1615 Superior Shrs #65 · Silver Creek, MN 55616

$87,500

2 bd · 2.0 ba · 1,640 sqft · SingleFamily · 54 Days on market

Built 1992 $53/sqft · at area comps Est $84k · at est. $144/mo HOA · 12% 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 +26.7/30.0
• 1% rule +9.2/10.0
• DSCR +9.1/10.0
• ARV discount +5.7/15.0
• Schools +3.8/10.0
• 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

Interval ownership of a two-bedroom, two bath lakehome at Superior Shores. This spectacular unit features vaulted ceilings with skylights, loft, fireplace, a walk-out family room and much, much more. Nicely maintained unit with many recent upgrades and improvements including flooring, windows, lighting, furniture, appliances, doors and paint. Housekeeping, laundry and interior maintenance services provided by management company. All exterior maintenance services provided by property manager. Enjoy six plus weeks each year on the North Shore without the hassle of mowing, shoveling, painting, cleaning, etc. This property is situated on 46 wooded acres with over a half-mile of shoreline. Association amenities include hiking trails, tennis courts, seasonal outdoor pool and spa. Approximate monthly expenses of $250 include association dues, utilities, cable, phone, Internet, insurance, unit capital fund, amenity supplies and management.

Key facts

• Lake views
• Tennis courts
• Direct trail access

Tags

• LAKE VIEWS
• DIRECT TRAIL ACCESS
• QUIET PEBBLE BEACH
• WOODED ACRES
• HIKING TRAILS
• TENNIS COURTS

Property features AI

Finance

• HOA & community: Homeowners association with a monthly fee of $144.50; HOA covers snow removal, trash, water, sewer, insurance, and grounds maintenance

Exterior

• Parking: No dedicated parking listed
• Utilities: Water from private well; Public sewer and shared septic
• Home design: Condominium residence; Two-story building
• Construction: Asphalt shingle roof
• Exterior features: On waterfront (Lake Superior); Irregular lot shape

Interior

• Bathrooms: One full bathroom; One three-quarter bathroom
• Heating & cooling: Baseboard heating (electric)
• Interior features: Primary bedroom located on the main level; Gas fireplace (one)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $88k.

Deal economics

• At list price, monthly cash flow is $236 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $88k).
• Recommended offer: $85k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.5% vs local median 2.1% in Silver Creek — 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 64/100 on livability (#582 in MN) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A, housing B+; Watch: health & safety D+, schools F, amenities F.
• Lake Superior Public School District (rural): math 34% / reading 53% proficiency, ranked #191 of 301 in MN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 83 active listings in the ZIP; 81 units permitted in Lake County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $605 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Lake County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 54 days — a 3% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y 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 $84,875 (3.0% below list)

Questions for the listing agent

1. It's been on market 54 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. 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: 1.42% ✓
• Cap rate: 9.53%
• Cash-on-cash: 11.56%
• DSCR: 1.51
• GRM: 5.9

CMA / ARV

• ARV (median comp): $84,172
• List price: $87,500
• Delta: 3.95%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 1.0%
• Equity multiple: 1.04×
• Total profit: $956
• Equity at exit: $13,047

10-year hold

• IRR: 10.7%
• Equity multiple: 1.84×
• Total profit: $20,619
• Equity at exit: $7,565

Cash invested: $24,500 (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 55616

• Active inventory: 83
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,246 medium
• Mortgage (P&I): −$459
• Tax est. 1.5%: −$109 /mo · $1,312/yr
• Insurance: −$36
• HOA: −$144
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $236

Break-even live

Break-even rent $948

Max offer price $87,500

Occupancy floor 76%

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: $21,875
• Closing costs: $2,625
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $144 · $1,728/yr
• Likely covers: internetcableexterior maint.pool

