24 Second Ave · Breitung, MN 55782

$59,000

3 bd · 1.0 ba · 1,176 sqft · SingleFamily public records · 461 Days on market

Built 1940 5,793 sqft lot $50/sqft · 65% below area ↓ 21% since listing

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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
• Appreciation +7.0/10.0
• Schools +3.6/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Nestled on a corner lot in a peaceful small town just minutes from stunning Lake Vermilion this 4 bedroom home with a 3+ stall garage has tons of potential. The garage offers plenty of space for storage, workshop and parking. Public boat launch, beach, numerous hiking/biking/snowmobile/ATV trails and state park nearby. Whether you're looking for a weekend retreat, a year-round home, or an investment opportunity, this property's prime location make it a must-see. Don't miss out on this chance to own a home near one of Minnesota's most beautiful lakes!

Key facts

• Snowmobile trails
• Biking trails
• Public boat launch

Tags

• CORNER LOT
• PUBLIC BOAT LAUNCH
• HIKING TRAILS
• BIKING TRAILS
• SNOWMOBILE TRAILS
• ATV TRAILS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $59k.

Deal economics

• At list price, monthly cash flow is $533 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $59k).
• Recommended offer: $52k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• St. Louis County School District (rural): math 34% / reading 49% proficiency, ranked #212 of 301 in MN (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 8 active listings in the ZIP; 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($408 loan paydown + $2k appreciation (4.0% local appreciation)).
• At projected returns (4.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 461 days — a 12% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $16k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $51,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 461 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.90% ✓
• Cap rate: 17.13%
• Cash-on-cash: 38.70%
• DSCR: 2.72
• GRM: 4.4

CMA / ARV

• ARV (median comp): $170,050
• List price: $59,000
• Delta: -65.30%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
60 Main St	0.28mi	3/1.0	1,198 (+2%)	14mo	$93,000	$78	72
9 Gordon St	0.11mi	3/1.5	1,254 (+7%)	20mo	$180,000	$144	65
30 6th Ave	0.21mi	3/2.0	1,284 (+9%)	11mo	$189,900	$148	62

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

Projected returns pro-forma

4.01% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 45.7%
• Equity multiple: 3.68×
• Total profit: $44,220
• Equity at exit: $29,933

10-year hold

• IRR: 44.5%
• Equity multiple: 7.42×
• Total profit: $106,064
• Equity at exit: $48,974

Cash invested: $16,520 (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 55782

• Home prices YoY: 2.0%
• Active inventory: 8
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,120 medium
• Mortgage (P&I): −$309
• Tax from tax record: −$18 /mo · $214/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$235
• Net cashflow: $533

Break-even live

Break-even rent $445

Max offer price $59,000

Occupancy floor 47%

Sensitivity live

Price	-10% $566	-5% $549	+0% $533	+5% $516	+10% $499
Rent	-10% $444	-5% $489	+0% $533	+5% $577	+10% $621
Rate	-1.0pp $562	-0.5pp $548	base $533	+0.5pp $517	+1.0pp $502

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: $14,750
• Closing costs: $1,770
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-01
   days on market $59,000 Active 461 DOM
2. 2026-05-31
   days on market $59,000 Active 460 DOM
3. 2026-05-30
   days on market $59,000 Active 459 DOM
4. 2025-08-22
   price $59,000 556-char remark

   Show marketing remark (557 chars)

   Nestled on a corner lot in a peaceful small town just minutes from stunning Lake Vermilion, this 4 bedroom home with a 3+ stall garage has tons of potential. The garage offers plenty of space for storage, workshop and parking. Public boat launch, beach, numerous hiking/biking/snowmobile/ATV trails and state park nearby. Whether you're looking for a weekend retreat, a year-round home, or an investment opportunity, this property's prime location make it a must-see. Don't miss out on this chance to own a home near one of Minnesota's most beautiful lakes!

5. 2025-08-22
   price $59,000 557-char remark

   Show marketing remark (557 chars)

   Nestled on a corner lot in a peaceful small town just minutes from stunning Lake Vermilion, this 4 bedroom home with a 3+ stall garage has tons of potential. The garage offers plenty of space for storage, workshop and parking. Public boat launch, beach, numerous hiking/biking/snowmobile/ATV trails and state park nearby. Whether you're looking for a weekend retreat, a year-round home, or an investment opportunity, this property's prime location make it a must-see. Don't miss out on this chance to own a home near one of Minnesota's most beautiful lakes!

6. 2025-08-22
   price $59,000

   Show marketing remark (557 chars)

   Nestled on a corner lot in a peaceful small town just minutes from stunning Lake Vermilion, this 4 bedroom home with a 3+ stall garage has tons of potential. The garage offers plenty of space for storage, workshop and parking. Public boat launch, beach, numerous hiking/biking/snowmobile/ATV trails and state park nearby. Whether you're looking for a weekend retreat, a year-round home, or an investment opportunity, this property's prime location make it a must-see. Don't miss out on this chance to own a home near one of Minnesota's most beautiful lakes!

