409 Meadow Dr · Jevne, MN 55760

$305,000

20 bd · 16.0 ba · 3,500 sqft · MultiFamily public records · 23 Days on market

Built 1974 2.43 ac lot

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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 +30.0/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +8.8/10.0
• ARV discount +7.5/15.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Excellent income and investment opportunity! Four unit building is currently rented as residential, has been rented as office/ commercial space in the past. Each apartment is unique. The largest unit offers space for 3 bedrooms, kitchen, living, full bath and laundry. Two, one bedroom units. One studio/office size apartment with kitchenette and full bath. One storage unit with a garage door. Units are currently rented, please allow at least 24 hour notice for all showings.

Key facts

• 2.43 acre lot
• Built 1974
• Listed 22 days

Property features AI

Finance

• Other: Lot spans approximately 2.43 acres with irregular dimensions
• Financial info: Property contains 4 total units; Gross income reported as $45,828; Net operating income reported as $33,047; Owner pays gas, grounds care, snow removal, trash collection, and water; Tenants pay electricity; Reported expenses: Electric $4,106; Fuel $2,300; Water/Sewer $1,838; Trash $1,909; Insurance $2,243; Maintenance $289; Other $96
• HOA & community: HOA/community details not provided

Exterior

• Parking: Parking details not provided
• Security: Security details not provided
• Utilities: City water connected; City sewer connected; Electric service with circuit breakers; Fuel sources: Electric and Propane
• Home design: Residential income property; Single-story (one level); Main level is the primary living area
• Construction: Slab foundation; 3,500 above-ground finished area
• Exterior features: Wood exterior

Interior

• Kitchen: Kitchens present in each unit (appliance details not provided)
• Bedrooms: Total of 5 bedrooms; Unit breakdown: three 1-bedroom units and one 3-bedroom unit
• Flooring: Flooring details not provided
• Bathrooms: Multiple full and three-quarter bathrooms across units
• Heating & cooling: Baseboard heating; Forced air heating
• Interior features: No basement; Accessible with no exterior or interior stairs
• Laundry & utility: Laundry/utility details not provided

What this means for you Summary

Snapshot

• This is a 4 × 5-bed/4.0-bath units multifamily listed at $305k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $371/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $305k).
• Recommended offer: $300k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Mcgregor Public School District (rural): math 31% / reading 44% proficiency, ranked #243 of 301 in MN (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 87 active listings in the ZIP; 134 units permitted in Aitkin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $33k of equity ($2k loan paydown + $30k appreciation (10.0% local appreciation)).
• Aitkin County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $85k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$52k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($300k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y 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 $240k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $300,425 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.38% ✓
• Cap rate: 12.13%
• Cash-on-cash: 20.83%
• DSCR: 1.93
• GRM: 6.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 39.8%
• Equity multiple: 4.05×
• Total profit: $260,431
• Equity at exit: $274,768

10-year hold

• IRR: 34.3%
• Equity multiple: 9.11×
• Total profit: $692,476
• Equity at exit: $592,548

Cash invested: $85,400 (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 55760

• Home prices YoY: 7.3%
• Active inventory: 87
• Price-to-rent: 24.2×

Monthly cashflow live

• Estimated rent: $4,207 medium
• Mortgage (P&I): −$1,599
• Tax from tax record: −$114 /mo · $1,374/yr
• Insurance: −$127
• HOA: −$0
• Vacancy / Maint / Mgmt: −$883
• Net cashflow: $1,482

Break-even live

Break-even rent $2,330

Max offer price $305,000

Occupancy floor 60%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	5	4	$4,208
Total (4 units)			$4,207

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: $76,250
• Closing costs: $9,150
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-18
   days on market $305,000 Active 23 DOM
2. 2026-06-17
   days on market $305,000 Active 22 DOM
3. 2026-06-16
   days on market $305,000 Active 21 DOM
4. 2026-06-15
   days on market $305,000 Active 20 DOM
5. 2026-06-13
   days on market $305,000 Active 18 DOM
6. 2026-06-12
   days on market $305,000 Active 17 DOM
7. 2026-06-09
   days on market $305,000 Active 14 DOM
8. 2026-06-08
   days on market $305,000 Active 13 DOM
9. 2026-06-07
   days on market $305,000 Active 12 DOM
10. 2026-06-05
    days on market $305,000 Active 10 DOM
11. 2026-06-04
    days on market $305,000 Active 8 DOM
12. 2026-06-02
    days on market $305,000 Active 7 DOM
13. 2026-06-01
    days on market $305,000 Active 6 DOM
14. 2026-05-31
    days on market $305,000 Active 5 DOM
15. 2026-05-31
    days on market $305,000 Active 4 DOM
16. 2026-05-26
    listed $305,000 Active
17. 2024-10-09
    status Active
18. 2024-10-09
    historical
19. 2024-09-29
    historical Contingent - Inspection
20. 2024-09-11
    price $289,900
21. 2024-08-14
    price $299,900
22. 2024-07-03
    price $304,900
23. 2024-05-29
    price $314,900
24. 2024-04-25
    listed $325,000 Active
25. 2024-04-22
    historical
26. 2022-09-30
    soldstatus $240,000 Sold 484-char remark

    Show marketing remark (484 chars)

    Excellent income and investment opportunity! Four unit building is currently rented as residential, has been rented as office/ commercial space in the past. Each apartment is unique. The largest unit offers space for 3 bedrooms, kitchen, living, full bath and laundry. Two, one bedroom units. One studio/office size apartment with kitchenette and full bath. One storage unit with a garage door. Units are currently rented, please allow at least 24 hour notice for all showings.

