301 N 3rd St · Milan, MN 56262

$120,000

4 bd · 2.0 ba · 2,415 sqft · SingleFamily · 48 Days on market

Built 1900 0.29 ac lot

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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 +24.8/30.0
• DSCR +8.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.9/10.0
• Appreciation +5.0/10.0
• Schools +3.7/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

FIVE BEDROOM HOME LOCATED ON A CORNER LOT IN MILAN, MN. THE HOME HAS VINYL SIDING, STEEL ROOF IN 2012, DOUBLE GARAGE, EAT-IN KITCHEN, LIVING ROOM AND OPEN STAIRWAY TO BEDROOMS AND 1/2 BATH UP. THE MAIN FLOOR ALSO HAS A MASTER BEDROOM AND FULL BATH.

Key facts

• Foyer
• Eat-in kitchen area
• Living room

Tags

• CORNER LOT
• ABUNDANCE OF WINDOWS
• FOYER
• LIVING ROOM
• DINING ROOM
• EAT-IN KITCHEN AREA

Property features AI

Exterior

• Parking: Heated, insulated attached garage with garage door opener; Asphalt driveway; 2-car garage (approx. 24 x 27)
• Utilities: City water; City sewer; 100 amp electric service with circuit breakers; Propane fuel
• Home design: Residential property; One and one-half levels; Main level entry
• Construction: Stone construction materials; Stone foundation; Metal roof (over 8 years old); Foundation area approximately 805
• Exterior features: Vinyl siding; Deck; Enclosed porch; Front porch; Storage shed; Corner lot; 85 x 150 lot dimensions; City street frontage with paved streets and sidewalks; Publicly maintained road

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator; Electric water heater
• Bedrooms: 4 bedrooms (three on upper level, one on main level)
• Bathrooms: Main floor 3/4 bath; Upper level full bath; Separate tub and shower
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Ceiling fans; Eat-in kitchen and separate formal dining room; Kitchen window; Walk-in closet(s); Full, unfinished walkout basement; Washer/dryer hookup; Basement sink
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry located in basement; Utility sink in basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $253 ($3k/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 60/100 on livability (#769 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety D+, schools F, crime D-.
• Lac Qui Parle Valley School District (rural): math 44% / reading 44% proficiency, ranked #193 of 301 in MN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 5 active listings in the ZIP; 13 units permitted in Chippewa County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($830 loan paydown + $4k appreciation (3.0% local appreciation)).
• Chippewa County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 17y 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 $36k; list at $120k implies a 236% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 48 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 1900 — 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. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.09% ✓
• Cap rate: 8.82%
• Cash-on-cash: 9.03%
• DSCR: 1.40
• GRM: 7.7

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: 15.9%
• Equity multiple: 1.91×
• Total profit: $30,554
• Equity at exit: $53,957

10-year hold

• IRR: 17.5%
• Equity multiple: 3.57×
• Total profit: $86,194
• Equity at exit: $83,154

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 56262

• Active inventory: 5
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,305 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$99 /mo · $1,186/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$274
• Net cashflow: $253

Break-even live

Break-even rent $985

Max offer price $120,000

Occupancy floor 76%

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 33 events

1. 2026-06-18
   days on market $120,000 Active 48 DOM
2. 2026-06-17
   days on market $120,000 Active 47 DOM
3. 2026-06-16
   days on market $120,000 Active 46 DOM
4. 2026-06-15
   days on market $120,000 Active 45 DOM
5. 2026-06-13
   days on market $120,000 Active 43 DOM
6. 2026-06-12
   days on market $120,000 Active 42 DOM
7. 2026-06-09
   days on market $120,000 Active 39 DOM
8. 2026-06-08
   days on market $120,000 Active 38 DOM
9. 2026-06-07
   days on market $120,000 Active 37 DOM
10. 2026-06-07
    days on market $120,000 Active 36 DOM
11. 2026-06-04
    days on market $120,000 Active 33 DOM
12. 2026-06-02
    days on market $120,000 Active 32 DOM
13. 2026-06-01
    days on market $120,000 Active 31 DOM
14. 2026-05-31
    days on market $120,000 Active 30 DOM
15. 2026-05-31
    days on market $120,000 Active 29 DOM
16. 2026-05-01
    listed $120,000 Active 638-char remark
17. 2019-02-02
    historical 248-char remark

    Show marketing remark (427 chars)

    Enjoy the classic feel of a turn of the century home with open staircase, natural wood work, and spacious rooms. Updates include siding, soffit, facia, and furnace, some new windows. The basement has nice, high ceilings which allow plenty of head space for future remodeling. A good sized yard offers room for play for children or pets, and the deck is a great vantage point. Add your own touches to this home to make it yours!

