738 E Camp St · Ely, MN 55731

$84,000

3 bd · 1.0 ba · 1,240 sqft · Other public records · 254 Days on market

Built 1920 5,663 sqft lot $68/sqft · 50% below area Est $167k · 50% under

---

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 +26.3/30.0
• ARV discount +15.0/15.0
• DSCR +8.9/10.0
• 1% rule +7.1/10.0
• Schools +3.9/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Camp Street home looking for some love. The main level features a kitchen, dining room, living room, full bathroom and porch. The second level has 3 bedrooms all with wood floors. There is a large fully fenced back yard with off street parking. This home needs a lot of work inside and out and is being sold As Is.

Key facts

• Off street parking
• 5,663 sq ft lot
• Built 1920

Tags

• FULLY FENCED BACK YARD
• OFF STREET PARKING

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $84k.

Deal economics

• At list price, monthly cash flow is $216 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $84k).
• Recommended offer: $74k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 4.0% in Ely — 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 77/100 on livability (#128 in MN, #2,900 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Ely Public School District (town): math 37% / reading 56% proficiency, ranked #175 of 301 in MN (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 128 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $581 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 254 days — a 12% lower offer ($74k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $73,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 254 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 1920 — 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 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?
6. 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.
7. 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.
8. 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: 1.21% ✓
• Cap rate: 9.38%
• Cash-on-cash: 11.03%
• DSCR: 1.49
• GRM: 6.9

CMA / ARV

• ARV (median comp): $166,714
• List price: $84,000
• Delta: -49.61%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 0.2%
• Equity multiple: 1.01×
• Total profit: $171
• Equity at exit: $12,525

10-year hold

• IRR: 9.9%
• Equity multiple: 1.76×
• Total profit: $17,944
• Equity at exit: $7,263

Cash invested: $23,520 (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 55731

• Active inventory: 128
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,012 medium
• Mortgage (P&I): −$441
• Tax from tax record: −$108 /mo · $1,296/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$213
• Net cashflow: $216

Break-even live

Break-even rent $739

Max offer price $84,000

Occupancy floor 74%

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: $21,000
• Closing costs: $2,520
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1027 E Chapman St Unit 2 Ely, MN	2.0	1.0	748	$900	$1.20	43d	1	0.22mi
1421 E Camp St Ely, MN	2.0	1.0	957	$1,190	$1.24	13d	2	0.45mi

Listing history 16 events

1. 2026-06-18
   days on market $84,000 Active 254 DOM
2. 2026-06-17
   days on market $84,000 Active 253 DOM
3. 2026-06-16
   days on market $84,000 Active 252 DOM
4. 2026-06-15
   days on market $84,000 Active 251 DOM
5. 2026-06-13
   days on market $84,000 Active 249 DOM
6. 2026-06-12
   days on market $84,000 Active 248 DOM
7. 2026-06-09
   days on market $84,000 Active 245 DOM
8. 2026-06-08
   days on market $84,000 Active 244 DOM
9. 2026-06-07
   days on market $84,000 Active 243 DOM
10. 2026-06-07
    days on market $84,000 Active 242 DOM
11. 2026-06-04
    days on market $84,000 Active 239 DOM
12. 2026-06-02
    days on market $84,000 Active 238 DOM
13. 2026-06-01
    days on market $84,000 Active 237 DOM
14. 2026-05-31
    days on market $84,000 Active 236 DOM
15. 2026-05-31
    days on market $84,000 Active 235 DOM
16. 2025-10-06
    listed $84,000 Active 314-char remark

    Show marketing remark (314 chars)

    Camp Street home looking for some love. The main level features a kitchen, dining room, living room, full bathroom and porch. The second level has 3 bedrooms all with wood floors. There is a large fully fenced back yard with off street parking. This home needs a lot of work inside and out and is being sold As Is.

ⓘ 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: $1,296 · $108/mo
• Projected year-2 tax: $1,296 · $108/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥92°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: $12,146
• − Mortgage interest: −$4,705
• − Property taxes: −$1,296
• − Insurance: −$420
• − Repairs & maintenance: −$972
• − Management: −$972
• − Depreciation: −$2,444
• Taxable income: $1,338
• Est. tax owed @ 24.0%: −$321
• After-tax cash flow: $2,272/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: Ely Public School District
• NCES district ID: 2711520
• Math proficiency: 37% ▼ -13.00%
• Reading proficiency: 56% ▼ -7.00%
• Median HH income: $41,677
• Composite: 39.01/100
• National rank: #4069
• State rank: #175 of 301 in MN

Livability — Ely

• Score: 77/100
• State rank: #128
• US rank: #2900

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ely, MN
• Population (ZIP): 5,292

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 (94%)
• Race & ethnicity: White 94% Two or more races 3% Black 1% Hispanic / Latino 1%
• Common ancestry: Portuguese 11% Romanian 5% Scottish 3%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 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: ▼ -167.09%
• Current HPI: 199.1448
• 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

1 event — show timeline

• 2025-10-06 Listed $84,000 LSAR

Property tax history

+25.2%/yr

Latest (2025): $1,296 · +14.3% YoY. Source: county tax records.