408 Atlantic Ave · Waverly, MN 55390

$205,000

4 bd · 4.0 ba · 1,501 sqft · MultiFamily · 48 Days on market

Built 1900 Fair condition 3,833 sqft lot

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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 +21.9/30.0
• ARV discount +7.5/15.0
• DSCR +7.0/10.0
• 1% rule +5.7/10.0
• Schools +4.1/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Opportunity awaits! 1600 SF Duplex in Waverly, MN. Two approx 700 SF units, each with 1 bedroom and 1 full bath. 0.1 Acre Lot. Property is walking distance to downtown Waverly.  Excellent opportunity for first time investor or growing a local portfolio! Needs a new owner to bring new life.

Key facts

• 3,833 sq ft lot
• Built 1900
• Listed 48 days

Property features AI

Finance

• Financial info: Property is not owner-occupied; Total of 2 units; Gross income reported: $21,090; Net operating income reported: $15,094; Water/sewer expense: $1,200; Insurance expense: $1,922; Maintenance expense: $600; Other expense: $600; Tenant responsible for electricity

Exterior

• Parking: No carport spaces reported
• Utilities: City water connected; City sewer connected; Electric fuel
• Home design: Duplex (up and down); Residential income property; Two-story; Main level finished area and upper level present
• Construction: Block and stone foundation; Foundation area reported
• Exterior features: Lot area about 0.088 acres; Property sits on a 0.088-acre lot

Interior

• Kitchen: Each unit includes basic kitchen (details not provided)
• Bedrooms: Total of 2 bedrooms (one bedroom in each unit)
• Bathrooms: Each unit has 1 full bathroom
• Heating & cooling: Baseboard heating; Wall-mounted cooling in each unit
• Interior features: Crawl space basement; Two levels
• Laundry & utility: Tenant pays electricity

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1-bath units multifamily listed at $205k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $321 ($4k/yr) — positive. Per door: $161/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $205k).
• Recommended offer: $199k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 3.3% in Waverly — 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 71/100 on livability (#318 in MN) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: health & safety D+, amenities F, commute F.
• Howard Lake-Waverly-Winsted (rural): math 42% / reading 53% proficiency, ranked #139 of 301 in MN (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Humphrey Elementary (math 62% / reading 57%, grade B-, #216 of 857 statewide, top 29%, 278 students, 32% FRL); Howard Lake-Waverly-Winsted Middle (math 38% / reading 60%, grade C-, #85 of 258 statewide, top 33%, 400 students, 35% FRL); Howard Lake-Waverly-Winsted Sec. (math 34% / reading 37%, grade F, #303 of 471 statewide, top 65%, 398 students, 29% FRL).
• Market conditions: 38 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,260 units permitted in Wright County in 2024 (180 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 $6k of value loss. Plan a longer hold.
• Wright County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($199k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 5y ago; this cycle's ask has dropped $44k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $88k; list at $205k implies a 134% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $198,850 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.07% ✓
• Cap rate: 8.17%
• Cash-on-cash: 6.72%
• DSCR: 1.30
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -6.0%
• Equity multiple: 0.78×
• Total profit: $-12,722
• Equity at exit: $30,566

10-year hold

• IRR: 3.7%
• Equity multiple: 1.27×
• Total profit: $15,406
• Equity at exit: $17,725

Cash invested: $57,400 (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 55390

• Home prices YoY: -20.4%
• Active inventory: 38
• Price-to-rent: 15.5×

Monthly cashflow live

• Estimated rent: $2,200 medium
• Mortgage (P&I): −$1,075
• Tax est. 1.5%: −$256 /mo · $3,075/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$462
• Net cashflow: $321

Break-even live

Break-even rent $1,793

Max offer price $205,000

Occupancy floor 80%

Sensitivity live

Price	-10% $463	-5% $392	+0% $321	+5% $250	+10% $180
Rent	-10% $147	-5% $234	+0% $321	+5% $408	+10% $495
Rate	-1.0pp $425	-0.5pp $373	base $321	+0.5pp $268	+1.0pp $214

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,200
Total (2 units)			$2,200

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: $51,250
• Closing costs: $6,150
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
312 61st St SW Waverly, MN	3.0	1.0	1600	$2,095	$1.31	12d	1	0.82mi

Listing history 26 events

1. 2026-05-12
   price $205,000
2. 2026-05-04
   price $225,000
3. 2026-04-21
   price $229,000
4. 2026-04-09
   listed $249,000 Active
5. 2026-04-03
   historical $249,000
6. 2025-12-30
   historical
7. 2025-11-04
   price $199,000
8. 2025-10-22
   historical $875
9. 2025-10-01
   listed $875
10. 2025-09-25
    listed $225,000 Active
11. 2025-08-27
    historical $875
12. 2025-07-25
    price $875
13. 2025-07-12
    listed $975
14. 2025-07-12
    historical $975
15. 2025-07-03
    listed $975
16. 2025-07-02
    historical $975
17. 2025-06-03
    listed $975
18. 2024-06-17
    historical $975
19. 2024-06-05
    listed $975
20. 2024-06-03
    historical $975
21. 2024-05-07
    price $975
22. 2024-04-27
    listed $1,075
23. 2021-10-08
    soldstatus $87,500 Sold 300-char remark

    Show marketing remark (300 chars)

    Opportunity awaits! 1600 SF Duplex in Waverly, MN. Two approx 700 SF units, each with 1 bedroom and 1 full bath. 0.1 Acre Lot. Property is walking distance to downtown Waverly.  Excellent opportunity for first time investor or growing a local portfolio! Needs a new owner to bring new life.

