12703 Erskin St NE · Blaine, MN 55449

$400,000

4 bd · 3.0 ba · 1,919 sqft · SingleFamily public records · 25 Days on market

Built 2022 Good condition 6,098 sqft lot $208/sqft · 23% below area Est $517k · 23% under $67/mo HOA · 2% of rent ↓ 6% since listing

---

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).

• ARV discount +15.0/15.0
• Cash flow +13.1/30.0
• Schools +4.7/10.0
• Condition / age +4.0/5.0
• DSCR +3.9/10.0
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• 1% rule +3.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Introducing another new construction opportunity from D.R. Horton, America’s Builder. Ask how you can save up to $25,000 on your new D.R. Horton home for a limited time! Welcome to 'The Edmon.' Bright and open throughout a main level that impresses end to end, the layout features four spacious upper level bedrooms, including a sprawling Primary Suite with private bath and oversized walk-in closet. Down on the main level, the kitchen overflows with both function and style, with a morning room-style dining room off the back and a huge family room coated in natural light that's accented by a sleek electric fireplace. All located within minutes of walking trails, parks, restaurants, and shopping. Home is available now and ready to move in.

Key facts

• Main floor open plan
• Walk in closet
• Sprinkler system

Tags

• SPRINKLER SYSTEM
• COMMUNITY HOLDING POND
• MAIN FLOOR OPEN PLAN
• ELECTRIC FIREPLACE
• PRIVATE PRIMARY SUITE
• WALK IN CLOSET

Property features AI

Finance

• Other: Above-grade finished living area approximately 1,907; Lot dimensions approximately 48 x 129 x 48 x 130 (0.14 acres)
• HOA & community: Has HOA (New Concepts Group); HOA fee $200 quarterly; HOA includes professional management and other services

Exterior

• Parking: Attached garage; 2-car garage
• Utilities: City water connected; City sewer connected; 200+ amp electrical service; Natural gas
• Home design: Residential attached property; Two levels; Primary living areas on upper and main levels; No external stairs (accessible); Entry faces unspecified direction
• Construction: Shingle roof (age 8 years or less); Slab foundation; Foundation area approximately 805
• Exterior features: Patio; Stone and vinyl exterior; In-ground sprinkler; No fencing; Curbs, paved streets and sidewalks

Interior

• Kitchen: Kitchen with center island; Kitchen window; Range; Microwave; Dishwasher; Disposal
• Bedrooms: 4 bedrooms total; Primary suite on upper level; Three additional bedrooms on upper level
• Bathrooms: Primary 3/4 bath; Private primary bath; Main floor half bath; Upper-level full bath
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Air-to-air exchanger; Dishwasher; Disposal; Microwave; Range; Informal dining area (kitchen/dining or living/dining configuration); Primary bedroom with private 3/4 bath; Living room with fireplace
• Laundry & utility: Upper-level laundry room; Laundry closet; Washer hookup; Electric dryer hookup; Main-level utility room

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $400k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-15 ($-181/yr) — negative.
• To cash-flow at today's rent, offer at most $397k (0.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $340k (15.1% below list).
• Recommended offer: $340k (15.1% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 3.9% in Blaine — 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 71/100 on livability (#315 in MN) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: amenities F, commute F.
• Anoka-Hennepin Public School District (suburban): math 49% / reading 55% proficiency, ranked #71 of 301 in MN (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+4.4%/yr); 245 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,083 units permitted in Anoka County in 2024 (134 in 5+ unit buildings).
• This rent runs 31% of the median local income ($132k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Anoka County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($394k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y 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.

Recommended offer $339,688 (15.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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: 0.85% ✗
• Cap rate: 6.25%
• Cash-on-cash: -0.16%
• DSCR: 0.99
• GRM: 9.8

CMA / ARV

• ARV (median comp): $517,240
• List price: $400,000
• Delta: -22.67%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.42% rent growth · sell at horizon

5-year hold

• IRR: -15.0%
• Equity multiple: 0.46×
• Total profit: $-60,848
• Equity at exit: $59,641

10-year hold

• IRR: -4.3%
• Equity multiple: 0.70×
• Total profit: $-33,391
• Equity at exit: $34,585

Cash invested: $112,000 (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 55449

• Home prices YoY: -23.8%
• Rents YoY: 4.4%
• Active inventory: 245
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $3,397 medium
• Mortgage (P&I): −$2,098
• Tax from tax record: −$367 /mo · $4,408/yr
• Insurance: −$167
• HOA: −$67
• Vacancy / Maint / Mgmt: −$713
• Net cashflow: $-15

