4710 58th Ave N #208

Crystal, MN 55429

$100,000D

2 bd · 2.0 ba · 1,115 sqft · Built 1979 · Condo · Active · 55 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,592/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$211
• HOA: −$783
• Vac / Maint / Mgmt: −$334
• Net cashflow: $-261/mo
• Annual: $-3,129/yr
• Cap rate: 3.16%
• Cash-on-cash: -11.18%
• DSCR: 0.50
• 1% rule: 1.59%
• Cash to close: $28,000

Investor read

• This is a 2-bed/2.0-bath condo listed at $100k.
• At list price, monthly cash flow is $-261 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $54k (46.1% below list).
• Meets the 1% rule at list price ($2k rent vs $100k).
• It's been on market 55 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $54k (46.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#33 in MN, #1,041 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+.
• Robbinsdale Public School District (suburban): math 24% / reading 44% proficiency, ranked #250 of 301 in MN (top 83%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Northport Elementary (math 22% / reading 27%, grade F, #722 of 857 statewide, top 85%, 483 students, 86% FRL); Robbinsdale Middle (math 8% / reading 33%, grade F, #232 of 258 statewide, top 90%, 632 students, 77% FRL); Robbinsdale Cooper Senior High (math 12% / reading 42%, grade F, #369 of 471 statewide, top 79%, 1,630 students, 75% FRL) — zoned schools average 80% FRL vs 41% district-wide (38 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 49% of rent.
• Market conditions: 84 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 4,651 units permitted in Hennepin County in 2024 (2,443 in 5+ unit buildings).
• Hennepin County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 13 sale attempts since 33y 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.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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?
• It's been on market 55 days. Have you received any prior offers? Is the seller open to a 46% concession, seller financing, or rate buy-down credit?
• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?