18. 2019-02-02
    historical

    Show marketing remark (427 chars)

    Enjoy the classic feel of a turn of the century home with open staircase, natural wood work, and spacious rooms. Updates include siding, soffit, facia, and furnace, some new windows. The basement has nice, high ceilings which allow plenty of head space for future remodeling. A good sized yard offers room for play for children or pets, and the deck is a great vantage point. Add your own touches to this home to make it yours!

19. 2014-10-24
    soldstatus $35,700 248-char remark

    Show marketing remark (248 chars)

    FIVE BEDROOM HOME LOCATED ON A CORNER LOT IN MILAN, MN. THE HOME HAS VINYL SIDING, STEEL ROOF IN 2012, DOUBLE GARAGE, EAT-IN KITCHEN, LIVING ROOM AND OPEN STAIRWAY TO BEDROOMS AND 1/2 BATH UP. THE MAIN FLOOR ALSO HAS A MASTER BEDROOM AND FULL BATH.

20. 2014-10-24
    soldstatus $35,700

    Show marketing remark (248 chars)

    FIVE BEDROOM HOME LOCATED ON A CORNER LOT IN MILAN, MN. THE HOME HAS VINYL SIDING, STEEL ROOF IN 2012, DOUBLE GARAGE, EAT-IN KITCHEN, LIVING ROOM AND OPEN STAIRWAY TO BEDROOMS AND 1/2 BATH UP. THE MAIN FLOOR ALSO HAS A MASTER BEDROOM AND FULL BATH.

21. 2014-10-24
    soldstatus $35,700

    Show marketing remark (248 chars)

    FIVE BEDROOM HOME LOCATED ON A CORNER LOT IN MILAN, MN. THE HOME HAS VINYL SIDING, STEEL ROOF IN 2012, DOUBLE GARAGE, EAT-IN KITCHEN, LIVING ROOM AND OPEN STAIRWAY TO BEDROOMS AND 1/2 BATH UP. THE MAIN FLOOR ALSO HAS A MASTER BEDROOM AND FULL BATH.

22. 2014-10-24
    soldstatus $35,700 Sold

    Show marketing remark (248 chars)

    FIVE BEDROOM HOME LOCATED ON A CORNER LOT IN MILAN, MN. THE HOME HAS VINYL SIDING, STEEL ROOF IN 2012, DOUBLE GARAGE, EAT-IN KITCHEN, LIVING ROOM AND OPEN STAIRWAY TO BEDROOMS AND 1/2 BATH UP. THE MAIN FLOOR ALSO HAS A MASTER BEDROOM AND FULL BATH.

23. 2014-09-26
    status Pending
24. 2014-09-22
    historical Contingent - Inspection
25. 2014-07-01
    listed $39,900 Active

    Show marketing remark (248 chars)

    FIVE BEDROOM HOME LOCATED ON A CORNER LOT IN MILAN, MN. THE HOME HAS VINYL SIDING, STEEL ROOF IN 2012, DOUBLE GARAGE, EAT-IN KITCHEN, LIVING ROOM AND OPEN STAIRWAY TO BEDROOMS AND 1/2 BATH UP. THE MAIN FLOOR ALSO HAS A MASTER BEDROOM AND FULL BATH.

26. 2014-07-01
    listed $39,900 248-char remark

    Show marketing remark (248 chars)

    FIVE BEDROOM HOME LOCATED ON A CORNER LOT IN MILAN, MN. THE HOME HAS VINYL SIDING, STEEL ROOF IN 2012, DOUBLE GARAGE, EAT-IN KITCHEN, LIVING ROOM AND OPEN STAIRWAY TO BEDROOMS AND 1/2 BATH UP. THE MAIN FLOOR ALSO HAS A MASTER BEDROOM AND FULL BATH.

27. 2014-07-01
    listed $39,900

    Show marketing remark (248 chars)

    FIVE BEDROOM HOME LOCATED ON A CORNER LOT IN MILAN, MN. THE HOME HAS VINYL SIDING, STEEL ROOF IN 2012, DOUBLE GARAGE, EAT-IN KITCHEN, LIVING ROOM AND OPEN STAIRWAY TO BEDROOMS AND 1/2 BATH UP. THE MAIN FLOOR ALSO HAS A MASTER BEDROOM AND FULL BATH.

28. 2014-07-01
    listed $39,900

    Show marketing remark (248 chars)

    FIVE BEDROOM HOME LOCATED ON A CORNER LOT IN MILAN, MN. THE HOME HAS VINYL SIDING, STEEL ROOF IN 2012, DOUBLE GARAGE, EAT-IN KITCHEN, LIVING ROOM AND OPEN STAIRWAY TO BEDROOMS AND 1/2 BATH UP. THE MAIN FLOOR ALSO HAS A MASTER BEDROOM AND FULL BATH.

29. 2011-07-12
    soldstatus $35,751
30. 2011-07-11
    soldstatus $35,750

    Show marketing remark (427 chars)

    Enjoy the classic feel of a turn of the century home with open staircase, natural wood work, and spacious rooms. Updates include siding, soffit, facia, and furnace, some new windows. The basement has nice, high ceilings which allow plenty of head space for future remodeling. A good sized yard offers room for play for children or pets, and the deck is a great vantage point. Add your own touches to this home to make it yours!

