9234 Flanders St NE · Blaine, MN 55449

$284,900

2 bd · 1.0 ba · 1,159 sqft · SingleFamily public records · 32 Days on market

Built 1942 0.25 ac lot $246/sqft · at area comps Est $335k · 15% under

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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).

• ARV discount +14.2/15.0
• Cash flow +10.8/30.0
• Schools +4.0/10.0
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• DSCR +3.1/10.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this affordable home in a wonderful neighborhood. Easy access to freeway. Enjoy the ease of main floor living & a massive attached garage that can house 4 cars. Large living room with vaulted ceilings accompanied by a wood burning fireplace accented by floor to ceiling brick. Kitchen & bath feature tile flooring. New boiler- move in & enjoy!

Key facts

• 0.25 acre lot
• 4 garage spots
• Built 1942

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $285k.

Deal economics

• At list price, monthly cash flow is $-131 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $262k (8.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $220k (22.9% below list).
• Recommended offer: $220k (22.9% below list) — sets the bar for 1% rule.
• Cap rate 5.7% vs local median 4.0% 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.
• Spring Lake Park Public Schools (suburban): math 41% / reading 49% proficiency, ranked #162 of 301 in MN (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Park Terrace Elementary (math 37% / reading 27%, grade F, #670 of 857 statewide, top 79%, 552 students, 76% FRL); Westwood Intermediate & Middle Sch (math 34% / reading 54%, grade D, #126 of 258 statewide, top 49%, 1,691 students, 49% FRL); Spring Lake Park Senior High (math 47% / reading 32%, grade F, #246 of 471 statewide, top 59%, 1,947 students, 46% FRL) — zoned schools average 57% FRL vs 30% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• 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 0d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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 32 days — a 3% lower offer ($276k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 33y ago; this cycle's ask has dropped $15k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $245k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $219,690 (22.9% 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. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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 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: 0.77% ✗
• Cap rate: 5.74%
• Cash-on-cash: -1.97%
• DSCR: 0.91
• GRM: 10.8

CMA / ARV

• ARV (median comp): $335,000
• List price: $284,900
• Delta: -14.96%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -18.1%
• Equity multiple: 0.36×
• Total profit: $-51,367
• Equity at exit: $42,480

10-year hold

• IRR: -7.9%
• Equity multiple: 0.47×
• Total profit: $-42,162
• Equity at exit: $24,633

Cash invested: $79,772 (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: 10.8×

Monthly cashflow live

• Estimated rent: $2,197 medium
• Mortgage (P&I): −$1,494
• Tax from tax record: −$254 /mo · $3,048/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$461
• Net cashflow: $-131

Break-even live

Break-even rent $2,363

Max offer price $261,728

Occupancy floor —

Sensitivity live

Price	-10% $30	-5% $-51	+0% $-131	+5% $-212	+10% $-292
Rent	-10% $-305	-5% $-218	+0% $-131	+5% $-44	+10% $42
Rate	-1.0pp $12	-0.5pp $-59	base $-131	+0.5pp $-205	+1.0pp $-280

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: $71,225
• Closing costs: $8,547
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9001 Griggs Ave Circle Pines, MN	2.0	1.0–2.0	761	$2,525	$3.32	0d	24	1.31mi
1905 Wildflower Ct Saint Paul, MN	2.0	1.0	1216	$1,900	$1.56	0d	1	1.44mi
5891 Rice Creek Pkwy Shoreview, MN	1.0–2.0	1.0–2.0	926	$2,251	$2.43	0d	23	1.47mi
1939 Bluestem Ln Saint Paul, MN	2.0	2.0	1400	$1,895	$1.35	19d	1	1.50mi

Listing history 20 events

1. 2026-05-12
   status Pending 366-char remark

   Show marketing remark (366 chars)

   Welcome to this affordable home in a wonderful neighborhood. Easy access to freeway. Enjoy the ease of main floor living & a massive attached garage that can house 4 cars. Large living room with vaulted ceilings accompanied by a wood burning fireplace accented by floor to ceiling brick. Kitchen & bath feature tile flooring. New boiler- move in & enjoy!

2. 2026-05-04
   historical Contingent - Inspection 366-char remark

   Show marketing remark (366 chars)

   Welcome to this affordable home in a wonderful neighborhood. Easy access to freeway. Enjoy the ease of main floor living & a massive attached garage that can house 4 cars. Large living room with vaulted ceilings accompanied by a wood burning fireplace accented by floor to ceiling brick. Kitchen & bath feature tile flooring. New boiler- move in & enjoy!

3. 2026-05-04
   price $284,900 366-char remark

   Show marketing remark (366 chars)

   Welcome to this affordable home in a wonderful neighborhood. Easy access to freeway. Enjoy the ease of main floor living & a massive attached garage that can house 4 cars. Large living room with vaulted ceilings accompanied by a wood burning fireplace accented by floor to ceiling brick. Kitchen & bath feature tile flooring. New boiler- move in & enjoy!

4. 2026-04-10
   listed $299,900 Active 366-char remark

   Show marketing remark (366 chars)

   Welcome to this affordable home in a wonderful neighborhood. Easy access to freeway. Enjoy the ease of main floor living & a massive attached garage that can house 4 cars. Large living room with vaulted ceilings accompanied by a wood burning fireplace accented by floor to ceiling brick. Kitchen & bath feature tile flooring. New boiler- move in & enjoy!

