many updates over the years which include a newer roof, new windows, vinyl siding, and new paint. The backyard is quiet and fenced in for pets or kids. There is alley access behind the house with a large single-stall garage and additional parking for 2-3 more cars behind the property.

Key facts

• Fenced in yard
• Detached garage
• 0.33 acre lot

Tags

• MAIN-LEVEL PRIMARY BEDROOM
• DETACHED GARAGE
• FENCED IN YARD

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $134k.

Deal economics

• At list price, monthly cash flow is $203 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $134k).
• Recommended offer: $118k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 76/100 on livability (#150 in MN, #3,331 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, amenities F, commute F.
• Truman Public School District (rural): math 30% / reading 55% proficiency, ranked #343 of 467 in MN (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 16 active listings in the ZIP; 19 units permitted in Martin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $14k of equity ($926 loan paydown + $13k appreciation (10.0% local appreciation)).
• Martin County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 147 days — a 12% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y 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 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $117,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 147 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1905 — 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. 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: 1.01% ✓
• Cap rate: 8.11%
• Cash-on-cash: 6.51%
• DSCR: 1.29
• GRM: 8.2

CMA / ARV

• ARV (median comp): $126,310
• List price: $134,000
• Delta: 6.09%
• Verdict: FAIR
• Comps: 4 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 29.0%
• Equity multiple: 3.29×
• Total profit: $85,920
• Equity at exit: $120,718

10-year hold

• IRR: 25.2%
• Equity multiple: 7.47×
• Total profit: $242,804
• Equity at exit: $260,333

Cash invested: $37,520 (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 56088

• Home prices YoY: 6.4%
• Active inventory: 16
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,357 medium
• Mortgage (P&I): −$703
• Tax from tax record: −$110 /mo · $1,322/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $203

Break-even live

Break-even rent $1,100

Max offer price $134,000

Occupancy floor 80%

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: $33,500
• Closing costs: $4,020
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-06-18
   days on market $134,000 Active 147 DOM
2. 2026-06-17
   days on market $134,000 Active 146 DOM
3. 2026-06-16
   days on market $134,000 Active 145 DOM
4. 2026-06-15
   days on market $134,000 Active 144 DOM
5. 2026-06-13
   days on market $134,000 Active 142 DOM
6. 2026-06-12
   days on market $134,000 Active 141 DOM
7. 2026-06-09
   days on market $134,000 Active 138 DOM
8. 2026-06-08
   days on market $134,000 Active 137 DOM
9. 2026-06-07
   days on market $134,000 Active 136 DOM
10. 2026-06-05
    days on market $134,000 Active 134 DOM
11. 2026-06-04
    days on market $134,000 Active 132 DOM
12. 2026-06-02
    days on market $134,000 Active 131 DOM
13. 2026-06-01
    days on market $134,000 Active 130 DOM
14. 2026-05-31
    days on market $134,000 Active 129 DOM
15. 2026-05-31
    days on market $134,000 Active 128 DOM
16. 2026-03-26
    price $134,000
17. 2023-08-23
    soldstatus $130,000 Sold 495-char remark

    Show marketing remark (495 chars)

    This beautiful and move-in ready home with 4 bedrooms and 2 baths is now on the market! The main floor features include laminate wood flooring, main floor laundry, a full bath, and a bedroom. This home has had many updates over the years which include a newer roof, new windows, vinyl siding, and new paint. The backyard is quiet and fenced in for pets or kids. There is alley access behind the house with a large single-stall garage and additional parking for 2-3 more cars behind the property.

18. 2023-08-23
    soldstatus $130,000

    Show marketing remark (495 chars)

    This beautiful and move-in ready home with 4 bedrooms and 2 baths is now on the market! The main floor features include laminate wood flooring, main floor laundry, a full bath, and a bedroom. This home has had many updates over the years which include a newer roof, new windows, vinyl siding, and new paint. The backyard is quiet and fenced in for pets or kids. There is alley access behind the house with a large single-stall garage and additional parking for 2-3 more cars behind the property.