24. 2021-10-06
    status Pending 300-char remark

    Show marketing remark (300 chars)

    Opportunity awaits! 1600 SF Duplex in Waverly, MN. Two approx 700 SF units, each with 1 bedroom and 1 full bath. 0.1 Acre Lot. Property is walking distance to downtown Waverly.  Excellent opportunity for first time investor or growing a local portfolio! Needs a new owner to bring new life.

25. 2021-09-25
    historical Contingent - Inspection 300-char remark

    Show marketing remark (300 chars)

    Opportunity awaits! 1600 SF Duplex in Waverly, MN. Two approx 700 SF units, each with 1 bedroom and 1 full bath. 0.1 Acre Lot. Property is walking distance to downtown Waverly.  Excellent opportunity for first time investor or growing a local portfolio! Needs a new owner to bring new life.

26. 2021-09-21
    listed $125,000 Active 300-char remark

    Show marketing remark (300 chars)

    Opportunity awaits! 1600 SF Duplex in Waverly, MN. Two approx 700 SF units, each with 1 bedroom and 1 full bath. 0.1 Acre Lot. Property is walking distance to downtown Waverly.  Excellent opportunity for first time investor or growing a local portfolio! Needs a new owner to bring new life.

ⓘ 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 FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,400
• − Mortgage interest: −$11,483
• − Property taxes: −$3,075
• − Insurance: −$1,025
• − Repairs & maintenance: −$2,112
• − Management: −$2,112
• − Depreciation: −$5,964
• Taxable income: $629
• Est. tax owed @ 24.0%: −$151
• After-tax cash flow: $3,704/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.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

This multi-family property requires significant exterior repairs and maintenance to improve its condition and curb appeal, with potential for substantial value increase.

Repairs flagged

• Major exterior siding — Severe weathering
• Major exterior windows — Visible wear
• Major exterior doors — Visible wear
• Major exterior foundation — No visible damage
• Major exterior landscaping — Overgrown lawn and cluttered yard

Value-add opportunities

• Both repair and paint exterior siding — Enhances curb appeal and value
• Both repair and paint exterior windows — Enhances curb appeal and value
• Both repair and paint exterior doors — Enhances curb appeal and value
• Both landscape and clean yard — Enhances curb appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Severe weathering	Major	$15,000–50,000
exterior windows · Visible wear	Major	$15,000–50,000
exterior doors · Visible wear	Major	$15,000–50,000
exterior foundation · No visible damage	Major	$15,000–50,000
exterior landscaping · Overgrown lawn and cluttered yard	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both repair and paint exterior siding — Enhances curb appeal and value ↑
• Both repair and paint exterior windows — Enhances curb appeal and value ↑
• Both repair and paint exterior doors — Enhances curb appeal and value ↑
• Both landscape and clean yard — Enhances curb appeal and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Howard Lake-Waverly-Winsted
• NCES district ID: 2700123
• Math proficiency: 42% ▼ -11.00%
• Reading proficiency: 53% ▼ -8.00%
• Median HH income: $58,118
• Composite: 41.45/100
• National rank: #3466
• State rank: #139 of 301 in MN

Livability — Waverly

• Score: 71/100
• State rank: #318
• US rank: #7114

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waverly, MN
• City population: 3,179
• Population (ZIP): 3,179

Population outlook (Wright County) Hauer SSP2

• Today (2025): 142,526 people
• By 2030: 146,915 · +3.1%
• By 2040: 153,625 · +7.8%
• By 2050: 155,416 · +9.0%
• By 2075: 150,352 · +5.5%
• By 2100: 130,631 · -8.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Romanian 10% Portuguese 9% Lithuanian 3%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 4% Russian/Polish/Slavic 1%

Political lean MEDSL · Wright

• 2024 margin: Strong R (+29.4) · D 34.4% · R 63.8% · Other 1.8%
• 2008→2024 swing: -11.9pp toward R · 2008: -17.4pp · 2024: -29.4pp
• All cycles: 2024: R+29.4 2020: R+28.6 2016: R+33.2 2012: R+21.4 2008: R+17.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -66.55%
• Current HPI: 258.9057
• 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

+64.0% since first listed

26 events — show timeline

• 2026-05-12 Price Changed $205,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-04 Price Changed $225,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-21 Price Changed $229,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-09 Listed $249,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-03 Coming Soon $249,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-30 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-04 Price Changed $199,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-22 Rental Removed $875 BUILDIUM
• 2025-10-01 Listed for Rent $875 BUILDIUM
• 2025-09-25 Listed $225,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-08-27 Rental Removed $875 BUILDIUM
• 2025-07-25 Price Changed $875 BUILDIUM
• 2025-07-12 Listed for Rent $975 BUILDIUM
• 2025-07-12 Rental Removed $975 BUILDIUM
• 2025-07-03 Listed for Rent $975 BUILDIUM
• 2025-07-02 Rental Removed $975 BUILDIUM
• 2025-06-03 Listed for Rent $975 BUILDIUM
• 2024-06-17 Rental Removed $975 BUILDIUM
• 2024-06-05 Listed for Rent $975 BUILDIUM
• 2024-06-03 Rental Removed $975 BUILDIUM
• 2024-05-07 Price Changed $975 BUILDIUM
• 2024-04-27 Listed for Rent $1,075 BUILDIUM
• 2021-10-08 Sold (MLS) $87,500 NORTHSTARMLS as Distributed by MLS Grid
• 2021-10-06 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-09-25 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2021-09-21 Listed $125,000 NORTHSTARMLS as Distributed by MLS Grid