9234 Flanders St NE

Blaine, MN 55449

$284,900D

2 bd · 1.0 ba · 1,159 sqft · Built 1942 · SingleFamily · Pending · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,197/mo
• Mortgage (P&I): −$1,494
• Tax + insurance: −$373
• HOA: −$0
• Vac / Maint / Mgmt: −$461
• Net cashflow: $-131/mo
• Annual: $-1,574/yr
• Cap rate: 5.74%
• Cash-on-cash: -1.97%
• DSCR: 0.91
• 1% rule: 0.77%
• Cash to close: $79,772

Investor read

• This is a 2-bed/1.0-bath single-family listed at $285k.
• 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).
• It's been on market 32 days — a 3% lower offer ($276k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $220k (22.9% below list) — sets the bar for 1% rule.
• 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.
• 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.
• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.4%/yr); 244 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 1d 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).
• Anoka County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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.
• 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.

Questions for listing agent

• 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?
• 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?
• Built in 1942 — 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.
• 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?
• 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?
• 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.