7. 2025-07-15
   price $69,000

   Show marketing remark (557 chars)

   Nestled on a corner lot in a peaceful small town just minutes from stunning Lake Vermilion, this 4 bedroom home with a 3+ stall garage has tons of potential. The garage offers plenty of space for storage, workshop and parking. Public boat launch, beach, numerous hiking/biking/snowmobile/ATV trails and state park nearby. Whether you're looking for a weekend retreat, a year-round home, or an investment opportunity, this property's prime location make it a must-see. Don't miss out on this chance to own a home near one of Minnesota's most beautiful lakes!

8. 2025-07-15
   price $69,000 556-char remark

   Show marketing remark (557 chars)

   Nestled on a corner lot in a peaceful small town just minutes from stunning Lake Vermilion, this 4 bedroom home with a 3+ stall garage has tons of potential. The garage offers plenty of space for storage, workshop and parking. Public boat launch, beach, numerous hiking/biking/snowmobile/ATV trails and state park nearby. Whether you're looking for a weekend retreat, a year-round home, or an investment opportunity, this property's prime location make it a must-see. Don't miss out on this chance to own a home near one of Minnesota's most beautiful lakes!

9. 2025-07-15
   price $69,000 557-char remark

   Show marketing remark (557 chars)

   Nestled on a corner lot in a peaceful small town just minutes from stunning Lake Vermilion, this 4 bedroom home with a 3+ stall garage has tons of potential. The garage offers plenty of space for storage, workshop and parking. Public boat launch, beach, numerous hiking/biking/snowmobile/ATV trails and state park nearby. Whether you're looking for a weekend retreat, a year-round home, or an investment opportunity, this property's prime location make it a must-see. Don't miss out on this chance to own a home near one of Minnesota's most beautiful lakes!

10. 2025-02-25
    listed $75,000 Active 557-char remark

    Show marketing remark (557 chars)

    Nestled on a corner lot in a peaceful small town just minutes from stunning Lake Vermilion, this 4 bedroom home with a 3+ stall garage has tons of potential. The garage offers plenty of space for storage, workshop and parking. Public boat launch, beach, numerous hiking/biking/snowmobile/ATV trails and state park nearby. Whether you're looking for a weekend retreat, a year-round home, or an investment opportunity, this property's prime location make it a must-see. Don't miss out on this chance to own a home near one of Minnesota's most beautiful lakes!

11. 2025-02-25
    listed $75,000 Active

    Show marketing remark (557 chars)

    Nestled on a corner lot in a peaceful small town just minutes from stunning Lake Vermilion, this 4 bedroom home with a 3+ stall garage has tons of potential. The garage offers plenty of space for storage, workshop and parking. Public boat launch, beach, numerous hiking/biking/snowmobile/ATV trails and state park nearby. Whether you're looking for a weekend retreat, a year-round home, or an investment opportunity, this property's prime location make it a must-see. Don't miss out on this chance to own a home near one of Minnesota's most beautiful lakes!

12. 2025-02-19
    listed $75,000 Active 556-char remark

    Show marketing remark (556 chars)

    Nestled on a corner lot in a peaceful small town just minutes from stunning Lake Vermilion this 4 bedroom home with a 3+ stall garage has tons of potential. The garage offers plenty of space for storage, workshop and parking. Public boat launch, beach, numerous hiking/biking/snowmobile/ATV trails and state park nearby. Whether you're looking for a weekend retreat, a year-round home, or an investment opportunity, this property's prime location make it a must-see. Don't miss out on this chance to own a home near one of Minnesota's most beautiful lakes!

ⓘ 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: $214 · $18/mo
• Projected year-2 tax: $437 · $36/mo
• Expected delta: +$223/yr (+$19/mo · 104.4%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,436
• − Mortgage interest: −$3,305
• − Property taxes: −$214
• − Insurance: −$295
• − Repairs & maintenance: −$1,075
• − Management: −$1,075
• − Depreciation: −$1,716
• Taxable income: $5,756
• Est. tax owed @ 24.0%: −$1,381
• After-tax cash flow: $5,011/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: St. Louis County School District
• NCES district ID: 2700008
• Math proficiency: 34% ▼ -7.00%
• Reading proficiency: 49% ▼ -6.00%
• Median HH income: $49,389
• Composite: 35.63/100
• National rank: #4886
• State rank: #212 of 301 in MN

Livability — Breitung

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Soudan, MN
• Population (ZIP): 439

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% Hispanic / Latino 4% Two or more races 3% Native American 2%
• Common ancestry: Portuguese 9% Romanian 2% Iranian 1%
• Foreign-born: 0%
• Languages at home: 95% English-only · Spanish 4%

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: ▲ 4.01%
• Current HPI: 204.3622
• 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

-21.3% since first listed

9 events — show timeline

• 2025-08-22 Price Changed $59,000 RAOR
• 2025-08-22 Price Changed $59,000 LSAR
• 2025-08-22 Price Changed $59,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-07-15 Price Changed $69,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-07-15 Price Changed $69,000 RAOR
• 2025-07-15 Price Changed $69,000 LSAR
• 2025-02-25 Listed $75,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-02-25 Listed $75,000 LSAR
• 2025-02-19 Listed $75,000 RAOR

Property tax history

-5.7%/yr

Latest (2025): $214 · -3.6% YoY. Source: county tax records.