204 Lake Ave E · Hill City, MN 55748

$344,900

9 bd · 5.1 ba · 2,080 sqft · MultiFamily public records · 275 Days on market

Built 1985 0.56 ac lot

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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).

• Cash flow +22.9/30.0
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• Appreciation +6.6/10.0
• 1% rule +5.4/10.0
• Schools +3.6/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Seize this rare opportunity to own a fully occupied 4-plex in Hill City, MN, delivering $33,133 in current annual gross rental income with immediate upside potential. Priced at $365,000, this turnkey property offers a blend of stability, recent updates, and future income growth for savvy investors. Each spacious unit features 2 bedrooms and 1 bath (one unit includes 2 baths), averaging 1,000 sq ft per unit. With long-term tenants in place and one unit currently renting at $600 while others achieve up to $900, there is built-in opportunity for rent increases to boost returns. Key updates provide peace of mind for investors: All units feature new water heaters New water softener serving all units Fresh paint, carpet, and flooring in Units 1 & 3 Updated electrical in Units 1 & 3 Every unit equipped with a washer & dryer hook up Tenants pay their own electric, cable, and internet, while the landlord covers city water/sewer, lawn care, snow removal, garbage, exterior maintenance, and insurance — keeping property management simple and predictable. The property sits in a prime Hill City location just 2 blocks from Hwy 169, one block from Hill Lake, and ½ mile from Hill City High School, ensuring consistent tenant demand and long-term value growth. Whether you're looking to add stable cash flow to your portfolio or seeking a turnkey property with built-in rent growth, this 4-plex checks all the boxes.

Key facts

• 0.56 acre lot
• Built 1985
• Listed 274 days

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $345k.

Deal economics

• At list price, monthly cash flow is $606 ($7k/yr) — positive. Per door: $202/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $345k).
• Recommended offer: $304k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 69/100 on livability (#360 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D+, amenities F, commute F.
• Hill City Public School District (rural): math 35% / reading 45% proficiency, ranked #366 of 467 in MN (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 25 active listings in the ZIP; 134 units permitted in Aitkin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($2k loan paydown + $11k appreciation (3.2% local appreciation)).
• Aitkin County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.2% appreciation + 3.0% rent growth), your $97k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 275 days — a 12% lower offer ($304k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago; this cycle's ask has dropped $20k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $250k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $303,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 275 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.04% ✓
• Cap rate: 8.40%
• Cash-on-cash: 7.53%
• DSCR: 1.34
• GRM: 8.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.22% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 15.1%
• Equity multiple: 1.87×
• Total profit: $84,131
• Equity at exit: $159,353

10-year hold

• IRR: 16.6%
• Equity multiple: 3.49×
• Total profit: $240,442
• Equity at exit: $248,955

Cash invested: $96,572 (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 55748

• Home prices YoY: 1.4%
• Active inventory: 25
• Price-to-rent: 24.1×

Monthly cashflow live

• Estimated rent: $3,581 medium
• Mortgage (P&I): −$1,809
• Tax from tax record: −$270 /mo · $3,244/yr
• Insurance: −$144
• HOA: −$0
• Vacancy / Maint / Mgmt: −$752
• Net cashflow: $606

Break-even live

Break-even rent $2,814

Max offer price $344,900

Occupancy floor 78%

Sensitivity live

Price	-10% $801	-5% $704	+0% $606	+5% $509	+10% $411
Rent	-10% $323	-5% $465	+0% $606	+5% $748	+10% $889
Rate	-1.0pp $780	-0.5pp $694	base $606	+0.5pp $517	+1.0pp $426

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$3,582
Total (3 units)			$3,581

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: $86,225
• Closing costs: $10,347
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-21
   days on market $344,900 Active 275 DOM
2. 2026-06-21
   days on market $344,900 Active 274 DOM
3. 2026-06-18
   days on market $344,900 Active 272 DOM
4. 2026-06-17
   days on market $344,900 Active 271 DOM
5. 2026-06-16
   days on market $344,900 Active 270 DOM
6. 2026-06-15
   days on market $344,900 Active 269 DOM
7. 2026-06-13
   days on market $344,900 Active 267 DOM
8. 2026-06-12
   days on market $344,900 Active 266 DOM
9. 2026-06-09
   days on market $344,900 Active 263 DOM
10. 2026-06-08
    days on market $344,900 Active 262 DOM
11. 2026-06-07
    days on market $344,900 Active 261 DOM
12. 2026-06-05
    days on market $344,900 Active 259 DOM
13. 2026-06-04
    days on market $344,900 Active 257 DOM
14. 2026-06-02
    days on market $344,900 Active 256 DOM
15. 2026-06-01
    days on market $344,900 Active 255 DOM
16. 2026-05-31
    days on market $344,900 Active 254 DOM
17. 2026-05-31
    days on market $344,900 Active 253 DOM
18. 2026-03-02
    price $344,900 1451-char remark

