15570 Linnet St NW Unit 2-305 · Andover, MN 55304

$210,000

1 bd · 1.0 ba · 798 sqft · Condo public records · 50 Days on market

Built 2003 $263/sqft · at area comps Est $216k · at est. $205/mo HOA · 9% of rent

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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 +20.3/30.0
• ARV discount +8.7/15.0
• DSCR +6.5/10.0
• 1% rule +5.9/10.0
• Schools +4.7/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This beautifully maintained third-floor condo delivers comfort, security, and every day convenience in a welcoming and thriving 55+ community. This spacious 1-bedroom, 1-bath condo features a versatile bonus room, ideal for a home office, hobby space, or guest area. Recent updates include a modern kitchen and newer furnace. Enjoy your morning coffee or evening sunsets from your private balcony with serene wetland views, often visited by deer and songbirds. The well-maintained building offers wide hallways, elevator access, and heated underground parking with car wash. Community amenities include a gathering room, shuffleboard, outdoor grilling area, and gazebo. Convenient location near shopping, dining, and the Andover YMCA. Move-in ready and thoughtfully designed for comfort, convenience, and effortless enjoyment in a vibrant community setting.

Key facts

• Gathering room
• Private balcony
• Bonus room

Tags

• BONUS ROOM
• MODERN KITCHEN
• PRIVATE BALCONY
• WETLAND VIEWS
• GATHERING ROOM
• OUTDOOR GRILLING AREA

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $210k.

Deal economics

• At list price, monthly cash flow is $271 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $210k).
• Recommended offer: $204k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 3.6% in Andover — 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 72/100 on livability (#291 in MN) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, schools A; Watch: amenities F, commute F, cost of living D-.
• 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: 392 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $1k of loan paydown is wiped out by about $6k 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 50 days — a 3% lower offer ($204k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 7y 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 $203,700 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-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. 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.
7. 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.
8. 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: 1.09% ✓
• Cap rate: 7.84%
• Cash-on-cash: 5.52%
• DSCR: 1.25
• GRM: 7.7

CMA / ARV

• ARV (median comp): $215,944
• List price: $210,000
• Delta: -2.75%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -7.7%
• Equity multiple: 0.72×
• Total profit: $-16,713
• Equity at exit: $31,312

10-year hold

• IRR: 1.9%
• Equity multiple: 1.14×
• Total profit: $7,979
• Equity at exit: $18,157

Cash invested: $58,800 (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 55304

• Active inventory: 392
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $2,283 medium
• Mortgage (P&I): −$1,101
• Tax from tax record: −$139 /mo · $1,671/yr
• Insurance: −$88
• HOA: −$205
• Vacancy / Maint / Mgmt: −$479
• Net cashflow: $271

Break-even live

Break-even rent $1,941

Max offer price $210,000

Occupancy floor 83%

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1753 156th Ln NW Andover, MN	1.0–2.0	1.0–1.5	887	$2,283	$2.57	2d	3	0.27mi

HOA detail condo

• Monthly dues: $205 · $2,460/yr
• Likely covers: security
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 26 events

1. 2026-06-04
   statusdays on market $210,000 Pending 50 DOM
2. 2026-06-03
   days on market $210,000 Contingent - Subject to Statutory Rescission 49 DOM
3. 2026-06-02
   days on market $210,000 Contingent - Subject to Statutory Rescission 48 DOM
4. 2026-06-02
   status $210,000 Contingent - Subject to Statutory Rescission 47 DOM
5. 2026-06-01
   days on market $210,000 Active 47 DOM
6. 2026-05-31
   days on market $210,000 Active 46 DOM
7. 2026-05-12
   historical Contingent - Subject to Statutory Rescission 857-char remark

   Show marketing remark (857 chars)

   This beautifully maintained third-floor condo delivers comfort, security, and every day convenience in a welcoming and thriving 55+ community. This spacious 1-bedroom, 1-bath condo features a versatile bonus room, ideal for a home office, hobby space, or guest area. Recent updates include a modern kitchen and newer furnace. Enjoy your morning coffee or evening sunsets from your private balcony with serene wetland views, often visited by deer and songbirds. The well-maintained building offers wide hallways, elevator access, and heated underground parking with car wash. Community amenities include a gathering room, shuffleboard, outdoor grilling area, and gazebo. Convenient location near shopping, dining, and the Andover YMCA. Move-in ready and thoughtfully designed for comfort, convenience, and effortless enjoyment in a vibrant community setting.

8. 2026-04-15
   listed $210,000 Active 857-char remark

   Show marketing remark (857 chars)

   This beautifully maintained third-floor condo delivers comfort, security, and every day convenience in a welcoming and thriving 55+ community. This spacious 1-bedroom, 1-bath condo features a versatile bonus room, ideal for a home office, hobby space, or guest area. Recent updates include a modern kitchen and newer furnace. Enjoy your morning coffee or evening sunsets from your private balcony with serene wetland views, often visited by deer and songbirds. The well-maintained building offers wide hallways, elevator access, and heated underground parking with car wash. Community amenities include a gathering room, shuffleboard, outdoor grilling area, and gazebo. Convenient location near shopping, dining, and the Andover YMCA. Move-in ready and thoughtfully designed for comfort, convenience, and effortless enjoyment in a vibrant community setting.