Break-even live

Break-even rent $3,416

Max offer price $397,328

Occupancy floor 95%

Sensitivity live

Price	-10% $211	-5% $98	+0% $-15	+5% $-128	+10% $-242
Rent	-10% $-283	-5% $-149	+0% $-15	+5% $119	+10% $253
Rate	-1.0pp $186	-0.5pp $87	base $-15	+0.5pp $-119	+1.0pp $-224

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12283 Ghia Ct NE Unit B Minneapolis, MN	3.0	2.5	1909	$2,940	$1.54	44d	1	0.50mi
13202 Jewell St NE Minneapolis, MN	3.0–5.0	2.5–3.5	2217	$3,943	$1.78	0d	10	0.74mi
12335 Midway Cir NE Minneapolis, MN	4.0	2.0	2150	$2,800	$1.30	3d	1	1.16mi
2445 120th Cir NE Blaine, MN	2.0–4.0	2.5–3.5	1894	$3,833	$2.02	0d	18	1.34mi

HOA detail

• Monthly dues: $67 · $804/yr
• Likely covers: electric

Listing history 11 events

1. 2026-05-05
   historical Contingent - Inspection 594-char remark
2. 2026-04-30
   listed $400,000 Active 594-char remark
3. 2026-03-01
   listed $1
4. 2026-03-01
   historical
5. 2023-03-10
   soldstatus $394,990 Sold

   Show marketing remark (751 chars)

   Introducing another new construction opportunity from D.R. Horton, America’s Builder. Ask how you can save up to $25,000 on your new D.R. Horton home for a limited time! Welcome to 'The Edmon.' Bright and open throughout a main level that impresses end to end, the layout features four spacious upper level bedrooms, including a sprawling Primary Suite with private bath and oversized walk-in closet. Down on the main level, the kitchen overflows with both function and style, with a morning room-style dining room off the back and a huge family room coated in natural light that's accented by a sleek electric fireplace. All located within minutes of walking trails, parks, restaurants, and shopping. Home is available now and ready to move in.

6. 2023-01-29
   status Pending

   Show marketing remark (751 chars)

   Introducing another new construction opportunity from D.R. Horton, America’s Builder. Ask how you can save up to $25,000 on your new D.R. Horton home for a limited time! Welcome to 'The Edmon.' Bright and open throughout a main level that impresses end to end, the layout features four spacious upper level bedrooms, including a sprawling Primary Suite with private bath and oversized walk-in closet. Down on the main level, the kitchen overflows with both function and style, with a morning room-style dining room off the back and a huge family room coated in natural light that's accented by a sleek electric fireplace. All located within minutes of walking trails, parks, restaurants, and shopping. Home is available now and ready to move in.

7. 2022-12-19
   historical Contingent - Sale of Another Property

   Show marketing remark (751 chars)

   Introducing another new construction opportunity from D.R. Horton, America’s Builder. Ask how you can save up to $25,000 on your new D.R. Horton home for a limited time! Welcome to 'The Edmon.' Bright and open throughout a main level that impresses end to end, the layout features four spacious upper level bedrooms, including a sprawling Primary Suite with private bath and oversized walk-in closet. Down on the main level, the kitchen overflows with both function and style, with a morning room-style dining room off the back and a huge family room coated in natural light that's accented by a sleek electric fireplace. All located within minutes of walking trails, parks, restaurants, and shopping. Home is available now and ready to move in.

8. 2022-11-26
   price $409,990

   Show marketing remark (751 chars)

   Introducing another new construction opportunity from D.R. Horton, America’s Builder. Ask how you can save up to $25,000 on your new D.R. Horton home for a limited time! Welcome to 'The Edmon.' Bright and open throughout a main level that impresses end to end, the layout features four spacious upper level bedrooms, including a sprawling Primary Suite with private bath and oversized walk-in closet. Down on the main level, the kitchen overflows with both function and style, with a morning room-style dining room off the back and a huge family room coated in natural light that's accented by a sleek electric fireplace. All located within minutes of walking trails, parks, restaurants, and shopping. Home is available now and ready to move in.

