605 Red Lake Blvd · Thief River Falls, MN 56701

$126,000

2 bd · 1.0 ba · 1,192 sqft · SingleFamily · 3 Days on market

Built 1910 0.26 ac lot

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Why this score? — see what drove the D 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 +14.2/30.0
• ARV discount +7.5/15.0
• 1% rule +5.6/10.0
• DSCR +4.3/10.0
• Schools +3.7/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this charming and cozy home, perfect for anyone seeking comfort and convenience. This delightful residence features: 2 Bedrooms: Two spacious bedrooms offer plenty of room for relaxation and personalization. Each bedroom also has ample closet space. 2-Stall Heated Garage: The attached two-stall garage is not only spacious but also heated, ensuring your vehicles stay warm during the colder months and providing a comfortable space for any workshop activities. Fenced-In Yard: The property boasts a fully fenced-in yard, offering privacy and a safe space for children or pets to play. This outdoor area is perfect for gardening, entertaining, or simply relaxing in your own private oasis. This home combines practicality with comfort, making it an ideal choice for a small family, a couple, or anyone looking for a serene place to call their own.

Key facts

• Opened up yard
• Open interior
• Single story layout

Tags

• SINGLE STORY LAYOUT
• OPEN INTERIOR
• OPENED UP YARD

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $126k.

Deal economics

• At list price, monthly cash flow is $21 ($254/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $126k).

Location & tenants

• Location reads 74/100 on livability (#219 in MN, #4,606 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety D+, amenities F, commute F.
• Thief River Falls School District (town): math 39% / reading 47% proficiency, ranked #201 of 301 in MN (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Challenger Elementary (math 46% / reading 48%, grade D-, #492 of 857 statewide, top 61%, 783 students, 41% FRL); Franklin Middle (math 34% / reading 45%, grade F, #150 of 258 statewide, top 59%, 421 students, 37% FRL).
• Market conditions: 104 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 11 units permitted in Pennington County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $871 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Pennington County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 12y 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 $100k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $126,000

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 1.06% ✓
• Cap rate: 6.49%
• Cash-on-cash: 0.72%
• DSCR: 1.03
• GRM: 7.9

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: -15.0%
• Equity multiple: 0.46×
• Total profit: $-18,953
• Equity at exit: $18,787

10-year hold

• IRR: -6.3%
• Equity multiple: 0.59×
• Total profit: $-14,293
• Equity at exit: $10,894

Cash invested: $35,280 (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 56701

• Active inventory: 104
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,330 medium
• Mortgage (P&I): −$661
• Tax from tax record: −$316 /mo · $3,792/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $21

Break-even live

Break-even rent $1,303

Max offer price $126,000

Occupancy floor 93%

Sensitivity live

Price	-10% $92	-5% $57	+0% $21	+5% $-15	+10% $-50
Rent	-10% $-84	-5% $-31	+0% $21	+5% $74	+10% $126
Rate	-1.0pp $85	-0.5pp $53	base $21	+0.5pp $-12	+1.0pp $-45

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: $31,500
• Closing costs: $3,780
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
231 Tindolph Ave N Thief River Falls, MN	3.0	2.0	1000	$1,375	$1.38	45d	1	0.34mi
100 Barnick Rd Thief River Falls, MN	1.0	1.0	724	$1,065	$1.47	45d	2	1.45mi

Listing history 20 events

1. 2026-04-20
   status Pending
2. 2026-04-17
   listed $126,000 Active
3. 2025-06-17
   soldstatus $100,285
4. 2025-05-15
   soldstatus $117,000 Sold 862-char remark

   Show marketing remark (862 chars)

   Welcome to this charming and cozy home, perfect for anyone seeking comfort and convenience. This delightful residence features: 2 Bedrooms: Two spacious bedrooms offer plenty of room for relaxation and personalization. Each bedroom also has ample closet space. 2-Stall Heated Garage: The attached two-stall garage is not only spacious but also heated, ensuring your vehicles stay warm during the colder months and providing a comfortable space for any workshop activities. Fenced-In Yard: The property boasts a fully fenced-in yard, offering privacy and a safe space for children or pets to play. This outdoor area is perfect for gardening, entertaining, or simply relaxing in your own private oasis. This home combines practicality with comfort, making it an ideal choice for a small family, a couple, or anyone looking for a serene place to call their own.

