24 Horn Blvd · Silver Bay, MN 55614

$98,900

3 bd · 1.0 ba · 960 sqft · SingleFamily public records · 44 Days on market

Built 1954 0.25 ac lot $103/sqft · 33% below area Est $147k · 33% under

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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 +21.5/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +6.9/10.0
• 1% rule +5.8/10.0
• Schools +3.8/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Well-priced 3-bedroom home on a corner lot, located on the North Shore. Natural light fills the kitchen and living room, creating a bright and welcoming living space. The spacious living room offers plenty of room for gathering, conversation, or relaxing. A utility room conveniently located off the kitchen houses the mechanicals and provides washer and dryer hookups. The three bedrooms are situated at one end of the home, offering privacy and flexibility. Each bedroom is nicely sized and could serve as a comfortable retreat or be converted into a dedicated home office. Ideally located with easy access to hiking, biking, fishing, nearby state parks, and Lake Superior, making it a great option for those who enjoy outdoor recreation and North Shore living. Priced to accommodate updates, this home offers an excellent opportunity to build equity and make it your own.

Key facts

• Utility room
• Natural light
• Corner lot

Tags

• CORNER LOT
• NATURAL LIGHT
• UTILITY ROOM
• WASHER AND DRYER HOOKUPS
• EASY ACCESS TO HIKING
• EASY ACCESS TO BIKING

Property features AI

Exterior

• Parking: Asphalt driveway; Attached 1-car garage
• Utilities: City water connected; City sewer connected; Natural gas; Electric service with fuses (Minnesota Power)
• Home design: Residential single-story home; Entry level: Main/one level; No stairs internal or external (accessible)
• Construction: Frame construction; Age-over-8-years roof; Slab foundation
• Exterior features: Corner lot with light tree coverage; City street frontage with paved streets, sidewalks and street lights; Publicly maintained road

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Three bedrooms, all on the main level (approx. 11x12, 12x11, 11x11)
• Bathrooms: One full bathroom on the main floor (approx. 7x6)
• Heating & cooling: Forced air heating; No central cooling
• Interior features: All living facilities on one level; Main floor bedroom; Main floor laundry; Eat-in kitchen
• Laundry & utility: Washer/Dryer hookup; Main level laundry; Utility room on main level (approx. 13x6)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $99k.

Deal economics

• At list price, monthly cash flow is $149 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Recommended offer: $96k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 4.7% in Silver Bay — 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 74/100 on livability (#217 in MN, #4,547 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute 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: 66 active listings in the ZIP; 81 units permitted in Lake County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $11k of equity ($684 loan paydown + $10k appreciation (10.0% local appreciation)).
• Lake County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y 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.
• Current owner paid $52k; list at $99k implies a 92% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $95,933 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.08% ✓
• Cap rate: 8.09%
• Cash-on-cash: 6.44%
• DSCR: 1.29
• GRM: 7.7

CMA / ARV

• ARV (median comp): $146,655
• List price: $98,900
• Delta: -32.56%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
100 Edison Blvd	0.36mi	3/1.0	960 (0%)	3mo	$135,000	$141	80
51 Davis Dr	0.35mi	3/1.0	864 (-10%)	3mo	$107,500	$124	65
27 James Rd	0.54mi	3/2.0	960 (0%)	8mo	$130,000	$135	64
88 Banks Blvd	0.41mi	3/1.0	864 (-10%)	0mo	$105,000	$122	64
77 Hays Crk	0.54mi	3/1.0	960 (0%)	20mo	$230,000	$240	58
18 Gibson Rd	0.15mi	3/2.0	1,072 (+12%)	14mo	$162,500	$152	58
33 Charles Crk	0.56mi	3/1.0	864 (-10%)	14mo	$145,000	$168	45
12 Dodge Ln	0.41mi	2/1.0 (-1)	864 (-10%)	18mo	$141,000	$163	44
54 Edison Blvd	0.22mi	2/2.0 (-1)	1,098 (+14%)	22mo	$184,900	$168	39
10 Drake Cr Cir	0.45mi	2/1.0 (-1)	864 (-10%)	23mo	$150,000	$174	38
31 Charles Cr Cir	0.58mi	2/1.0 (-1)	864 (-10%)	18mo	$145,000	$168	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 29.0%
• Equity multiple: 3.29×
• Total profit: $63,346
• Equity at exit: $89,097

10-year hold

• IRR: 25.2%
• Equity multiple: 7.47×
• Total profit: $179,150
• Equity at exit: $192,141

Cash invested: $27,692 (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 55614

• Home prices YoY: 11.9%
• Active inventory: 66
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,068 medium
• Mortgage (P&I): −$519
• Tax from tax record: −$135 /mo · $1,620/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$224
• Net cashflow: $149

