1800 N 9th Ave

Virginia, MN 55792

$129,000C

2 bd · 2.0 ba · 2,352 sqft · Built 1953 · SingleFamily · Active · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,178/mo
• Mortgage (P&I): −$676
• Tax + insurance: −$89
• HOA: −$0
• Vac / Maint / Mgmt: −$247
• Net cashflow: $165/mo
• Annual: $1,978/yr
• Cap rate: 7.83%
• Cash-on-cash: 5.48%
• DSCR: 1.24
• 1% rule: 0.91%
• Cash to close: $36,120

Investor read

• This is a 2-bed/2.0-bath single-family listed at $129k.
• At list price, monthly cash flow is $165 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $118k (8.7% below list).
• It's been on market 24 days — a 2% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $118k (8.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $892 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#664 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, crime D, health & safety D.
• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 64 active listings in the ZIP; 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).
• Current owner paid $45k; list at $129k implies a 187% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.