10720 Rockford Rd #205

Plymouth, MN 55442

$119,900D

2 bd · 1.0 ba · 882 sqft · Built 1970 · Condo · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,670/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$176
• HOA: −$594
• Vac / Maint / Mgmt: −$351
• Net cashflow: $-79/mo
• Annual: $-951/yr
• Cap rate: 5.50%
• Cash-on-cash: -2.83%
• DSCR: 0.87
• 1% rule: 1.39%
• Cash to close: $33,572

Investor read

• This is a 2-bed/1.0-bath condo listed at $120k.
• At list price, monthly cash flow is $-79 ($-951/yr) — negative.
• To cash-flow at today's rent, offer at most $106k (11.7% below list).
• Meets the 1% rule at list price ($2k rent vs $120k).
• It's been on market 16 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $106k (11.7% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#17 in MN, #517 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: amenities F, cost of living F.
• Robbinsdale Public School District (suburban): math 24% / reading 44% proficiency, ranked #250 of 301 in MN (top 83%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Zachary Lane Elementary (math 55% / reading 71%, grade B, #168 of 857 statewide, top 20%, 385 students, 29% FRL); Plymouth Middle (math 18% / reading 55%, grade F, #169 of 258 statewide, top 65%, 836 students, 50% FRL); Robbinsdale Armstrong Senior High (math 37% / reading 58%, grade D, #162 of 471 statewide, top 35%, 1,832 students, 45% FRL) — zoned schools at 41% FRL track the district average.
• Zoned-school proficiency averages 49% at this address vs 34% district-wide (+15 pts) — the actual schools serving this property are materially stronger than the Robbinsdale Public School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: HOA is 36% of rent.
• Market conditions: Rents rising fast (+4.5%/yr); 73 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 4,651 units permitted in Hennepin County in 2024 (2,443 in 5+ unit buildings).
• Hennepin County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 8 sale attempts since 34y 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.
• Cap rate 5.5% vs local median 3.1% in Plymouth — 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.
• This rent is only 16% of the median local income ($124k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.