2340 119th Ln NE · Blaine, MN 55449

$289,900

2 bd · 2.0 ba · 1,561 sqft · Townhouse public records · 19 Days on market

Built 2002 1,742 sqft lot $290/mo HOA · 11% of rent

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Why this score? — see what drove the D 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 +11.4/30.0
• ARV discount +7.5/15.0
• 1% rule +4.1/10.0
• Schools +4.0/10.0
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• DSCR +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nice end unit townhome featuring an open main level floorplan with 9 ft ceilings and large windows for lots of natural light. Kitchen has 42 inch tall upper cabinets & plenty of storage and countertop space with room to add an island. Upstairs are two bedrooms including a large master suite with walk-in closet, plus a versatile loft area. Custom elevated full-width storage cabinets and ceiling shelves in garage for extra storage. Great private location on edge of complex. Located just minutes from all Blaine has to offer - parks, trails, shopping & restaurants.

Key facts

• $290 HOA
• Garage
• Built 2002

Property features AI

Finance

• HOA & community: HOA managed by Rowcal Property Management; Monthly HOA fee of $290; HOA covers hazard insurance, lawn care, grounds maintenance, professional management, and snow removal

Exterior

• Parking: Attached garage (1 car)
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential attached property; Entry level: main and upper levels
• Construction: Slab foundation
• Exterior features: Vinyl exterior

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 1 full bath; 1 half bath
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Two levels; No basement

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath townhouse listed at $290k.

Deal economics

• At list price, monthly cash flow is $-100 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $272k (6.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $265k (8.5% below list).
• Recommended offer: $265k (8.5% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 3.9% in Blaine — 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 (#315 in MN) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: amenities F, commute F.
• Spring Lake Park Public Schools (suburban): math 41% / reading 49% proficiency, ranked #162 of 301 in MN (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.4%/yr); 245 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,083 units permitted in Anoka County in 2024 (134 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Anoka County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($286k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 24y 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 $225k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $265,232 (8.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.91% ✗
• Cap rate: 5.88%
• Cash-on-cash: -1.48%
• DSCR: 0.93
• GRM: 9.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.42% rent growth · sell at horizon

5-year hold

• IRR: -16.9%
• Equity multiple: 0.39×
• Total profit: $-49,331
• Equity at exit: $43,225

10-year hold

• IRR: -6.1%
• Equity multiple: 0.58×
• Total profit: $-34,267
• Equity at exit: $25,065

Cash invested: $81,172 (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 55449

• Home prices YoY: -23.8%
• Rents YoY: 4.4%
• Active inventory: 245
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $2,652 high
• Mortgage (P&I): −$1,520
• Tax from tax record: −$264 /mo · $3,169/yr
• Insurance: −$121
• HOA: −$290
• Vacancy / Maint / Mgmt: −$557
• Net cashflow: $-100

Break-even live

Break-even rent $2,779

Max offer price $272,271

Occupancy floor 99%

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: $72,475
• Closing costs: $8,697
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2444 120th Ln NE Blaine, MN	3.0	2.5	1858	$3,345	$1.80	1d	1	0.45mi
12210 Urbank St NE Unit B Blaine, MN	2.0	1.5	1632	$2,345	$1.44	1d	1	0.54mi
2445 120th Cir NE Blaine, MN	2.0–4.0	2.5–3.5	1894	$2,795	$1.48	1d	19	1.30mi
1509 111th Dr NE Unit D Minneapolis, MN	3.0	3.0	1792	$2,500	$1.40	2d	1	1.39mi
1509 111th Dr NE Unit D Minneapolis, MN	3.0	3.0	1800	$2,500	$1.39	12d	1	1.39mi

HOA detail

• Monthly dues: $290 · $3,480/yr

Listing history 21 events

1. 2026-05-12
   historical Contingent - Inspection
2. 2026-05-07
   listed $289,900 Active
3. 2020-10-08
   soldstatus $225,000
4. 2020-10-06
   soldstatus $225,000 Sold 575-char remark

   Show marketing remark (575 chars)

   Nice end unit townhome featuring an open main level floorplan with 9 ft ceilings and large windows for lots of natural light. Kitchen has 42 inch tall upper cabinets & plenty of storage and countertop space with room to add an island. Upstairs are two bedrooms including a large master suite with walk-in closet, plus a versatile loft area. Custom elevated full-width storage cabinets and ceiling shelves in garage for extra storage. Great private location on edge of complex. Located just minutes from all Blaine has to offer - parks, trails, shopping & restaurants.

5. 2020-08-26
   status Pending 575-char remark

   Show marketing remark (575 chars)

   Nice end unit townhome featuring an open main level floorplan with 9 ft ceilings and large windows for lots of natural light. Kitchen has 42 inch tall upper cabinets & plenty of storage and countertop space with room to add an island. Upstairs are two bedrooms including a large master suite with walk-in closet, plus a versatile loft area. Custom elevated full-width storage cabinets and ceiling shelves in garage for extra storage. Great private location on edge of complex. Located just minutes from all Blaine has to offer - parks, trails, shopping & restaurants.

6. 2020-08-09
   historical Contingent - Inspection 575-char remark

   Show marketing remark (575 chars)

   Nice end unit townhome featuring an open main level floorplan with 9 ft ceilings and large windows for lots of natural light. Kitchen has 42 inch tall upper cabinets & plenty of storage and countertop space with room to add an island. Upstairs are two bedrooms including a large master suite with walk-in closet, plus a versatile loft area. Custom elevated full-width storage cabinets and ceiling shelves in garage for extra storage. Great private location on edge of complex. Located just minutes from all Blaine has to offer - parks, trails, shopping & restaurants.

