42 1st St SE · Richmond, MN 56368

$199,000

3 bd · 1.0 ba · 1,032 sqft · SingleFamily public records · 9 Days on market

Built 1920 6,969 sqft 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 +23.1/30.0
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• 1% rule +5.3/10.0
• Schools +4.7/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

WELL KEPT 3 BR 1 1/2 STORY HOME WITH NEWER DETACHED GARAGE. CENTRAL AIR, GAS FORCED AIR HEAT. NEW WINDOWS, ALL APPLIANCES STAY. GARAGE IS INSULATED AND HAS GAS FURNANCE. CLOSE TO CHURCH AND SCHOOL. TREED LOT.

Key facts

• 6,969 sq ft lot
• 2 garage spots
• Built 1920

Property features AI

Exterior

• Parking: Detached or attached heated and insulated garage with concrete floor and storage; Garage door opener; 2-car garage (24 x 24, 7 ft door height)
• Utilities: City water connected; City sewer connected; Electric service with circuit breakers, 100 amp; Electric and natural gas fuel sources
• Home design: Residential property; One and one-half levels; Main entry on main level
• Construction: Constructed with block, concrete and frame materials; Block and poured concrete foundation; Roof older than 8 years
• Exterior features: Vinyl exterior; Patio; Storage shed; Light tree coverage; City street frontage on a public maintained road; Lot dimensions approximately 50 x 142

Interior

• Kitchen: Range; Refrigerator; Kitchen/dining room
• Bedrooms: Three bedrooms (primary and one bedroom on main floor; two additional bedrooms on upper level)
• Flooring: Hardwood floors
• Bathrooms: Main floor 3/4 bath; One three-quarter bathroom total
• Heating & cooling: Forced air heating; Baseboard heating; Central air conditioning
• Interior features: Main floor primary bedroom; Main floor bedroom; Kitchen window; Hardwood floors; Water softener (owned); Partial, unfinished basement with storage space and drainage system; Block basement
• Laundry & utility: Washer and dryer included; Laundry located in basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $199k.

Deal economics

• At list price, monthly cash flow is $355 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $199k).
• Cap rate 8.4% vs local median 2.8% in Richmond — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 72/100 on livability (#282 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D+, amenities F, commute F.
• Rocori Public School District (town): math 51% / reading 57% proficiency, ranked #68 of 301 in MN (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Market conditions: 60 active listings in the ZIP; 661 units permitted in Stearns County in 2024 (291 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Stearns County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 25y 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 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $199,000

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are A-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?
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: 1.03% ✓
• Cap rate: 8.43%
• Cash-on-cash: 7.65%
• DSCR: 1.34
• GRM: 8.1

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: -4.6%
• Equity multiple: 0.83×
• Total profit: $-9,658
• Equity at exit: $29,672

10-year hold

• IRR: 5.0%
• Equity multiple: 1.37×
• Total profit: $20,578
• Equity at exit: $17,206

Cash invested: $55,720 (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 56368

• Active inventory: 60
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $2,054 medium
• Mortgage (P&I): −$1,044
• Tax from tax record: −$141 /mo · $1,688/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$431
• Net cashflow: $355

Break-even live

Break-even rent $1,604

Max offer price $199,000

Occupancy floor 78%

Sensitivity live

Price	-10% $468	-5% $412	+0% $355	+5% $299	+10% $243
Rent	-10% $193	-5% $274	+0% $355	+5% $436	+10% $517
Rate	-1.0pp $455	-0.5pp $406	base $355	+0.5pp $304	+1.0pp $251

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-05-09
   status Pending 1061-char remark
2. 2026-05-03
   historical Contingent - Inspection 1061-char remark
3. 2026-05-01
   listed $199,000 Active 1061-char remark
4. 2026-04-27
   historical $199,000 1061-char remark
5. 2001-06-29
   soldstatus $87,500 208-char remark

   Show marketing remark (208 chars)

   WELL KEPT 3 BR 1 1/2 STORY HOME WITH NEWER DETACHED GARAGE. CENTRAL AIR, GAS FORCED AIR HEAT. NEW WINDOWS, ALL APPLIANCES STAY. GARAGE IS INSULATED AND HAS GAS FURNANCE. CLOSE TO CHURCH AND SCHOOL. TREED LOT.