Listing history 20 events

1. 2026-06-18
   days on market $87,500 Active 54 DOM
2. 2026-06-17
   days on market $87,500 Active 53 DOM
3. 2026-06-16
   days on market $87,500 Active 52 DOM
4. 2026-06-15
   days on market $87,500 Active 51 DOM
5. 2026-06-14
   days on market $87,500 Active 49 DOM
6. 2026-06-13
   days on market $87,500 Active 48 DOM
7. 2026-06-10
   days on market $87,500 Active 46 DOM
8. 2026-06-09
   days on market $87,500 Active 45 DOM
9. 2026-06-08
   days on market $87,500 Active 44 DOM
10. 2026-06-07
    days on market $87,500 Active 43 DOM
11. 2026-06-02
    days on market $87,500 Active 38 DOM
12. 2026-06-01
    days on market $87,500 Active 37 DOM
13. 2026-05-31
    days on market $87,500 Active 36 DOM
14. 2026-05-30
    days on market $87,500 Active 35 DOM
15. 2026-04-24
    listed $87,500 Active 1087-char remark
16. 2025-05-08
    listed Active
17. 2023-03-27
    soldstatus $82,900

    Show marketing remark (945 chars)

    Interval ownership of a two-bedroom, two bath lakehome at Superior Shores. This spectacular unit features vaulted ceilings with skylights, loft, fireplace, a walk-out family room and much, much more. Nicely maintained unit with many recent upgrades and improvements including flooring, windows, lighting, furniture, appliances, doors and paint. Housekeeping, laundry and interior maintenance services provided by management company. All exterior maintenance services provided by property manager. Enjoy six plus weeks each year on the North Shore without the hassle of mowing, shoveling, painting, cleaning, etc. This property is situated on 46 wooded acres with over a half-mile of shoreline. Association amenities include hiking trails, tennis courts, seasonal outdoor pool and spa. Approximate monthly expenses of $250 include association dues, utilities, cable, phone, Internet, insurance, unit capital fund, amenity supplies and management.

18. 2023-02-01
    listed $82,900

    Show marketing remark (945 chars)

    Interval ownership of a two-bedroom, two bath lakehome at Superior Shores. This spectacular unit features vaulted ceilings with skylights, loft, fireplace, a walk-out family room and much, much more. Nicely maintained unit with many recent upgrades and improvements including flooring, windows, lighting, furniture, appliances, doors and paint. Housekeeping, laundry and interior maintenance services provided by management company. All exterior maintenance services provided by property manager. Enjoy six plus weeks each year on the North Shore without the hassle of mowing, shoveling, painting, cleaning, etc. This property is situated on 46 wooded acres with over a half-mile of shoreline. Association amenities include hiking trails, tennis courts, seasonal outdoor pool and spa. Approximate monthly expenses of $250 include association dues, utilities, cable, phone, Internet, insurance, unit capital fund, amenity supplies and management.

19. 2015-04-22
    historical
20. 2015-02-11
    listed $69,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥88°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,957
• − Mortgage interest: −$4,901
• − Property taxes: −$1,312
• − Insurance: −$438
• − Repairs & maintenance: −$1,197
• − Management: −$1,197
• − HOA: −$1,728
• − Depreciation: −$2,545
• Taxable income: $1,639
• Est. tax owed @ 24.0%: −$393
• After-tax cash flow: $2,438/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: Lake Superior Public School District
• NCES district ID: 2740740
• Math proficiency: 34% ▼ -24.00%
• Reading proficiency: 53% ▼ -9.00%
• Median HH income: $51,958
• Composite: 37.51/100
• National rank: #4399
• State rank: #191 of 301 in MN

Livability — Silver Creek

• Score: 64/100
• State rank: #582
• US rank: #13955

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 7,277

Population outlook (Lake County) Hauer SSP2

• Today (2025): 9,943 people
• By 2030: 9,437 · -5.1%
• By 2040: 8,326 · -16.3%
• By 2050: 7,365 · -25.9%
• By 2075: 6,008 · -39.6%
• By 2100: 5,038 · -49.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Portuguese 18% Scottish 4% Romanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Lake

• 2024 margin: Toss-up / Even · D 51.0% · R 47.1% · Other 1.9%
• 2008→2024 swing: -18.2pp toward R · 2008: 22.1pp · 2024: 3.9pp
• All cycles: 2024: D+3.9 2020: D+3.5 2016: D+2.2 2012: D+21.1 2008: D+22.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -116.94%
• Current HPI: 182.619
• 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

+25.2% since first listed

6 events — show timeline

• 2026-04-24 Listed $87,500 LSAR
• 2025-05-08 Listed — LSAR
• 2023-03-27 Sold (MLS) $82,900 LSAR
• 2023-02-01 Listed $82,900 LSAR
• 2015-04-22 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2015-02-11 Listed $69,900 NORTHSTARMLS as Distributed by MLS Grid