19. 2023-07-27
    status Pending 495-char remark

    Show marketing remark (495 chars)

    This beautiful and move-in ready home with 4 bedrooms and 2 baths is now on the market! The main floor features include laminate wood flooring, main floor laundry, a full bath, and a bedroom. This home has had many updates over the years which include a newer roof, new windows, vinyl siding, and new paint. The backyard is quiet and fenced in for pets or kids. There is alley access behind the house with a large single-stall garage and additional parking for 2-3 more cars behind the property.

20. 2023-07-03
    listed $140,000 Active 495-char remark

    Show marketing remark (495 chars)

    This beautiful and move-in ready home with 4 bedrooms and 2 baths is now on the market! The main floor features include laminate wood flooring, main floor laundry, a full bath, and a bedroom. This home has had many updates over the years which include a newer roof, new windows, vinyl siding, and new paint. The backyard is quiet and fenced in for pets or kids. There is alley access behind the house with a large single-stall garage and additional parking for 2-3 more cars behind the property.

21. 2023-04-25
    historical
22. 2023-02-14
    listed $160,000 Active
23. 2022-09-23
    soldstatus $65,000
24. 2021-12-27
    soldstatus $88,000 Sold
25. 2021-11-02
    status Pending
26. 2021-10-20
    status Active
27. 2021-10-19
    status Pending
28. 2021-10-07
    price $97,000
29. 2021-09-04
    listed $99,900 Active
30. 1992-06-02
    soldstatus $14,000
31. 1992-04-21
    soldstatus $14,000

ⓘ 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: $1,322 · $110/mo
• Projected year-2 tax: $1,411 · $118/mo
• Expected delta: +$89/yr (+$7/mo · 6.8%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°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: $16,285
• − Mortgage interest: −$7,506
• − Property taxes: −$1,322
• − Insurance: −$670
• − Repairs & maintenance: −$1,303
• − Management: −$1,303
• − Depreciation: −$3,898
• Taxable income: $283
• Est. tax owed @ 24.0%: −$68
• After-tax cash flow: $2,373/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: Truman Public School District
• NCES district ID: 2740680
• Math proficiency: 30% ▼ -10.00%
• Reading proficiency: 55% ▲ 10.00%
• Median HH income: $51,077
• Composite: 38.94/100
• National rank: #8312
• State rank: #343 of 467 in MN

Livability — Truman

• Score: 76/100
• State rank: #150
• US rank: #3331

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: Truman, MN
• Population (ZIP): 2,063

Population outlook (Martin County) Hauer SSP2

• Today (2025): 18,583 people
• By 2030: 17,814 · -4.1%
• By 2040: 16,312 · -12.2%
• By 2050: 15,021 · -19.2%
• By 2075: 13,025 · -29.9%
• By 2100: 11,311 · -39.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 4%
• Common ancestry: Portuguese 9% Romanian 5% Scottish 3%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Other Indo-European 3% Spanish 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Martin

• 2024 margin: Solid R (+39.7) · D 29.5% · R 69.1% · Other 1.4%
• 2008→2024 swing: -24.4pp toward R · 2008: -15.2pp · 2024: -39.7pp
• All cycles: 2024: R+39.7 2020: R+37.9 2016: R+41.4 2012: R+23.8 2008: R+15.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 16.26%
• Current HPI: 271.5076
• 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

+857.1% since first listed

16 events — show timeline

• 2026-03-26 Price Changed $134,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-08-23 Sold (Public Records) $130,000 Public Records
• 2023-08-23 Sold (MLS) $130,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-07-27 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2023-07-03 Listed $140,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-04-25 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2023-02-14 Listed $160,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-09-23 Sold (Public Records) $65,000 Public Records
• 2021-12-27 Sold (MLS) $88,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-11-02 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-10-20 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2021-10-19 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-10-07 Price Changed $97,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-09-04 Listed $99,900 NORTHSTARMLS as Distributed by MLS Grid
• 1992-06-02 Sold (Public Records) $14,000 Public Records
• 1992-04-21 Sold (Public Records) $14,000 Public Records

Property tax history

+15.5%/yr

Latest (2025): $1,322 · +79.1% YoY. Source: county tax records.