6. 2001-06-29
   soldstatus $87,500

   Show marketing remark (208 chars)

   WELL KEPT 3 BR 1 1/2 STORY HOME WITH NEWER DETACHED GARAGE. CENTRAL AIR, GAS FORCED AIR HEAT. NEW WINDOWS, ALL APPLIANCES STAY. GARAGE IS INSULATED AND HAS GAS FURNANCE. CLOSE TO CHURCH AND SCHOOL. TREED LOT.

7. 2001-04-02
   listed $87,500 208-char remark

   Show marketing remark (208 chars)

   WELL KEPT 3 BR 1 1/2 STORY HOME WITH NEWER DETACHED GARAGE. CENTRAL AIR, GAS FORCED AIR HEAT. NEW WINDOWS, ALL APPLIANCES STAY. GARAGE IS INSULATED AND HAS GAS FURNANCE. CLOSE TO CHURCH AND SCHOOL. TREED LOT.

8. 1994-12-01
   soldstatus $35,000

ⓘ 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: $1,688 · $141/mo
• Projected year-2 tax: $1,958 · $163/mo
• Expected delta: +$270/yr (+$23/mo · 16.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥97°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,644
• − Mortgage interest: −$11,147
• − Property taxes: −$1,688
• − Insurance: −$995
• − Repairs & maintenance: −$1,971
• − Management: −$1,971
• − Depreciation: −$5,789
• Taxable income: $1,082
• Est. tax owed @ 24.0%: −$260
• After-tax cash flow: $4,003/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: Rocori Public School District
• NCES district ID: 2709440
• Math proficiency: 51% ▼ -11.00%
• Reading proficiency: 57% ▼ -8.00%
• Median HH income: $63,151
• Composite: 47.34/100
• National rank: #2294
• State rank: #68 of 301 in MN

Livability — Richmond

• Score: 72/100
• State rank: #282
• US rank: #6178

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richmond, MN
• Population (ZIP): 4,162

Population outlook (Stearns County) Hauer SSP2

• Today (2025): 162,629 people
• By 2030: 166,495 · +2.4%
• By 2040: 172,661 · +6.2%
• By 2050: 177,480 · +9.1%
• By 2075: 192,907 · +18.6%
• By 2100: 206,274 · +26.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 5% Two or more races 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Romanian 5% Lithuanian 5% Portuguese 4%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Stearns

• 2024 margin: Strong R (+26.8) · D 35.7% · R 62.5% · Other 1.9%
• 2008→2024 swing: -19.8pp toward R · 2008: -7.0pp · 2024: -26.8pp
• All cycles: 2024: R+26.8 2020: R+22.5 2016: R+27.9 2012: R+12.1 2008: R+7.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -201.40%
• Current HPI: 185.4156
• 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

+471.4% since first listed

9 events — show timeline

• 2026-06-15 Sold (MLS) $200,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-09 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-03 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-01 Listed $199,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-27 Coming Soon $199,000 NORTHSTARMLS as Distributed by MLS Grid
• 2001-06-29 Sold (Public Records) $87,500 Public Records
• 2001-06-29 Sold (MLS) $87,500 NORTHSTARMLS as Distributed by MLS Grid
• 2001-04-02 Listed $87,500 NORTHSTARMLS as Distributed by MLS Grid
• 1994-12-01 Sold (Public Records) $35,000 Public Records

Property tax history

-0.2%/yr

Latest (2025): $1,688 · +6.3% YoY. Source: county tax records.