231 8th St S · Virginia, MN 55792

$64,900

3 bd · 2.0 ba · 1,190 sqft · Other public records · 4 Days on market

Built 1905 3,702 sqft lot

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move-in ready 1¾-story home on a corner lot offering plenty of character and functional living space! The bright eat-in kitchen features beautiful hickory cabinets with tile inlays, a walk-in pantry, and ample room for kitchen table. The main level includes a formal dining room, cozy living room with a large picture window, and a versatile bedroom that could also serve as a home office. A very nice original wood banister leads upstairs to three spacious bedrooms, all showcasing original hard wood floors. There is extra closet space. The tiled bathroom has a updated vanity keeping original charm. The basement offers a large shower, toilet, water softener, high-efficiency gas boiler, water heater, and newer baseboard heat registers throughout the home. Vinyl double-hung windows throughout. While the exterior and single-stall garage could use some TLC, this solid home offers an excellent opportunity to own a property with timeless character and room to add your personal touch.

Key facts

• Formal dining room
• Hickory cabinets
• Eat-in kitchen

Tags

• EAT-IN KITCHEN
• HICKORY CABINETS
• WALK-IN PANTRY
• FORMAL DINING ROOM
• ORIGINAL WOOD BANISTER
• ORIGINAL HARD WOOD FLOORS

Property features AI

Exterior

• Parking: 1-car garage (approx. 12 x 18)
• Utilities: City water connected; City sewer connected; 100 amp electric service; Natural gas; Electric service provided by Virginia Public Utilities
• Home design: Residential property; One and one-half stories; Main and upper level living
• Construction: Poured concrete foundation; Asphalt roof; Built area includes above- and below-grade space
• Exterior features: Lot approximately 75 x 50; Lot size about 0.085 acres

Interior

• Kitchen: Range
• Bedrooms: 4 bedrooms (combination of main and upper levels)
• Bathrooms: 1 full bath; 1 half bath
• Heating & cooling: Baseboard heating; Hot water heating; No central air
• Interior features: Range; Full basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $65k.

Deal economics

• At list price, monthly cash flow is $629 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Cap rate 17.9% vs local median 7.5% in Virginia — 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 63/100 on livability (#664 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, crime D, health & safety D.
• Market conditions: 64 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).
• This rent runs 31% of the median local income ($54k/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 $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts 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.
• Current owner paid $16k; list at $65k implies a 319% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $64,900

Questions for the listing agent

1. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
4. 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.
5. 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.
6. 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: 2.13% ✓
• Cap rate: 17.92%
• Cash-on-cash: 41.52%
• DSCR: 2.85
• GRM: 3.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 38.1%
• Equity multiple: 2.63×
• Total profit: $29,560
• Equity at exit: $9,677

10-year hold

• IRR: 44.6%
• Equity multiple: 5.26×
• Total profit: $77,429
• Equity at exit: $5,611

Cash invested: $18,172 (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 55792

• Home prices YoY: -26.5%
• Active inventory: 64
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,383 medium
• Mortgage (P&I): −$340
• Tax from tax record: −$96 /mo · $1,158/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$290
• Net cashflow: $629

Break-even live

Break-even rent $587

Max offer price $64,900

Occupancy floor 50%

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
117 2nd St N Unit 2 Virginia, MN	3.0	1.0	970	$1,535	$1.58	13d	1	0.64mi

Listing history 5 events

1. 2026-06-15
   status $64,900 Pending 4 DOM
2. 2026-06-15
   days on market $64,900 Active 4 DOM
3. 2026-06-14
   days on market $64,900 Active 2 DOM
4. 2026-06-13
   remarks 692-char remark
5. 2026-06-13
   listed $64,900 Active 1 DOM

ⓘ 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: $1,158 · $96/mo
• Projected year-2 tax: $1,158 · $96/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥91°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,597
• − Mortgage interest: −$3,635
• − Property taxes: −$1,158
• − Insurance: −$324
• − Repairs & maintenance: −$1,328
• − Management: −$1,328
• − Depreciation: −$1,888
• Taxable income: $6,936
• Est. tax owed @ 24.0%: −$1,665
• After-tax cash flow: $5,881/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)

No district data.

Livability — Virginia

• Score: 63/100
• State rank: #664
• US rank: #15991

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Virginia, MN
• County: Saint Louis County · 115,152 people
• City population: 9,663
• Metro: Duluth, MN-WI
• Population (ZIP): 9,663
• Household income: $53,750
• Rent vs Own: 37.5% rent · 62.5% own
• Severe rent burden: 286.0

Population outlook (St. Louis County) Hauer SSP2

• Today (2025): 202,411 people
• By 2030: 203,234 · +0.4%
• By 2040: 202,520 · +0.1%
• By 2050: 200,853 · -0.8%
• By 2075: 200,943 · -0.7%
• By 2100: 192,058 · -5.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 4% Native American 3% Asian 1%
• Common ancestry: Portuguese 12% Romanian 4% Lithuanian 2%
• Foreign-born: 2% · Canada, Vietnam
• Languages at home: 96% English-only · Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · St. Louis

• 2024 margin: D (+13.7) · D 55.9% · R 42.2% · Other 1.8%
• 2008→2024 swing: -18.8pp toward R · 2008: 32.5pp · 2024: 13.7pp
• All cycles: 2024: D+13.7 2020: D+15.6 2016: D+11.8 2012: D+29.6 2008: D+32.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -72.05%
• Current HPI: 199.7165
• Rent YoY: —
• Metro: Duluth, 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

+318.7% since first listed

4 events — show timeline

• 2026-06-10 Listed $64,900 LSAR
• 2026-06-10 Listed $64,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-06-10 Listed $64,900 RAOR
• 1999-11-03 Sold (Public Records) $15,500 Public Records

Property tax history

+5.9%/yr

Latest (2025): $1,158 · -1.5% YoY. Source: county tax records.