5. 2025-03-15
   status Pending 862-char remark

   Show marketing remark (862 chars)

   Welcome to this charming and cozy home, perfect for anyone seeking comfort and convenience. This delightful residence features: 2 Bedrooms: Two spacious bedrooms offer plenty of room for relaxation and personalization. Each bedroom also has ample closet space. 2-Stall Heated Garage: The attached two-stall garage is not only spacious but also heated, ensuring your vehicles stay warm during the colder months and providing a comfortable space for any workshop activities. Fenced-In Yard: The property boasts a fully fenced-in yard, offering privacy and a safe space for children or pets to play. This outdoor area is perfect for gardening, entertaining, or simply relaxing in your own private oasis. This home combines practicality with comfort, making it an ideal choice for a small family, a couple, or anyone looking for a serene place to call their own.

6. 2024-11-14
   price $125,000 862-char remark

   Show marketing remark (862 chars)

   Welcome to this charming and cozy home, perfect for anyone seeking comfort and convenience. This delightful residence features: 2 Bedrooms: Two spacious bedrooms offer plenty of room for relaxation and personalization. Each bedroom also has ample closet space. 2-Stall Heated Garage: The attached two-stall garage is not only spacious but also heated, ensuring your vehicles stay warm during the colder months and providing a comfortable space for any workshop activities. Fenced-In Yard: The property boasts a fully fenced-in yard, offering privacy and a safe space for children or pets to play. This outdoor area is perfect for gardening, entertaining, or simply relaxing in your own private oasis. This home combines practicality with comfort, making it an ideal choice for a small family, a couple, or anyone looking for a serene place to call their own.

7. 2024-10-17
   status Active 862-char remark

   Show marketing remark (862 chars)

   Welcome to this charming and cozy home, perfect for anyone seeking comfort and convenience. This delightful residence features: 2 Bedrooms: Two spacious bedrooms offer plenty of room for relaxation and personalization. Each bedroom also has ample closet space. 2-Stall Heated Garage: The attached two-stall garage is not only spacious but also heated, ensuring your vehicles stay warm during the colder months and providing a comfortable space for any workshop activities. Fenced-In Yard: The property boasts a fully fenced-in yard, offering privacy and a safe space for children or pets to play. This outdoor area is perfect for gardening, entertaining, or simply relaxing in your own private oasis. This home combines practicality with comfort, making it an ideal choice for a small family, a couple, or anyone looking for a serene place to call their own.

8. 2024-10-09
   historical Contingent - Sale of Another Property 862-char remark

   Show marketing remark (862 chars)

   Welcome to this charming and cozy home, perfect for anyone seeking comfort and convenience. This delightful residence features: 2 Bedrooms: Two spacious bedrooms offer plenty of room for relaxation and personalization. Each bedroom also has ample closet space. 2-Stall Heated Garage: The attached two-stall garage is not only spacious but also heated, ensuring your vehicles stay warm during the colder months and providing a comfortable space for any workshop activities. Fenced-In Yard: The property boasts a fully fenced-in yard, offering privacy and a safe space for children or pets to play. This outdoor area is perfect for gardening, entertaining, or simply relaxing in your own private oasis. This home combines practicality with comfort, making it an ideal choice for a small family, a couple, or anyone looking for a serene place to call their own.

9. 2024-09-22
   status Active 862-char remark

   Show marketing remark (862 chars)

   Welcome to this charming and cozy home, perfect for anyone seeking comfort and convenience. This delightful residence features: 2 Bedrooms: Two spacious bedrooms offer plenty of room for relaxation and personalization. Each bedroom also has ample closet space. 2-Stall Heated Garage: The attached two-stall garage is not only spacious but also heated, ensuring your vehicles stay warm during the colder months and providing a comfortable space for any workshop activities. Fenced-In Yard: The property boasts a fully fenced-in yard, offering privacy and a safe space for children or pets to play. This outdoor area is perfect for gardening, entertaining, or simply relaxing in your own private oasis. This home combines practicality with comfort, making it an ideal choice for a small family, a couple, or anyone looking for a serene place to call their own.

10. 2024-09-10
    price $132,000 862-char remark

    Show marketing remark (862 chars)

    Welcome to this charming and cozy home, perfect for anyone seeking comfort and convenience. This delightful residence features: 2 Bedrooms: Two spacious bedrooms offer plenty of room for relaxation and personalization. Each bedroom also has ample closet space. 2-Stall Heated Garage: The attached two-stall garage is not only spacious but also heated, ensuring your vehicles stay warm during the colder months and providing a comfortable space for any workshop activities. Fenced-In Yard: The property boasts a fully fenced-in yard, offering privacy and a safe space for children or pets to play. This outdoor area is perfect for gardening, entertaining, or simply relaxing in your own private oasis. This home combines practicality with comfort, making it an ideal choice for a small family, a couple, or anyone looking for a serene place to call their own.