27. 2022-09-30
    soldstatus $240,000

    Show marketing remark (484 chars)

    Excellent income and investment opportunity! Four unit building is currently rented as residential, has been rented as office/ commercial space in the past. Each apartment is unique. The largest unit offers space for 3 bedrooms, kitchen, living, full bath and laundry. Two, one bedroom units. One studio/office size apartment with kitchenette and full bath. One storage unit with a garage door. Units are currently rented, please allow at least 24 hour notice for all showings.

28. 2022-08-24
    status Pending 484-char remark

    Show marketing remark (484 chars)

    Excellent income and investment opportunity! Four unit building is currently rented as residential, has been rented as office/ commercial space in the past. Each apartment is unique. The largest unit offers space for 3 bedrooms, kitchen, living, full bath and laundry. Two, one bedroom units. One studio/office size apartment with kitchenette and full bath. One storage unit with a garage door. Units are currently rented, please allow at least 24 hour notice for all showings.

29. 2022-08-17
    historical Contingent - Sale of Another Property 484-char remark

    Show marketing remark (484 chars)

    Excellent income and investment opportunity! Four unit building is currently rented as residential, has been rented as office/ commercial space in the past. Each apartment is unique. The largest unit offers space for 3 bedrooms, kitchen, living, full bath and laundry. Two, one bedroom units. One studio/office size apartment with kitchenette and full bath. One storage unit with a garage door. Units are currently rented, please allow at least 24 hour notice for all showings.

30. 2022-04-01
    listed $249,900 Active 484-char remark

    Show marketing remark (484 chars)

    Excellent income and investment opportunity! Four unit building is currently rented as residential, has been rented as office/ commercial space in the past. Each apartment is unique. The largest unit offers space for 3 bedrooms, kitchen, living, full bath and laundry. Two, one bedroom units. One studio/office size apartment with kitchenette and full bath. One storage unit with a garage door. Units are currently rented, please allow at least 24 hour notice for all showings.

ⓘ 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: $1,374 · $114/mo
• Projected year-2 tax: $2,395 · $200/mo
• Expected delta: +$1,021/yr (+$85/mo · 74.3%)

ⓘ 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 6/10 Major
• 🌡 Heat 1/10 Low 7 d/yr ≥93°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $50,484
• − Mortgage interest: −$17,085
• − Property taxes: −$1,374
• − Insurance: −$1,525
• − Repairs & maintenance: −$4,039
• − Management: −$4,039
• − Depreciation: −$8,873
• Taxable income: $13,550
• Est. tax owed @ 24.0%: −$3,252
• After-tax cash flow: $14,538/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: Mcgregor Public School District
• NCES district ID: 2719170
• Math proficiency: 31% ▼ -2.00%
• Reading proficiency: 44% ▼ -5.00%
• Median HH income: $39,225
• Composite: 31.35/100
• National rank: #5996
• State rank: #243 of 301 in MN

Livability — Jevne

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 2,831

Population outlook (Aitkin County) Hauer SSP2

• Today (2025): 14,340 people
• By 2030: 13,514 · -5.8%
• By 2040: 11,928 · -16.8%
• By 2050: 10,804 · -24.7%
• By 2075: 9,555 · -33.4%
• By 2100: 8,380 · -41.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Native American 5% Two or more races 3% Hispanic / Latino 1% Black 1%
• Common ancestry: Portuguese 15% Lithuanian 6% Scottish 2%
• Foreign-born: 1%
• Languages at home: 96% English-only · French/Haitian/Cajun 1%

Political lean MEDSL · Aitkin

• 2024 margin: Solid R (+30.9) · D 33.8% · R 64.7% · Other 1.5%
• 2008→2024 swing: -30.9pp toward R · 2008: 0.1pp · 2024: -30.9pp
• All cycles: 2024: R+30.9 2020: R+26.4 2016: R+25.9 2012: R+1.3 2008: D+0.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 15.76%
• Current HPI: 231.677
• 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

+22.0% since first listed

15 events — show timeline

• 2026-05-26 Listed $305,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-10-09 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2024-10-09 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2024-09-29 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2024-09-11 Price Changed $289,900 NORTHSTARMLS as Distributed by MLS Grid
• 2024-08-14 Price Changed $299,900 NORTHSTARMLS as Distributed by MLS Grid
• 2024-07-03 Price Changed $304,900 NORTHSTARMLS as Distributed by MLS Grid
• 2024-05-29 Price Changed $314,900 NORTHSTARMLS as Distributed by MLS Grid
• 2024-04-25 Listed $325,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-04-22 Coming Soon — NORTHSTARMLS as Distributed by MLS Grid
• 2022-09-30 Sold (Public Records) $240,000 Public Records
• 2022-09-30 Sold (MLS) $240,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-08-24 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2022-08-17 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2022-04-01 Listed $249,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+3.6%/yr

Latest (2026): $1,374 · +15.5% YoY. Source: county tax records.