414 Broadway St N · New Ulm, MN 56073

$58,500

2 bd · 2.0 ba · 1,617 sqft · SingleFamily public records · 157 Days on market

Built 1885 8,250 sqft lot $36/sqft · 67% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• Livability +4.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor special! This property is a true fixer-upper and requires significant repairs. Being sold strictly As Is. Ideal opportunity for investors or experienced rehabbers looking to add value. Conveniently located in the heart of New Ulm on Broadway St. offering excellent visibility and strong upside potential. One stall garage with workspace. Bring your vision and restore this property to its full potential.

Key facts

• One stall garage
• Workspace
• 8,250 sq ft lot

Tags

• ONE STALL GARAGE
• WORKSPACE

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $58k.

Deal economics

• At list price, monthly cash flow is $998 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $58k).
• Recommended offer: $51k (12.0% below list) — sets the bar for market timing.
• Cap rate 26.8% vs local median 4.2% in New Ulm — 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 82/100 on livability (#39 in MN, #1,102 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: commute F.
• New Ulm Public School District (town): math 51% / reading 51% proficiency, ranked #104 of 301 in MN (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 85 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 41 units permitted in Brown County in 2024 (18 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $404 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Brown County population projected at -14% 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 $16k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 157 days — a 12% lower offer ($51k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $4k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1885 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $51,480 (12.0% below list)

Questions for the listing agent

1. It's been on market 157 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 1885 — 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 B-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?
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: 3.08% ✓
• Cap rate: 26.76%
• Cash-on-cash: 73.10%
• DSCR: 4.25
• GRM: 2.7

CMA / ARV

• ARV (median comp): $194,722
• List price: $58,500
• Delta: -69.96%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
719 N Spring St	0.32mi	3/1.0 (+1)	1,598 (-1%)	1mo	$96,000	$60	74
304 N Washington St	0.20mi	3/1.5 (+1)	1,505 (-7%)	6mo	$227,000	$151	67
117 N Payne St	0.51mi	3/2.5 (+1)	1,591 (-2%)	6mo	$250,000	$157	62
217 S Jefferson St	0.67mi	3/2.0 (+1)	1,612 (-0%)	7mo	$231,000	$143	57
414 N Payne St	0.42mi	3/1.5 (+1)	1,752 (+8%)	6mo	$284,900	$163	55
1006 State Street North St	0.49mi	3/2.0 (+1)	1,785 (+10%)	1mo	$220,000	$123	54
1005 Center St	0.54mi	3/2.0 (+1)	1,768 (+9%)	9mo	$290,000	$164	46
1020 N Minnesota St	0.52mi	3/1.5 (+1)	1,813 (+12%)	3mo	$215,000	$119	46
806 N Payne St	0.52mi	2/2.0	1,382 (-14%)	7mo	$181,000	$131	46
601 N Payne St	0.47mi	3/1.0 (+1)	1,852 (+14%)	1mo	$195,000	$105	44
112 Jefferson St St S	0.61mi	3/2.0 (+1)	1,778 (+10%)	9mo	$240,000	$135	42
11 N Payne St	0.58mi	3/1.5 (+1)	1,825 (+13%)	8mo	$254,900	$140	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 72.9%
• Equity multiple: 4.30×
• Total profit: $54,113
• Equity at exit: $8,723

10-year hold

• IRR: 76.7%
• Equity multiple: 8.88×
• Total profit: $129,116
• Equity at exit: $5,058

Cash invested: $16,380 (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 56073

• Active inventory: 85
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,800 medium
• Mortgage (P&I): −$307
• Tax from tax record: −$93 /mo · $1,116/yr
• Insurance: −$24
• HOA: −$0
• Vacancy / Maint / Mgmt: −$378
• Net cashflow: $998

Break-even live

Break-even rent $537

Max offer price $58,500

Occupancy floor 40%

Sensitivity live

Price	-10% $1,031	-5% $1,014	+0% $998	+5% $981	+10% $965
Rent	-10% $856	-5% $927	+0% $998	+5% $1,069	+10% $1,140
Rate	-1.0pp $1,027	-0.5pp $1,013	base $998	+0.5pp $983	+1.0pp $967

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: $14,625
• Closing costs: $1,755
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
811 Center St New Ulm, MN	3.0	2.0	1606	$1,800	$1.12	45d	1	0.44mi

Listing history 16 events

1. 2026-06-21
   days on market $58,500 Active 157 DOM
2. 2026-06-18
   days on market $58,500 Active 155 DOM
3. 2026-06-17
   status $58,500 Active 154 DOM
4. 2026-06-07
   statusdays on market $58,500 Pending 154 DOM
5. 2026-06-04
   days on market $58,500 Contingent - Inspection 152 DOM
6. 2026-06-02
   days on market $58,500 Contingent - Inspection 151 DOM
7. 2026-06-01
   days on market $58,500 Contingent - Inspection 150 DOM
8. 2026-05-31
   days on market $58,500 Contingent - Inspection 149 DOM
9. 2026-05-31
   days on market $58,500 Contingent - Inspection 148 DOM
10. 2026-05-15
    historical Active Under Contract 413-char remark

    Show marketing remark (413 chars)

    Investor special! This property is a true fixer-upper and requires significant repairs. Being sold strictly As Is. Ideal opportunity for investors or experienced rehabbers looking to add value. Conveniently located in the heart of New Ulm on Broadway St. offering excellent visibility and strong upside potential. One stall garage with workspace. Bring your vision and restore this property to its full potential.