11. 2024-06-13
    listed $140,000 Active 862-char remark

    Show marketing remark (862 chars)

    Welcome to this charming and cozy home, perfect for anyone seeking comfort and convenience. This delightful residence features: 2 Bedrooms: Two spacious bedrooms offer plenty of room for relaxation and personalization. Each bedroom also has ample closet space. 2-Stall Heated Garage: The attached two-stall garage is not only spacious but also heated, ensuring your vehicles stay warm during the colder months and providing a comfortable space for any workshop activities. Fenced-In Yard: The property boasts a fully fenced-in yard, offering privacy and a safe space for children or pets to play. This outdoor area is perfect for gardening, entertaining, or simply relaxing in your own private oasis. This home combines practicality with comfort, making it an ideal choice for a small family, a couple, or anyone looking for a serene place to call their own.

12. 2023-07-11
    soldstatus $128,000
13. 2023-07-07
    soldstatus $128,000 Sold 82-char remark

    Show marketing remark (82 chars)

    2 bed, 1 bath all on 1 level home with a 2 stall heated garage and fenced in yard!

14. 2023-06-21
    status Pending 82-char remark

    Show marketing remark (82 chars)

    2 bed, 1 bath all on 1 level home with a 2 stall heated garage and fenced in yard!

15. 2023-06-04
    historical Contingent - Inspection 82-char remark

    Show marketing remark (82 chars)

    2 bed, 1 bath all on 1 level home with a 2 stall heated garage and fenced in yard!

16. 2023-06-01
    listed $140,000 Active 82-char remark

    Show marketing remark (82 chars)

    2 bed, 1 bath all on 1 level home with a 2 stall heated garage and fenced in yard!

17. 2015-07-09
    soldstatus $89,000
18. 2015-07-08
    soldstatus $89,000
19. 2014-11-19
    price $89,900
20. 2014-10-14
    listed $89,900

ⓘ 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: $3,792 · $316/mo
• Projected year-2 tax: $3,792 · $316/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 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥94°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,955
• − Mortgage interest: −$7,058
• − Property taxes: −$3,792
• − Insurance: −$630
• − Repairs & maintenance: −$1,276
• − Management: −$1,276
• − Depreciation: −$3,665
• Taxable loss: −$1,743
• Est. tax savings @ 24.0%: +$418
• After-tax cash flow: $672/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: Thief River Falls School District
• NCES district ID: 2738850
• Math proficiency: 39% ▼ -19.00%
• Reading proficiency: 47% ▼ -13.00%
• Median HH income: $49,239
• Composite: 36.88/100
• National rank: #4547
• State rank: #201 of 301 in MN

Livability — Thief River Falls

• Score: 74/100
• State rank: #219
• US rank: #4606

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Thief River Falls, MN
• City population: 12,814
• Population (ZIP): 12,814

Population outlook (Pennington County) Hauer SSP2

• Today (2025): 14,800 people
• By 2030: 15,030 · +1.6%
• By 2040: 15,402 · +4.1%
• By 2050: 15,601 · +5.4%
• By 2075: 15,659 · +5.8%
• By 2100: 14,231 · -3.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 5% Two or more races 4% Black 1% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 34% Romanian 4% Lithuanian 4%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 3% French/Haitian/Cajun 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Pennington

• 2024 margin: Solid R (+31.5) · D 33.1% · R 64.6% · Other 2.3%
• 2008→2024 swing: -33.6pp toward R · 2008: 2.1pp · 2024: -31.5pp
• All cycles: 2024: R+31.5 2020: R+27.0 2016: R+27.8 2012: R+4.3 2008: D+2.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -123.53%
• Current HPI: 136.4729
• 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

+40.2% since first listed

20 events — show timeline

• 2026-04-20 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-17 Listed $126,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-06-17 Sold (Public Records) $100,285 Public Records
• 2025-05-15 Sold (MLS) $117,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-03-15 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2024-11-14 Price Changed $125,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-10-17 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2024-10-09 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2024-09-22 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2024-09-10 Price Changed $132,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-06-13 Listed $140,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-07-11 Sold (Public Records) $128,000 Public Records
• 2023-07-07 Sold (MLS) $128,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-06-21 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2023-06-04 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2023-06-01 Listed $140,000 NORTHSTARMLS as Distributed by MLS Grid
• 2015-07-09 Sold (Public Records) $89,000 Public Records
• 2015-07-08 Sold (MLS) $89,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-11-19 Price Changed $89,900 NORTHSTARMLS as Distributed by MLS Grid
• 2014-10-14 Listed $89,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+8.6%/yr

Latest (2025): $3,792 · +103.0% YoY. Source: county tax records.