7. 2020-08-06
   listed $215,000 Active 575-char remark

   Show marketing remark (575 chars)

   Nice end unit townhome featuring an open main level floorplan with 9 ft ceilings and large windows for lots of natural light. Kitchen has 42 inch tall upper cabinets & plenty of storage and countertop space with room to add an island. Upstairs are two bedrooms including a large master suite with walk-in closet, plus a versatile loft area. Custom elevated full-width storage cabinets and ceiling shelves in garage for extra storage. Great private location on edge of complex. Located just minutes from all Blaine has to offer - parks, trails, shopping & restaurants.

8. 2020-08-05
   historical $215,000 575-char remark

   Show marketing remark (575 chars)

   Nice end unit townhome featuring an open main level floorplan with 9 ft ceilings and large windows for lots of natural light. Kitchen has 42 inch tall upper cabinets & plenty of storage and countertop space with room to add an island. Upstairs are two bedrooms including a large master suite with walk-in closet, plus a versatile loft area. Custom elevated full-width storage cabinets and ceiling shelves in garage for extra storage. Great private location on edge of complex. Located just minutes from all Blaine has to offer - parks, trails, shopping & restaurants.

9. 2015-07-22
   historical
10. 2015-07-08
    price $162,900
11. 2015-07-07
    status Active
12. 2015-06-28
    historical Contingent - Inspection
13. 2015-06-05
    listed $164,900 Active
14. 2007-11-27
    historical
15. 2007-08-07
    listed $189,900
16. 2005-07-20
    soldstatus $194,500
17. 2005-05-03
    soldstatus $194,500
18. 2005-03-16
    historical
19. 2005-03-03
    listed $192,500
20. 2002-12-27
    soldstatus $157,865
21. 2002-12-27
    listed $157,865

ⓘ 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: $3,169 · $264/mo
• Projected year-2 tax: $3,208 · $267/mo
• Expected delta: +$39/yr (+$3/mo · 1.2%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $31,828
• − Mortgage interest: −$16,239
• − Property taxes: −$3,169
• − Insurance: −$1,450
• − Repairs & maintenance: −$2,546
• − Management: −$2,546
• − HOA: −$3,480
• − Depreciation: −$8,433
• Taxable loss: −$6,035
• Est. tax savings @ 24.0%: +$1,448
• After-tax cash flow: $251/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: Spring Lake Park Public Schools
• NCES district ID: 2733330
• Math proficiency: 41% ▼ -6.00%
• Reading proficiency: 49% ▼ -8.00%
• Median HH income: $65,602
• Composite: 40.11/100
• National rank: #3802
• State rank: #162 of 301 in MN

Livability — Blaine

• Score: 71/100
• State rank: #315
• US rank: #7073

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Blaine, MN
• County: Anoka County · 277,116 people
• City population: 67,472
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• Population (ZIP): 34,443
• Household income: $131,832
• Rent vs Own: 12.1% rent · 87.9% own
• Severe rent burden: 275.0

Population outlook (Anoka County) Hauer SSP2

• Today (2025): 375,223 people
• By 2030: 387,850 · +3.4%
• By 2040: 407,239 · +8.5%
• By 2050: 417,541 · +11.3%
• By 2075: 448,447 · +19.5%
• By 2100: 464,954 · +23.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Asian 10% Black 9% Two or more races 6% Hispanic / Latino 4%
• Common ancestry: Portuguese 10% Romanian 5% Lithuanian 3%
• Foreign-born: 14% · Canada, Vietnam, China
• Languages at home: 79% English-only · Arabic 4% Other Asian/Pacific 4% Spanish 3%

Political lean MEDSL · Anoka

• 2024 margin: Toss-up / Even · D 46.6% · R 51.0% · Other 2.4%
• 2008→2024 swing: -2.0pp toward R · 2008: -2.4pp · 2024: -4.4pp
• All cycles: 2024: R+4.4 2020: R+1.9 2016: R+9.7 2012: R+2.6 2008: R+2.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -70.24%
• Current HPI: 225.2348
• Rent YoY: ▲ 4.42%
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• 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

+83.6% since first listed

21 events — show timeline

• 2026-05-12 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-07 Listed $289,900 NORTHSTARMLS as Distributed by MLS Grid
• 2020-10-08 Sold (Public Records) $225,000 Public Records
• 2020-10-06 Sold (MLS) $225,000 NORTHSTARMLS as Distributed by MLS Grid
• 2020-08-26 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2020-08-09 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2020-08-06 Listed $215,000 NORTHSTARMLS as Distributed by MLS Grid
• 2020-08-05 Coming Soon $215,000 NORTHSTARMLS as Distributed by MLS Grid
• 2015-07-22 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2015-07-08 Price Changed $162,900 NORTHSTARMLS as Distributed by MLS Grid
• 2015-07-07 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2015-06-28 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2015-06-05 Listed $164,900 NORTHSTARMLS as Distributed by MLS Grid
• 2007-11-27 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2007-08-07 Listed $189,900 NORTHSTARMLS as Distributed by MLS Grid
• 2005-07-20 Sold (Public Records) $194,500 Public Records
• 2005-05-03 Sold (MLS) $194,500 NORTHSTARMLS as Distributed by MLS Grid
• 2005-03-16 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2005-03-03 Listed $192,500 NORTHSTARMLS as Distributed by MLS Grid
• 2002-12-27 Listed $157,865 NORTHSTARMLS as Distributed by MLS Grid
• 2002-12-27 Sold (MLS) $157,865 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+4.6%/yr

Latest (2026): $3,169 · +10.9% YoY. Source: county tax records.