9. 2025-11-19
   soldstatus $205,000
10. 2025-10-24
    soldstatus $205,000 Sold 704-char remark

    Show marketing remark (704 chars)

    Welcome to Grey Oaks, a 55+ community offering comfort and convenience. This spacious 1-bedroom, 1-bath condo features a versatile bonus room, ideal for a home office, hobby space, or guest area. Recent updates include a modern kitchen and newer furnace. Relax on your private balcony with serene wetland views, often visited by deer and songbirds. The well-maintained building offers wide hallways, elevator access, and heated underground parking with car wash. Community amenities include a gathering room, shuffleboard, outdoor grilling area, and gazebo. Convenient location near shopping, dining, and the Andover YMCA. Move-in ready and designed for ease and enjoyment in an active community setting.

11. 2025-10-22
    status Pending 704-char remark

    Show marketing remark (704 chars)

    Welcome to Grey Oaks, a 55+ community offering comfort and convenience. This spacious 1-bedroom, 1-bath condo features a versatile bonus room, ideal for a home office, hobby space, or guest area. Recent updates include a modern kitchen and newer furnace. Relax on your private balcony with serene wetland views, often visited by deer and songbirds. The well-maintained building offers wide hallways, elevator access, and heated underground parking with car wash. Community amenities include a gathering room, shuffleboard, outdoor grilling area, and gazebo. Convenient location near shopping, dining, and the Andover YMCA. Move-in ready and designed for ease and enjoyment in an active community setting.

12. 2025-10-10
    historical Contingent - Subject to Statutory Rescission 704-char remark

    Show marketing remark (704 chars)

    Welcome to Grey Oaks, a 55+ community offering comfort and convenience. This spacious 1-bedroom, 1-bath condo features a versatile bonus room, ideal for a home office, hobby space, or guest area. Recent updates include a modern kitchen and newer furnace. Relax on your private balcony with serene wetland views, often visited by deer and songbirds. The well-maintained building offers wide hallways, elevator access, and heated underground parking with car wash. Community amenities include a gathering room, shuffleboard, outdoor grilling area, and gazebo. Convenient location near shopping, dining, and the Andover YMCA. Move-in ready and designed for ease and enjoyment in an active community setting.

13. 2025-10-03
    listed $205,000 Active 704-char remark

    Show marketing remark (704 chars)

    Welcome to Grey Oaks, a 55+ community offering comfort and convenience. This spacious 1-bedroom, 1-bath condo features a versatile bonus room, ideal for a home office, hobby space, or guest area. Recent updates include a modern kitchen and newer furnace. Relax on your private balcony with serene wetland views, often visited by deer and songbirds. The well-maintained building offers wide hallways, elevator access, and heated underground parking with car wash. Community amenities include a gathering room, shuffleboard, outdoor grilling area, and gazebo. Convenient location near shopping, dining, and the Andover YMCA. Move-in ready and designed for ease and enjoyment in an active community setting.

14. 2025-10-01
    historical
15. 2025-07-24
    listed $210,000 Active
16. 2023-07-12
    soldstatus $185,000
17. 2023-06-29
    soldstatus $185,000 Sold
18. 2023-06-07
    status Pending
19. 2023-05-22
    historical Contingent - Subject to Statutory Rescission
20. 2023-05-20
    listed $185,000 Active
21. 2023-05-19
    historical $185,000
22. 2019-05-30
    soldstatus $142,000
23. 2019-05-23
    soldstatus $142,000 Sold
24. 2019-04-30
    status Pending
25. 2019-04-05
    historical Contingent - Subject to Statutory Rescission
26. 2019-03-21
    listed $140,000 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: $1,671 · $139/mo
• Projected year-2 tax: $2,012 · $168/mo
• Expected delta: +$340/yr (+$28/mo · 20.4%)

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

Taxation est. · year 1

• Rental income: $27,396
• − Mortgage interest: −$11,763
• − Property taxes: −$1,671
• − Insurance: −$1,050
• − Repairs & maintenance: −$2,192
• − Management: −$2,192
• − HOA: −$2,460
• − Depreciation: −$6,109
• Taxable loss: −$41
• Est. tax savings @ 24.0%: +$10
• After-tax cash flow: $3,256/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: 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 — Andover

• Score: 72/100
• State rank: #291
• US rank: #6311

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Andover, MN
• Population (ZIP): 49,452

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 (88%)
• Race & ethnicity: White 88% Two or more races 4% Asian 3% Black 3% Hispanic / Latino 2%
• Common ancestry: Portuguese 14% Romanian 6% Lithuanian 3%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · Other Asian/Pacific 2% Spanish 1% Russian/Polish/Slavic 1%

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: ▼ -267.68%
• Current HPI: 242.7122
• 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

+50.0% since first listed

20 events — show timeline

• 2026-05-12 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-15 Listed $210,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-19 Sold (Public Records) $205,000 Public Records
• 2025-10-24 Sold (MLS) $205,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-22 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-10 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-03 Listed $205,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-07-24 Listed $210,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-07-12 Sold (Public Records) $185,000 Public Records
• 2023-06-29 Sold (MLS) $185,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-06-07 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2023-05-22 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2023-05-20 Listed $185,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-05-19 Coming Soon $185,000 NORTHSTARMLS as Distributed by MLS Grid
• 2019-05-30 Sold (Public Records) $142,000 Public Records
• 2019-05-23 Sold (MLS) $142,000 NORTHSTARMLS as Distributed by MLS Grid
• 2019-04-30 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2019-04-05 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2019-03-21 Listed $140,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+5.6%/yr

Latest (2026): $1,671 · +7.2% YoY. Source: county tax records.