11. 2026-05-15
    historical Contingent - Inspection 413-char remark

    Show marketing remark (413 chars)

    Investor special! This property is a true fixer-upper and requires significant repairs. Being sold strictly As Is. Ideal opportunity for investors or experienced rehabbers looking to add value. Conveniently located in the heart of New Ulm on Broadway St. offering excellent visibility and strong upside potential. One stall garage with workspace. Bring your vision and restore this property to its full potential.

12. 2026-01-26
    price $58,500 413-char remark

    Show marketing remark (413 chars)

    Investor special! This property is a true fixer-upper and requires significant repairs. Being sold strictly As Is. Ideal opportunity for investors or experienced rehabbers looking to add value. Conveniently located in the heart of New Ulm on Broadway St. offering excellent visibility and strong upside potential. One stall garage with workspace. Bring your vision and restore this property to its full potential.

13. 2026-01-26
    price $58,500 413-char remark

    Show marketing remark (413 chars)

    Investor special! This property is a true fixer-upper and requires significant repairs. Being sold strictly As Is. Ideal opportunity for investors or experienced rehabbers looking to add value. Conveniently located in the heart of New Ulm on Broadway St. offering excellent visibility and strong upside potential. One stall garage with workspace. Bring your vision and restore this property to its full potential.

14. 2026-01-02
    listed $62,500 Active 413-char remark

    Show marketing remark (413 chars)

    Investor special! This property is a true fixer-upper and requires significant repairs. Being sold strictly As Is. Ideal opportunity for investors or experienced rehabbers looking to add value. Conveniently located in the heart of New Ulm on Broadway St. offering excellent visibility and strong upside potential. One stall garage with workspace. Bring your vision and restore this property to its full potential.

15. 2026-01-02
    listed $62,500 Active 413-char remark

    Show marketing remark (413 chars)

    Investor special! This property is a true fixer-upper and requires significant repairs. Being sold strictly As Is. Ideal opportunity for investors or experienced rehabbers looking to add value. Conveniently located in the heart of New Ulm on Broadway St. offering excellent visibility and strong upside potential. One stall garage with workspace. Bring your vision and restore this property to its full potential.

16. 2024-06-04
    soldstatus $52,000

ⓘ 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: $1,116 · $93/mo
• Projected year-2 tax: $1,116 · $93/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $21,600
• − Mortgage interest: −$3,277
• − Property taxes: −$1,116
• − Insurance: −$292
• − Repairs & maintenance: −$1,728
• − Management: −$1,728
• − Depreciation: −$1,702
• Taxable income: $11,757
• Est. tax owed @ 24.0%: −$2,822
• After-tax cash flow: $9,153/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: New Ulm Public School District
• NCES district ID: 2723490
• Math proficiency: 51% ▼ -3.00%
• Reading proficiency: 51% ▼ -7.00%
• Median HH income: $53,171
• Composite: 43.93/100
• National rank: #2906
• State rank: #104 of 301 in MN

Livability — New Ulm

• Score: 82/100
• State rank: #39
• US rank: #1102

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Ulm, MN
• City population: 17,325
• Population (ZIP): 17,325

Population outlook (Brown County) Hauer SSP2

• Today (2025): 24,403 people
• By 2030: 23,790 · -2.5%
• By 2040: 22,309 · -8.6%
• By 2050: 20,948 · -14.2%
• By 2075: 19,038 · -22.0%
• By 2100: 16,658 · -31.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 3% Two or more races 2%
• Common ancestry: Portuguese 9% Lithuanian 2% Romanian 2%
• Foreign-born: 2% · Canada, Vietnam
• Languages at home: 96% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Brown

• 2024 margin: Solid R (+35.2) · D 31.5% · R 66.7% · Other 1.8%
• 2008→2024 swing: -23.1pp toward R · 2008: -12.1pp · 2024: -35.2pp
• All cycles: 2024: R+35.2 2020: R+32.8 2016: R+36.2 2012: R+16.6 2008: R+12.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -166.22%
• Current HPI: 192.7295
• 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

+12.5% since first listed

7 events — show timeline

• 2026-05-15 Contingent — RASM
• 2026-05-15 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-26 Price Changed $58,500 RASM
• 2026-01-26 Price Changed $58,500 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-02 Listed $62,500 RASM
• 2026-01-02 Listed $62,500 NORTHSTARMLS as Distributed by MLS Grid
• 2024-06-04 Sold (Public Records) $52,000 Public Records

Property tax history

+4.6%/yr

Latest (2025): $1,116 · +0.0% YoY. Source: county tax records.