623 E Adams Ave · Mahnomen, MN 56557

$69,900

2 bd · 1.0 ba · 958 sqft · Other · 244 Days on market

Built 1930 0.69 ac lot

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Why this score? — see what drove the B 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 +29.0/30.0
• DSCR +10.0/10.0
• Appreciation +8.1/10.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0

Listing remarks MLS

*PRICE REDUCED* Affordable Small-Town Opportunity! Great investment or starter home with tons of potential! This 2-bedroom, 1-bath property is situated in a quiet small-town setting and offers solid bones with just minor cosmetic updates needed — a little paint, new flooring, fresh fixtures, and a deep clean will make this home shine. Functional layout with an open living area, main-floor laundry, and spacious kitchen. Perfect for a handy homeowner or investor looking for a quick and simple flip project. Priced to sell and ready for your finishing touches!

Key facts

• Solid bones
• Spacious kitchen
• Open living area

Tags

• OPEN LIVING AREA
• MAIN-FLOOR LAUNDRY
• SPACIOUS KITCHEN
• SOLID BONES

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $70k.

Deal economics

• At list price, monthly cash flow is $240 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($876 rent vs $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 70/100 on livability (#348 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D, amenities F, commute F.
• Mahnomen Public School District (rural): math 21% / reading 26% proficiency, ranked #286 of 301 in MN (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 14 active listings in the ZIP.

Forward outlook

• In year one you build about $5k of equity ($483 loan paydown + $4k appreciation (6.2% local appreciation)).
• Mahnomen County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (6.2% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 7, 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 244 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $61,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 244 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 1930 — 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. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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.
7. 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.
8. 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: 1.25% ✓
• Cap rate: 10.42%
• Cash-on-cash: 14.73%
• DSCR: 1.66
• GRM: 6.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.24% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 28.1%
• Equity multiple: 2.86×
• Total profit: $36,467
• Equity at exit: $45,000

10-year hold

• IRR: 26.1%
• Equity multiple: 5.86×
• Total profit: $95,024
• Equity at exit: $82,534

Cash invested: $19,572 (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 56557

• Home prices YoY: 4.3%
• Active inventory: 14
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $876 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$56 /mo · $670/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$184
• Net cashflow: $240

Break-even live

Break-even rent $572

Max offer price $69,900

Occupancy floor 68%

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $69,900 Active 244 DOM
2. 2026-06-17
   days on market $69,900 Active 243 DOM
3. 2026-06-16
   days on market $69,900 Active 242 DOM
4. 2026-06-15
   days on market $69,900 Active 241 DOM
5. 2026-06-13
   days on market $69,900 Active 239 DOM
6. 2026-06-12
   days on market $69,900 Active 238 DOM
7. 2026-06-09
   days on market $69,900 Active 235 DOM
8. 2026-06-08
   days on market $69,900 Active 234 DOM
9. 2026-06-07
   days on market $69,900 Active 233 DOM
10. 2026-06-05
    days on market $69,900 Active 231 DOM
11. 2026-06-04
    days on market $69,900 Active 229 DOM
12. 2026-06-02
    days on market $69,900 Active 228 DOM
13. 2026-06-01
    days on market $69,900 Active 227 DOM
14. 2026-05-31
    days on market $69,900 Active 226 DOM
15. 2026-05-31
    days on market $69,900 Active 225 DOM
16. 2026-04-17
    price $69,900 568-char remark

    Show marketing remark (568 chars)

    *PRICE REDUCED* Affordable Small-Town Opportunity! Great investment or starter home with tons of potential! This 2-bedroom, 1-bath property is situated in a quiet small-town setting and offers solid bones with just minor cosmetic updates needed — a little paint, new flooring, fresh fixtures, and a deep clean will make this home shine. Functional layout with an open living area, main-floor laundry, and spacious kitchen. Perfect for a handy homeowner or investor looking for a quick and simple flip project. Priced to sell and ready for your finishing touches!

17. 2026-01-08
    price $75,000 568-char remark

    Show marketing remark (568 chars)

    *PRICE REDUCED* Affordable Small-Town Opportunity! Great investment or starter home with tons of potential! This 2-bedroom, 1-bath property is situated in a quiet small-town setting and offers solid bones with just minor cosmetic updates needed — a little paint, new flooring, fresh fixtures, and a deep clean will make this home shine. Functional layout with an open living area, main-floor laundry, and spacious kitchen. Perfect for a handy homeowner or investor looking for a quick and simple flip project. Priced to sell and ready for your finishing touches!

18. 2025-10-17
    listed $85,000 Active 568-char remark

    Show marketing remark (568 chars)

    *PRICE REDUCED* Affordable Small-Town Opportunity! Great investment or starter home with tons of potential! This 2-bedroom, 1-bath property is situated in a quiet small-town setting and offers solid bones with just minor cosmetic updates needed — a little paint, new flooring, fresh fixtures, and a deep clean will make this home shine. Functional layout with an open living area, main-floor laundry, and spacious kitchen. Perfect for a handy homeowner or investor looking for a quick and simple flip project. Priced to sell and ready for your finishing touches!

19. 2021-03-18
    soldstatus $470,000

ⓘ 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: $670 · $56/mo
• Projected year-2 tax: $726 · $61/mo
• Expected delta: +$56/yr (+$5/mo · 8.4%)

ⓘ 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 1/10 Low 7 d/yr ≥95°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,507
• − Mortgage interest: −$3,915
• − Property taxes: −$670
• − Insurance: −$350
• − Repairs & maintenance: −$841
• − Management: −$841
• − Depreciation: −$2,033
• Taxable income: $1,857
• Est. tax owed @ 24.0%: −$446
• After-tax cash flow: $2,436/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: Mahnomen Public School District
• NCES district ID: 2718660
• Math proficiency: 21% ▼ -11.00%
• Reading proficiency: 26% ▼ -7.00%
• Median HH income: $38,299
• Composite: 19.69/100
• National rank: #8730
• State rank: #286 of 301 in MN

Livability — Mahnomen

• Score: 70/100
• State rank: #348
• US rank: #8055

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mahnomen, MN
• Population (ZIP): 2,797

Population outlook (Mahnomen County) Hauer SSP2

• Today (2025): 5,233 people
• By 2030: 5,133 · -1.9%
• By 2040: 4,967 · -5.1%
• By 2050: 4,822 · -7.9%
• By 2075: 4,539 · -13.3%
• By 2100: 4,317 · -17.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.80)
• Race & ethnicity: White 45% Native American 36% Two or more races 18% Hispanic / Latino 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 14% Lithuanian 7% Iranian 2%
• Foreign-born: 1% · Canada
• Languages at home: 91% English-only · Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Mahnomen

• 2024 margin: Lean R (+8.7) · D 44.8% · R 53.5% · Other 1.6%
• 2008→2024 swing: -34.0pp toward R · 2008: 25.3pp · 2024: -8.7pp
• All cycles: 2024: R+8.7 2020: R+1.3 2016: R+2.9 2012: D+18.6 2008: D+25.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.24%
• Current HPI: 151.1959
• 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

-85.1% since first listed

4 events — show timeline

• 2026-04-17 Price Changed $69,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-08 Price Changed $75,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-17 Listed $85,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-03-18 Sold (Public Records) $470,000 Public Records

Property tax history

+7.8%/yr

Latest (2026): $670 · +1.2% YoY. Source: county tax records.