31. 2011-07-11
    soldstatus $35,750

    Show marketing remark (427 chars)

    Enjoy the classic feel of a turn of the century home with open staircase, natural wood work, and spacious rooms. Updates include siding, soffit, facia, and furnace, some new windows. The basement has nice, high ceilings which allow plenty of head space for future remodeling. A good sized yard offers room for play for children or pets, and the deck is a great vantage point. Add your own touches to this home to make it yours!

32. 2009-12-20
    listed $39,900

    Show marketing remark (427 chars)

    Enjoy the classic feel of a turn of the century home with open staircase, natural wood work, and spacious rooms. Updates include siding, soffit, facia, and furnace, some new windows. The basement has nice, high ceilings which allow plenty of head space for future remodeling. A good sized yard offers room for play for children or pets, and the deck is a great vantage point. Add your own touches to this home to make it yours!

33. 2009-12-20
    listed $39,900

    Show marketing remark (427 chars)

    Enjoy the classic feel of a turn of the century home with open staircase, natural wood work, and spacious rooms. Updates include siding, soffit, facia, and furnace, some new windows. The basement has nice, high ceilings which allow plenty of head space for future remodeling. A good sized yard offers room for play for children or pets, and the deck is a great vantage point. Add your own touches to this home to make it yours!

ⓘ 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: $1,186 · $99/mo
• Projected year-2 tax: $1,265 · $105/mo
• Expected delta: +$79/yr (+$7/mo · 6.7%)

ⓘ 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 2/10 Low 7 d/yr ≥100°F today · 12 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,662
• − Mortgage interest: −$6,722
• − Property taxes: −$1,186
• − Insurance: −$600
• − Repairs & maintenance: −$1,253
• − Management: −$1,253
• − Depreciation: −$3,491
• Taxable income: $1,157
• Est. tax owed @ 24.0%: −$278
• After-tax cash flow: $2,758/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: Lac Qui Parle Valley School District
• NCES district ID: 2700125
• Math proficiency: 44% ▼ -14.00%
• Reading proficiency: 44% ▼ -9.00%
• Median HH income: $44,760
• Composite: 37.32/100
• National rank: #4444
• State rank: #193 of 301 in MN

Livability — Milan

• Score: 60/100
• State rank: #769
• US rank: #19265

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Milan, MN
• Population (ZIP): 799

Population outlook (Chippewa County) Hauer SSP2

• Today (2025): 11,593 people
• By 2030: 11,294 · -2.6%
• By 2040: 10,715 · -7.6%
• By 2050: 10,229 · -11.8%
• By 2075: 9,600 · -17.2%
• By 2100: 8,500 · -26.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 58% Pacific Islander 26% Hispanic / Latino 15% Two or more races 4%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Portuguese 36% Italian 4% Scottish 2%
• Foreign-born: 23% · Canada
• Languages at home: 66% English-only · Other Asian/Pacific 23% Spanish 10%

Political lean MEDSL · Chippewa

• 2024 margin: Solid R (+34.1) · D 32.2% · R 66.3% · Other 1.6%
• 2008→2024 swing: -40.0pp toward R · 2008: 5.9pp · 2024: -34.1pp
• All cycles: 2024: R+34.1 2020: R+30.6 2016: R+28.9 2012: D+1.9 2008: D+5.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

+200.8% since first listed

18 events — show timeline

• 2026-05-01 Listed $120,000 NORTHSTARMLS as Distributed by MLS Grid
• 2019-02-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2019-02-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2014-10-24 Sold (MLS) $35,700 RASM
• 2014-10-24 Sold (MLS) $35,700 LSAR
• 2014-10-24 Sold (MLS) $35,700 NORTHSTARMLS as Distributed by MLS Grid
• 2014-10-24 Sold (MLS) $35,700 NORTHSTARMLS as Distributed by MLS Grid
• 2014-09-26 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2014-09-22 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2014-07-01 Listed $39,900 NORTHSTARMLS as Distributed by MLS Grid
• 2014-07-01 Listed $39,900 RASM
• 2014-07-01 Listed $39,900 LSAR
• 2014-07-01 Listed $39,900 NORTHSTARMLS as Distributed by MLS Grid
• 2011-07-12 Sold (Public Records) $35,751 Public Records
• 2011-07-11 Sold (MLS) $35,750 NORTHSTARMLS as Distributed by MLS Grid
• 2011-07-11 Sold (MLS) $35,750 NORTHSTARMLS as Distributed by MLS Grid
• 2009-12-20 Listed $39,900 NORTHSTARMLS as Distributed by MLS Grid
• 2009-12-20 Listed $39,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+6.8%/yr

Latest (2026): $1,186 · +54.4% YoY. Source: county tax records.