    Show marketing remark (1451 chars)

    Seize this rare opportunity to own a fully occupied 4-plex in Hill City, MN, delivering $33,133 in current annual gross rental income with immediate upside potential. Priced at $365,000, this turnkey property offers a blend of stability, recent updates, and future income growth for savvy investors. Each spacious unit features 2 bedrooms and 1 bath (one unit includes 2 baths), averaging 1,000 sq ft per unit. With long-term tenants in place and one unit currently renting at $600 while others achieve up to $900, there is built-in opportunity for rent increases to boost returns. Key updates provide peace of mind for investors: All units feature new water heaters New water softener serving all units Fresh paint, carpet, and flooring in Units 1 & 3 Updated electrical in Units 1 & 3 Every unit equipped with a washer & dryer hook up Tenants pay their own electric, cable, and internet, while the landlord covers city water/sewer, lawn care, snow removal, garbage, exterior maintenance, and insurance — keeping property management simple and predictable. The property sits in a prime Hill City location just 2 blocks from Hwy 169, one block from Hill Lake, and ½ mile from Hill City High School, ensuring consistent tenant demand and long-term value growth. Whether you're looking to add stable cash flow to your portfolio or seeking a turnkey property with built-in rent growth, this 4-plex checks all the boxes.

19. 2025-09-20
    listed $365,000 Active 1451-char remark

    Show marketing remark (1451 chars)

    Seize this rare opportunity to own a fully occupied 4-plex in Hill City, MN, delivering $33,133 in current annual gross rental income with immediate upside potential. Priced at $365,000, this turnkey property offers a blend of stability, recent updates, and future income growth for savvy investors. Each spacious unit features 2 bedrooms and 1 bath (one unit includes 2 baths), averaging 1,000 sq ft per unit. With long-term tenants in place and one unit currently renting at $600 while others achieve up to $900, there is built-in opportunity for rent increases to boost returns. Key updates provide peace of mind for investors: All units feature new water heaters New water softener serving all units Fresh paint, carpet, and flooring in Units 1 & 3 Updated electrical in Units 1 & 3 Every unit equipped with a washer & dryer hook up Tenants pay their own electric, cable, and internet, while the landlord covers city water/sewer, lawn care, snow removal, garbage, exterior maintenance, and insurance — keeping property management simple and predictable. The property sits in a prime Hill City location just 2 blocks from Hwy 169, one block from Hill Lake, and ½ mile from Hill City High School, ensuring consistent tenant demand and long-term value growth. Whether you're looking to add stable cash flow to your portfolio or seeking a turnkey property with built-in rent growth, this 4-plex checks all the boxes.

20. 2025-09-12
    historical $365,000 1451-char remark

    Show marketing remark (1451 chars)

    Seize this rare opportunity to own a fully occupied 4-plex in Hill City, MN, delivering $33,133 in current annual gross rental income with immediate upside potential. Priced at $365,000, this turnkey property offers a blend of stability, recent updates, and future income growth for savvy investors. Each spacious unit features 2 bedrooms and 1 bath (one unit includes 2 baths), averaging 1,000 sq ft per unit. With long-term tenants in place and one unit currently renting at $600 while others achieve up to $900, there is built-in opportunity for rent increases to boost returns. Key updates provide peace of mind for investors: All units feature new water heaters New water softener serving all units Fresh paint, carpet, and flooring in Units 1 & 3 Updated electrical in Units 1 & 3 Every unit equipped with a washer & dryer hook up Tenants pay their own electric, cable, and internet, while the landlord covers city water/sewer, lawn care, snow removal, garbage, exterior maintenance, and insurance — keeping property management simple and predictable. The property sits in a prime Hill City location just 2 blocks from Hwy 169, one block from Hill Lake, and ½ mile from Hill City High School, ensuring consistent tenant demand and long-term value growth. Whether you're looking to add stable cash flow to your portfolio or seeking a turnkey property with built-in rent growth, this 4-plex checks all the boxes.

