104 3rd Ave · Bovey, MN 55709

$100,000

3 bd · 1.0 ba · 680 sqft · SingleFamily public records · 37 Days on market

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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 +28.5/30.0
• DSCR +10.0/10.0
• Appreciation +9.4/10.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• Schools +3.7/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

HUD acquired home see agent remarks.

Key facts

• Listed 37 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $328 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $97k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 65/100 on livability (#561 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, crime D+, health & safety D.
• Greenway Public School District (rural): math 40% / reading 47% proficiency, ranked #196 of 301 in MN (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 28 active listings in the ZIP; 121 units permitted in Itasca County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($691 loan paydown + $9k appreciation (8.9% local appreciation)).
• Itasca County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (8.9% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 18y 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 $29k; list at $100k implies a 242% gain — meaningful room to come down on a strong offer.

Recommended offer $97,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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. Crime grade is D 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?
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: 1.24% ✓
• Cap rate: 10.23%
• Cash-on-cash: 14.06%
• DSCR: 1.63
• GRM: 6.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

8.86% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 32.6%
• Equity multiple: 3.42×
• Total profit: $67,660
• Equity at exit: $81,914

10-year hold

• IRR: 28.6%
• Equity multiple: 7.48×
• Total profit: $181,313
• Equity at exit: $168,617

Cash invested: $28,000 (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 55709

• Home prices YoY: 3.4%
• Active inventory: 28
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,236 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$83 /mo · $992/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$260
• Net cashflow: $328

Break-even live

Break-even rent $821

Max offer price $100,000

Occupancy floor 68%

Sensitivity live

Price	-10% $385	-5% $356	+0% $328	+5% $300	+10% $271
Rent	-10% $230	-5% $279	+0% $328	+5% $377	+10% $426
Rate	-1.0pp $378	-0.5pp $353	base $328	+0.5pp $302	+1.0pp $276

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $100,000 Active 37 DOM
2. 2026-06-17
   days on market $100,000 Active 36 DOM
3. 2026-06-16
   days on market $100,000 Active 35 DOM
4. 2026-06-15
   days on market $100,000 Active 34 DOM
5. 2026-06-13
   days on market $100,000 Active 32 DOM
6. 2026-06-12
   days on market $100,000 Active 31 DOM
7. 2026-06-09
   days on market $100,000 Active 28 DOM
8. 2026-06-08
   days on market $100,000 Active 27 DOM
9. 2026-06-07
   days on market $100,000 Active 26 DOM
10. 2026-06-07
    days on market $100,000 Active 25 DOM
11. 2026-06-04
    days on market $100,000 Active 22 DOM
12. 2026-06-02
    days on market $100,000 Active 21 DOM
13. 2026-06-01
    days on market $100,000 Active 20 DOM
14. 2026-05-31
    days on market $100,000 Active 19 DOM
15. 2026-05-31
    days on market $100,000 Active 18 DOM
16. 2026-05-12
    listed $100,000 Active 55-char remark
17. 2008-08-18
    soldstatus $29,275 36-char remark

    Show marketing remark (36 chars)

    HUD acquired home see agent remarks.

18. 2008-08-11
    historical 36-char remark

    Show marketing remark (36 chars)

    HUD acquired home see agent remarks.

19. 2008-05-16
    listed $43,500 36-char remark

    Show marketing remark (36 chars)

    HUD acquired home see agent remarks.

ⓘ 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: $992 · $83/mo
• Projected year-2 tax: $1,056 · $88/mo
• Expected delta: +$64/yr (+$5/mo · 6.5%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥94°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: $14,836
• − Mortgage interest: −$5,602
• − Property taxes: −$992
• − Insurance: −$500
• − Repairs & maintenance: −$1,187
• − Management: −$1,187
• − Depreciation: −$2,909
• Taxable income: $2,460
• Est. tax owed @ 24.0%: −$590
• After-tax cash flow: $3,345/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: Greenway Public School District
• NCES district ID: 2709480
• Math proficiency: 40% ▼ -10.00%
• Reading proficiency: 47% ▼ -14.00%
• Median HH income: $46,178
• Composite: 37.01/100
• National rank: #4520
• State rank: #196 of 301 in MN

Livability — Bovey

• Score: 65/100
• State rank: #561
• US rank: #13513

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bovey, MN
• Population (ZIP): 4,314

Population outlook (Itasca County) Hauer SSP2

• Today (2025): 45,885 people
• By 2030: 45,890 · +0.0%
• By 2040: 45,171 · -1.6%
• By 2050: 43,946 · -4.2%
• By 2075: 40,950 · -10.8%
• By 2100: 34,909 · -23.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5%
• Common ancestry: Portuguese 14% Lithuanian 4% Romanian 2%
• Foreign-born: 1%
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Itasca

• 2024 margin: Strong R (+20.2) · D 39.1% · R 59.3% · Other 1.6%
• 2008→2024 swing: -33.1pp toward R · 2008: 12.9pp · 2024: -20.2pp
• All cycles: 2024: R+20.2 2020: R+16.8 2016: R+16.5 2012: D+9.9 2008: D+12.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.86%
• Current HPI: 270.88
• 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

+129.9% since first listed

4 events — show timeline

• 2026-05-12 Listed $100,000 FSBO.com
• 2008-08-18 Sold (MLS) $29,275 NORTHSTARMLS as Distributed by MLS Grid
• 2008-08-11 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2008-05-16 Listed $43,500 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+4.5%/yr

Latest (2026): $992 · -26.4% YoY. Source: county tax records.