9. 2022-11-26
   listed $431,630 Active

   Show marketing remark (751 chars)

   Introducing another new construction opportunity from D.R. Horton, America’s Builder. Ask how you can save up to $25,000 on your new D.R. Horton home for a limited time! Welcome to 'The Edmon.' Bright and open throughout a main level that impresses end to end, the layout features four spacious upper level bedrooms, including a sprawling Primary Suite with private bath and oversized walk-in closet. Down on the main level, the kitchen overflows with both function and style, with a morning room-style dining room off the back and a huge family room coated in natural light that's accented by a sleek electric fireplace. All located within minutes of walking trails, parks, restaurants, and shopping. Home is available now and ready to move in.

10. 2022-09-19
    historical
11. 2022-09-08
    listed $424,630 Active

ⓘ 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: $4,408 · $367/mo
• Projected year-2 tax: $4,444 · $370/mo
• Expected delta: +$36/yr (+$3/mo · 0.8%)

ⓘ 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 ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,763
• − Mortgage interest: −$22,406
• − Property taxes: −$4,408
• − Insurance: −$2,000
• − Repairs & maintenance: −$3,261
• − Management: −$3,261
• − HOA: −$804
• − Depreciation: −$11,636
• Taxable loss: −$7,014
• Est. tax savings @ 24.0%: +$1,683
• After-tax cash flow: $1,502/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.

Condition & rehab AI · 6 photos

Good 80/100 Cosmetic rehab

This single-family home is in good condition with a good layout and curb appeal. It is ready for minor cosmetic updates to enhance its value and attract buyers and renters.

Value-add opportunities

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics.
• Both Landscaping improvements — Enhances curb appeal and adds value.
• Both Replace windows with energy-efficient ones — Reduces energy costs and enhances home value.
• Both Install smart home technology — Attracts tech-savvy buyers and renters, improving both resale and rental value.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhances curb appeal and adds value. ↑
• Both Replace windows with energy-efficient ones — Reduces energy costs and enhances home value. ↑
• Both Install smart home technology — Attracts tech-savvy buyers and renters, improving both resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Anoka-Hennepin Public School District
• NCES district ID: 2703180
• Math proficiency: 49% ▼ -14.00%
• Reading proficiency: 55% ▼ -10.00%
• Median HH income: $73,837
• Composite: 46.7/100
• National rank: #2400
• State rank: #71 of 301 in MN

Livability — Blaine

• Score: 71/100
• State rank: #315
• US rank: #7073

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Blaine, MN
• County: Anoka County · 277,116 people
• City population: 67,472
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• Population (ZIP): 34,443
• Household income: $131,832
• Rent vs Own: 12.1% rent · 87.9% own
• Severe rent burden: 275.0

Population outlook (Anoka County) Hauer SSP2

• Today (2025): 375,223 people
• By 2030: 387,850 · +3.4%
• By 2040: 407,239 · +8.5%
• By 2050: 417,541 · +11.3%
• By 2075: 448,447 · +19.5%
• By 2100: 464,954 · +23.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Asian 10% Black 9% Two or more races 6% Hispanic / Latino 4%
• Common ancestry: Portuguese 10% Romanian 5% Lithuanian 3%
• Foreign-born: 14% · Canada, Vietnam, China
• Languages at home: 79% English-only · Arabic 4% Other Asian/Pacific 4% Spanish 3%

Political lean MEDSL · Anoka

• 2024 margin: Toss-up / Even · D 46.6% · R 51.0% · Other 2.4%
• 2008→2024 swing: -2.0pp toward R · 2008: -2.4pp · 2024: -4.4pp
• All cycles: 2024: R+4.4 2020: R+1.9 2016: R+9.7 2012: R+2.6 2008: R+2.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -70.24%
• Current HPI: 225.2348
• Rent YoY: ▲ 4.42%
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• 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

-5.8% since first listed

13 events — show timeline

• 2026-06-12 Sold (MLS) $400,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-26 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-05 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-30 Listed $400,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-01 Listed $1 NORTHSTARMLS as Distributed by MLS Grid
• 2023-03-10 Sold (MLS) $394,990 NORTHSTARMLS as Distributed by MLS Grid
• 2023-01-29 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2022-12-19 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2022-11-26 Price Changed $409,990 NORTHSTARMLS as Distributed by MLS Grid
• 2022-11-26 Listed $431,630 NORTHSTARMLS as Distributed by MLS Grid
• 2022-09-19 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2022-09-08 Listed $424,630 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+131.3%/yr

Latest (2026): $4,408 · +11.3% YoY. Source: county tax records.