660 County Road D E

Little Canada, MN 55117

$249,900C-

3 bd · 2.0 ba · 1,541 sqft · Built 1940 · SingleFamily · Pending · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,380/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$467
• HOA: −$0
• Vac / Maint / Mgmt: −$500
• Net cashflow: $103/mo
• Annual: $1,235/yr
• Cap rate: 6.79%
• Cash-on-cash: 1.77%
• DSCR: 1.08
• 1% rule: 0.95%
• Cash to close: $69,972

Investor read

• This is a 3-bed/2.0-bath single-family listed at $250k.
• At list price, monthly cash flow is $103 ($1k/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 $238k (4.8% below list).
• It's been on market 21 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $238k (4.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#109 in MN, #2,510 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, crime A-; Watch: amenities F.
• Roseville Public School District (suburban): math 37% / reading 53% proficiency, ranked #170 of 301 in MN (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Parkview Center School (math 52% / reading 69%, grade B-, #203 of 857 statewide, top 24%, 717 students, 33% FRL); Roseville Area Middle (math 24% / reading 48%, grade F, #170 of 258 statewide, top 66%, 828 students, 58% FRL); Roseville Area Senior High (math 42% / reading 69%, grade C, #80 of 471 statewide, top 17%, 2,327 students, 48% FRL).
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.6%/yr); 175 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 1,202 units permitted in Ramsey County in 2024 (880 in 5+ unit buildings).
• Ramsey County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $60k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $210k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 6.8% vs local median 3.6% in Little Canada — 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.
• This rent runs 40% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.