5. 2021-12-29
   soldstatus $245,000
6. 2021-12-22
   soldstatus $245,000 Sold 652-char remark

   Show marketing remark (652 chars)

   Welcome to Flanders Street. This 1942 built home is located within the Sugar Woods development with majority of homes built in the mid 1990's. All main floor living is available here on Flanders Street. With a fresh coat a paint throughout the home and new carpet you can move right in. Cold winter nights you will enjoy the spacious living room with brick fireplace. Hot summers...grilling is made easy right out the sliding glass door to the dining room. Do you have extra "toys" or need additional exercise space? Do not miss the 4-car garage! As rent prices increase now is your time to start building equity and have a place of your own.

7. 2021-11-23
   status Pending 652-char remark

   Show marketing remark (652 chars)

   Welcome to Flanders Street. This 1942 built home is located within the Sugar Woods development with majority of homes built in the mid 1990's. All main floor living is available here on Flanders Street. With a fresh coat a paint throughout the home and new carpet you can move right in. Cold winter nights you will enjoy the spacious living room with brick fireplace. Hot summers...grilling is made easy right out the sliding glass door to the dining room. Do you have extra "toys" or need additional exercise space? Do not miss the 4-car garage! As rent prices increase now is your time to start building equity and have a place of your own.

8. 2021-11-04
   historical Contingent - Other 652-char remark

   Show marketing remark (652 chars)

   Welcome to Flanders Street. This 1942 built home is located within the Sugar Woods development with majority of homes built in the mid 1990's. All main floor living is available here on Flanders Street. With a fresh coat a paint throughout the home and new carpet you can move right in. Cold winter nights you will enjoy the spacious living room with brick fireplace. Hot summers...grilling is made easy right out the sliding glass door to the dining room. Do you have extra "toys" or need additional exercise space? Do not miss the 4-car garage! As rent prices increase now is your time to start building equity and have a place of your own.

9. 2021-11-02
   price $235,000 652-char remark

   Show marketing remark (652 chars)

   Welcome to Flanders Street. This 1942 built home is located within the Sugar Woods development with majority of homes built in the mid 1990's. All main floor living is available here on Flanders Street. With a fresh coat a paint throughout the home and new carpet you can move right in. Cold winter nights you will enjoy the spacious living room with brick fireplace. Hot summers...grilling is made easy right out the sliding glass door to the dining room. Do you have extra "toys" or need additional exercise space? Do not miss the 4-car garage! As rent prices increase now is your time to start building equity and have a place of your own.

10. 2021-10-19
    listed $250,000 Active 652-char remark

    Show marketing remark (652 chars)

    Welcome to Flanders Street. This 1942 built home is located within the Sugar Woods development with majority of homes built in the mid 1990's. All main floor living is available here on Flanders Street. With a fresh coat a paint throughout the home and new carpet you can move right in. Cold winter nights you will enjoy the spacious living room with brick fireplace. Hot summers...grilling is made easy right out the sliding glass door to the dining room. Do you have extra "toys" or need additional exercise space? Do not miss the 4-car garage! As rent prices increase now is your time to start building equity and have a place of your own.

11. 2008-04-30
    soldstatus $159,900
12. 2008-04-28
    soldstatus $159,900
13. 2008-04-09
    historical
14. 2007-12-04
    listed $159,900
15. 2007-12-04
    historical
16. 2007-10-22
    listed $184,900
17. 2007-04-05
    historical
18. 2007-04-04
    listed $194,900
19. 1993-10-11
    soldstatus $62,900
20. 1993-06-11
    listed $62,900

ⓘ 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: $3,048 · $254/mo
• Projected year-2 tax: $3,119 · $260/mo
• Expected delta: +$72/yr (+$6/mo · 2.4%)

ⓘ 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 2/10 Low 7 d/yr ≥100°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,363
• − Mortgage interest: −$15,959
• − Property taxes: −$3,048
• − Insurance: −$1,424
• − Repairs & maintenance: −$2,109
• − Management: −$2,109
• − Depreciation: −$8,288
• Taxable loss: −$6,574
• Est. tax savings @ 24.0%: +$1,578
• After-tax cash flow: $4/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: Spring Lake Park Public Schools
• NCES district ID: 2733330
• Math proficiency: 41% ▼ -6.00%
• Reading proficiency: 49% ▼ -8.00%
• Median HH income: $65,602
• Composite: 40.11/100
• National rank: #3802
• State rank: #162 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

+352.9% since first listed

20 events — show timeline

• 2026-05-12 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-04 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-04 Price Changed $284,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-10 Listed $299,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-12-29 Sold (Public Records) $245,000 Public Records
• 2021-12-22 Sold (MLS) $245,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-11-23 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-11-04 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2021-11-02 Price Changed $235,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-10-19 Listed $250,000 NORTHSTARMLS as Distributed by MLS Grid
• 2008-04-30 Sold (Public Records) $159,900 Public Records
• 2008-04-28 Sold (MLS) $159,900 NORTHSTARMLS as Distributed by MLS Grid
• 2008-04-09 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2007-12-04 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2007-12-04 Listed $159,900 NORTHSTARMLS as Distributed by MLS Grid
• 2007-10-22 Listed $184,900 NORTHSTARMLS as Distributed by MLS Grid
• 2007-04-05 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2007-04-04 Listed $194,900 NORTHSTARMLS as Distributed by MLS Grid
• 1993-10-11 Sold (MLS) $62,900 NORTHSTARMLS as Distributed by MLS Grid
• 1993-06-11 Listed $62,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+5.1%/yr

Latest (2026): $3,048 · -13.5% YoY. Source: county tax records.