Break-even live

Break-even rent $880

Max offer price $98,900

Occupancy floor 81%

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: $24,725
• Closing costs: $2,967
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $98,900 Active 44 DOM
2. 2026-06-17
   days on market $98,900 Active 43 DOM
3. 2026-06-16
   days on market $98,900 Active 42 DOM
4. 2026-06-15
   days on market $98,900 Active 41 DOM
5. 2026-06-14
   days on market $98,900 Active 39 DOM
6. 2026-06-13
   days on market $98,900 Active 38 DOM
7. 2026-06-10
   days on market $98,900 Active 36 DOM
8. 2026-06-09
   days on market $98,900 Active 35 DOM
9. 2026-06-08
   days on market $98,900 Active 34 DOM
10. 2026-06-07
    days on market $98,900 Active 33 DOM
11. 2026-06-02
    days on market $98,900 Active 28 DOM
12. 2026-06-01
    days on market $98,900 Active 27 DOM
13. 2026-05-31
    days on market $98,900 Active 26 DOM
14. 2026-05-30
    days on market $98,900 Active 25 DOM
15. 2026-05-04
    listed $98,900 Active 874-char remark

    Show marketing remark (874 chars)

    Well-priced 3-bedroom home on a corner lot, located on the North Shore. Natural light fills the kitchen and living room, creating a bright and welcoming living space. The spacious living room offers plenty of room for gathering, conversation, or relaxing. A utility room conveniently located off the kitchen houses the mechanicals and provides washer and dryer hookups. The three bedrooms are situated at one end of the home, offering privacy and flexibility. Each bedroom is nicely sized and could serve as a comfortable retreat or be converted into a dedicated home office. Ideally located with easy access to hiking, biking, fishing, nearby state parks, and Lake Superior, making it a great option for those who enjoy outdoor recreation and North Shore living. Priced to accommodate updates, this home offers an excellent opportunity to build equity and make it your own.

16. 2026-05-04
    listed $98,900 Active 874-char remark

    Show marketing remark (874 chars)

    Well-priced 3-bedroom home on a corner lot, located on the North Shore. Natural light fills the kitchen and living room, creating a bright and welcoming living space. The spacious living room offers plenty of room for gathering, conversation, or relaxing. A utility room conveniently located off the kitchen houses the mechanicals and provides washer and dryer hookups. The three bedrooms are situated at one end of the home, offering privacy and flexibility. Each bedroom is nicely sized and could serve as a comfortable retreat or be converted into a dedicated home office. Ideally located with easy access to hiking, biking, fishing, nearby state parks, and Lake Superior, making it a great option for those who enjoy outdoor recreation and North Shore living. Priced to accommodate updates, this home offers an excellent opportunity to build equity and make it your own.

17. 2013-11-29
    soldstatus $51,500

    Show marketing remark (289 chars)

    This move in ready 3 bedroom, 1 bath home is conveniently located with only a short walk to school or work. Featuring new shingles on both the home & garage, some updated water lines, updated furnace, & bathroom all on a level corner lot. Conveniently located with easy access t

18. 2013-04-23
    listed $50,000

    Show marketing remark (289 chars)

    This move in ready 3 bedroom, 1 bath home is conveniently located with only a short walk to school or work. Featuring new shingles on both the home & garage, some updated water lines, updated furnace, & bathroom all on a level corner lot. Conveniently located with easy access t

ⓘ 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: $1,620 · $135/mo
• Projected year-2 tax: $1,620 · $135/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 5/10 Major
• 🌡 Heat 1/10 Low 7 d/yr ≥86°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,811
• − Mortgage interest: −$5,540
• − Property taxes: −$1,620
• − Insurance: −$494
• − Repairs & maintenance: −$1,025
• − Management: −$1,025
• − Depreciation: −$2,877
• Taxable income: $229
• Est. tax owed @ 24.0%: −$55
• After-tax cash flow: $1,727/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 Bay

• Score: 74/100
• State rank: #217
• US rank: #4547

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Silver Bay, MN
• Population (ZIP): 2,450

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 (91%)
• Race & ethnicity: White 91% Two or more races 7% Hispanic / Latino 2%
• Common ancestry: Portuguese 21% Lithuanian 2% Scottish 2%
• Foreign-born: 1% · Vietnam
• Languages at home: 98% English-only · Other Indo-European 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: ▲ 52.26%
• Current HPI: 490.17
• 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

+97.8% since first listed

4 events — show timeline

• 2026-05-04 Listed $98,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-04 Listed $98,900 LSAR
• 2013-11-29 Sold (MLS) $51,500 NORTHSTARMLS as Distributed by MLS Grid
• 2013-04-23 Listed $50,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+3.4%/yr

Latest (2025): $1,620 · +263.7% YoY. Source: county tax records.