702 Broadway St Ave S · Gilbert, MN 55741

$89,900

3 bd · 2.0 ba · 825 sqft · SingleFamily public records · 64 Days on market

Built 1926 5,663 sqft lot ↓ 10% since listing

---

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 +27.3/30.0
• Appreciation +10.0/10.0
• DSCR +9.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• Schools +5.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Welcome home to this 3 bed 1.5 bath home on a nice sized corner lot on the edge of town Gilbert. This property is conveniently located with the ATV trail right out your front door, and near and the OHV park. This home has lots of potential and can be moved right into, while doing some updates if needed while living in the home. some newer updates in the kitchen to include custom built cabinets, flooring, paint and more. The main level bath has some updates and a nice tile shower as well, huge living room and one bedroom also on the main. 1/2 bath in the lower and two smaller bedrooms in the upper. Newer roofing on home and garage. Nice fully fenced in yard with beautiful perennials. Two sta

Key facts

• Heated garage
• Storage shed
• Fully fenced yard

Tags

• CORNER LOT
• CUSTOM BUILT CABINETS
• TILE SHOWER
• FULLY FENCED YARD
• HEATED GARAGE
• STORAGE SHED

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; 2 stories
• Construction: Frame construction with aluminum siding; Asphalt shingle roof; Block basement
• Exterior features: Deck; Enclosed porch; Privacy fencing

Interior

• Kitchen: Electric range; Refrigerator; Dishwasher not listed
• Heating & cooling: Natural gas heating; Hot water (boiler) heating
• Interior features: Dryer; Electric range; Refrigerator; Washer; Gas water heater
• Laundry & utility: Electric dryer hookup; Washer and dryer present; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $260 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $85k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 62/100 on livability (#704 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, health & safety D, schools D-.
• Market conditions: 26 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 $10k of equity ($622 loan paydown + $9k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($85k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $84,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1926 — 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. 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?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. 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: 1.12% ✓
• Cap rate: 9.76%
• Cash-on-cash: 12.38%
• DSCR: 1.55
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $35,475
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
115 E Indiana Ave	0.68mi	2/1.0 (-1)	920 (+12%)	9mo	$40,000	$43	32

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: 33.4%
• Equity multiple: 3.60×
• Total profit: $65,463
• Equity at exit: $80,989

10-year hold

• IRR: 28.8%
• Equity multiple: 8.14×
• Total profit: $179,703
• Equity at exit: $174,656

Cash invested: $25,172 (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 55741

• Home prices YoY: 23.4%
• Active inventory: 26
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,011 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$30 /mo · $364/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$212
• Net cashflow: $260

Break-even live

Break-even rent $683

Max offer price $89,900

Occupancy floor 69%

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $89,900 Active 64 DOM
2. 2026-06-18
   days on market $89,900 Active 63 DOM
3. 2026-06-17
   days on market $89,900 Active 62 DOM
4. 2026-06-16
   days on market $89,900 Active 61 DOM
5. 2026-06-15
   days on market $89,900 Active 60 DOM
6. 2026-06-14
   days on market $89,900 Active 58 DOM
7. 2026-06-13
   days on market $89,900 Active 57 DOM
8. 2026-06-10
   days on market $89,900 Active 55 DOM
9. 2026-06-09
   days on market $89,900 Active 54 DOM
10. 2026-06-08
    days on market $89,900 Active 53 DOM
11. 2026-06-07
    days on market $89,900 Active 52 DOM
12. 2026-06-05
    days on market $89,900 Active 49 DOM
13. 2026-06-03
    days on market $89,900 Active 48 DOM
14. 2026-06-02
    days on market $89,900 Active 47 DOM
15. 2026-06-01
    days on market $89,900 Active 46 DOM
16. 2026-05-31
    days on market $89,900 Active 45 DOM
17. 2026-05-30
    days on market $89,900 Active 44 DOM
18. 2026-05-01
    price $89,900
19. 2026-04-16
    listed $100,000 Active

ⓘ 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: $364 · $30/mo
• Projected year-2 tax: $685 · $57/mo
• Expected delta: +$321/yr (+$27/mo · 88.3%)

ⓘ 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 5/10 Major
• 🌡 Heat 1/10 Low 8 d/yr ≥91°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,135
• − Mortgage interest: −$5,036
• − Property taxes: −$364
• − Insurance: −$450
• − Repairs & maintenance: −$971
• − Management: −$971
• − Depreciation: −$2,615
• Taxable income: $1,729
• Est. tax owed @ 24.0%: −$415
• After-tax cash flow: $2,701/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)

No district data.

Livability — Gilbert

• Score: 62/100
• State rank: #704
• US rank: #16952

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gilbert, MN
• Population (ZIP): 2,933

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 (97%)
• Race & ethnicity: White 97% Two or more races 3%
• Common ancestry: Portuguese 11% Romanian 6% Lithuanian 3%
• Foreign-born: 1%

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: ▲ 58.57%
• Current HPI: 308.63
• 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

-10.1% since first listed

2 events — show timeline

• 2026-05-01 Price Changed $89,900 RAOR
• 2026-04-16 Listed $100,000 RAOR

Property tax history

-0.1%/yr

Latest (2025): $364 · -9.0% YoY. Source: county tax records.