156 Main St N · Waltham, MN 55982

$69,900

2 bd · 1.0 ba · 785 sqft · Other public records · 59 Days on market

Built 1947 6,098 sqft lot ↓ 25% since listing

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.5/10.0
• ARV discount +7.5/15.0
• Appreciation +6.5/10.0
• Livability +3.2/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

See the potential...opportunity knocks in this two bed, one bath home in the center of Waltham. Permanent siding, forced heat & air. Unfinished lower level has experienced water intrusion, sump basket & pump are working. Front deck also needing repair. Large concrete pad is present for a future garage. Just 5 minutes to Hayfield & 15 to Austin. Build equity here!

Key facts

• 6,098 sq ft lot
• Built 1947
• Listed 58 days

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 $284 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($941 rent vs $70k).
• Recommended offer: $68k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#634 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, schools F, amenities F.
• Hayfield Public School District (rural): math 29% / reading 38% proficiency, ranked #254 of 301 in MN (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 3 active listings in the ZIP; 53 units permitted in Mower County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($483 loan paydown + $2k appreciation (3.0% local appreciation)).
• At projected returns (3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y ago; this cycle's ask has dropped $5k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $14k; list at $70k implies a 382% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $67,803 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 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 1947 — 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. 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: 1.35% ✓
• Cap rate: 11.17%
• Cash-on-cash: 17.42%
• DSCR: 1.78
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.02% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.9%
• Equity multiple: 2.36×
• Total profit: $26,586
• Equity at exit: $31,504

10-year hold

• IRR: 24.7%
• Equity multiple: 4.54×
• Total profit: $69,207
• Equity at exit: $48,610

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 55982

• Home prices YoY: 1.1%
• Active inventory: 3
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $941 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$64 /mo · $766/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$198
• Net cashflow: $284

Break-even live

Break-even rent $582

Max offer price $69,900

Occupancy floor 65%

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 25 events

1. 2026-06-19
   days on market $69,900 Active 59 DOM
2. 2026-06-18
   days on market $69,900 Active 58 DOM
3. 2026-06-17
   days on market $69,900 Active 57 DOM
4. 2026-06-16
   days on market $69,900 Active 56 DOM
5. 2026-06-15
   days on market $69,900 Active 55 DOM
6. 2026-06-14
   days on market $69,900 Active 53 DOM
7. 2026-06-12
   pricedays on market $69,900 Active 52 DOM
8. 2026-06-09
   days on market $75,000 Active 49 DOM
9. 2026-06-08
   days on market $75,000 Active 48 DOM
10. 2026-06-07
    days on market $75,000 Active 47 DOM
11. 2026-06-03
    days on market $75,000 Active 43 DOM
12. 2026-06-02
    days on market $75,000 Active 42 DOM
13. 2026-06-01
    days on market $75,000 Active 41 DOM
14. 2026-05-31
    days on market $75,000 Active 40 DOM
15. 2026-05-30
    days on market $75,000 Active 39 DOM
16. 2026-04-21
    listed $75,000 Active 377-char remark

    Show marketing remark (377 chars)

    See the potential...opportunity knocks in this two bed, one bath home in the center of Waltham. Permanent siding, forced heat & air. Unfinished lower level has experienced water intrusion, sump basket & pump are working. Front deck also needing repair. Large concrete pad is present for a future garage. Just 5 minutes to Hayfield & 15 to Austin. Build equity here!

17. 2018-12-10
    historical 171-char remark

    Show marketing remark (171 chars)

    2 bedroom home on a large lot at the end of Main st. Large concrete pad is already present for your future garage. Home currently has mold issue and is in need of repairs.

18. 2018-04-23
    soldstatus $14,500 171-char remark

    Show marketing remark (171 chars)

    2 bedroom home on a large lot at the end of Main st. Large concrete pad is already present for your future garage. Home currently has mold issue and is in need of repairs.

19. 2017-12-01
    listed $15,300 171-char remark

    Show marketing remark (171 chars)

    2 bedroom home on a large lot at the end of Main st. Large concrete pad is already present for your future garage. Home currently has mold issue and is in need of repairs.

20. 2007-11-30
    soldstatus $40,500
21. 2007-10-15
    historical
22. 2007-07-19
    listed $41,500
23. 2007-07-17
    listed $41,500
24. 2007-06-29
    historical
25. 2006-06-29
    listed $99,500

ⓘ 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: $766 · $64/mo
• Projected year-2 tax: $774 · $65/mo
• Expected delta: +$8/yr (+$1/mo · 1.1%)

ⓘ 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 ≥97°F today · 16 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: $11,296
• − Mortgage interest: −$3,915
• − Property taxes: −$766
• − Insurance: −$350
• − Repairs & maintenance: −$904
• − Management: −$904
• − Depreciation: −$2,033
• Taxable income: $2,424
• Est. tax owed @ 24.0%: −$582
• After-tax cash flow: $2,828/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: Hayfield Public School District
• NCES district ID: 2713590
• Math proficiency: 29% ▼ -13.00%
• Reading proficiency: 38% ▼ -11.00%
• Median HH income: $60,819
• Composite: 30.11/100
• National rank: #6336
• State rank: #254 of 301 in MN

Livability — Waltham

• Score: 63/100
• State rank: #634
• US rank: #15181

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waltham, MN
• Population (ZIP): 523

Population outlook (Mower County) Hauer SSP2

• Today (2025): 39,967 people
• By 2030: 40,204 · +0.6%
• By 2040: 40,509 · +1.4%
• By 2050: 40,841 · +2.2%
• By 2075: 42,029 · +5.2%
• By 2100: 42,272 · +5.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 23% Two or more races 16%
• Hispanic origin (detail): Mexican 23%
• Common ancestry: Lithuanian 15% Portuguese 11% Italian 1%
• Foreign-born: 1% · South Korea
• Languages at home: 91% English-only · Spanish 8% Other Indo-European 1%

Political lean MEDSL · Mower

• 2024 margin: R (+10.5) · D 43.9% · R 54.4% · Other 1.7%
• 2008→2024 swing: -34.1pp toward R · 2008: 23.6pp · 2024: -10.5pp
• All cycles: 2024: R+10.5 2020: R+5.8 2016: R+7.8 2012: D+22.7 2008: D+23.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.02%
• Current HPI: 283.613
• 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

-24.6% since first listed

10 events — show timeline

• 2026-04-21 Listed $75,000 NORTHSTARMLS as Distributed by MLS Grid
• 2018-12-10 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2018-04-23 Sold (MLS) $14,500 NORTHSTARMLS as Distributed by MLS Grid
• 2017-12-01 Listed $15,300 NORTHSTARMLS as Distributed by MLS Grid
• 2007-11-30 Sold (MLS) $40,500 NORTHSTARMLS as Distributed by MLS Grid
• 2007-10-15 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2007-07-19 Listed $41,500 NORTHSTARMLS as Distributed by MLS Grid
• 2007-07-17 Listed $41,500 NORTHSTARMLS as Distributed by MLS Grid
• 2007-06-29 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2006-06-29 Listed $99,500 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+5.7%/yr

Latest (2025): $766 · +3.2% YoY. Source: county tax records.