1309 29th St · Scanlon, MN 55720

$149,000

3 bd · 0.5 ba · 1,178 sqft · SingleFamily · 15 Days on market

Built 1910 1.26 ac lot Est $188k · 21% under

---

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 +20.0/30.0
• ARV discount +15.0/15.0
• DSCR +6.3/10.0
• 1% rule +4.4/10.0
• Schools +4.1/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Located on over an acre yard. This 3Bd traditional is in need of repair. Being sold "AS-IS". Estate

Key facts

• Acre yard
• 1.26 acre lot
• Garage

Tags

• ACRE YARD

Property features AI

Exterior

• Parking: Detached garage; RV access/parking; 1 garage space
• Utilities: Public water; Public sewer
• Home design: Single-family detached residence; Single-story; Residential property
• Construction: Stone foundation
• Exterior features: Public maintained road access; City street frontage; Irregular lot shape; 1.26-acre lot

Interior

• Bathrooms: One half bathroom
• Heating & cooling: Natural gas heating
• Interior features: Full, unfinished basement

What this means for you Summary

Snapshot

• This is a 3-bed/0.5-bath single-family listed at $149k.

Deal economics

• At list price, monthly cash flow is $184 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $140k (6.0% below list).
• Recommended offer: $140k (6.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 74/100 on livability (#231 in MN, #4,931 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: schools D+, amenities F, commute F.
• Cloquet Public School District (town): math 41% / reading 56% proficiency, ranked #140 of 301 in MN (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 86 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 126 units permitted in Carlton County in 2024 (22 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 $4k of value loss. Plan a longer hold.
• Carlton County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($147k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,000 (6.0% below list)

Questions for the listing agent

1. Built in 1910 — 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. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 0.94% ✗
• Cap rate: 7.77%
• Cash-on-cash: 5.28%
• DSCR: 1.23
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $188,480
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1112 28th St	0.25mi	2/1.5 (-1)	1,106 (-6%)	17mo	$176,500	$160	55

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

Projected returns pro-forma

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

5-year hold

• IRR: -8.1%
• Equity multiple: 0.70×
• Total profit: $-12,499
• Equity at exit: $22,216

10-year hold

• IRR: 1.4%
• Equity multiple: 1.10×
• Total profit: $3,987
• Equity at exit: $12,883

Cash invested: $41,720 (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 55720

• Active inventory: 86
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,400 medium
• Mortgage (P&I): −$781
• Tax from tax record: −$79 /mo · $948/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $184

Break-even live

Break-even rent $1,168

Max offer price $149,000

Occupancy floor 82%

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1741 Sahlman Ave Cloquet, MN	1.0–4.0	1.0–2.0	958	$1,400	$1.46	13d	1	1.00mi

Listing history 12 events

1. 2026-06-18
   days on market $149,000 Active 15 DOM
2. 2026-06-17
   days on market $149,000 Active 14 DOM
3. 2026-06-16
   days on market $149,000 Active 13 DOM
4. 2026-06-15
   days on market $149,000 Active 12 DOM
5. 2026-06-13
   days on market $149,000 Active 10 DOM
6. 2026-06-12
   days on market $149,000 Active 9 DOM
7. 2026-06-09
   days on market $149,000 Active 6 DOM
8. 2026-06-08
   days on market $149,000 Active 5 DOM
9. 2026-06-07
   days on market $149,000 Active 4 DOM
10. 2026-06-07
    days on market $149,000 Active 3 DOM
11. 2026-06-04
    remarks 99-char remark
12. 2026-06-04
    listed $149,000 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: $948 · $79/mo
• Projected year-2 tax: $1,308 · $109/mo
• Expected delta: +$360/yr (+$30/mo · 38.0%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X · 74% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥93°F today · 13 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: $16,800
• − Mortgage interest: −$8,346
• − Property taxes: −$948
• − Insurance: −$745
• − Repairs & maintenance: −$1,344
• − Management: −$1,344
• − Depreciation: −$4,335
• Taxable loss: −$262
• Est. tax savings @ 24.0%: +$63
• After-tax cash flow: $2,265/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: Cloquet Public School District
• NCES district ID: 2709420
• Math proficiency: 41% ▼ -18.00%
• Reading proficiency: 56% ▼ -11.00%
• Median HH income: $49,001
• Composite: 41.39/100
• National rank: #3480
• State rank: #140 of 301 in MN

Livability — Scanlon

• Score: 74/100
• State rank: #231
• US rank: #4931

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Scanlon, MN
• Population (ZIP): 17,480

Population outlook (Carlton County) Hauer SSP2

• Today (2025): 35,754 people
• By 2030: 35,623 · -0.4%
• By 2040: 34,822 · -2.6%
• By 2050: 33,348 · -6.7%
• By 2075: 29,152 · -18.5%
• By 2100: 21,672 · -39.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Native American 8% Two or more races 7% Hispanic / Latino 2%
• Common ancestry: Portuguese 10% Romanian 7% Scottish 3%
• Foreign-born: 1%
• Languages at home: 96% English-only · German/W. Germanic 1% French/Haitian/Cajun 1%

Political lean MEDSL · Carlton

• 2024 margin: Toss-up / Even · D 47.7% · R 50.3% · Other 2.0%
• 2008→2024 swing: -29.4pp toward R · 2008: 26.8pp · 2024: -2.6pp
• All cycles: 2024: R+2.6 2020: D+1.5 2016: D+1.7 2012: D+26.2 2008: D+26.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -196.69%
• Current HPI: 185.3201
• 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

1 event — show timeline

• 2026-06-01 Listed $149,000 LSAR

Property tax history

+4.8%/yr

Latest (2026): $948 · +7.7% YoY. Source: county tax records.