21. 2022-05-27
    soldstatus $250,000 Sold 511-char remark

    Show marketing remark (511 chars)

    Hill City 4-Plex in excellent condition with great rental history. Each unit has a full kitchen, 2 bedrooms, living room, dining area/room, 1 full bath, and laundry/storage room. One unit does have a half bath off the main bedroom. Vinyl siding, newer windows, and new deck and newer patio area re just a few of the features of these well-maintained units. All units are single level with 2 units accessed off the lower-level patio and two units from the upper-level deck. Located in-town near all amenities.

22. 2022-05-27
    soldstatus $250,000

    Show marketing remark (511 chars)

    Hill City 4-Plex in excellent condition with great rental history. Each unit has a full kitchen, 2 bedrooms, living room, dining area/room, 1 full bath, and laundry/storage room. One unit does have a half bath off the main bedroom. Vinyl siding, newer windows, and new deck and newer patio area re just a few of the features of these well-maintained units. All units are single level with 2 units accessed off the lower-level patio and two units from the upper-level deck. Located in-town near all amenities.

23. 2022-05-19
    status Pending 511-char remark

    Show marketing remark (511 chars)

    Hill City 4-Plex in excellent condition with great rental history. Each unit has a full kitchen, 2 bedrooms, living room, dining area/room, 1 full bath, and laundry/storage room. One unit does have a half bath off the main bedroom. Vinyl siding, newer windows, and new deck and newer patio area re just a few of the features of these well-maintained units. All units are single level with 2 units accessed off the lower-level patio and two units from the upper-level deck. Located in-town near all amenities.

24. 2022-02-24
    listed $279,900 Active 511-char remark

    Show marketing remark (511 chars)

    Hill City 4-Plex in excellent condition with great rental history. Each unit has a full kitchen, 2 bedrooms, living room, dining area/room, 1 full bath, and laundry/storage room. One unit does have a half bath off the main bedroom. Vinyl siding, newer windows, and new deck and newer patio area re just a few of the features of these well-maintained units. All units are single level with 2 units accessed off the lower-level patio and two units from the upper-level deck. Located in-town near all amenities.

ⓘ 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: $3,244 · $270/mo
• Projected year-2 tax: $3,553 · $296/mo
• Expected delta: +$309/yr (+$26/mo · 9.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥94°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $42,972
• − Mortgage interest: −$19,320
• − Property taxes: −$3,244
• − Insurance: −$1,724
• − Repairs & maintenance: −$3,438
• − Management: −$3,438
• − Depreciation: −$10,033
• Taxable income: $1,775
• Est. tax owed @ 24.0%: −$426
• After-tax cash flow: $6,849/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: Hill City Public School District
• NCES district ID: 2714010
• Math proficiency: 35% ▼ -15.00%
• Reading proficiency: 45% ▬ 0.00%
• Median HH income: $38,766
• Composite: 35.83/100
• National rank: #9612
• State rank: #366 of 467 in MN

Livability — Hill City

• Score: 69/100
• State rank: #360
• US rank: #8412

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hill City, MN
• City population: 1,429
• Population (ZIP): 1,429

Population outlook (Aitkin County) Hauer SSP2

• Today (2025): 14,340 people
• By 2030: 13,514 · -5.8%
• By 2040: 11,928 · -16.8%
• By 2050: 10,804 · -24.7%
• By 2075: 9,555 · -33.4%
• By 2100: 8,380 · -41.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3%
• Common ancestry: Portuguese 10% Romanian 8% Lithuanian 3%
• Foreign-born: 0%

Political lean MEDSL · Aitkin

• 2024 margin: Solid R (+30.9) · D 33.8% · R 64.7% · Other 1.5%
• 2008→2024 swing: -30.9pp toward R · 2008: 0.1pp · 2024: -30.9pp
• All cycles: 2024: R+30.9 2020: R+26.4 2016: R+25.9 2012: R+1.3 2008: D+0.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.22%
• Current HPI: 241.4653
• 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

+23.2% since first listed

7 events — show timeline

• 2026-03-02 Price Changed $344,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-20 Listed $365,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-12 Coming Soon $365,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-05-27 Sold (Public Records) $250,000 Public Records
• 2022-05-27 Sold (MLS) $250,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-05-19 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2022-02-24 Listed $279,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+1.7%/yr

Latest (2026): $3,244 · +13.1% YoY. Source: county tax records.